Management prowess (Human Resources Requirement) Analysis

Here are some of the key skills and human resource requirements that would be needed at each stage:
Stage 1: Conceiving a legitimate business idea
 Market research skills to identify gaps in the market and assess potential demand for the business idea
 Creative thinking skills to come up with unique and feasible business concepts
 Networking skills to build connections and gather insights from industry experts and potential customers
 Strong communication skills to effectively convey the business idea to potential investors, partners, and
team members
Stage 2: Developing a viable product or service
 Technical skills to design and prototype the product or service
 Project management skills to coordinate the development process, including managing timelines,
budgets, and resources
 Quality assurance skills to ensure that the product or service meets the highest standards of quality and
functionality
 Innovation skills to continually improve and refine the product or service based on customer feedback
and market trends
Stage 3: Developing a business based on the product or service
 Marketing and sales skills to promote the product or service to potential customers and build brand
awareness
 Financial management skills to develop a solid financial plan, manage cash flow, and secure funding as
needed
 Human resource management skills to recruit, train, and manage a team of employees to support the
growth of the business
 Strategic thinking and leadership skills to guide the direction of the business and make critical decisions
as needed
Stage 4: Converting the business into a financially sustainable business
 Business development skills to identify new opportunities for growth and expansion
 Financial analysis skills to monitor key financial metrics and adjust the business model as needed to
ensure profitability
 Risk management skills to identify and mitigate potential risks that could impact the success of the
business
 Entrepreneurial mindset to continually innovate and adapt to changing market conditions
Overall, building a successful business requires a combination of technical, creative, managerial, and
interpersonal skills. It's important to build a team with a diverse range of skills and expertise to ensure that all
aspects of the business are covered and that the business has the best chance of success.
Requirement of Human resources
The cost of human resources for prototyping services throughout the four stages of entrepreneurial success will
depend on the specific type of prototyping services required, the complexity of the product or service being
developed, and the size and scope of the business. Here are some potential costs to consider:
Stage 1: Conceiving a legitimate business idea
 Market research: The cost of conducting market research for prototyping services can vary widely
depending on the scope of the research, but could include expenses such as survey tools, focus groups,
or hiring a market research firm.
 Creative thinking: Prototyping services may require employees with a background in design thinking,
which may come at a higher cost due to their specialized skills.
 Networking: The cost of networking can vary depending on the industry and the events attended, but
could include expenses such as travel, conference fees, or membership dues.
 Strong communication: Communication skills can be developed through training or coaching, which
may come at a cost.
Stage 2: Developing a viable product or service
 Technical skills: Depending on the specific prototyping services required, the cost could include hiring
or training employees with the necessary expertise or outsourcing to a third-party vendor.
 Project management: Hiring a dedicated project manager or utilizing project management software may
come at a cost.
 Quality assurance: Quality assurance testing may require specialized equipment or software, which can
come at a cost.
 Innovation: Investing in research and development, prototyping, or user testing can be costly, but is
critical to the success of the product or service.
Stage 3: Developing a business based on the product or service
 Marketing and sales: The cost of marketing and sales can vary widely depending on the marketing
channels used, but could include expenses such as advertising, event sponsorships, or marketing
software.
 Financial management: Hiring a CFO or utilizing financial management software may come at a cost.
 Human resource management: The cost of hiring and managing employees, including salaries and
benefits, can be significant.
 Strategic thinking and leadership: Training or coaching for strategic thinking and leadership may come
at a cost.
Stage 4: Converting the business into a financially sustainable business
 Business development: The cost of identifying new opportunities for growth and expansion can vary
widely depending on the specific strategies used.
 Financial analysis: Hiring a financial analyst or utilizing financial analysis software may come at a cost.
  Risk management: Hiring a risk management expert or utilizing risk management software may come at
a cost.
 Entrepreneurial mindset: Investing in ongoing training and development for an entrepreneurial mindset
may come at a cost.
Overall, the cost of human resources for prototyping services will depend on the specific skills and expertise
required, as well as the size and scope of the business. It's important to budget for these costs and to continually
evaluate the ROI of each investment in human resources to ensure that the business is on track for success.
Additionally, outsourcing prototyping services to third-party vendors may be a more cost-effective option for
some businesses.

