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Small Business Enterprise Assignment (SME)

   

Added on  2020-05-11

10 Pages2853 Words259 Views
Contents1.1Abstract.................................................................................................................................11.2Introduction...........................................................................................................................11.3Methodology.........................................................................................................................21.3.1Sample Size....................................................................................................................41.3.2Sampling Method...........................................................................................................5Instrument.....................................................................................................................................51.3.3Data Analysis techniques...............................................................................................51.4Results...................................................................................................................................61.5Conclusion.............................................................................................................................9References.........................................................................................................................................91.1AbstractThis research is aimed to explore demonstrate the importance of research methods incommercial enterprise. This research also aimed to examine the research methods used incurrent research on factors affecting successful business, with special focus on Small andMedium Enterprises. It has been observed that SMEs play an important role in the economicgrowth and creating employment. However there are major challenges faced by thisorganisation to make the business successful. On one hand it has to understand the demand ofthe customers and also map the behaviour of the customers. On the other hand it facescompetition from large organisations that enjoy cost advantages due to economies of scale.With the twin challenges this paper tries to review the major research papers in such areasand identify the research methods. The first part of the research will be devoted to theintroduction part which will give the general overview of the topic and the major researchrelated to the topic. The second section focus on the research methodologies used in theresearch papers. Results are shown in the third section followed by conclusion in the lastsection.1.2IntroductionThe research aims at finding the various relationship that exist & finding how various factorsplay role in creating a successful business, especially the Small and Medium Size Enterprises.

To understand the various factors that affect this business is important since SMEs areresponsible for driving the economic growth of many countries. Major advantages of SMEsare their flexibility & their ability for innovation in changing according to the businessenvironment. Since the area is very critical to any economy, various researches have been focussed on thisarea. Different researches have focused on different areas and try to fill the gap in theliteratureStudy by (1) tries to find out the intention of foreigner visiting the home country. Whetherthey are interested in the various business activities attracts the tourists to visit the particularcountry (C.-W. Wu, 2015). Similarly another Study by (Huang, Lin, & Yang, 2015) focuseson whether the local environment government is efficient on executing the environmentalplanning & management policy. Also the study investigates their behaviour & attitudes affectthe business sentiment (Jin-Hwa Wu, Cheng, & Cheng, 2015).Furthermore important role played by the social media marketing for SMEs and their successwas highlighted by (Chang, Yu, & Lu, 2015). This study was conducted to find theunderstanding whether any firm’s success can be measured by the popularity of the businessin the digital world. Similarly some research compares whether corporate & individual mind-set is interlinked & the success of business depends on the factors linking this mind-set(Felicio, Caldeirinha, & Navarrette, 2015). Study by(Leal-Rodriguez, Eldridge, Roldan,Millan, & Gutierrez, 2015) focus to identify the key to any firm’s success on creating &sustaining its competitive advantage depends upon the innovation. Various studies have beendone on how innovation affects the firm’s performance.On contrary some Studies have been conducted to check the firms’ success from themanagerial point of view. One study by(Marti, Porcar, & Tur, 2015) examines whether theattitude of the entrepreneurs affects the firm’s success. This research has focused majorly onhow women entrepreneurs’ motives which is determined by risk propensity, work-lifebalance, and new business skills determine how successful the business will be. Anotherresearch by (Jih-Hwa Wu, Wu, Lee, & Lee, 2015) show that business is always concernedabout its consumer & their intention on buying their product. Understanding the consumer’sintention plays important role in marketing as well as product innovation. Finally (Liao,Chou, & Lin, 2015) focus on research which studied why the consumer suddenly changestheir preference for the product. What are the key factors driving this behaviour. The surveyhas done to understand how service innovation failure causes the consumer to avoid theproduct or service. How it affects the brand reputation (Lai, Lin, & Lin, 2015).Objective: The main objective of this study is to find out various factors that are from the consumerattributes as well as the business attributes which affects the success of any business.The methodology used in the selected research papers has been discussed in the nest section.This includes how hypothesis is created, how data has been collected, which statisticalmethod is used & what kinds of results are found.

1.3MethodologyThis section includes how any empirical research is done, generalizing in any field. Thebelow graph clarifies how the process works.Hypothesis BuildingBased on the various research & understanding of the business, also the understanding theprevious research that has been done, various hypothesis surrounding the area of research arecreated. Hypotheses are questions that need to be validated using the data.Some of the major hypothesis on the selected topic includes: The support of local governmentimpact the business in positive way.More risk taken in the business leads to more success.Firm’s that are dynamic & easily adapt the new technology are more successful.Having good interaction with their customer in social media positively affects thefirm’s business.Data Analysis:This section will discuss the major data analysis procedure used by the previous researches toidentify the factors affecting the success of the business, especially the SMEs. Collection MethodFrom the study, it has found that the major ways of collecting data in the fields are based onquantitative methods consisting of questionnaire, online survey, online data source etc. Inquantitative methods focussed on getting the data on a numeric scale. The other methods arequalitative method which is also collected through survey as well as interviews. This areData CollectionHypothesis BuildingModel BuildingResults

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