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This business report analysis document prepared by New Assignment Help USA offers a deep dive into both the barriers and the strategic levers new ventures can pull to succeed in today’s dynamic market landscape.
Task 1
|
Week |
Tasks |
Time Required |
Sources/References |
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1 |
Define the research topic and objectives |
2 days |
Previous studies, supervisor guidance |
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Conduct a preliminary literature review |
2 days |
Academic databases, journals |
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Develop research questions and hypotheses; Review and update the project timeline |
1 day |
Literature review, brainstorming |
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Create an initial research proposal, Set up a meeting with the supervisor to discuss progress, and Outline the structure of the research report |
1 day |
Samples, Guidelines |
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2 |
Refine research questions based on the literature review |
2 days |
Literature review, supervisor feedback |
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Design research methodology, Finalize data collection instruments |
2 days |
Research methods textbooks, articles |
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Develop data collection instruments, review institutional ethics guidelines, Update the research proposal based on feedback |
2 days |
Previous studies, methodological guides |
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Seek ethical approval if necessary, Conduct a risk assessment of the research project |
1 day |
Institutional Ethics Committee guidelines |
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3 |
Pilot test data collection instruments |
2 days |
Pilot participants, research team feedback |
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Begin data collection, begin drafting report sections (e.g., introduction) |
3 days |
Participants, data collection tools |
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Conduct ongoing data analysis., Review progress and adjust timeline as necessary, Discuss preliminary findings with supervisor |
1 day |
Statistical software, data analysis guides |
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Start drafting report sections (e.g., introduction) |
1 day |
Report template, guidelines |
Table 1: Action Plan table
The steps in this plan will help to finish the study report in three weeks. Any necessary changes can be made to the schedules and tasks based on the needs of the study project. These extra points give more information and instructions for each job, like describing keywords, keeping the project schedule up to date, doing a risk assessment, and talking to the boss about primary results.
Executive Summary
There are both problems and chances that come with starting a business. Some of the issues that are pointed out in an organised analysis are limited market research, hard-to-get cash, and complicated rules and regulations. Some of the best ways to take advantage of chances are to use new technologies, marketing tactics that shake things up, and the natural flexibility of startups. The study process had problems with getting ethics approval and getting to the data, but it was still an excellent way to learn. To get through the challenging parts of being an entrepreneur, you should emphasise careful planning, working with others, and being able to change your mind. The study gives a detailed look at how small businesses work and provides people who want to start their own companies helpful advice on how to deal with competition.
The economy grows faster, encourages invention, and benefits from new small businesses. Starting a small business comes with a lot of chances and problems. Individuals who want to become managers and navigate the complex world of business must be aware of these factors. Researchers looked at the specific steps people take to become entrepreneurs in order to give those who want to start their businesses a full picture of the path they are about to take. By planning, entrepreneurs can look at both problems and opportunities, develop their ideas, and stay out of trouble. The study depicts how issues and cases impact new small businesses.
According to Block and Fisch (2020), there are a lot of problems that small businesses have in their first few years. Lots of market research makes things hard for these businesses. The market study can help you find chances to make money in the market. It is hard to do thorough market study because you don't have enough tools or professional knowledge. When entrepreneurs don't have a lot of money or staff, they can't do as thorough of a market analysis. This makes them more likely to make mistakes when figuring out market demand and trends. Validation and market study are essential for small businesses that are just starting. When means are limited, it can be hard to do a market study.
The problems that an Iranian company faces are the same problems that small businesses around the world face. The spread of the coronavirus has affected the world economy and capital markets. The study's list of financial issues shows how hard it is for small businesses to get standard loans. The text talks about the need for different funding choices, which are linked to the study's results. When companies can't use the usual routes, they look for other ways to get what they want. As the problems brought up in the study show, it's not easy for startup founders to get the money they need for their businesses. This is in line with what the text says about how hard it is to earn money (Salamzadeh, and Dana, 2021).
As stated by Cavazza et al. (2019), in a market with lots of competitors, it's tough to find talented workers. Startup small businesses can't compete with big companies that pay more and offer better benefits because they don't have the right staff. Larger companies usually get more people because they offer more job protection and work advancement opportunities. So, companies have to deal with a lack of skills and a lot of people quitting. To get around this issue, company leaders must think of creative methods to hire and retain proficient staff. Possible ideas include flexible hours, chances to learn new things, and a lively workplace atmosphere. Finding skilled workers is hard when you have to fight with more prominent companies that offer better benefits. Finding and keeping good workers is essential if you want to build a strong team (Chong and Ali, 2022).
