If you are looking for BCOA-001 IGNOU Solved Assignment solution for the subject Business Communication and Enterpreneurship, you have come to the right place. BCOA-001 solution on this page applies to 2022-23 session students studying in BBARL, ADIR, CBS, BDP courses of IGNOU.
BCOA-001 Solved Assignment Solution by Gyaniversity
Assignment Code: BCOA-001/TMA/2022-2023
Course Code: BCOA-001
Assignment Name: Business Communication and Entrepreneurship
Year: 2022-2023
Verification Status: Verified by Professor
Maximum Marks: 100
Attempt all the questions:
Q1) Discuss the significance of written communication for any organization. What are its advantages and limitations? (20)
Ans) The significance of written communication for any organization is as follows:
Creates a Permanent Record: Any written communication becomes a lasting record of thoughts, events, suggestions, and other details. The document facilitates quick information access for business owners, particularly if it is provided in a digital format. Written communication is also employed in court cases and may end up being the only defence in the event that the company is subjected to unfavourable legal action. A former employee, for instance, can accuse you of firing him without cause and file a lawsuit against you. You can show cause if his employee files well-documented grievances and code of ethics infractions throughout his employment.
Defines the Brand: Writing is a component of your brand. In general, most letters should be written in a formal tone and with good grammar and usage. Without these, readers would assume that the business employs illiterate individuals incapable of performing their jobs well. After all, there is no excuse for a writer to communicate informally given the assistance that computer programmes provide with spelling, grammar, and style. For instance, Millennials have their own vernacular, and if a business uses it to communicate with this target market, it may gain from how they write articles and respond to emails. Don't go overboard; limit your use of slang. Slang is used by the group to communicate. However, overusing slang might dilute the impact of your point.
Establishes Loyal Relationships: By communicating messages, communication aims to create connections. Clear communication fosters mutual respect and integrity between the author and the reader. Effective written communication aids in goal definition, problem identification, and solution generation. This is crucial in all facets of business. Executives must write memos in a clear and concise manner to ensure that staff members grasp the instructions. Salespeople must excite the prospect when describing characteristics and benefits. Managers of human resources must accurately record all incidences and file reports.
Offers Ease of Distribution: Written communication is particularly effective when you need to spread information to a big audience. This might be a memo from the company describing a new procedure or policy that needs to be followed by everyone. The procedure moves more quickly when using digital distribution techniques, allowing for an earlier start to implementation.
Advantages of Written Communication
Laying out clear concepts, norms, and procedures for an organization's operation through written communication is helpful.
It serves as a constant channel of communication. It is useful in situations when record keeping is necessary.
It aids in the effective delegation of duties. While it is hard to set and assign duties based on speech in oral communication since the speaker may retract or refuse to recognise what he has said.
Written communication is clearer and more specific.
An organization's reputation is developed and improved by effective written communication.
It offers ready-to-use documentation and sources.
Written communication can be used as a legal defence since it creates reliable records.
Disadvantages of Written Communication
Written communication is not less expensive. Stationery costs a fortune, and it takes a lot of labour to write, type, and deliver letters.
The response is also not spontaneous if the recipients of the written communication are geographically apart and need to clear up any confusion.
Written communication takes time since the response is delayed. It takes time to encode and send a message.
It takes excellent language and vocabulary use abilities to communicate effectively in writing. The reputation of an organisation is negatively impacted by poor writing abilities and quality.
There is too much paperwork and email to deal with.
Q2) "The best way of identifying the business choice is to go for a SWOT analysis". Explain this statement and make SWOT analysis of any business plan you propose to work upon. (20)
Ans) The critical next step is to assist your clients in making their own business decision after you have introduced them to several company options. The identification procedure is essential and must be carried out gradually. The SWOT analysis is the greatest method for determining the business decision. Any project, product, or process is examined using the SWOT analysis, which considers its Strengths (S), Weaknesses (W), Opportunities (O), and Threats (T) (T). The entire goal is to list them in order to gain clarity and try to turn threats and weaknesses into assets. It is possible to use this procedure for any product or market opportunity. Let's take pickle production as an illustration of a lucrative self-employment possibility. Before making a decision, you should examine many factors of the pickle business in light of its feasibility.
