The development of the lean start-up entrepreneurial venture implied using the Business Model Canvas to create an entire business model for the timed cigarette dispenser case (TCTC). That activity involved searching for information, working with statistical data, developing the product, and other activities that are helpful for entrepreneurs. That is why the given paper will offer my reflection on what learning occurred while completing Assignment 1A: Business Model Canvas and 1B: The Business Pitch.
In the beginning, it is necessary to admit that I learned how to find opportunity and use it to generate value. According to Rae (2007, p. 84), people create opportunities in their minds and took specific measures to implement these ideas. This task is not an easy one since not every assumption is feasible and realistic. Thus, Assignment 1A allowed me to learn that the world abounds with opportunities because people’s smoking behavior is a suitable example of this phenomenon. Since I managed to identify the problem, the following step was to develop a solution that would further bring benefits. There is no doubt that this skill is of significance for every entrepreneurship.
Simultaneously, Assignment 1A taught me to focus on statistical and reliable data to justify and support identified opportunities. Even though I understood that smoking and its cessation were popular topics, the entrepreneurial field required identifying specific information regarding the issue before taking any actions. This step is essential since it helps back up assumptions with credible information. Kokina, Pachamanova, and Corbett (2017, p. 50) also support this claim by stating that data analytics is essential for achieving successful results in the business sphere. Thus, I learned that entrepreneurs should look for reliable information before they make decisions.
I also became aware of the importance that partners play in the success of business ideas. Even though entrepreneurship is typically associated with independent working, it is of significance to find external support. For example, Weidner, Weber, and Göbel (2019, p. 493) admit that partnerships are beneficial for social enterprises since such relationships contribute to the businesses’ improved external legitimacy. From Assignment 1A, I learned that the project to combat smoking could have many supporters and co-thinkers. This finding also helped me understand that it would be possible to find partners for any other project irrespective of its subject matter. If an idea aims at achieving positive results, its developer will find support from other stakeholders.
Then, I became familiar with production basics and how they affect pricing. In particular, I developed a strong understanding that outsourcing could be considered an optimal strategy to achieve lower prices. For example, Varajão, Cruz-Cunha, and Fraga (2017, p. 1048) stipulate that this approach is a requested cost-cutting tool that, simultaneously, does not deteriorate the product quality. My own experience and knowledge also support this idea because many modern organizations deal with outsourcing to cut costs. Consequently, I learned that reducing expenses could be considered a leading task for many entrepreneurs. That is why it is necessary to keep enriching my knowledge and practical skills in this sphere to ensure that my future entrepreneurial ideas will offer reduced costs.
In addition to that, Assignment 1A taught me another essential point regarding financial affairs. It refers to the fact that I dealt with fixed and variable costs that were involved in developing the TCTC. This information demonstrates that it is necessary to predict and analyze financial details before implementing projects. Furthermore, Darnihamedani et al. (2018, p. 355) add that high start-up costs can be a prerequisite to achieving successful results since they lead to innovative entrepreneurship. It is challenging to overestimate the competency of dealing with finances for entrepreneurs. That is why Assignment 1A was productive since it helped me improve my theoretical and practical skills in managing financial affairs.
Moreover, I learned what distribution channel could be perfect for the TCTC. I became familiar with the multiple benefits of the direct sales approach. In particular, it relates to the fact that this strategy maximizes the organization’s benefits since no intermediaries between the seller and the buyer are involved. Pramudita, Bisma, and Guslan (2020, p. 131) support this statement and add that this approach contributes to better control over relationships with clients. Furthermore, I learned that it is not reasonable to focus on a single market. It is also rational to consider how the product can be promoted to other territories. This information is valuable for entrepreneurs since it helps them develop their ideas to reach international customers and markets.
Simultaneously, Assignment 1B allowed me to improve my communication skills, which is another essential competency for entrepreneurs. Since the Business Pitch refers to a short speech convincing investors to participate in the proposed venture, compelling and persuasive writing and speaking strategies should be utilized. According to Almahry and Sarea (2018, p. 3), entrepreneurs should have perfect “communication, technical implementation skills, and organizing skills.” It means that developed writing and speaking skills are essential since they allow these individuals to explain their ideas efficiently. From this case, I learned that my task would be to keep investing in developing many competencies to ensure that all the activities would reach the required goals.
Finally, I gained the experience of moving from face-to-face group work to online development. On the one hand, it refers to the fact that I found much helpful information for Assignment 1A and 1B in online sources. Thus, it means that entrepreneurs frequently deal with surfing Internet-based resources to analyze the current state of the market, assess demand, and find opportunities. On the other hand, I learned that it could be highly effective to provide clients with the opportunity to buy products online. This strategy is of increased importance now when the world tries to combat the COVID-19 pandemic. Zahra (2021, p. 4) reveals that businesses should draw more attention to digital means if they want to operate within the new environment. Thus, I learned that entrepreneurship needs adequate measures to address and meet external challenges.
In conclusion, this reflection paper has demonstrated that Assignments 1A and 1B were productive for improving my knowledge and skills regarding the entrepreneurship sphere. The rationale behind this claim is that I learned how to find opportunities based on statistical data as well as how and why it is necessary to look for partners. Simultaneously, I became familiar with start-up basic financial affairs, found an optimal distribution channel, noted the importance of communication skills, and identified the necessity to engage in a digital sphere. These skills and competencies are essential in entrepreneurship since they help implement ideas and achieve the stipulated goals.
Reference List
Almahry, F. F. and Sarea, A. M. (2018) ‘A review paper on entrepreneurship education and entrepreneurs’ skills’, Journal of Entrepreneurship Education, 21, pp. 1-7.
Darnihamedani et al. (2018) ‘Taxes, start-up costs, and innovative entrepreneurship’, Small Business Economics, 51, pp. 355-369.
Kokina, J., Pachamanova, D. and Corbett, A. (2017). ‘The role of data visualization and analytics in performance management: guiding entrepreneurial growth decisions’, Journal of Accounting Education, 38, pp. 50-62.
Pramudita, A. S., Bisma, M. A. and Guslan, D. (2020) ‘The distribution channel preferences in purchase decision-making of backpacker hostel customers’, Binus Business Review, 11(2), pp. 129-139.
Rae, D. (2007) Entrepreneurship: from opportunity to action. New York, NY: Palgrave Macmillan.
Varajão, J., Cruz-Cunha, M. M. and Fraga, M. d. G. (2017) ‘IT/IS outsourcing in large companies – motivations and risks’, Procedia Computer Science, 121, pp. 1047-1061.
Weidner, K., Weber, C. and Göbel, M. (2019) ‘You scratch my back and I scratch yours: investigating inter-partner legitimacy in relationships between social enterprises and their key partners’, Business & Society, 58(3), pp. 493-532.
Zahra, S. A. (2021) ‘International entrepreneurship in the post Covid world’, Journal of World Business, 56(1), 1-7.