MNE3701 Assignment 5
Semester 2 2024 - DUE 25
October 2024
[Company address]
, MNE3701 Assignment 5 Semester 2 2024 - DUE 25 October 2024
Having acquired sufficient knowledge and skills on entrepreneurship and small business
management, you must demonstrate practical competencies in managing business’s
assets and risks. Think of any business you would like to start and answer the following
questions:
QUESTION 1 By using practical examples, critically discuss how you would manage the
assets of your business. (10)
Managing Business Assets: A Critical Discussion
In starting a small coffee shop called “Brew Bliss”, effective management of assets is
essential for long-term sustainability and profitability. In this context, assets include
tangible items like coffee machines, furniture, and inventory, as well as intangible assets
such as brand reputation and customer loyalty. Below, I outline key strategies for
managing these assets effectively:
1. Inventory Management
• Example: Inventory in Brew Bliss includes coffee beans, milk, syrups, and
disposable cups. To prevent stockouts or overstocking, I would implement a Just-
in-Time (JIT) inventory system. This approach ensures that I maintain only the
necessary stock levels based on forecasted demand.
• Practical Strategy: Regular stock-taking would allow me to keep track of
inventory levels, enabling me to reorder supplies as needed. Additionally, using
Semester 2 2024 - DUE 25
October 2024
[Company address]
, MNE3701 Assignment 5 Semester 2 2024 - DUE 25 October 2024
Having acquired sufficient knowledge and skills on entrepreneurship and small business
management, you must demonstrate practical competencies in managing business’s
assets and risks. Think of any business you would like to start and answer the following
questions:
QUESTION 1 By using practical examples, critically discuss how you would manage the
assets of your business. (10)
Managing Business Assets: A Critical Discussion
In starting a small coffee shop called “Brew Bliss”, effective management of assets is
essential for long-term sustainability and profitability. In this context, assets include
tangible items like coffee machines, furniture, and inventory, as well as intangible assets
such as brand reputation and customer loyalty. Below, I outline key strategies for
managing these assets effectively:
1. Inventory Management
• Example: Inventory in Brew Bliss includes coffee beans, milk, syrups, and
disposable cups. To prevent stockouts or overstocking, I would implement a Just-
in-Time (JIT) inventory system. This approach ensures that I maintain only the
necessary stock levels based on forecasted demand.
• Practical Strategy: Regular stock-taking would allow me to keep track of
inventory levels, enabling me to reorder supplies as needed. Additionally, using
