Challenges Faced in Pitching New Venture Capital: A Reflective Report

This reflective report discusses the challenges faced by a team in pitching new venture capital and the impact it had on the venture creation and its prospectus. It also highlights future approaches to deal with the challenge and how the nature of the challenge can impact the type of venture.

Individual work
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CONTENTS
Individual work................................................................................................................................1
CONTENTS....................................................................................................................................2
INTRODUCTION...........................................................................................................................3
Overview of nature of challenge faced........................................................................................3
Did your team is able to reach to a positive conclusion..............................................................3
Impact of specified challenge that has impacted venture creation and its prospectus.................4
Future approach to deal with the challenge.................................................................................4
How nature of challenge can impact type of venture...............................................................5
Explanation of how this experience relates to your future..........................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................6
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INTRODUCTION
Team work can be understood as a collaborative tool of a specified group which helps us to
attain a common goal or fulfil our duties in an effective manner (Riebe, Whitsed and Girardi,
2021). It is considered as key proponent for performing any successful business venture. This
reflective report demonstrates an understanding about challenges that are faced by us due to our
mistakes in pitching new venture capital in a strategic manner. It also highlights an
understanding about the impact of the challenge as well as future approaches for dealing with
them in an effective manner.
Overview of nature of challenge faced
Challenge faced by me and my team while dealing with new venture capital is lack of proper
research which led us to not setting clear goals. We are facing an issue of not setting proper goals
due to lack in our research. It is imperative for us to perform proper research effectively while
initiating our new venture creation. We have pitched a differentiated idea of virtual mirror
technology and want to enhance customer experiences. However, our goal is not clear such as to
which organisations or shopping centre we are willing to sell or how much profit margins we
have expected from them. It is imperative for entrepreneurs to formulate strategies for
overcoming the issues in an effective manner (Levitt, 2019). This is due to our mistake of less
researching through which we faced problems regarding our retailers, logistics and technological
team.
Did your team is able to reach to a positive conclusion
Yes, we have tried very hard as a team for reaching to positive conclusions regarding the
challenge that we are facing. We have decided to make corrections in our mistake of lacking
proper research. For making our research effective, our team has formed an action plan and some
strategies which majorly comprises of surveys, creating connections and collaborations with
business houses in an effective manner. Team work skills are important for bifurcating varied
activities in an effective manner (Saghafian and O’Neill, 2018).
Surveys and interviewing focus groups helped us to know about market dynamics as well
as customer perceptions towards our virtual mirror technology. We get to know that this
technology is expensive for numerous small business houses. As installation of this virtual
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technology can increase their fixed cost which they will charge from their customers. This
feature might be liked by the customers who like to pay more for a newly advanced service.
We have gain insights from this, it is imperative for us to critically analyse our target
audience in order to frame specified strategies for reaching to them in an effective manner. I also
get to know that formulation and execution of strategies should be bifurcated among us as per
our perspectives as well as strengths. Through this, we can also minimize our mistakes of lacking
in research, not being an open-minded, missing key elements and many more. Ultimately, with
proper research tools and dedicated team members, we have reached to a positive conclusion to
set our goals by segmenting our intended target audience in a strategic manner.
Impact of specified challenge that has impacted venture creation and its prospectus
It is very obvious that the challenge of formulating clear goals due to lack of research has
impacted our venture creation and its prospectus in a negative manner. At first, we have wasted
our lots of time in doing the discussions regarding our idea of new venture creation. It was a
time-consuming process for us to describe each other’s role in new venture. There are varied
issues as well as challenges that can be faced by entrepreneurs in creating a new venture
strategically.
Lack of clearly articulated goals has curb us to take our pitch of new venture creation to
investors which has adversely influenced our prospectus. It is imperative for entrepreneurs to
formulate clear goals in order to be effective among investors and other related stakeholders
(Peng, Takizawa and Morikawa, 2021).
Due to lacking in research skills, I and my team also suffer a drawback of analysing our
competitors who poses same technology. We also need to try cost-effective inputs in order to
make our technology sustainable as well as viable in the eyes of public.
By lacking in formulation as well as execution of our clear goals in regards with our
targeted customers, dynamic trends and market conditions, we have a set a drawback for our new
venture as well its prospectus.
