Operations involves the development and implementation of business practices that create the highest level of efficiency. It is concerned with converting materials and labor into goods and services as efficiently as possible to maximize the profit of an organization.
As entrepreneurs, you need to be aware of your business practices and how these practices fit together to form an efficient venture. Investors look very closely at the efficiency of startups as it is an indicator of the founders ability to create value for customers and ultimately investors.
For this activity, you will construct a transaction diagram to so the efficiency of your startup venture. A transaction diagram show how the customer interacts with your business from very beginning (even before the individual is convert to a customer).
I have samples of these kinds of diagrams in the resource section of the site.
