To analyze the case narrative using entrepreneurship theories, two theoretical concepts that can be applied are storytelling to be real and narrative legitimacy building.
- Storytelling to be real: This concept suggests that entrepreneurs use storytelling as a means to make their ventures more tangible and believable. They create narratives that resonate with stakeholders and help them understand the value proposition of the venture.
In the given case, Ellen O’Connor could have used storytelling to be real by crafting a compelling narrative around her venture. She could have highlighted the problem she was solving, the unique features of her product or service, and the potential impact it could have on customers’ lives. By effectively communicating her story, Ellen could have generated interest and support from stakeholders, such as investors, customers, and employees.
- Narrative legitimacy building: This concept emphasizes the importance of constructing a narrative that establishes the venture’s legitimacy in the eyes of stakeholders. Entrepreneurs need to create a coherent and credible story that aligns with societal norms, values, and expectations.
In the case, Ellen O’Connor could have focused on narrative legitimacy building by addressing potential concerns and doubts that stakeholders might have had. She could have provided evidence, such as market research or customer testimonials, to support her claims and build trust. By presenting a well-structured and convincing narrative, Ellen could have enhanced the legitimacy of her venture.
Based on these theories, the development in the case could be understood as lacking in effective storytelling and narrative legitimacy building. The narrative may have been weak or unclear, leading to a lack of interest and support from stakeholders. Therefore, the development may not have been desirable based on these theories.
To improve the development based on the theories, Ellen should have focused on crafting a compelling and authentic narrative. She should have identified the key elements of her venture’s story and communicated them effectively to stakeholders. Additionally, she should have addressed any concerns or doubts by providing evidence and building trust. By doing so, Ellen could have increased the desirability of the development and gained more support for her venture.
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