RESEARCH STUDY: Challenges faced by Small and Medium Scale Entities

Problem Statement

Small scale businesses are a very essential part of any country’s economy. Small business related to different sectors provides revenue at levels which are very significant if the contributions from all different industries are taken into account. Small scale industries generally have access to a limited amount of consumers in any market but they are also very successful in making sure that these small percentages of market share provide a continuous amount of profit.

However, in recent times it is seen that the competition in different of the business industries are making life difficult for small scale enterprises and therefore the percentage of contribution from these small businesses are coming down at significant rates. As an obvious fact, this situation in this Business assignment is not very good for any economy and therefore this particular research will look forward to understanding the different challenges that small scale enterprises are facing in the modern business industry.

Research Objectives

The research objectives for this Business assignment is as follows –

• To recognise the reasons behind small and medium scale industries facing different challenges
• To understand the perspective of business owners in context of these challenges
• To understand the processes of mitigating different challenges faced by small and medium scale enterprises

Methodology

In terms of research approach, this Business assignment will be executed by following both Inductive and deductive approaches. If there are any theories found related to the research objective then the researcher will be taking into account the process of generating supporting data to establish the theories as true. This will be the inductive approach followed in this Business assignment and with the help of this approach it is guaranteed that the research will gain somewhat credibility (Ledford and Gast, 2018). The deductive approach on the other hand will be used to analyse existing theories and create hypothesis based on the results of the analysis. It will provide with first hand data.

As far as research methods followed in this Business assignment are concerned this research will be based on both qualitative and quantitative methods. In the qualitative method, the data that will be gathered is expected to be very detailed in nature and in this method, the executive level employees of organisations which are small or medium in size will be subjected to questionnaires and detailed information will be gathered from them (Quinlan et. al., 2019). In the quantitative method the employees at relatively lower levels will be subjected to survey questions and through this the research will look forward to gain data that can be easily generalized and used to understand the different challenges faced by small and medium scale enterprises.

Secondary Data and Data Analysis

It is necessary that the Business assignment also looks forward to gain the perspective of researchers who have been involved in conducting studies related to this particular topic before. Through this process the study will gain the support of existing theories that has been successful in somewhat recognising the challenges faced by small scale organisations in a competitive business market (Flick, 2015). The secondary data collection process will take into account different business journals, websites of many different organisations, research papers by popular authors, business websites, government data bases etc. However, while involved in this study the researcher will make sure that no copyright is violated and all ethics related to conducting a particular research is followed (Fletcher, 2017).

The data in this case will be kept in both written and digital formats and for effective analysing of the data, computer software will be used. With the help of computer software, the results will be free of human error and therefore, the credibility of the research will be much higher (Kumar, 2019).

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