Future approach to deal with the challenge
We had faced a challenge of not setting clear goals regarding our new venture due to lack of our
research skills. However, in future I will closely observe to remove this kind of mistakes from
our team. In future we will deal with this issue with the aid of new approach in an effective
manner. Research skills are considered as important academic competency which is required by
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individuals for gaining valuable insights regarding a specified topic or theme (Wickramasinghe
and Dolamulla, 2017).
In order to deal with this challenge, I will try to enhance my research skills through
practising as well as reading literature in a strategic manner. For articulating clear goals, we will
analyse market conditions as well as external environment by using varied models such as
PESTLE, SWOT and competitor analysis. We will bifurcate responsibilities among team
members for dealing with varied coming issues. We will also try to understand the concept of
risk management whereby we can assess issues which can harm us in future due to lack of clear
goals. In future, we will also try to develop effective communication channels which will help us
in articulating clear goals for our new venture. Establishing communication channel will also
enable individuals to bifurcate duties which will help them in overcoming varied more issues in
coming future (Varela, 2020).
How nature of challenge can impact type of venture
Nature of challenge can significantly impact the type of venture whether it is a large entity,
social enterprise or a partnership firm. Our new venture is a technology-based partnership firm
whereby nature of challenge impacted our team. As it is partnership firm, challenge of absence
of clear goals due to lack in research skills have a significant influence on our whole team.
Social enterprise are those organisations which perform their tasks or operations on a non-
profitable basis for supporting the society in a significant manner (Easterby-Smith and Et. Al.,
2021). There are massive number of issues which are faced by social enterprises, big corporates
which are according to their size and nature. Our issue is unclear organisational goals which have
impacted our tram working goals in an effective manner. Presented challenge has a significant
impact on team members as they have to formulate strategies for overcoming it. If this new
venture capital is social enterprise, then their challenges can be different and they have to
differentiated strategies for overcoming them in a strategic manner.
Explanation of how this experience relates to your future
This experience will surely help me in my future as by dealing with it, I get to know the
importance of setting goals either in life or business. It is imperative for everyone to set clear
objectives in order to move forward in life for having an articulated vision. This experience will
help me in enhancing my team working skills and also adheres to my individuality in an effective
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manner. With this experience, I have decided to enhance my research skills. In business parlance,
I will perform perfect research about my operational cost, competitors, external environment,
internal factors and many more. I learnt that it is important to bifurcate the tasks effectively
among team members in order to overcome varied challenges. I also learnt the importance of
team work and communication channels as through this, we can discover the root cause of issue
as well as can come on positive conclusions.
CONCLUSION
From the above project report, it has been assessed that team work is regarded as
collaborative efforts of individuals for attaining organisational objectives in a strategic manner.
Entrepreneurs face varied challenges or issues during creation of new venture. It is imperative
for them to set clear objectives and perform proper research effectively. This will help them in
gaining insights about the objectives for which they have created their new venture. It is
important for entrepreneurs for establishing an effective communication channels for making
proper interactions and minimizes the challenges in a strategic manner.
REFERENCES
Books & Journals:
Riebe, L., Whitsed, C. and Girardi, A., 2021. Exploring the paradoxes and tensions encountered
by business faculty teaching teamwork in a changing academic environment. Higher
Education Research & Development. pp.1-15.
Levitt, S. R., 2019. Cultural dialectics in international teamwork dynamics. International Journal
of Business Communication. 56(3). pp.326-348.
Saghafian, M. and O’Neill, D. K., 2018. A phenomenological study of teamwork in online and
face-to-face student teams. Higher Education. 75(1). pp.57-73.
Peng, S., Takizawa, T. and Morikawa, S., 2021. Iterations in business idea creation: an analysis
of teamwork in an innovation workshop. Journal of Design Research. 19(4-6). pp.330-
352.
Wickramasinghe, V. and Dolamulla, S., 2017. The effects of HRM practices on teamwork and
career growth in offshore outsourcing firms. Global Business and Organizational
Excellence. 36(2). pp.46-60.
Easterby-Smith, M. and Et. Al., 2021. Management and business research. Sage.
Varela, O. E., 2020. Teaching core soft skills into business curriculum: Can we teach
longitudinally?. Journal of Education for Business. 95(3). pp.180-192.
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