Research Method on Business Plan (Research Paper Sample)

Research methodology on Business planSnaxatac Restaurant[Pick the date]Submitted in fulfillment of the requirements of the Masters’ degree to the University of ______________ for the degree of Master in Business Administration (MBA)Supervisor: _________
Table of Contents TOC \o "1-3" \h \z \u CHAPTER ONE: INTRODUCTION PAGEREF _Toc365345700 \h 31.1.BACKGROUND PAGEREF _Toc365345701 \h 3PROBLEM STATEMENT PAGEREF _Toc365345702 \h 41.2.AIMS AND OBJECTIVES PAGEREF _Toc365345703 \h 4LITERATURE REVIEW PAGEREF _Toc365345704 \h 52.1.INTRODUCTION PAGEREF _Toc365345705 \h 52.2 Beating the Odds When You Launch a New Venture PAGEREF _Toc365345706 \h 52.3 Distinguish That Not Every Risk Is Shaped Identical PAGEREF _Toc365345707 \h 72.4 Deal-killer Uncertainties. PAGEREF _Toc365345708 \h 82.5 Path-dependent Challenges. PAGEREF _Toc365345709 \h 92.6 Easy win, high ROI Challenges PAGEREF _Toc365345710 \h 9Data Collection Methods PAGEREF _Toc365345711 \h 103.1. Quantitative and Qualitative Data collection methods PAGEREF _Toc365345712 \h 103.2. Interviews PAGEREF _Toc365345713 \h 113.3. Surveys PAGEREF _Toc365345714 \h 123.4. Methods to Collect Data Qualitatively PAGEREF _Toc365345715 \h 13Information Analysis & Findings PAGEREF _Toc365345716 \h 14Ethics, Validity and Presentation PAGEREF _Toc365345717 \h 16Bibliography PAGEREF _Toc365345718 \h 18
CHAPTER ONE: INTRODUCTION
1 BACKGROUND
This paper is about a new business venture and the various problems, consequences and its solutions as faced by an entrepreneur. Our research will help us identify the factors that should be recognized and acknowledged by an entrepreneur before launching a new business venture. One of the most important things to ponder over is the industry in which the business is launched. In the modern times the industry which has more growth opportunity is usually the one with the most profit making prospective hence, the chosen industry for this research is the food industry. According to Forbes an entrepreneur is "a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.”
Entrepreneurs, in the most primitive of definition, are people who recognize the necessity of a thing, anything and work on to fulfill it. It’s a primal instinct, regardless of the good/service to be sold or the market or the industry that the business would have to operate in. However, entrepreneurs fail because of lack of planning or proper decision making. This research will help establish the territories where entrepreneurs need to focus more so as to ensure not just the survival but the prosperity of their business venture. The Halal food industry is a niche market in Central London and the entrepreneur will definitely face several problems in establishing it in the aggressive food industry. Proper decision making and correct use of entrepreneurial authority will help the business achieve long term stability. Analysis such as the SWOT and the situational analysis would help analyze the internal as well external forces which will help move the business forward. Therefore, the entrepreneur needs to understand it and adopt those strategies, which are in favour of business (ALBION, 2006). 
PROBLEM STATEMENT
Starting a new business is always difficult and most businesses fail due to lack of cash or poor marketing or even improper management of work. It can be intimidating to establish one’s business in its specific industry. The business at hand is an Italian Halal Food shop in Central London named SNAXATAC. It will face a lot of challenges which might act as barriers for its survival. This research recognises and analyses the various problems faced and tries to identify possible solutions and trends which would help this niche marketing venture to survive in London’s highly competitive food industry. Based on this problem statement, the questions for research are as proceeding:
* What specific trends should a niche marketing entrepreneur keep in mind while s/he develops his/her initial business sketch?
* How feasible is the idea of a Halal Italian Food shop in Central London, especially considering the aggressive food industry that the shop needs to establish itself in?
