Business Project Research

TASK 1

P1 Research proposal that define questions and hypothesis with literature review

Research is a detailed and careful study into a particular concern, issue or problem applying the scientific method (Burke, 2016). Research is more significant to analysis appropriate amount of information from the respondents about research topic. Business idea is more essential and important for the entrepreneur to run and operate startup in successful manner. It is a starting point for each and every entrepreneur to understand their challengers and entire resources which will needed to them in the process of entrepreneurship. 

Background of the research

For entrepreneurs, it is often easier or simple to come up with a different variety of ideas for innovative firm and more challenging to really implement those concepts. This mainly emphasis individual's thinking so that the businessperson can determine specifics of their proposed venture. Concerting an effective idea into a successful business needs creative thinking regarding how the service or product will be sold-out and who will purchase it in unique form. A clear and simple idea of business also enables the originator to succinctly explain the precise nature of the enterprise to lenders, customers, suppliers and resource group members.

Research aim:

The main aim of this research is “To identify the ways through which an individual turn a business idea into successful startup.”

Research objectives:

It is a main part of the research project which is based on research aim. In this, researcher need to prepare some objectives which would help in completing each and every activity of research successfully. There are some useful objectives which are shown as under:

• To understand the concept of Startup.
• To analyze different techniques to develop a business ideas.
• To determine the ways through which a business idea can be transformed into a successful start-up?

Research questions:

Research question is also a main and foremost element of research project which is useful for the researcher (Burns, 2016). With the help of this, an investigator can easily identify concept of research topic, its importance and different ways about how to complete this in successful and proper manner. Research questions are essential to develop in regard of identifying basic questions for which the study is being conducted by investigator. This section of the study is completely depend of research objectives. Some questions of research project is determined as under: 

• What are the concept of Startup?
• What are the major techniques  to develop a business ideas successfully?
• What are the ways through which a business idea can be transformed into a successful start-up?

Rationale of the Research:

Main reason behind conducting this research is that investigator requires to understand about the ways through which business idea can be transformed into a startup in successful manner. It will help the researcher to use different techniques and way for developing unique idea and running business in smooth way (Chowdhury, 2017). With the help of appropriate tools and techniques, an entrepreneur can easily maximize growth and success of their new business. 

Literature review:

It is identify as a main and important part of research project. Literature review is refer as a summary and detail information of previous research on a topic. In this section of research project, an investigator can follow books, scholarly articles and many other sources which are useful to a specific field of research and interest. Within the literature review, different number of author gives a critical evaluation, summary and description of each source like strengths and weakness. It may also determine controversies or gap in the literature and topics requiring further research. Along with this, various number of authors give their point of view about the research objective. Detail information and opinion of authors regarding research topic explained as under:

The concept of Startup

According to the Fontinelle, (2018) a startup is identified as a young or new business that is just happening to develop. It is mainly small in size and initially financed and run by a handful of originators or an individual. These enterprises offer a service or product that is not actually state served elsewhere in the marketplace. In the initial stages, startup business' expenditures tend to surpass their income as they perform on developing, marketing and testing their idea successfully. As such, this type of company often need accurate amount of capital or fund to run  operation in proper manner. For starting a business ,traditional small business give funds such as loans from credit union or banks. They also capitalized by government-sponsored small business management loans from local banks, and by grants from state governments and nonprofit organizations. Incubators can give startup both advice and fund while family and friends may also give gifts or loans.

Startup require to use what type of legal structure suitable for their business. A sole proprietorship is appropriate for a originator who is also the main employee of an organization. Partnerships are a workable legal structure for entity that belongs some people who have combined ownership; they are mainly straightforward to set up (Startup, 2018). Apart from this, personal liability can be decreased by registering a new business as a limited liability company.

Startup require to invest money and time into market research. This supports to analyze the demand of service or product. A startup needs a comprehensive plan of business outlining mission, future goals and vision as well as marketing and administration strategies. Startups must determine whether their entity is conducted home office, store or online. It mainly relay on the  service or product being offered to business. For instance: a technology startup business selling essential actuality hardware may require a physical storefront to provide clients a direct demonstration of the good's complex features.

The major ways to develop a business ideas successfully

As per the point of view of Djurkic, (2018) in order to find a great and effective business idea, an entrepreneur apply their imagination each and every day in order to make unique decision to make the globe a better place. There are different ways to develop business ideas in successful and effective manner which are determined as under:

Meet new people: In order to meet with new people, startup business can easily get better idea to run business successfully. Business should try to go networking or learning events, talk to different person outside their organization and strike up an effective conversation with their existing clients.

