The Importance of Business Education - Research Paper Example

A Pilot Research Study - Investigating and Analyzing the Current Situation for Starting Business among the - Instructor’s Name Subject / Course Date Total Number of Words: 1,618 Table of Contents I. Introduction ………………………………………………………….. 3 II. Research Question …………………………………………………. 4 III. Literature Review …………………………………………………… 4 a. The Main Purpose of NCGE ……………………………… 4 b. Research Plan: Importance of Strategic Questioning, Interview Techniques, & Evaluation …………………… 5 c. Research Philosophy, Approach and Strategy ……… 6 IV. Methodology ……………………………………………………….. 8 V. Analysis and Findings …………………………………………….. 9 VI. Conclusion …………………………………………………………. 10 Appendix I – Survey Questionnaire Cover Page ………………………. 11 Appendix II – Survey Questionnaire …………………………………….. 13 Appendix III – Quantitative Survey Results ……………………………... 15 Appendix IV – Qualitative Survey Results ………..……………………... 17 References …………………………………………………………………… 18 - 19 Introduction Since the new era of globalization, changes in the business settings occurred wherein many businesses has decided to enter into a sub-contract with other countries who offer equal quality of work at a much lesser costs. In line with this matter, the unemployment rate in Great Britain increases from 5.5% to 5.6% during the second and third quarter of 2007 respectively. (Ofice for National Statistics, 2008) Aiming to promote and encourage the newly graduates to become an entrepreneur, the British government set up the National Council for Graduate Entrepreneurship (NCGE) back in September 2004. (Gibb, 2006) In Britain alone, approximately 45% of the local universities offer courses on how to establish an enterprise. For the purpose of this study, the researcher will conduct a pilot research study with regards to the personal opinion of the current university students when it comes to establishing their own business. Based on the survey questionnaires and personal interviews that was randomly conducted with the selected respondents, the study will determine whether the establishment of the NCGE has been useful in encouraging the young individuals to establish their own business despite the tight competition in the global market. Aside from addressing the research question of this study, the researcher will also conduct a literature review on the ethical considerations necessary for the completion of the pilot study. In line with this matter, the researcher will focus on discussing the relevance of positivist, phenomenological approach. Research Question(s) For the purpose of this study, the following research questions will be used: Does the establishment of NCGE successfully encourage the university students to start up their own business? Is business education enough to convince the young individuals to enter the highly competitive business world today? Literature Review The Main Purpose of NCGE Globalization creates a significant change in our labour markets. In line with the tight competition in the global market, the need to restructure the local business organization arises. (Ghoshal & Gratton, 2002) As part of the side-effect of globalization, tight competition in the local business and labour market is greatly felt in our country. In order to cope with the market changes, the British government has considered equipping the younger generation with sufficient knowledge and proper education on how to deal with the current business situation. (Gibb, 1993) By establishing the National Council for Graduate Entrepreneurship (NCGE), the local government could utilize the creativeness of the young business-minded individuals. In order for the younger generation to be able to deal with today’s business world, Sir Howard Davies (2002) suggest that each child should be exposed to at least once a week ‘Enterprise Education’ particularly on how to develop and start up an enterprise, financial literacy, basic economics and business understanding. In line with the importance of business education, the UK government has invested on developing educational programmes that are related to economic awareness, understanding an industry, IT skills, interpersonal skills, financial literacy and career planning. (Gibb, 2006) Research Plan: Importance of Strategic Questioning, Interview Techniques, & Evaluation In general, a strategic questioning is correlated to the accuracy and validity of the survey results such that the data that has been collected through an interview process and other data gathering techniques must always be appropriate to the research question of the study. For this reason, it is necessary for the interviewer to properly prepare the type of questions to be asked with each participant. (Richards, 2003, Chapter 2; Richards, 2006) The only way to achieve good quality questionnaires is by thorough proper understanding and analysis of the main purpose of the study. According to Keith Richard (2006), ‘understanding the research process is important when a researcher has chosen to adopt a qualitative research study in order to avoid heading into a wrong direction.’ Once the questions the researcher has already written a list of questions, it is essential for the researcher to go through the questions again in order to determine the specific questions that needs to be refined. Basically, there is absolutely no limitation as to how an interview should be conducted. According to Kvale (1996), the process of interviewing heavily relies on the researcher’s personal judgement rather than a ‘context- and content-free rules of method.’ (Kvale, 1996: 105) The statement of Kvale (1996) is confirmed with the statement of Keith Richards (2006) such that ‘the personal dimension is the central to qualitative research.’ Personal experience generally includes the knowledge we obtained by going through the process of a research study or by simple reading and assessment of the materials we have read. When it comes to evaluation, it is ethical for evaluators to serve not only the interest of the researcher but of the large society wherein the interest of the respondents are carefully taken into consideration. (American Evaluation Association, 1994) This way, the evaluators could avoid having a bias conclusion. Research Philosophy, Approach and Strategy A logical positivist or empiricist philosophy consider science as objective when testing a hypothesis. Considering that positivists could not accept a hypothesis that has not been scientifically tested, the application of statistical method in research studies for the purpose of verifying whether the research question is acceptable or not is highly recommended. (Brown, 1977) Since then, the use of scientific-based methods have become widely accepted when confiming the credibility of a hypothesis. (Anderson, 1983) The problem with positivist philosophy is its limitations when used in the study of social sciences. According to Leong (1985), the use of statistical method could only provide a general evaluation of truth when combined with a keen observation on a particular hypothesis. This method can be inappropriate due to the possibility of speculations which could greatly affect the evaluation of a hypothesis. With regards to the limitation of positivists, Anderson (1983) explains that the application of an empiricist approach is normally based on pure observation. Therefore, the chances of getting erronous result is high. On the other hand, phenomenology is a research program that is highly distinctive among other forms of science. (Crowell, 2003) A phenomenological research approach applies a qualitative inquiry on a research question. (Cloke et al., 1991; Patton, 1990; Fetterman, 1988; Low, 1987) According to Patton (1990), the benefit of using the phenomenological approach in research studies is the fact that it enables the researcher to have a closer look at the real world in order to come up with a conclusion that is grounded on empirical world. (p. 67) Considering the benefits and limitations of using the positivist and phenomenological approaches to research, it is best to apply both in order to develop an unbias conclusion in the research study. Methodology In order to determine the answers to the research questions, the research study a survey questionnaire which will be distributed to the randomly selected1 respondents within the Staffordshire University. Based on the data gathered, the researcher will interpret the result of the surveys using a combination of quantitative and qualitative analysis. (See Appendix II – Survey Questionnaire on page 12) For the actual survey, the researcher will provide a total of 15 survey questionnaires which will be distributed within the school area.2 The researcher will intentionally select only the students who are currently enrolled in business courses.3 Based on the design of the survey questionnaire, the researcher intentionally added questions that are indirectly significant to the research question in order to get the respondents be in the mood while answering the most important part of the survey question. (Please refer to questions 1 – 8.) It will also minimize the probability of them giving a bias answer that could distort the end-result of the research study. Prior to requesting the selected respondents to participate in the research survey, it is ethical to personally seek their approval and explain the main purpose of the study. In line with this matter, the researcher has developed a cover page which will be attached on top of each of the survey forms the researcher has prepared for the study. (See Appendix I – Survey Questionnaire Cover Page on page 10) With regards to the analysis and interpretation of the gathered data, the researcher will apply simple statistical method using the excel software. Analysis and Findings Based on the survey result that was gathered in the school area, 60% of the respondents were male while 40% were female. Among the total of 15 university students, 33.33% revealed their interest in starting their own business someday. Roughly 26.67% and 20% of them is starting a business and had already started a business respectively. Most of the business-minded young individuals prefer to start a business on their own. With regards to the type of business they had in mind, they either had it from their family or based on what the market dictates. The major reason why they are motivated to start up their own business is to make money. However, most of them are not able to start up their own business due to lack of money aside from the necessary business experience and social relationship. As much as 40%, 26.67%, 20% and 13.33% of the respondents believe that professional knowledge, communication skills, management ability, and high EQ is important in starting a business respectively. Eighty percent of them have heard of the NCGE program and 60% of them believe that it is successful in motivating the students to establish their own business. (See Appendix III – Quantitative Survey Results on page 15 and 16) Based on the qualitative survey result, only one respondent disagree that universities should encourage the students to start their own business because he/she believes that a person should have the personal interest in business before one can be a successful business person. (See Appendix IV – Qualitative Survey Results on page 17) Conclusion When conducting a pilot research study, the use of positivist and phenomenological research approaches should be utilized to get a more accurate result. Based on the survey result, the National Council for Graduate Entrepreneurship (NCGE) programme implemented by the British government has been successful in motivating the university students to establish their own business. *** End *** Appendix I – Survey Questionnaire Cover Page The investigation and analysis of current situation for starting business by university students Dear Sir and Madam: As a business student at Staffordshire University I am currently undertaking a research project in relation to