Assignment Code: BCOA-01/TMA/2021-22

Course Code: BCOA-01

Assignment Name: Business Communication and Entrepreneurship

Year: 2021-2022

Verification Status: Verified by Professor

Attempt all the questions:

Q1. Discuss the various forms of business organisations with their respective merits and demerits. (20)

Ans) The various forms of business organisations with their respective merits and demerits are described below:

1. Sole Proprietorship

A person can opt to manage his or her small business wholly on his or her own or unite with others in the form of a partnership or co-operative society, or even form a company, to take use of a bigger resource base.

Merits

1. The lone proprietor, i.e., your client, owns the full profit of the organisation.

2. If your client has less resources, this technique is ideal; your client can grow his or her business by personal touch, closeness, and friendship with customers.

3. Your client is capable of making swift decisions.

4. Your client can keep his or her business dealings completely private. He or she is not obligated to reveal trade secrets or profits to the broader public.

Demerits

1. If there is a loss, it is your client's responsibility to bear it.

2. Because the proprietor's liability is not limited to the firm's assets but also includes his personal property, his personal property is at risk in the case of outstanding obligations. Thus, business debts can be repaid even if the owner's personal property, such as jewellery, a vehicle, or a home, is auctioned and eventually sold.

3. Because there is no one to rely on, your client may act rashly at times and make poor decisions.

4. The firm's life is brief since it is affected by your client's illness or death.

5. Due to a lack of finance, managerial competence, and work energy, the scope of expansion is limited.

2. Partnership

Because the sole proprietorship has its own limits, such as limited managerial resources and managerial skills, the partnership form of business organisation was formed. In a partnership, a minimum of two people and a maximum of 20 people can join forces to conduct business. Individually, the people who join hands are known as partners. They will be referred to as "a Firm" collectively. "Firm's name" will be the name under which their business will be conducted.

Merits

1. Partnerships are simple to form compared to other business forms since they involve less paperwork and legal requirements.

2. There are more opportunities to improve their collaboration skillset when there is more than one like-minded individual.

3. People in partnerships frequently split responsibilities so that no one person has to do all of the work.

Demerits

1. Disagreements are possible when multiple people are involved in business choices. Partners may differ on various parts of the operation.

2. Without a formal agreement outlining methods, company may come to a standstill if partners disagree and decide to end their partnership.

3. In a partnership, all members are personally accountable for corporate obligations and could face legal action.

3. Co-operative Society

The principle of reciprocal collaboration underpins the operations of the Co-operative Society. People who are powerful, reside in the same area, or have similar needs can band together to join a cooperative organisation for mutual gain. These cooperatives are established under the relevant legislation of the country in question; for example, in India, they are established by the Indian Co-operative Societies Act, 1912, or any other State legislation.

Merits

1. It is simple to establish a cooperative society;

2. The death of one of its members has no bearing on the Co-operative Society's existence;

3. The members' liability is restricted;

4. Management is cost-effective.

5. The Co-operative Society's whole work is carried out by its members.

Demerits

1. Capital-investment is on the lower side;

2. There may be differences among members;

3. The shares are not transferable;

4. The management may be inefficient.

4. Company / Corporation

A corporation is a type of corporate entity that operates independently of its stockholders. Before paying profits or dividends to shareholders, a corporation pays its own taxes. A C corporation, a S corporation, and an LLC, or limited liability corporation, are the three primary types of corporations.

Merits

1. In general, a corporation's debts are not owed by its stockholders. Rather, stockholders put their money on the line.

2. Corporations can deduct expenses such as health insurance premiums, labour, taxes, travel, and equipment, among other things.

3. Shareholders may sell shares in the corporation to raise additional funds for the company.

Demerits

1. Before profits are distributed to shareholders, the corporation must pay corporate income tax, after which the shareholders must pay individual income tax.

2. The corporate business structure, with the exception of an S-corporation, entails a significant amount of paperwork.

3. When there are numerous investors with no obvious majority interest, the management team, rather than the owners, may oversee business activities.