Legal issues can hamper their progress. New businesses in regulated areas may find it hard to figure out how to follow the rules. Legal issues like starting a business, paying taxes, and protecting intellectual property are complicated. Legal and regulatory bodies need to be followed very carefully, and this usually means getting a lawyer, which many small companies can't afford. Legal compliance is essential for a business. Legal and governmental bodies can be challenging for small businesses to understand and follow. Following the rules about starting a business, paying taxes, and keeping intellectual property safe will help you avoid problems with the government (Hendriarto, 2021).
As per Hutt and Speh (2021), as they get started, small businesses try to make the most of their resources so they can run more smoothly. As a result, startups need to be as cost-effective and productive as they can to complete their tasks. Concerning the effectiveness of a company, there is a thin line between controlling risks, dividing resources, and making processes as efficient as possible. Entrepreneurs need technology and lean management concepts to make their businesses more productive. It is essential to handle resources and systems well. Enterprises need a fixed number of resources. When they're first trying to get a foothold in the market, small businesses face a lot of problems that need fresh answers and new ways of doing things. Some of the issues that a startup has to solve are getting funding, hiring good people, getting around legal issues, and making the most of operating efficiency. With grit, creativity, and intelligent planning, entrepreneurs can get through tough times and seize chances in small businesses.
In well-established fields, small new businesses can make a big difference. A company can be successful by taking advantage of new ideas. This part talks about how market change could be a chance for small businesses. When a new company comes into an industry with new goods or services that completely change how it works, this is called market disruption. The goal is to learn about the best ways to include freelancers in the software development process at all stages of a startup's life, as well as the problems and benefits that come with doing so (Harmon, 2019).
According to Lind, Marchal and Wathen (2019), market change can help you get an edge over established players, which is one of its benefits. Because of red tape or personal interests, some businesses may be slow to adopt new ideas. Startups have a chance to enter the market with statements that shake things up and solve problems for customers. As a standard example of market disruption, ride-sharing companies have changed the transportation industry by providing accessible, on-demand rides at low prices. A small group of companies controlled the car business in the past.
Small startups naturally have benefits that help them adapt to changing market conditions more quickly than their bigger competitors. The startup's small size makes it simple to choose what to do. When it comes to making decisions, startups are faster than big companies that have to go through a lot of paperwork. Being flexible can help you use market trends better. That way, they can better meet customer needs by changing what they provide as the market shifts. With the ability to adapt to changing market conditions, startups can keep their plans ahead of the curve (Lilien, Petersen and Wuyts, 2022).
As per Nosratabadi et al. (2019), businesses that are just starting need to be able to change their plans quickly. Startups can easily change their strategies if they want to find new customers, revise their business plans, or find new ways to make money. Naturally, small businesses are adaptable and quick to change their minds, which lets them try out various approaches, learning and getting better as they go. This helps them meet their business objectives. By doing this, they can move through the market faster. By reacting and changing quickly, startups can bring about new ideas, speed up growth, and find their place in the challenging business world.
Advances in technology have made it possible for small businesses to compete in the market. Intelligent machines and the Internet of Things have made it easier for people to enter new markets. Startups can now use AI to make jobs easier, give customers a more personalised experience, and turn vast amounts of data into valuable insights. By using machine learning and artificial intelligence, startups can run their businesses more efficiently, make better choices, and offer more customised solutions (Gupta, et al., 2020). Digital assistants make it possible to provide customer service 24 hours a day, seven days a week. Businesses that are just starting have a chance to change the way they do business. This format is great for supply chain management, digital identity verification, and safe peer-to-peer payments because it is unambiguous. Launching new tools that give people more power can cause disruptions (Poniatowski, Beverungen and Kundisch, 2021).
According to Rao et al. (2023), businesses can grow in new ways with the Internet of Things. Connecting actual devices and monitors to the internet lets startups get real-time data, keep track of performance, and control and automate processes from afar. Things that are connected to the internet can be smart home gadgets, automated workplaces, weather stations, and health care tracking systems, among other things. For customers, startups can create new products and services that make their lives easier, more efficient, and more productive. With access to technology, they can compete with more prominent companies in the market without losing any ground. Artificial intelligence (AI) and the Internet of Things (IoT) can help startups grow faster and stand out in the market.
