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Acquiring Business Resources: Learning How to Obtain Tangible and Intangible Resources
Learn how to acquire different types of resources for your business, including tangible resources like infrastructure and raw materials, and intangible resources like intellectual property and technology. Understand the process of acquiring financial resources and services to support your business growth.
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Video Transcript
Friends, welcome to video 7a.
This video is actually supplementary to video 7.
In video 7, I had talked about different categories of resources.
In this video, I am going to talk about how those different resources are acquired or
can be acquired.
Let's quickly do a recap in terms of different types of resources.
I am sure you would remember those but very quickly.
There could be tangible resources, intangible resources, different types of services and
there could be monetary or financial resources.
Let's talk about all these four categories a little more.
You may remember that in the context of tangible resources, they could be of long term nature
or of short term nature.
Those which are of long term nature include our infrastructure, factories, buildings, offices.
Those which are short term in nature and are tangible include raw materials, packaging materials, consumables and so on.
Then there are intangibles which are IP, patents, brand, software, technology.
Services include services rendered by employees, services rendered by consultants, services rendered by telecom companies, travel companies, airline companies and so on.
And finally the last category of resource is financial or monetary resource.
You may remember in these kind of resources we have a claim on someone else.
You may remember that cash or balance in bank is an example of a financial resource.
In case of cash, we have a claim on the government or central monetary authority.
In case of our bank balance, we have a claim on our bankers.
When we allow time to our customers to make payment, we have a claim on the customers to that extent.
That is also a financial or monetary type of resource.
Now let us quickly see how each of those resources can be acquired.
Let's look at tangible long term resources such as factory, office spaces.
The most common way of acquiring these resources is by purchasing them.
or by owning them.
But there are other alternatives which are also possible.
For example, you may hire an office.
You don't have to necessarily own an office.
You may lease cars.
You may even outsource
some of your manufacturing activity to somebody else
and thus have access to
somebody else's physical infrastructure such as factory
by using an outsource model.
Of course in later videos, we'll talk about some of these aspects more in detail
But think about these as different alternatives of accessing a long term tangible resource.
Owning it, hiring it, leasing it.
What is the difference between hiring and leasing?
Hiring is short term in nature.
Leasing is long term in nature.
For example, you hire a cab but you lease an office.
Outsourcing is an arrangement where you get certain things done from outside.
How about short term tangible resources such as raw materials?
There's no question you got to own them.
You can't hire somebody's raw materials and quietly consume them.
Can you?
You have to own them first.
You have to purchase them first and then consume them.