Example of SWOT Analysis - Botanical Bounty
About the Company: Botanical Bounty is a perennial farm in Oregon that cultivates a range of medicinal and botanical plants. The owners of this family farm, who have a background in plant biology, started it as a passion for themselves two years ago rather than as a means of making money.
SWOT Analysis for Botanical Bounty
Potential Strategies for Growth
Customer Testimonials: Botanical Bounty needs to establish its reputation as a highly-efficient, high-potency medicinal herb grower, and one effective and inexpensive way to do that would be to lean on loyal customer testimonials in the company’s marketing strategy.
Sales Channel Relationships: Botanical Bounty also needs to establish a strong sales channel with herbal supplement manufacturers and should invest plenty of energy into building those relationships and establishing Botanical Bounty as a reliable vendor.
Example of SWOT Analysis - Replay Plastics
About the Company: Replay Plastics recycles plastic waste into commercially viable products, using environmentally-friendly methods. The company wants to capitalize on one of the recycling industry’s highest-growth products—polyethylene terephthalate (“PET”), which is found in post-consumer beverage and water bottles—by establishing the western United States’ first PET recycling plant. The recycled material from the PET plant will then be channelled into a brand-new Replay Plastics Packaging Division, which will produce extruded sheet plastic to sell to manufacturers.
SWOT Analysis for Replay Plastics
Potential Strategies for Growth
Find Start-up Funding: Replay Plastics needs to investigate its options for obtaining capital. Funding a new venture can take time, and because it’s the step one of the long road to revenue—they must secure funding before they begin construction, and they must complete construction before they can begin revenue-generating recycling operations and packaging material production—time is of the essence. Luckily, they have already written their business plan, which is often required by prospective lenders and investors.
Hire for Growth: Replay Plastics may want to consider adding a research and development team, to investigate new product possibilities and keep the company’s operations well prepared for any changes in state or federal environmental regulations.
Q3. a) List out the steps required in setting up a small enterprise. (10×2)
Ans) The steps required in setting up a small enterprise are as follows:
Collect Information
The first step is to gather data regarding the current units in the area of concern. You can do this by looking through phone directories or by travelling to the small-scale units' registrar's office. Making an evaluation of the current market conditions is the difficult part of this. Knowing more about the industry they are entering will be helpful to your clients. Additionally, it will give them a platform from which to evaluate the advantages and disadvantages of the circumstance. The best opportunities for entrepreneurship are offered by all industries that demand highly skilled labour.
Organize Information
The organisation of information will be the next phase. This will assist your client in understanding the current minimum requirements for opening a SEU. In order to generate estimates and use an inventory of resources and their utilisation, it is necessary to quantify the issues. You must create a checklist of the space, cash, labour, and training resources accessible for quick reference by your clients. The following assignment will be to put together a summary of how they will convert their resources and assets into ones that are productive and continue to produce increased profits.
Upgrading Vocational Skills
Understanding the necessity of updating one's vocational skills if it is a requirement for your SEU is the third step. The saying "it is better to teach a guy to fish than to give him fish every day" is frequently used. In order to obtain confidence and accomplish your project of setting a SEU, one must build on their strengths. Structured impediments can be removed with knowledge and training. You will feel confident in yourself and comfortable taking risks and borrowing money. Risk is a component in establishing a SEU. Once your clients have created their SEU, they should always keep themselves informed on the most recent advancements in the industry.
Financial Implications
Studying the associated financial costs and looking for financial aid that may be offered in the industry constitute the fourth phase. The source, availability, estimation, and management of working capital are all financial-related challenges. One should be familiar with the fundamentals of creating revenue and expense statements. Additionally, one ought to use the insurance protection offered by the relevant financial organisations.