Travel: It is identified as an effective way for the entrepreneur to develop a business idea in appropriate and successful manner. This way of developing idea help and provide an unique spin that generally addresses the requirements of their community or market. Even if a person do not analyse inspiration,  traveling will support to take them out of their environments and refresh their system. Thus, it is also an essential way for the entrepreneur to develop better idea to run new business in successful way.

Customer exploration: It is identified as a big and important way to understand their client. It is a role of entrepreneur to explain major customer segments (Steps To Turn Your Business Idea Into Success, 2018). Business should try to know needs and wants of their customers where they run operations. Thus, it will help them to convert business idea into successful startup.

Market size: To evaluate the size of market that help them to acquire a basic knowing of how big their target audience are and if the entire market is large to make a profitable organization. Thus, it is essential and important way for the startup to develop better idea of running and operating new business.

Different ways through which a business idea can be transformed into a successful start-up

There are various ways and steps via which a business idea can be changed into a successful startup. Some important and useful ways are determined which will help an entrepreneur to run their operation at specified place in effective and appropriate manner. Essential ways are explained as under:

Setting target audience: It is refer to as an effective and valuable way for the new business to set target audience. After this, company was already know about the customer's needs and provide services or products as per them which help in maximization of profitability and productivity for entrepreneur. Thus, it will support an entrepreneur to run startup in successful and systematic manner.

Conduct market research: This is also identified as best and suitable way for the entrepreneur because via which they can easily transformed business idea into a successful startup. With the help of this, researcher can analyze needs of market and customers. According to the Patel (2018), market research will also help the researcher to find out political, legal, environmental, technological, economical and political situation of country where they decide to run their business. After this, Entrepreneur know the situation of country and provide their services as per them which will support them in operating successful startup.

Use different channels of promotion: With the help of this way, a researcher can easily promote their business in market and to the customers. In this, they need to use social media marketing, mobile application and many other channels. All these help in maximizing customer base and retaining long run sustainability at market. Along with this, company try to provide their adds on internet, newspapers, television and many other forms.

P2) Research methods and approaches

Methodology is identified as an effective, theoretical and systematic analysis of different methods used to a filled of research. In addition, it is a system of approaches and principles for doing something, for instance for carrying out research in effective way. There are different methods and approaches of research which is used by the researcher in order to collect accurate and relevant information from the respondents. Some methods of research are explain as under:

Research design: The entire investigation is relay on the research design which is executed by an investigator for analyzing the effect. Research design mainly divided into three parts such as descriptive, exploratory and experimental (De Bono, 2015). All these type of research design are significant and essential for the researcher to identify opinion of respondents about the topic. As per the research topic, descriptive design is more suitable and appropriate because through this, researcher can be derived conclusion in more effective and efficient manner.

Research philosophy: It is another method of research methodology which is classified into two parts. One is Interpretivism and other one is Positivism. Interpretivism philosophy will be applied in this research report because this assist in evaluating information effectively or appropriately which will further outputs in arriving at the accurate and valid conclusion. In case of positivism philosophy, this type of philosophy is not used in this research because it is not appropriate to carrying out investigation within predetermined time period.

Data collection: This is another and important part of the research method which is followed by the investigator in order to collect relevant data from the respondents. For gathering proper information, there are mainly two methods such as primary and secondary (Denzin and Giardina, 2018). Under primary method of data collection, researcher need to prepare a simple questionnaire which will support them in identifying opinion of respondents about the research topic. On the other hand, secondary source of data is gathered from already published material. In this method, investigator require to use different books, journals, articles, magazines, publication research and so on. All these aspects of secondary method, support a researcher to accumulate data in detail manner about the research topic. Beside this, it will also support in gaining proper information regarding how the competitive edge can be developed via new idea and concept of business. Thus, both method are more useful and valuable for the investigator to gather relevant data. But as per the research topic, primary source of data is used to collect information, beside  this, researcher require to prepare questionnaire which is more suitable because this give accurate data and not take more time and cost of researcher.

Data Sampling: There are mainly two type of data sampling method such as probability sampling and non-probability sampling. In case of probability sampling, it is follow randomization in order to make sure that entire components of population acquire an equal possibility to be a section of selected sample (Ducci and et. al., 2017). Beside this, simple random sampling method is used by the researcher because it give equal opportunity to the respondents. On the other hand, in case of non-probabilistic, it is more reliant or dependent on the investigator's capability to choose components for a sample. Both are useful and appropriate method but as per the research topic, researcher need to use probabilistic random sampling method. Researcher has taken sample size of 30 through systematic random sampling.