2 AIMS AND OBJECTIVES
This research aims to recognise and acknowledge the various internal and external forces that a new business venture faces. To start a new business enterprise, an entrepreneur should consider certain aspects, which are identified in this research. For an entrepreneur it is important to be able to study market trends closely and to identify the feasibility of the business venture. The various objectives and the issues of this business venture have helped develop a few goals for this research. This research should recognise the probability of this venture being feasible or not. Specific trends that the business needs to adhere to for it to gain a competitive edge. A business also has to face industry specific risks and challenges in the competitive food industry. The research also aims to examine the market approaches and the market environment to accumulate business specific learning from the entire research.
LITERATURE REVIEW
1 INTRODUCTION
A literature review is often termed too ‘academic’ for practical purposes in the real corporate world. However a literature review helps in recognizing, consulting, summarizing and analyzing secondary research like journals, reports, peer-reviewed articles and Internet information to analyze the feasibility of your venture. This research includes a literature review so as to work on the already established research. It helps make informed decisions by keeping tabs on previous field work and experiences (ALEXANDER HAMILTON INSTITUTE, 1917). The secondary research helps form the basis or pillars on which all future endeavors in the particular industry will take place. Literary works audits can offer a productive system for building an expert learning base, comprehension execution issues, distinguishing potential intercessions and estimation systems, furnishing an establishment for asking the right inquiries in a task, and determining normal practices in conglomerations. They are an imperative segment of the execution technologist's tool compartment.
2.2 Beating the Odds When You Launch a New Venture
When a business aims to not only survive but thrive in today’s aggressive markets then the entrepreneur launching the business should know how to most efficiently and effectively utilize his/her resources, mainly the initial investment. (ALEXANDER HAMILTON INSTITUTE, 1917) This research aims on inculcating financial management tactics into the overall plan of managing the risk of the new business ventures. By efficiently utilizing the initial capital major challenges and uncertainties can be avoided which usually result in the business imploding. Gilbert, C.G., & Eyring, M.J. (2010) stated: "Success come to those who quickly identify and systematically eliminate risks in the right order, using the right level of resources and the right methods." (Gilbert, 2010).
Howard Stevenson in his case R&R states that entrepreneurship is mainly all about the benefits and advantages derived from undertaking a huge risk to start the business. Entrepreneurs who are sharp and careful about each of their moves, they know that each corner there is some sort of risk waiting so careful planning and ways to combat the risk is important this is especially important prior to making a financial investment or big decisions. An entrepreneur needs to be a good manager who would acknowledge and recognize risks and identify more creative solutions to combat the risks (Boulay & Pohlman, 2003). 
Stevenson says that there exists an inverse relation between value and risk. Removal of risk from your business improves the value of the business venture. But risks are created not in an equal manner hence, the sequence of counter attacking risks is important. The entrepreneur should remove all the various risks faced by the business before it reaches the pinnacle of its operations. It is advisable to remove risks as they occur from time to time.
The Entrepreneurial Management teaching group at HBS has come to realize that to become a successful corporate innovator risks need to recognized and solutions identified as soon as possible. However the order of combating the risks and the use of apt resources and methodology is extremely critical for success too. This can be said after observing various major companies like the Scripps Media Center, Landmark Media Enterprises and Johnson & Johnson (Boulay & Pohlman, 2003). .
It is difficult to establish new businesses in today’s aggressive environment it is said that out of a 100 only 15 firms actually survive the first 4 years of their corporate life. This was acknowledged by a study carried out by venture-backed start-ups.
2.3 Distinguish That Not Every Risk Is Shaped Identical
New business ventures come face to face with risks at every corner. It is thus, advisable for entrepreneurs to not try to solve each and every risk as that will result in the business never reaching the market. That is why the most critical question that should be answered by new entrepreneurs is which is the most urgent uncertainty that should be targeted first by the business (BUSS, 2001). Once this question is answered it is advisable to combat that uncertainty as soon as possible. HBS has thus come up with 3 over lapping and wide segments to answer the risks faced. The categories are deal-killer risks, path dependent risks and easy win, high-ROI risk
2.4 Deal-killer Uncertainties.
The name is self explanatory, these risks if not tackled would result in the business never really surviving the aggressiveness of th...