Market Trends
The investigation of current market trends is the fifth step. This is crucial because without a market for their finished goods, their SEU will be a financial and time waste. You must assist your client in doing a market feasibility analysis and making connections with distributors there. Instead of remaining constrained by geographical borders, businesses must view the entire world as their market. They need to become competitive and proactive. Additionally, they need to use IT more effectively if they want to survive and develop.
Crisis Management
The ability to handle crisis situations is the final but not least phase. An extra step is to concentrate on crisis management. Many people ask why not assume the worst. Though optimism is a good thing, it never hurts to be ready for anything. Always be prepared for unforeseen events involving resources, regulations, finances, and natural disasters. The best course of action in these circumstances is to seek insurance coverage.
Q3. b) "Entrepreneurs are dreamers as well as risk bearers". Comment.
Ans) An administrator takes over after an entrepreneur to standardise and synchronise the venture. As long as they start, entrepreneurs are being enterprising. then the administrators take over the administration of the firm' ordinary day-to-day operations. Entrepreneurs are risk takers and dreamers. Creativity and invention serve as the career pillars of an entrepreneur. The process of putting "new information" to use in the real world is innovation. It does not always entail experimenting with fresh ideas for the first time, but rather applying the same or a similar notion in other circumstances.
As an entrepreneur, you need to help your clients acquire the skill of quickly embracing new concepts. We all have fresh perspectives, information, and tools. However, lacking the ability to accept the risks associated with it may prevent someone from starting a business. You must instil in your clients the belief that no venture can be successful without taking some risk. A businessperson weighs the risks and prefers to take a moderate measured risk (neither very high nor very low). An entrepreneur is not only a daydreamer; he or she also possesses the crucial ability to put ideas into practise, act on their own initiative, and focus their energies in order to work hard.
Success depends on finding accurate and pertinent information. It gives your clients the freedom to take calculated risks, aides them in making better decisions, and serves as the foundation for effective management. Entrepreneurs develop the habit of acquiring knowledge from all sources and view the costs associated with doing so as investments. Being a high achiever, an entrepreneur possesses the trait of actively seeking and utilising performance feedback. He or she adjusts the working style in response to the input. Profit or loss frequently serves as a gauge of his effectiveness. Successful businesspeople always start out with one thing in common: a clear sense of purpose. They can clearly see the eventual goal in their minds. These objectives for entrepreneurs are frequently not only difficult but also doable.
Ordinary folks simply wait for opportunities to present themselves. Prior to opportunities being clear, the majority never recognises them. Even in times of crisis, an entrepreneur actively searches for, creates, pursues, or identifies business possibilities. Success depends on finding accurate and pertinent information. It gives your clients the freedom to take calculated risks, aides them in making better decisions, and serves as the foundation for effective management. Entrepreneurs develop the habit of acquiring knowledge from all sources and view the costs associated with doing so as investments.
Q4. a) What is partnership? State its merits and demerits. (10×2)
Ans) Because the sole proprietorship has its own limits, such as a lack of managerial resources and managerial expertise, a partnership form of business organisation has been developed. Minimum two people and a maximum of 20 people may form a partnership to conduct business. Each of the individuals linking hands is referred to as a partner. They will be referred to collectively as "a Firm." "Firm's name" is the name under which their operations will be conducted.
Merits of Partnership
Easy to Start and Dissolve: A partnership business can be established fast and easily. The formation of a partnership involves certain costs but few formal legal requirements. Similar to this, a partnership firm can be wound down swiftly and easily.
Higher Capital: Due to the ability to associate additional partners and enhance investment, many partners contribute capital, which has greater flexibility.
Higher Innovation: Many partners rely on their own creativity and capacity for innovation. There is also the limitless management capacity.
Reduction of Workload: For partners to make more money, they cannot work harder. It's necessary to generate more revenue. There is therefore no boring or repetitive job. If one partner experiences boredom or health issues, the other partner can assist and cut down on absences.
Better Decision: The decision-making process is specialised. Therefore, there may be less opportunities to make bad choices.
