MNE3701 ASSIGNMENT 6 SEMESTER 2 2023
DISCLAIMER
The MNE3701 assignment 6 semester 2 2023 is a guide that help students to
answer their 6th assessment. Therefore, students can use as the document
contains different pools of questions. Those who need further assistance may
contact the given details:
CONTACT NUMBER:
071 751 3144
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, MNE3701 ASSIGNMENT 6 SEMESTER 2 2023
Having acquired sufficient knowledge and skills on entrepreneurship and small
business management, one must demonstrate practical competencies in managing
business’s assets and risks (Muller, 2019). Think of any business one 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
Managing the assets of a business is crucial for its success. Here are some practical
examples of how you can effectively manage the assets of your business:
1. Financial Assets: Monitor and control your cash flow by implementing a
budgeting system (Khan, 2014). Regularly review your financial statements to
identify areas of improvement and make informed decisions about investments
and expenses.
2. Physical Assets: Maintain a detailed inventory of your physical assets, such
as equipment, machinery, and vehicles. Implement preventive maintenance
schedules to ensure their longevity and efficiency (Peng & Meyer, 2019).
Consider leasing or renting assets instead of purchasing them outright to
reduce costs.
3. Intellectual Property: Protect your intellectual property by registering
trademarks, copyrights, and patents. Implement strict confidentiality
agreements with employees and partners to safeguard your trade secrets.
Regularly review and update your IP portfolio to stay ahead of competitors
(Lammarino, 2018).
4. Human Resources: Invest in your employees' development and training to
enhance their skills and productivity. Implement performance management
systems to track their performance and provide feedback (Ciptagustia &
Kusnendi, 2019). Foster a positive work culture to retain talented employees.
5. Technology: Stay updated with the latest technological advancements
relevant to your business. Regularly upgrade your software and hardware to
DISCLAIMER
The MNE3701 assignment 6 semester 2 2023 is a guide that help students to
answer their 6th assessment. Therefore, students can use as the document
contains different pools of questions. Those who need further assistance may
contact the given details:
CONTACT NUMBER:
071 751 3144
, MNE3701 ASSIGNMENT 6 SEMESTER 2 2023
Having acquired sufficient knowledge and skills on entrepreneurship and small
business management, one must demonstrate practical competencies in managing
business’s assets and risks (Muller, 2019). Think of any business one 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
Managing the assets of a business is crucial for its success. Here are some practical
examples of how you can effectively manage the assets of your business:
1. Financial Assets: Monitor and control your cash flow by implementing a
budgeting system (Khan, 2014). Regularly review your financial statements to
identify areas of improvement and make informed decisions about investments
and expenses.
2. Physical Assets: Maintain a detailed inventory of your physical assets, such
as equipment, machinery, and vehicles. Implement preventive maintenance
schedules to ensure their longevity and efficiency (Peng & Meyer, 2019).
Consider leasing or renting assets instead of purchasing them outright to
reduce costs.
3. Intellectual Property: Protect your intellectual property by registering
trademarks, copyrights, and patents. Implement strict confidentiality
agreements with employees and partners to safeguard your trade secrets.
Regularly review and update your IP portfolio to stay ahead of competitors
(Lammarino, 2018).
4. Human Resources: Invest in your employees' development and training to
enhance their skills and productivity. Implement performance management
systems to track their performance and provide feedback (Ciptagustia &
Kusnendi, 2019). Foster a positive work culture to retain talented employees.
5. Technology: Stay updated with the latest technological advancements
relevant to your business. Regularly upgrade your software and hardware to