Research approach: There are two types of research approach such as deductive and inductive. Under  inductive method, it is applied for following by experts and this can support in developing hypothesis on assessment basis. Both approaches of research are useful but according to research topic, inductive method is more suitable because it will help in drawing valid conclusion.

Limitation: There are different number of issues or problems which are witnessed at the period of executing research appropriately and effectively. Time is consider as main limitation of this research topic (Gartner, Carter and Hills, 2016). Research topic is vast and for acquiring the response, accurate and specific time period is required. So in the entire it can be explained that time is not more for the entire activities of research.         

TASK 2

P3 Conduct primary and secondary research by using appropriate methods and techniques

Primary research: It is determined as a methodology applied by investigator in order to gather information in direct manner rather than relaying on information gathered from previously completed research. Such type of research is entirely executed in order to address few issue, which needs in-depth and detail analysis. There are some methods of primary research which are determined as under:

• Interviews: It is a part of qualitative research method which is used by investigator to gather information in an appropriate manner (Hair Jr and et. al., 2015). Interviews are refer as an open-ended method which covers interaction between researcher and respondents.
• Questionnaire: It is another method of primary research which is useful for the investigator to prepare a questionnaire. This technique is more suitable for the researcher as compare to interview because it not take more time and money of entrepreneur.  So in this research topic, questionnaire is more suitable and appropriate for collecting data from the respondents.

Secondary research: It is identified as a common method of research which includes using data that other have collected through primary research (Hansen and Taylor, 2017). One of the best part of this method is literature review which is analysed as previous in a detail and in-depth manner.

 Primary and secondary method of research are  useful but as per the research topic, investigator only use primary method and prepare a questionnaire by 30 respondents.

Cost- It is important and essential part for the investigator to analysis different source of fund where they collect sufficient amount of capital. It is required when, entrepreneur turn business idea into a successful start-up. In order to collect accurate amount of capital, researcher need to examine different resources (Hasan Bisri, Sudarmaningtyas and Wulandari, 2018). There are some resources such as bank loan, friends, relatives, government and many other ways. All these ways support an entrepreneur to collect sufficient amount of fund and run their business in successful manner.

Ethical issue- The issue are not better for entrepreneur and can be effected on its start-up.  At the period of doing the investigation, there are certain issue which are face by researcher such as money and time. It is identify as a necessary and effective section of research project and it assist in resolving all limitation or ethical issue which are arise between the researcher and investigator (Read and et. al., 2016). During the  time period of research, there are certain problems and misunderstanding are arise. In regards to this, it is the role and responsibility of investigator to keep safe all the individual information of respondents. It is a duty of a researcher to conduct a researcher in ethical manner

P4 Apply appropriate analytical tools, analyse research finding and data

Data analysis: This is another and important method of methodology which is depend on different number of themes. It will be completed with the assist of thematic analysis. This method help in identifying the research question in small way. Thematic analysis one of the best analytical tool that help a researcher to analysis research data and findings in an appropriate and accurate manner.

Theme 1: Concept of Startup

Interpretation: From the above mentioned information, it can be determined that different number of respondents are aware about the concept of stratus. In this 20 out of 30 respondents are aware and remaining are unaware about the same.

Theme 2:  Techniques to develop a business ideas successfully

Interpretation: According to the above given graph, it can be concluded that there are different ways to develop business idea in a successful and effective manner. Beside this, 10 out of 30 respondents are agree as meet with new people is best way to create business idea. 7 are favour in travel, 8 are customer exploration and remaining 5 are say market size is a better option to develop business idea.

Theme 3:  Ways through which a business idea can be transformed into a successful start-up

Interpretation: From the above given information or data, it can be concluded that different  ways through which a business idea can be transformed into a successful start-up. In this, respondents about of total population are give equal chances to the setting target audience, conduct market research and follow different channels of promotions. In this they apply traditional as well as modern method of promotion. Under traditional method, researcher use T.V, Radio, Newspapers etc. In case of modern method, investigator need to apply Facebook, Twitter and many other channels to promote their services or products easily in the market. 

Theme 4: Importance of effective business idea

Interpretation: From the given information, it can be concluded that how business idea support a researcher or entrepreneur to make stratus effectively and successfully. Beside this, respondents are give equal chances to proper planning and effective allocation of resource. Both are essential and valuable way that support an individual to plan proper strategy and analysis needed resources such as fund.