Resource sufficiency (physical resource requirement) analysis

Here's a resource-sufficiency analysis for prototyping services throughout the four stages of entrepreneurial
success:
Stage 1: Conceiving a legitimate business idea
 Hard resources: Computers, laptops, smartphones, internet connectivity, and relevant software programs
are essential for conducting market research and brainstorming sessions.
 Soft resources: A creative and collaborative work environment, access to relevant research materials,
and a team with diverse backgrounds and skills are necessary for successful idea generation.
Stage 2: Developing a viable product or service
 Hard resources: Depending on the nature of the product or service, hardware such as 3D printers, CNC
machines, and specialized tools may be necessary for prototyping and testing.
 Soft resources: Expertise in the relevant technology and software programs, strong project management
skills, and effective communication skills are essential for successful product development.
Stage 3: Developing a business based on the product or service
 Hard resources: A physical office space, furniture, and necessary equipment such as computers, printers,
and phones are necessary for day-to-day business operations.
 Soft resources: Human resources for hiring and managing employees, marketing and sales expertise, and
financial management skills are critical for building a successful business.
Stage 4: Converting the business into a financially sustainable business
 Hard resources: Robust financial management software, market research tools, and relevant industry
data are necessary for identifying growth opportunities and making informed decisions.
 Soft resources: Strategic thinking and leadership skills, risk management expertise, and an
entrepreneurial mindset are essential for leading a business to long-term financial sustainability.
Overall, prototyping services require a mix of hard and soft resources throughout the four stages of
entrepreneurial success. It's important to ensure that physical resources are adequate and well-maintained to
support the work of employees and the needs of the business. Similarly, investing in the development of soft
resources such as expertise and skills is critical for long-term success.
Cost of Physical resources
The cost of physical resources for prototyping services throughout the four stages of entrepreneurial success
will depend on the specific type of product or service being developed, the complexity of the prototyping
process, and the size and scope of the business. Here are some potential costs to consider:
Stage 1: Conceiving a legitimate business idea
 Market research: The cost of market research tools such as survey software, focus group facilities, or
hiring a market research firm.
 Creative thinking: Depending on the nature of the business idea, tools such as brainstorming software,
whiteboards, or design thinking workshops may be required.
 Networking: The cost of attending networking events such as conferences or trade shows, and
potentially travel expenses associated with attending these events.
 Communication: The cost of communication tools such as video conferencing software, email systems,
or internal chat platforms.
Stage 2: Developing a viable product or service
 Prototyping equipment: The cost of hardware such as 3D printers, CNC machines, or other specialized
prototyping tools, as well as the associated consumables such as raw materials or prototyping software.
 Testing and analysis equipment: The cost of equipment such as microscopes, oscilloscopes, or other
testing tools needed for product analysis and testing.
 Project management: The cost of project management software or other tools that can help streamline
the prototyping and development process.
Stage 3: Developing a business based on the product or service
 Office space: The cost of renting or purchasing office space, as well as associated costs such as utilities,
furniture, and equipment.
 Human resources: The cost of hiring and retaining employees, as well as benefits and training expenses.
 Marketing and sales: The cost of marketing materials such as brochures or websites, as well as sales
tools such as CRM software.
Stage 4: Converting the business into a financially sustainable business
 Financial management: The cost of financial management software or hiring a financial expert to
manage the financial aspects of the business.
 Market research: The cost of market research tools and resources needed to identify new growth
opportunities.
 Industry-specific tools: Depending on the industry, there may be additional tools or equipment required
for long-term sustainability.
Overall, the cost of physical resources for prototyping services will depend on the specific needs of the business
and the stage of entrepreneurial success. It's important to budget for these costs and to continually evaluate the
ROI of each investment in physical resources to ensure that the business is on track for success.
Cost of Human Resources
The estimated total human resources cost of a successful entrepreneurial venture for prototyping and services in
Pakistan will depend on a number of factors, including the size of the team, the level of experience and
expertise required, the salaries and benefits offered, and the overall labor market conditions in the region.
To estimate the total human resources cost, you would need to consider the following components:
 Salaries: This includes the base salary paid to each employee, as well as any additional compensation
such as bonuses or profit-sharing.
 Benefits: This includes the cost of providing healthcare, retirement plans, paid time off, and other
employee benefits.
 Recruitment costs: This includes the cost of recruiting and hiring new employees, including advertising,
screening, interviewing, and onboarding.
 Training costs: This includes the cost of providing training and development opportunities for
employees, such as workshops, courses, and mentoring programs.
 Taxes and other expenses: This include the cost of payroll taxes, insurance, and other expenses related to
employing staff.
The total human resources cost will depend on the specific needs and circumstances of the entrepreneurial
venture. It is recommended to consult with a human resources professional or financial advisor to obtain a more
accurate estimate.

