as a young entrepreneur, how can you show the responsible ways of purchasing activities on any possible situations you may consider?

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28-08-2019
Business

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as a young entrepreneur, how can you show the responsible ways of purchasing activities on any possible situations you may consider?

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zj360 zj360 · Answer 1 · 2019-09-10T11:56:00+02:00

Answer:

There are several ways in which a young entrepreneur can carry out purchasing activities responsibly, including:

1. Measured production of inventory or units of products- If an entrepreneur is producing bicycles for instance, (s)he should only spend on inventory that (s)he anticipates will be sold to customers or purchased by retailers. For example, let's assume that the entrepreneur has a purchase order from a retailer such as K-Mart for 500 bicycles. In this case the entrepreneur should only produce around 550 bicycles rather than 700 or 1000 bikes, thus, purchasing supplies and producing inventory in accordance with demand for his/ her bicycles.

2. Lowering costs of production where possible- Firstly, this can be done by purchasing supplies and materials for inventory in bulk. Secondly, the entrepreneur could outsource the manufacturing of his/her product to countries (such as China) where production costs are significantly cheaper.

deebikamadhivanan deebikamadhivanan · Answer 2 · 2021-10-12T18:55:53+02:00

Answer:

An entrepreneur is an individual or a person who initiates a new firm and experiences most of the risks while reaping the majority of the benefits. There are various approaches for a young entrepreneur to conduct responsible purchasing operations.

Explanation:

One of the fundamental elements of Legrand's social responsibility is its responsible purchasing method.
The young entrepreneurs' responsible purchasing activities are derived from Legrand's socially purchasing method.
The principles for the connection entrepreneurs aims to have with their suppliers or business associates: treating suppliers with fairness, impartiality, and transparency, establishing a contractual framework, keeping confidentiality, adhering to corporate ethics, and so on.
These themes, as well as the appropriate behavior, are clearly outlined in the Purchasing Department's code of ethics for supplier relationships, which is used in conjunction with the Group's compliance program.

Therefore, any possible situations for young entrepreneurs must be the connection they maintain with their resource suppliers and business associates.

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