Theme 7:  Main issues face by entrepreneur while converting idea into successful startup

Interpretation: According to the above determined graph, it can be concluded that entrepreneur face certain issue while converting idea into successful startup. One of the major issue which is faced by researcher is fund, it is agreed by 20 out of 30 respondents. Along with this, remaining number of respondents are favor as time is major problem for concerting effective idea into startup.  

Theme 8: Benefits gain by entrepreneur while converting idea into startup

Interpretation: According to the above mentioned data, it can be concluded that business idea is beneficial for the entrepreneur to convert this into stratus. In this, 17 out of 30 respondents are agree as with the help of this they can easily increase their profitability. Along with this, 13 out of 30 respondents are agree as accurate business idea support an entrepreneur to retain long run sustainability at marketplace where they decide to run or operate their business operation. 

Theme: 9 Need of business idea

Interpretation: As per the above stated information or Graph, it can be summarised that business idea is needed by each entrepreneur to run business operation in successful and systematic manner. Beside this, 13 out of 30 respondents are agree as effective idea will support to maximise amount of capital. Apart from this, 17 out of 30 respondents are say, business idea is require to increase growth and success of their new business at marketplace. 

TASK 3

P5 Communicate research outcomes in an appropriate manner for the intended audience.

Research outcome is based on primary and secondary data of information. In case of secondary data, researcher collect information through literature review. On the other hand, under primary source of data collection, investigator gather information through questionnaire.

According to literature review: In this different number of authors provide their opinion about the how an individual can turn business idea into startup successfully. Concept of startup is broad which will help an entrepreneur to maintain strong position at marketplace. There are different ways to develop effective business idea such as Meet new people, travel, customer exploration and market size. All this ways support an organization to successfully start their business (Bryman and Bell, 2015). Apart from this, there are various ways through which a business idea can be transformed into a successful start-up such as Setting target audience, conduct market research and use different channels of promotion. Such type of ways are effective and useful for the entrepreneur to promote their services or products and operate business systematically. As per this, more than half of the population are aware about the concept of startup. Along with this, maximum number of respondents out of total population are agree as process of converting business idea into successful startup is beneficial and essential for the entrepreneur to increase profitability and retain long run sustainability at market (Burke, 2016). Beside this, researcher or entrepreneur face certain issue while developing innovating idea into startup such as time and cost. Major issue is cost because entrepreneur is new person in this field and not have maximum amount of capital. Thus it effect on business performance in direct manner

TASK 4

P6 Reflection on the effectiveness of research methods and techniques

Research methods and techniques are more effective for the researcher to collect accurate amount of information within predetermined time period. Beside this, Research design, research philosophy, data collection, data Sampling, research approach and many other methods are used to collect accurate information. All these are appropriate and essential for the researcher to gather proper information from the respondents. In this, I have used primary method and prepare an effective questionnaire which is assist me in gathering accurate data. With the help of secondary source of information, literature review play  vital role for identifying the opinion of authors about the research topic. In this, I have also used Gantt chart and time scale which is help me in identifying completion time period of research activity. Thus, all these method and techniques are useful and valuable for the investigator or me to complete all activities in a proper time period. 

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P7 Alternative research methodologies

For collecting accurate amount of information, researcher use questionnaire technique of primary source because this help in collecting accurate and relevant data from the respondents. One of the best alternatives method of research methodology is Interview (Burns, 2016). It is also useful and essential for the researcher to gather proper information from the selected respondents.  But as per the research topic, questionnaire was more suitable because it not take more time and cost of researcher. Main reason behind not selecting interview is, it is a lengthy process and require more time of the investigator. 

RECOMMENDATION

From the above mentioned data, it can be recommended to the entrepreneur to convert business idea into successful startup. In this an individual can use different channels such as promotional, communication and many other that help them to easily promote their services or products at market. Researcher should try to analysis market size and needs of their customers through market research. Thus , it is also significant for the growth and success of stratup within predetermined time period.

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CONCLUSION

From the above-mentioned information, it can be concluded that, business idea is more essential and valuable for the entrepreneur to make startup in successful manner. As per the above finding, maximum number of respondents out of total population are aware about the concept of startup. It is more essential and effective way for the entrepreneur to achieve better results and outputs within predetermined time period. This idea also help them to maximize their productivity and retain long run sustainability at marketplace. In this process researcher face some issue about the cost and time which will impact on business performance in a direct manner.

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