Businesses need new ways to sell themselves to stand out from their competitors and attract the right customers. Because people are constantly getting ads, old-fashioned ways of selling might not work anymore. Creative marketing can help new small businesses stand out, get people excited, and get the word out about their brand. Strange and cheap tactics are used in guerrilla marketing to get people chatting and give them one-of-a-kind experiences (Rovelli et al., 2022).
As per Ritter and Pedersen (2020), for small companies, social media is a great way to connect with their customers. Billions of people use social networks like Facebook, Instagram, Twitter, and LinkedIn every day. These sites help startups connect with their fans, share exciting material, and learn more about their customers.
Theory 1: Lean Startup Methodology
A well-thought-out plan for starting and running a business is the lean startup method. It's important to take customer comments seriously and make changes quickly. Using lean ideas, startups will soon be able to make minimum viable products, test hypotheses, and change their plans based on what customers say. It lowers the risk of losing money and lets the market change fast (Soleimani, 2022).
Theory 2: Disruptive Innovation Theory
As per Sestino et al. (2020), small businesses can change established industries, according to Clayton Christensen's disruptive innovation theory, by offering simpler, cheaper solutions that first appeal to niche markets but eventually make their way into larger markets. Focusing on overlooked customer groups and using new technologies to create products and services that improve people's lives is a big part of this idea. Launching new goods and services can help startups beat the competition and transform an industry.
The process of starting a small business is full of challenges and opportunities. Finding money, understanding the rules, and hiring good people can be hard, but there are many chances for growth and new ideas. There is a chance for new businesses to find their area and fight with big companies when new technologies and creative marketing strategies shake up the market. Aspiring business owners can solve problems and take advantage of chances to make their ideas come to life if they plan ahead, are strong, and are open to new concepts. When doing business today, it's important for new companies to learn how markets work, use the newest tools, and come up with creative ways to market themselves.
Task 2
The action plan helped guide the study and make sure that the goals were being met. An organised method made it possible to use time and resources efficiently. Having clear definitions of jobs made it possible to keep track of progress. There were a few things that helped the researcher meet goals. Planned timelines can sometimes be thrown off by problems getting ethics approval or delays in data collection. Some jobs, like making research questions better based on what was found in the literature review, took more time and work than planned because they were more complicated. These things made it clear how important it is to be flexible when designing a study.
Lessons learned from this experience will be incorporated into the planning process of future research endeavours. Buffer time for unexpected delays, conducting regular reviews and updates of the action plan, and consulting with stakeholders are some of the things this includes. The researcher will make sure the tasks are scoped to account for the time and resources required. The conclusions drawn in the summary are in line with the evidence presented in the summary. The report provides an analysis of the challenges and opportunities associated with starting a small startup business. The evidence presented supports the conclusions drawn and demonstrates a logical progression from the identified challenges and opportunities to the implications for aspiring entrepreneurs. The evidence supports the decision.
If the research had been conducted differently, the conclusion could have been different. In-depth interviews could have provided insights into the challenges and opportunities faced by small startup businesses with startup founders and industry experts. The primary data could have enriched the analysis and given a more nuanced understanding of the topic. If we had looked at a broader range of literature, there would be more factors that could have influenced small startup businesses. Case studies of successful startups in emerging markets or high-tech industries might show unique challenges and strategies that are relevant to those contexts. It is possible that these additional insights could have changed the conclusion. While the summary of evidence provided a comprehensive overview of the challenges and opportunities associated with starting a small startup business, primary data collection and a deeper exploration of the literature could have uncovered unexpected findings that might have altered the conclusions drawn.
During the study process, the expert learned a lot. Problems included getting permission to collect data and figuring out how to handle social issues. Research timelines were pushed back because the process took a long time and had to be carefully followed by the organisation. There were chances to learn and grow during the study process, since it wasn't always easy to get to original data sources and put together different pieces of literature to help with the analysis. The researcher learned a lot about how to do study. By doing a structured literature study, the researcher got better at logical and critical thinking.
The researcher would look at some parts of the study in a different way. Giving ethical approval processes more time and money can help keep things moving along smoothly. The research process had its challenges, but it also gave the researcher important chances to learn and gain new insights as they focused on making networks and working with others to make it easier to get to original data sources. The list of study questions gave an account of the good and bad things about starting a business. The study process added to the sum of knowledge by giving us useful new ideas.
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