Q2. What is a report? Describe the process of report writing. What rules are to be kept in mind for writing reports? (20)

Ans) A report is a type of writing that is organised around identifying and examining issues, events, or results that have occurred in the physical world, such as occurrences within an organisation or findings from a research inquiry. These occurrences can also be related to events or situations that have been identified in a body of literature. A report tells the reader about all pertinent topics in a straightforward and objective manner. At its most fundamental level, report writing has three characteristics: a pre-defined framework, independent parts, and achieving unbiased conclusions.

Report Writing Process

One can use the five-step technique outlined below to write your report:

Step 1 Before you start writing

Determine your audience(s)- It's worth noting that your report may be read by multiple audiences. Decide who your primary audience is. It should be the audience you're trying to persuade, the one who most urgently needs your knowledge or will make a decision as a result of your argument.

Analyse your audience(s) - Choose the best approach of delivering your report based on what you know about your primary audience. The report's style, tone, intricacy, and format are all determined by this decision. All of your decisions must appeal to that target audience.

Step 2 Organise your information

Outline your information: Create a plan for how you want the information to be presented. This might be a brainstorming session with co-workers or simply penning down any thought connected to your topic that comes to mind. Rearranging that data into a logical order might help you create a preliminary report structure.

Use headings: One technique to organise your material is to create a table of contents. Examine how the sub-headings relate to the major headings.

Establish a hierarchy of ideas: Your report could be organised as a succession of sub-ideas clustered around a central theme. The most crucial idea in your report should come first, followed by additional important ideas in decreasing order of significance. You will have successfully communicated your most critical worries if your reader does not have time to read the complete report.

Choose an appropriate order for the ideas: Because most individuals are extremely busy, your report should always be written with the most important idea at the front. First, fully create this concept with supporting documentation and statements, then move on to the next most important concept. You may swiftly offer your viewers with the most important facts this way.

Step 3 Draft your report

You must construct your report in the same way that you created your paragraphs. Begin by scribbling the major points in a logical order. Then, for each primary point, jot down the supporting materials or thoughts.

As a guide, write the report using your outline. At this point, don't bother about the punctuation or spelling. Create a stream of consciousness. You may pick out the mistakes later and correct them.

Reading your draught of a report is a wonderful way to double-check your work. It could be a good idea to read it aloud to see whether that's the case.

It's well-written and makes sense. Confirm the report's objective and purpose as part of this phase. Make sure your primary points support the goal.

Step 4 Edit your report Applying English Skills

You will modify your draught report whenever you are satisfied with it. After a brief amount of reflection on your work, careful editing can help you detect flaws, unjustified claims, and opportunities for growth. Look for major issues first, such as how effectively the report supports your goals.

Step 5 Proofread your report

The most important phase in the report-writing process is to double-check your work for errors. Proofreading or proofing your document is the term for this process. This process is frequently delegated to a professional in order to bring fresh eyes to the text and more quickly discover faults.

Q3. (a) Explain the basic steps required in setting up a small business unit?

Ans) The fundamentals of starting a small business or an entrepreneurial unit. The foundation for doing anything new is to have a clear and comprehensive awareness of the current situation about the problem in question. This is the first stage in generating an initial impetus for commencing the project. The following is a list of the steps.

1. Collect Information .

The first step is to gather data on the existing units in the area of concern. This can be done by looking through telephone directories or contacting the small-scale unit's registrar's office. The task at hand is to form a judgement on the current market conditions. It will provide your clients a better understanding of the field into which they are going to enter. This will also give them a platform to analyse the benefits and drawbacks of the circumstance. All services that need highly skilled labour provide the finest opportunity for entrepreneurship.

2. Organize Information

The information will be organised in the second stage. This will assist your client in understanding the current minimum requirements for opening a SEU. This necessitates quantifying the issues in order to create estimates based on an inventory of resources and their utilisation. You should create a checklist of the available resources in terms of space, money, training, and labour for your clients to use as a quick reference. The next step will be to create a summary of how they plan to convert their assets and resources into productive assets that continue to generate further money.