Demerits of Partnership
No Business Secrets: Although the partner can keep the information to himself, if there is dispute between the partners, competitors or others may find out.
Uncertain Existence: Sometimes the death of one partner might lead to the firm's demise as a whole. Conflict, dishonesty, and a lack of resources can all lead to the company's demise.
No Personal Contact: A partner cannot be in a position to have close relationships with his clients and staff. He won't be able to meet all of the demands of his customers. As a result, there is no close personal touch, which weakens the company's ability to compete.
Unlimited Liability: The business's debts are all the responsibility of the owner. The owner's personal property may be attached if the assets are insufficient to pay the debts.
Conflicts: In partnership firms, the passing away, insolvency, or disability of any one partner has an impact on the other partners. Even a partner has the right to demand the firm be dissolved at any moment.
Q4. b) What factors would you consider before you start Editing and Proofreading?
Ans) You still need to do some editing and proofreading after you've made an outline, gathered all the data, and written your copy. Many writers miss this stage of the writing process, only to pay for it later. These last activities must be finished if you want to leave a good impression on your reader.
The factors to consider before starting Editing and Proofreading are:
Word Usage
Have you utilised language properly?
Have you utilised plurals wherever appropriate?
Have you chosen the appropriate language for the tone?
Have you utilised words that are basic and clear?
The verb and the subject must agree, right?
Are both active and passive voices present? '
Are all the conjunctions punctuated appropriately, including but, for, neither, so, nor yet? (Hint: It doesn't need a comma if there is an independent clause on either side of the conjunction.)
Spelling
Exactly how are all the words spelled?
Does each sentence have a capital letter at the start?
Have you used capital letters somewhere else that calls for them?
Have you correctly used apostrophes?
Are you consistent with your spelling, for instance using Oxford English?
Punctuation
Have you correctly used commas?
Where appropriate, did you use colons and semicolons?
Do you no longer use run-on sentences?
Do you employ independent clauses in each of your sentences? If not, they should be rewritten because they are sentence fragments.
Paragraphs
Does each sentence in a paragraph have a topic sentence?
Does each paragraph have a statement that summarises it?
Does each paragraph provide evidence for a single idea?
Are your paragraphs arranged for the reader in a sensible order?
What technique did you employ to build your paragraphs? Were you reliable?
Have parallel structures been employed?
General Strategies
Reading aloud Speaking your reading aloud forces you to focus on each word.
Page should be covered while reading. To emphasise each word, try passing a piece of paper over each line separately.
Learn to identify your common mistakes and how to correct them. Keep a record of common issues and their fixes by asking people with experience.
When you're done revising, you'll have read your writing aloud so many times that you almost know it by heart. As you write the final draught, it will be challenging to see little errors because you are so familiar with the text.
Here are some tips to help you find those tiny errors:
Line by line, while using a ruler as a guide, read your essay.
If you have been keeping a list of your frequent errors, search the text for these errors only.
Mark any typos in red.
Make one last review of every part of your writing.
After your proofreading check, your "final draught" could still need to be revised. If so, take the time to rewrite the essay so that it is clear and accurate when you submit it. Using a computer to edit and proofread is significantly simpler, so do so if you have one. Finally, you are prepared to publish your writing and distribute it to potential readers. You can be sure that your writing would express the message you want to get through if you carefully followed the stages of editing and proofreading.
Q5. Write short notes on the following: (5×2)
(a) Source of finance
Ans) A businessman besides investing his own money can obtain short, medium or long term funds from commercial banks.
An entrepreneur should plan that the total project cost is somehow arranged from various sources before starting the business venture. The sources can be:
Own capital
Borrowings from relatives/friends
Loans from banks/institutions
Grants/subsidies if available
Credit from the suppliers
The client will need finance for mainly two purposes:
To start the business; and
To maintain the business.
To meet the financial requirements your client, besides investing his own capital, can also
obtain short, medium or long-term loan.
Sources of Short-term Loans
Trade Credit from Suppliers.