Precedence relationship among activities

Module 1: Concept of a Legitimate Business Idea
Observation of trends
This activity involves keeping an eye on the latest trends in the industry or market, and identifying emerging
opportunities or threats. It is typically the starting point for any business planning process, and would therefore
have the highest precedence.
Idea Incubation
This activity involves brainstorming and developing potential ideas for new products, services or business
models. It is important to incubate ideas before moving on to the next stage of the process, and therefore has a
higher precedence than the following activities i.e. second highest precedence.
Idea Protection
This activity involves taking steps to protect any new ideas or intellectual property that has been generated
during the incubation phase. While important, it is typically less urgent than the previous two activities, and
therefore has a lower precedence.
Strategy
This activity involves developing a comprehensive strategy for bringing the new product or service to market,
including identifying target customers, marketing channels, pricing and distribution strategies. It is important,
but typically comes after the initial idea incubation phase and idea protection stage, and therefore has a least
precedence.

Module 2 Convert the legitimate business idea to a viable product service

Concept statement
The first step is to develop a clear concept statement that outlines the purpose and goals of the prototype and
services.
Market Segmentation
The next step is to segment the market to identify potential customers and their needs.
Prototype
Once the market segmentation is complete, the prototype can be developed.
Segment specific survey
After developing the prototype, a survey can be conducted to gather feedback from a specific market segment.
Data Analysis
The feedback data collected from the survey is analyzed to identify patterns and insights.
Finding
Based on the data analysis, key findings are identified, such as the most important features and areas for
improvement.
Improvements in the prototype based on findings
Based on the findings, improvements can be made to the prototype and services to better meet customer needs
and preferences.
Feedback
After making improvements, feedback can be collected again to ensure that the changes have had the desired
effect.

Module 3 Converting the product or service into a business

Arranging Raw Materials / Supplies
The first step is to arrange the necessary raw materials and supplies for production.
Production Facility
Once the raw materials and supplies are arranged, the production facility can be set up.
Production Facility
After the production facility is set up, the production process can begin.
Sales / Marketing
Once the production process is underway, the business can focus on sales and marketing to promote the
products and services.

Module 4 Turning the Business Financially Sustainable Business

Sales and Marketing
The first step is to focus on sales and marketing efforts to promote the products and services and generate
revenue.
Accounting and Finance
As the business grows, accounting and finance activities become essential to manage the finances, track
expenses, and ensure compliance with regulations.
Cost Reductions
Once the business is established, cost reduction initiatives can be implemented to improve profitability and
competitiveness.
Production Optimization
After implementing cost reductions, the focus shifts to optimizing the production process to increase efficiency
and reduce waste.
Quality Enhancement
Once the production process is optimized, quality enhancement initiatives can be implemented to ensure that the
products and services meet customer expectations and requirements.