Q3. (b)Who is an entrepreneur? Discuss the qualities required to become a successful entrepreneur. (10X2)

Ans) An entrepreneur is a person who owns, organises, manages, and runs a business while also taking on the risk. The quality and talent required to become an entrepreneur is referred to as entrepreneurship. It entails identifying and developing new ideas and services, mobilising resources, arranging production and services, and lastly marketing them, all while mitigating risk by striving for development and quality.

Some qualities needed to become a successful entrepreneur.

a) Creativity and innovation: Creativity and invention are the cornerstones of an entrepreneur's career. The process of putting "new information" to practical use is known as innovation. It does not always imply attempting fresh ideas for the first time, but rather applying the same or a similar notion in new areas or contexts. As an entrepreneur, you must instil in your clients the ability to pick up new ideas and implement them faster than others.

b) Risk taking: Many of us have fresh perspectives, insights, and resources. However, due to a lack of ability to take risks, one may not be able to establish a business. You must instil in your clientele the belief that no venture is conceivable without some level of risk. When an entrepreneur evaluates the risk, he or she prefers to take a calculated moderate risk.

c) Initiative and drive: An entrepreneur is more than a dreamer; he or she possesses the critical ability to turn ideas into action, to act on his or her own initiative, and to channel enthusiasm into hard labour.

d) Persistence: Often, your clients will not succeed on their first try. There isn't a successful entrepreneur who hasn't experienced failure. Entrepreneurs who succeed are not enamoured with their achievements. They also do not give up in the face of first setbacks and failures, but instead pursue multiple and varied steps to overcome them. This trait of 'perseverance' must be ingrained as a crucial entrepreneurial quality.

e) Opportunity seeking: Ordinary folks simply wait for opportunities to present themselves. The majority of people do not perceive opportunities until they are clear. Even in times of crisis, an entrepreneur actively seeks, creates, pursues, or discovers business prospects.

f) Information seeking: It is critical for success to seek out relevant and clear information. It allows your clients to take risks, assists them in improving the quality of their decisions, and serves as a foundation for effective management. An entrepreneur develops the practise of acquiring knowledge from a variety of sources and views the costs of doing so as an investment.

Q4. (a)What is a paragraph? Explain the important components of paragraph with suitable examples.

Ans) A paragraph is a grouping of sentences that are well-organized, cohesive, and related to one theme. Almost all of the writing you undertake will be divided into paragraphs. When you divide your work into paragraphs, the reader can see where the sub-divisions of your thoughts start and end, which makes it easier for them to understand the key elements of your writing.

A paragraph is constructed of three components in the following order:

1. Topic Sentence: A sentence that introduces the topic or main idea.

The writer and the reader have signed a contract when it comes to topic sentences. "I have a concept," the writer says, "and I'd like to convey it to you," and the reader says, "Okay, explain it to me." To keep to the agreement, the writer must establish the essential point in the topic sentence and then clarify it in the body of the paragraph. A good topic sentence is a broad statement that can be fleshed out with specific specifics. If the topic sentence is too broad, the paragraph will be too long to effectively discuss the issue or will consist entirely of generic assertions.

Topic Sentence Examples

Topic Sentence: Dogs make wonderful pets because they help you to live longer.

The controlling thought is "because dogs help you live longer." The topic is "dogs make great pets," and the controlling idea is "because they help you live longer."

2. Body: Three or more sentences that explain or support your topic.

The information that builds your topic sentence are provided by the supporting sentences in a paragraph. You must show the reader that the information you are delivering is based on facts or opinions that can be supported by a mix of reasons, examples, names, numbers, and senses (also known as the RENNS principle) (sight, sound, smell, taste, touch). You will create well-supported paragraphs that guide the reader to the conclusion sentence if you follow the RENNS concept.

Examples of Body Paragraph:

The following body paragraph might appear in an essay about why a school should use uniforms for students. If students in our school were required to wear uniforms, instances of bullying and teasing would decrease.

3. Conclusion: A sentence that concludes your explanation of the topic.

The last sentence of your paragraph is usually the conclusion sentence. It summarises the facts mentioned in the paragraph as well as the major idea of the paragraph.

Example of conclusion:

For example, if you write a paper about zoo animals, each paragraph would probably be about one particular animal. In your conclusion, you should briefly mention each animal again. “Zoo animals like polar bears, lions, and giraffes are amazing creatures.” Leave your readers with something to think about.

