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The module has changed my perception about the time (when), places or situations (where) and media (how) which entrepreneurs choose to express their business ideas as well as the reasons supporting the expression of the business ideas. Entrepreneurship is one of the most studied fields of research there is still very little understanding about the ways in which entrepreneurs present their business ideas. I too had a very limited understanding about how entrepreneurs present their business idea but the reading of the case study based or UrBike changed my understanding on when, how, why and where entrepreneurs express their business ideas. I would aim to reflect upon by understanding of when, why, how and where entrepreneurs exhibit their venture plans. The study would also consider the three entrepreneurial rhetorical aspects namely, logos, ethos and pathos.
Entrepreneurs present their business ideas in a variety of forms. Entrepreneurs at first conduct a macroeconomic analysis of the market. The entrepreneurs take into account factors like political factors, economic factors and technological factors of the target market. They recognize needs within the market which the existing goods and services are either not meeting satisfactorily or not at all. They then utilize these unmet needs to brainstorm to propose which would fulfill these gaps. I can support this point by drawing relevant inferences to the case study on URBike. I can reflect that the entrepreneurs namely, Aydin, Hakan, Michael and Nafisa realized the issue of environmental pollution in the cities due to use of private cars on large scale for transport. They identified two existing products among which failed to solve the issue totally and in fact escalated it while the other existing product failed to solve the issue completely. The car escalated the issue of pollution while the bicycle failed to solve the problem of environment in the cities due to tendency to malfunction.
The second way in which entrepreneurs exhibit their business plans is reflecting upon their own competencies in an unbiased manner. They do so by pointing out the skills which their business plans would require like leadership skills, networking and financial management skills. This conducting of personal SWOT analysis lead the entrepreneurs to recognize the people with whom they can partner in order to enhance their strengths and reduce their weakness. I can reflect on this method of entrepreneurs expressing their business plans on the basis of the case study. For example, each member of team UrBike had competency in a different field. Aydin had communication and leadership skills while Michael had competency in technical knowledge. Thus it is evident that rather than launching a business venture to manufacture the product or service identified, entrepreneurs recognize profitable partnerships. I can also reflect that entrepreneurs do not limit their aim to express business plans only to gain financial capital contribution. This was my previous understanding which the study of the module has changed completely. The entrepreneurs can also express their business plans to get support from appropriate individuals in terms of skills and knowledge. I can also realize that this expression of business plans among entrepreneurs is not based on profit motives alone but on trust and confidence as well. In other words ethos or personal branding and credibility play a very important roles in this expression of business plan by entrepreneurs. Lee and Lee (2019) in their work clearly point out that, ‘Rhetoric is the study of finding the best ways of persuasion.’ They clearly point out that persuasion is a significant component of business communication. Pernica and Tyll (2018) in their article introduces the first type of rhetoric namely, ethos right in the introductory section. They mention that since ethos stresses on creation of trusts between business organizations and the stakeholders, it consist of actual facts like the capability of the business to benefit the latter (stakeholders). The authors further mention that the ethos finds use in the mission and vision statements of companies. As far as the story of UrBike is concerned, I can reflect that the entrepreneurs (Aydin, Hakan, Michael and Nafisa) can point out that capability of the business to deliver value to the society. Aydin, Hakan, Michael and Nafisa can present their business ideas before appropriate stakeholders like banks while applying for loan. I can point out that they should point out to the capabilities of the present management (themselves). The authors then go on to point out the second rhetoric which comes into play in business communication namely, pathos. They point out that pathos aims to appeal to the emotions of the audience stakeholders. For example, I can point out that Aydin, Hakan, Michael and Nafisa can promote their products, namely, UrBike to point out the benefits like reduction of environmental pollution which UrBike can usher. These future benefits would appeal to the concern of the consumers and most importantly persuade them to purchase UrBike. I can also reflect that the entrepreneurs of UrBike namely, Aydin, Hakan, Michael and Nafisa should apply the third type of rhetoric namely, logos. Lee and Lee (2019) can be iterated here to point out that logos consists of logical reasoning which is used to support the arguments presented to persuade the stakeholders concerned. In other words it can be pointed out that logos supports ethos and pathos. I can reflect from the story of UrBike that the entrepreneurs while promoting their products UrBike before consumers can present data showing the amount of pollution caused by transport like cars running on petrol. They can present data from reliable sources like government departments to create awareness among the consumers about the devastating impact pollution caused by petrol private transport has on the health and wellbeing of the society. This use of authentic would in fact persuade the consumers more to purchase UrBike. In other words I can point out that logos can enable the entrepreneurs of UrBike strengthen their ethos and pathos to generate business.
