Technopreneurship: Industry, Slides of Entrepreneurship

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AUTO MANUFACTURING

INDUSTRY

PROBLEMS AND SOLUTIONS

Toyota is the second largest automobile manufacturer in the

world based on 2018 unit sales. Toyota was the world’s first

automobile to produce more than 10 million vehicles per year,

which it has done since 2012, when it also reported the production

of its 200-millionth vehicle. As of July 2014, Toyota was the largest

listed company in Japan by market capitalization and by revenue.

OVERCAPACITY This occurs when a manufacturer has already invested the resources (such as payroll and materials) into building a certain quantity, only to discover later that they do not need to produce as much as they had planned for. The result is an over-expenditure that can damage cash flow and result in waste. SOLUTION: In order to avoid overcapacity, it is best to invest in increased production floor responsiveness and better master production scheduling.

SUSTAINABILITY Consumers are increasingly concerned about sustainability. SOLUTION: Manufacturers must strive to create more eco-friendly cars and to be more efficient in production. GLOBALIZATION

Increase global competition means lower market prices for

many vehicles.

SOLUTION:

Increased efficiency in order to offset a lower margin of profit.

BAKERY INDUSTRY

• (^) The bakery industry is a huge business that caters to people's

weaknesses for tasty breads, cakes, pies and sweet rolls. Filipinos have a

penchant for breads. Like rice, these baked goods are a staple fare in the

local dining table, and are typically consumed for breakfast or as a snack.

• (^) From the well-loved pandesal , Filipinos have grown to like different variety

of breads — from the usual sweet variants that satisfy their sweet tooth

cravings to savory ones. This fondness for baked treats opened

opportunities for entrepreneurs to build business, innovate, and explore

the endless possibilities in baking.

FLUCTUATIONS IN PRICES

• (^) Price fluctuations exist for any good that is seasonal, coming in abundance during some months and becoming rare in other months. As it turns out, this is exactly the nature of many of the raw materials that are used by a bakery. They tend to experience price fluctuations from one season to the next, and also from one year to the next, with some of these price fluctuations being quite extreme.
• (^) A common way to avoid the risk of price fluctuation in a bakery business is to negotiate contracts so that you buy all of your raw materials in bulk and at fixed wholesale prices. This allows you to budget for the future and also to be able to accurately and consistently forecast your costs and profit margins for the future.

LIMITED GROWTH OPPORTUNITIES

• (^) A specific characteristic of the industry is that a lot of bakeries specialize in specialty breads, which are more expensive than regular breads. Consumers may or may not be willing to pay that premium for specialty baked goods, depending on how the economy is performing at that time.
• (^) The bakery industry also happens to be limited by population growth. With a growth in population there will naturally be more people to buy baked goods. Unfortunately, it is a slow process and the bakery industry is still growing by single percentage points annually.

HEALTH AND SAFETY STANDARDS

• (^) Now, on the one hand, it may seem like an advantage that a small bakery does not have to comply with some regulations that large bakeries have to comply with health and safety. However, there is a serious risk component to all of this if you think a little more deeply about it.
• (^) There was a time when bakers had a widespread belief that the very high temperatures applied in the baking process could eliminate any pathogens that may otherwise find their way into the bread. However, better knowledge has led us to learn that this isn’t always true.

HEALTH AND SAFETY STANDARDS Baking Methods Whenever the methods used to make baked products more stable involve little water, the pathogens present in the baked products are likely to develop a resistance to high temperatures. There are also special rules for bakeries that make products to cater to specialty diets. In case such bakeries also make more mainstream baked products, they are expected to be more rigorous in their preparation procedures to avoid cases of cross- contamination. If they are not careful, then they could end up exposing their customers to the very allergens they are trying to avoid.

FAST FOOD INDUSTRY

PROBLEMS AND SOLUTIONS

Quick, convenient foods are becoming more popular once again

because people feel busier than ever. Who wants to cook after

putting in a long day at work? If cooking isn’t an option, but you

don’t want to spend half you day’s wages on dinner at a

restaurant, then the fast food industry provides a quick alternative

to get a meal.

LOW EMPLOYEE SATISFACTION The unemployment rate has hit an historical low. Although this is a good thing, this has made it especially difficult for restaurants, especially fast food chains, to hire and retain staff. Wendy’s, Sonic and KFC had some of the lowest staff satisfaction rates. McDonald’s and Dunkin’s Brands’ rates weren’t that much better either. SOLUTION: In order to avoid low staff satisfaction rate, it is encouraged to hire employees in a full time job but provide them with proper benefits an employee must have.

FOOD SAFETY CRISIS Of course, foodservice employees never intend to harm guests with foodborne illnesses, allergic reactions, health violations or other food safety issues. In fact, foodservice professionals work diligently to implement and maintain careful food safety protocols to protect their customers’ health. SOLUTION: Train (or re-train) staff on food safety protocols. Be certain that everyone is knowledgeable about food safety to avoid similar crisis situations in the future. Win back customers’ and employees’ trust. Again, be sincere and apologetic. Talk about actionable steps to prevent reoccurrences. If the issue was a failed health inspection, explain why the restaurant failed, explaining whether it was a single error vs. multiple infractions. Emphasize how/why their loyalty is so important, and vow to earn their trust again. Realize that actions speak louder than word so do what you’ve promised to do.