Q4. (b) You are in charge of purchase for ABC automobiles. Last week you made an order with Aero Enterprises, which is still pending.

Write a letter to the manager of Aero Enterprises for the cancellation of the order due to delay. (10X2)

Ans)

10th October 2021

To,

The Manager

Aero Enterprises,

23, Newmarket,

Nagpur,

Maharashtra.

Sub: Cancellation of Order No. A/27/2/04 dated 20.08.2021

Respected Sir,

I can only express my extreme disappointment and dissatisfaction with the non-fulfilment of the bulk order that we placed with you last week for the purchase of automobile spare parts on August 20, 2021, as per the Order Number indicated above. The instruction was to be carried out within 14 days. However, after another two months had passed, you expressed sorrow, citing the manufacturing workers' strike as the primary cause for non-execution. We accepted your request to complete the order within two weeks. In light of our previous good business terms, we excused the delay. Because we haven't heard from you in a while, we have reason to believe that cancelling the order is our only option.

I trust that the cancellation of the aforementioned order will not have an adverse effect on our otherwise favourable business terms in the future.

Yours sincerely

Purchase Manager,

Ram Wadhwani.

ABC Automobiles

Q5. Write short notes on the following: (5X2)

Q5. (a) Business blueprint

Ans) The business sketch can give an entrepreneur a sneak peek or a rough business draught to work with, as well as a suggested outline of the material that should be included in the sketch. The final sketch may differ depending on your wants or the specific specifications. Every company can benefit from the creation of a meticulously defined plan. The reason for generating a business sketch is that it is your company's blueprint and will provide you with the skills to analyse and modify it. Finally, if you want to get a loan, you'll need a business plan. It will provide extensive information on all elements of your company's historical and current activities, as well as future estimates, to potential lenders.

Q5. (b)Memo

Ans) A memo, short for memorandum, is a concise piece of written information used for interoffice communication in corporate situations. Its primary function is to provide instructions or act as a reminder of events, acts, or decisions. Memo writing is mostly used to disseminate information to a big group of people.

A few other ways in which memos are used are:

1. To recount an event or piece of information

2. To send a reminder

3. To pass or circulate information

4. To highlight an event

5. To keep an official record of anything.

   
   

Q6. Differentiate between the following: (5X2)

Q6. (a) Facts and Opinions

Ans) Facts

A fact is a statement that can be proven to be true by the use of evidence. Factual statements are true in all cases and for all people; in other words, facts are universal.

Some examples include:

Dogs are mammals.

Albany is the capital of New York.

Mount Everest is the tallest mountain on Earth.

Each of these statements is true. Furthermore, each statement is verifiable and not debatable, provided that definitions are agreed upon. Put simply, evidence exists that could potentially prove or disprove each claim.

Opinions

Opinions, unlike facts, are neither true nor false. An opinion can express a belief, attitude, value, judgment, or feeling.

Some examples include:

Dogs are the best mammals in existence.

Albany is the most interesting city in New York.

World War II was a terrible war.

Each of these statements expresses an opinion. Note that each is debatable. In other words, one can potentially agree or disagree with (debate) a statement of opinion.

Q6. (b)Private and Public limited company

Ans) Private Limited Company: A company of this type can be formed with as few as two members. The maximum membership size is 50 people. It must have a minimum paid-up capital of one lakh rupees. It is unable to sell shares or other securities to the general public. It is also prohibited from accepting deposits from the general public, with the exception of its members, directors, and families. A private company's shares are not freely transferable. A minimum of two directors are required to form a Board of Directors.

Public Limited Company: A corporation of this type can be formed with a minimum of seven members. There is no upper restriction on the number of people who can join. It should have a paid-up capital of at least Rs. 5 lakhs. A public firm can issue shares and other securities to the general public. A prospectus must be issued and filed with the Registrar of Companies for this purpose. It can also take deposits from the general public, as long as the Reserve Bank of India's regulations are followed. A public company's shares are freely transferable. A minimum of three directors should be on the Board of Directors.