The third way this module and the case study have changed my perception about how entrepreneurs place their business plans was, that entrepreneurs prior to launching their business ventures segment their markets. They carry out aggressive market segmentation so as to ensure that they are able to market their products before appropriate customers. I previously though that entrepreneurs only want financial profits by marketing products to their customers. Upon analysis of the module I realized that entrepreneurs in order to present their business plans before customers, aim to build emotional bonding or pathos as well. This is exemplified by the case study of UrBike. It can be pointed out from the analysis of the entrepreneurial case study of UrBike is that in contrast to sole proprietorship entrepreneurial venture with generally limited resources, the entrepreneurial venture under study namely, UrBike venture was a partnership entrepreneurial venture. Thus it is evident that the entrepreneurial venture had more resources at its disposal. The entrepreneurs namely, Aydin, Hakan, Michael and Nafisa pooled in their respective resources to carry out market segmentation of the customer segments. For example, they identified that the target customer group which the business could serve consisted of both individual customers, mechanics and bike shops. The entrepreneurs then went on identify means which they could apply to create value for each of the customer segments identified. The ‘User/Customer relations’ section clearly mentions how the entrepreneurs of UrBike sought to create value for each of customer groups. For example, individual customers could communicate with the firm using phone and emails to report any issue their bikers would face. The customers can also again advices regarding their bikes on the telephone and emails. Similarly, the bike mechanics can earn more income by bike repairing serving the customers in their homes or offices. The third target customer segment namely, the bike shops would be able to earn more revenue my offering services to the end customers namely, bike owners at their residences or offices by sending the mechanics. Thus, it is evident that entrepreneurs present their products or business ideas after conducting a profound the macroeconomic conditions.
I realized that entrepreneurs express their business plans in their target markets. This realization has changed my previous fallacy that entrepreneurs express their business plans without proper market scoping. In fact I learnt from the module that entrepreneurs locate appropriate markets prior to placing their business ideas. I can point out the entrepreneurs of UrBike should use rhetoric appropriately in order to acquire appropriate customer segments. They should present the actual benefits which use of UrBike would usher to the customers (ethos). They should then aim to move the customers emotionally towards purchasing UrBike. For example, they can make the customers aware of the fact that using UrBike would actually reduce their cost of transport (Svensson, Wood and Callaghan 2015). Finally, the entrepreneurs can use logos and support their claims of benefits of using UrBike by stating data from authentic data. I reI can point out upon reflecting on the case study of UrBike that the three entrepreneurs namely, , Aydin, Hakan, Michael and Nafisa fist conducted analysis of the market to identify their target customer base which they could serve to generate revenue. They identified that they could serve the three segments of customers namely, individual customers owning bikes, bike mechanics and bike shops to which the business could add value. Thus, it is clear that entrepreneurs express their business plans to convert them into ventures only after recognizing potential customer base which would them revenue.
Entrepreneurs express their business plans and strategies by taking several steps. A closer look into the case study reveals that the entrepreneurs reveal their business plans by collaborating with people who are likely to boost the performance of the business. This is clearly mentioned in the case study. The four partners collaborated to exploit each other’s qualities to operate the business. I can also point out that entrepreneurs in order to launch their business venture identify the skills which would be required to operate the business efficiently in the market. For example, the case that the entrepreneurs in the case study identified the entrepreneurial and management skills which would come to play in running the business. The case study mentions about skills like communication skills, negotiation skills, technological skills, marketing skills and financial management skills. Thus, it is evident that entrepreneurs recognize skills and partner with individuals possessing these skills in order to launch the venture.
I realized upon reflecting on my learning that entrepreneurs present their plans in order to create demand in the market by using rhetoric appropriately. They present their business plans to persuade stakeholders to support their business. For example, the customers can support the business by generating revenue. The entrepreneurs present their business plans before stakeholders to present their respective businesses as ‘legitimate and distinct’. In other words entrepreneurs present their venture plans to gain distinctiveness in the market in comparison to similar businesses (van Werven, Bouwmeester and Cornelissen 2015). This realization largely changed by pervious perception that entrepreneurs present their venture plans solely to earn profits. The entrepreneurs present their business venture plans to attract business partners who could assist them in launching entrepreneurial venture. It can also be pointed out that the driving factor behind launching ventures is the aim to generate profits by offering products which would create values to the customers. The entrepreneurs present their business plans to point out the current demands in the markets which are not satisfied by the existing products. The case study clearly mentions that the business aims to encourage the commuters to use bikes for local transport in order to reduce environmental pollution. Thus, it is clearly that entrepreneurs launch ventures to secure two main aims namely, profit generation and value creation to customers.
I can reflect upon my experience to point out that entrepreneurs take into several aspects in order to launching entrepreneurial ventures. First of all, the two main driving factors of launching entrepreneurial ventures are profit generation and value creation for customers. I have learnt the entrepreneurs prior to launching entrepreneurial ventures have to recognize the skills which would come into play while operating the business. They then have to reflect on the strengths and weaknesses which they possess in terms of entrepreneurial skills. They have to identify the skills which they do not have and partner with individuals having those skills. They then have to identify the target markets which their businesses seek to serve to generate revenue. This would enable them to identify the risks which the business would face in the future and identify viable strategies which they could take to manage these risks.
I can conclude that the reading and the discussion have aided me changing my perception of entrepreneurial ventures largely. I have realised that entrepreneur’s place their business plans to inform consumers about their products as well as to attract new partners. I have also realised that entrepreneurs carry out immense market scanning prior to placing their businesses. On the whole, I have the module and case study have brought about an immense change in my understanding about entrepreneurial ventures. I have realised that entrepreneurial ventures require immense planning and strategy making at every step in order to establish them in the market.
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