Advances from Customers.
Discounting Bills at Exchange with the Banks.
Bank Overdraft.
Cash Credit.
Loans Friends and Relatives.
Factoring.
Loans from Commercial Banks.
Medium-term and Long-term Loans
Loans from Commercial Banks.
Loans from Specialized Financial Institutions.
(b) Business opportunity
Ans) A potential entrepreneur is only interested in getting involved in business activities that are doable and have market demand. He must simultaneously choose from a variety of opposing possibilities available to him and make that choice. For instance, he must carefully select a firm or industry before evaluating the potential for and the form of the intended good or service. An entrepreneur is actually referred to as an opportunity seeker. He is expected to identify potential business opportunities, research them, and then make a choice.
A business opportunity is a project that grabs the entrepreneur's attention because it offers a high enough rate of return to justify making an investment. Entrepreneurs in general weigh various options before settling on the one with the most potential for financial gain. A company prospect is so qualified as being commercially viable. In light of this, two key criteria are essential for classifying a choice as a business opportunity.
Favourable market demand, or a surplus of market demand over available supply.
A healthy rate of return on investment that is typically the same as the standard rate of return and includes the risk premium associated with that specific business opportunity.
Q6) Differentiate between the following: (5×2)
(a) Financial appraisal and Marketing appraisal
Ans) The differences between Financial appraisal and Marketing appraisal are as follows:
Marketing Appraisal
Small business owners frequently launch their enterprises without considering their target consumer base. When they do consider the client, they do not take the target audience's needs or preferences into account. It is the responsibility of the business owners to realise right away that marketing begins as soon as they have a business concept. In actuality, the wants of the customers that the business would satisfy should be the starting point of a business opportunity.
Entrepreneurs should monitor market supply and demand, research the strengths and limitations of current suppliers (competitors), comprehend the sales system, and develop a marketing strategy based on all of this information. They should make deductions about what should be produced, in what quantity, and through what channels. At the same time, it could be dangerous to focus solely on one market and one product. The entrepreneur must continue to pursue a variety of markets, clients, goods, and distribution channels.
Financial Appraisal
Financial evaluation's primary goal is to determine if a project will be profitable. One must look at the revenue and cost estimates for the next three to five years in order to figure this out. The projections might incorporate all potential costs for different inputs. Here, it is necessary to consider the cost of fixed assets, installation charges, pre-operative costs, all working capital components, as well as finance and selling costs.
The income from all sources must also be forecasted for specific time periods. The difference between the income and the outgoings indicates the expected profit. The business owner must subtract his or her expenses from this gross profit. namely, interest on capital employed and fixed asset depreciation. Net profit is the outcome. We can presume that the idea is financially viable if this results in a positive result.
(b) Writing about facts and writing about opinions
Ans) It's crucial to understand the difference between writing about facts and writing about opinions before you start writing short pieces. The majority of writing done at work is factual. In order to compose their articles for newspapers, journalists gather facts. Accounting professionals will use information on a company's financial situation to create their quarterly reports. Before starting to draw out case histories, caseworkers would gather information about their clients. A talent you should learn to improve your work performance is factual writing.
Giving an opinion is another aspect of the writing you do for work. Depending on the report you submit, you might be required to recommend the resources your organisation needs or to express an opinion on the best course of action. You might be asked to express your view in response to any call to action based on the information you have gathered. Many authors struggle to distinguish between fact and opinion. Since it might aid in your writing objective, this is a crucial skill to develop. Real-world examples are more likely to elicit a response than opinions that aren't backed up by them. Additionally, writing that is well-structured and well-supported makes your aim clear to readers.
When presenting information for review, use facts. For instance, if you are submitting a proposal, keep your writing on the budget, resources, timetables, etc. factual. When formulating suggestions or laying out an action plan, consider the perspectives of others. For instance, based on the information you have provided, you might conclude a proposal by recommending the adoption of an additional tool or stage in the procedure. If you cite facts to back up your assertions, you'll appear more credible.
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