Total Startup Cash

The total startup cash required for a prototyping services business will depend on several factors, including the
size and scope of the business, the type of services offered, the location, and the level of investment required to
acquire the necessary physical and human resources. Here are some potential costs to consider:
Office space and equipment
Renting or purchasing a suitable office space and acquiring the necessary furniture, equipment, and supplies can
cost anywhere from a few thousand dollars to tens of thousands of dollars.
Prototyping equipment and materials
Depending on the type of prototyping services offered, the cost of purchasing or leasing prototyping equipment
such as 3D printers, CNC machines, and other specialized tools can range from a few thousand to tens of
thousands of dollars. Additionally, the cost of materials used for prototyping and testing will also need to be
factored in.
Human resources
The cost of hiring and training employees, as well as providing benefits, can be a significant expense.
Depending on the size of the business and the number of employees needed, this cost can range from tens of
thousands to hundreds of thousands of dollars.
Marketing and advertising
Building brand awareness and attracting customers will require marketing and advertising efforts. This can
include website development, social media marketing, paid advertising, and other marketing efforts, which can
cost anywhere from a few thousand to tens of thousands of dollars.
Legal and administrative fees
Starting a business involves various legal and administrative fees, such as registering the business, obtaining
necessary licenses and permits, and hiring a lawyer or accountant. These costs can range from a few hundred to
several thousand dollars.
Overall, the total startup cash required for a prototyping services business can range from tens of thousands to
hundreds of thousands of dollars, depending on the specific needs of the business. It's important to carefully
evaluate and plan for these costs to ensure that the business has the necessary resources to succeed.
 Entrepreneurial Project Activity Break Down
Management Resource
progress sufficiency
Physica
Human Cost of
Start End l Total
Modules Activities Precedence resourc Cost of physica
time time resourc Sum
e human l
e
require resource resourc
require
d e
d
Observation
of Trends
Concept of Idea
Legitimate Incubation
Business Idea Idea
Protection
Strategy
Concept
statement
Prototype
Market
Segmentation
Convert the Segment
Legitimate specific
Business Idea survey
to a Viable Feedback
Product/Servi Data
ce Analysis
Finding
Improvement
s in the
protype based
on findings
Production
Facility
Arranging
Converting
raw
the
materials/
Product/Servi
supplies
ce into a
Production
Business
Facility
Sales/
Marketing
Sales
Marketing
Production
Turning the
Optimization
Business
Cost
Financially
Reductions
Sustainable
Quality
Business
Enhancement
Accounting
Finance
Total Sum

Grand Total = TSC

Opening Meeting Minutes
Meeting # 01
Project Name Meeting Date
Prototyping and services 02/24/2023
Meeting Place Duration
University cafeteria 02:30 – 04:00
Meeting Purpose

Assigning the tasks and talk about the research-based grid analysis of the industry sector, size
of industry and industry segmentation of 3D printing and prototyping services.

In Attendance
Attendee’s Name Contact Info. Present/Absent
Ramzan Khan ramzan.khan@gmail.com Present
Muaazullah Butt buttmuaazullah@gmail.com Present
Muhammad Furqan mfurqan3366@gmail.com Present

Agenda
Agenda Item Owner

How to design the different surveys for different industrial Ramzan Khan
segments?

What does mean by size of industry and industry segmentation? Muaazullah Butt

What’s the meaning of grid analysis and Likert scale methodology? Muhammad Furqan

Takeaways
Action Item Owner

Design the different surveys for different industries segments. Ramzan Khan

Write the detailed report on “what is industry size and industry Muaazullah Butt
segmentation?”
Do the grid analysis and write the report on Likert scale Muhammad Furqan
methodology.
Meeting # 02
Project Name Meeting Date
Prototyping and Services 03/05/23
Meeting Place Meeting Purpose
University cafeteria Submission of Report

Closing Meeting Minutes

Project Name Meeting Date

Prototyping and services 03/05/2023

Meeting Place Duration

University cafeteria One Hour

Meeting Purpose

Submission and compilation of the report.

In Attendance
Attendee’s Name Contact Info. Present/Absent

Ramzan Khan ramzan.khan@gmail.com Present

Muaazullah Butt buttmuaazullah@gmail.com Present

Muhammad Furqan mfurqan3366@gmail.com Present

Assigned Task Submission

Action Item Owner Submitted/Not
Submitted

Submitting different surveys for different industries Ramzan Khan Submitted

segments.

Submitting the report on “what is industry size and Muaazullah Butt Submitted
industry segmentation?”
Do the grid analysis and submit the report on Muhammad Furqan Submitted
Likert scale methodology.
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