Acknowledge the importance of manufacturing

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Entrepreneurs are generally not manufacturing whizzes. They are often focused on getting a new idea into a product and that product to market. And although they acknowledge the importance of manufacturing, their heart is often not in it. They cannot provide the leadership required to manage a modern manufacturing process. They expect to compete primarily by outrunning their opposition, not be out manufacturing them. In the Oil & Gas business, wildcatting for new fields is the equivalent. It has been said of some oil company's management that they are never really happy unless they have oil on their boots. Refining, transporting, etc. is not their top priority.

At some point, it is common for an entrepreneur to sell the business and retire, or move on to other things. Suppose you or your company were to purchase such a business, how would you create a modern production process? What factors would you look at for manufacturing or service savings?

Reference no: EM13780287

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