students and finance. The information which I am looking to source and analyze is the opinions and feelings of should students start a business. I will be investigating the current situation for starting business by university students. Official approval has been obtained in order to conduct the above study. The information that you provide will be treated in the strictest confidence (by both myself and the second reader) and will not be released to any other bodies, the public or press in any way that it can be related to you. If for any reason you feel that you are unable to fill in the questionnaire or any of the questions please advise me accordingly. If you wish to withdraw from the project at any time before or after you have filled in the questionnaire then please just contact me and I will withdraw you from the study without any pressure or questions asked. I hope you find completing the questionnaire enjoyable, and thank you for taking the time to assist with this project. If you have any queries or would like any further information about this project please contact me on CT902708@student.staffs.ac.uk Thank you for your help. CHEN　Yu NAME Signature OPTIONAL CONTACT TELEPHONE / EMAIL Appendix II – Survey Questionnaire The name of your school and course: ___________________________________ Sex: male ___ female ___ 1. Do you have the plan for starting a business?  ( ) A. Yes B. No C. I am already starting a business D. I already have a successful undertaking 2. What is the purpose of the business that you started, if you already started one?  ( ) A. Make money B. Accumulate the experience C. It is a way to a successful life D. I am not starting a business 3. If you have an idea on starting a business undertaking; it stems from (    ) A. Family  B. Friends  C. Media  D. Other (please write it down _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ) 4. What do you think is the biggest obstacle when starting a business as a student?  ( ) A. Not enough money  B. Lack of experience and social relationships C. Worry about school work   D. Opposed by family 5. If you want to start a business, which operation form will you choose?  ( ) A. Start a business by yourself B. Start a business in partnership C. Work in your family firm 6. In order to find the right position, you will start your business according to ( ) A. Your own interest B. Educational Background C. The market needs D. Your knowledge about a certain area 7. What qualification do you think is necessary to start a business? ( ) A. Management ability B. Professional knowledge and background C. Communication skills D. High EQ 8. If you fail in starting a business, you will ( ) A. Give up B. Prepare enough money to start another one C. Wait for a good chance and get more experience 9. Have you heard of the National Council for Graduate Entrepreneurship (NCGE) programme? ( ) A. Yes B. No 10. If yes, did it motivate you in your plans on establishing your own business? ( ) A. Yes B. No 11. Should the university encourage students to start their own business? Why? _________________________________________________________________________________________________________________________________________________________________________________________________________ _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ *** Thank You! *** Appendix III – Quantitative Survey Results Survey Question Total Number of Respondents Percentage What is your Gender? Male Female 9 6 60% 40% Do you have the plan for starting a business?  Yes No I am already starting a business I already have a successful undertaking 5 3 4 3 33.33% 20% 26.67% 20% What is the purpose of the business that you started, if you already started one? Make money Get experience It is a way to a successful life I am not starting a business 11 1 1 2 73.33% 6.67% 6.67% 13.33% If you have an idea on starting a business undertaking; it stems from: Family Friends Media Others 5 3 3 4 33.33% 20% 20% 26.67% What do you think is the biggest obstacle when starting a business as a student? Not enough money  Lack of experience and social relationships Worry about school work   Opposed by family 11 4 - - 73.33% 26.67% - - If you want to start a business, which operation form will you choose?  Start a business by yourself Start a business in partnership Work in your family firm 12 2 1 80% 13.33% 6.67% In order to find the right position, you will start your business according to: Your own interest Educational Background The market needs Your knowledge about a certain area 7 2 4 2 46.67% 13.33% 26.67% 13.33% What qualification do you think is necessary to start a business? Management ability Professional knowledge and background Communication skills High EQ 3 6 4 2 20% 40% 26.67% 13.33% If you fail in starting a business, you will: Give up Prepare enough money to start another one Wait for a good chance and get more experience 3 3 9 20% 20% 60% Have you heard of the National Council for Graduate Entrepreneurship (NCGE) programme? Yes No 12 3 80% 20% If yes, did it motivate you in your plans on establishing your own business? Yes No 9 3 60% 20% Appendix IV – Qualitative Survey Results Survey Question If you have an idea on starting a business undertaking; it stems from (other than family, friends, or media): What I see in the market My personal interest What I like to do most Anything that is saleable in the market Should the university encourage students to start their own business? Why? Yes. I believe school should motivate the university students to start their own business for the sake of our economy. Definitely because the young ones are the hope of our future. I think so. Starting up their own business could promote more job opportunities for the local people. The only way to enhance the performance of our economy is to make businesses profitable. In the absence of small business in our country, the whole economy of our country will be negatively affected. Starting up a new business opens a new opportunity for everyone. There are so many good side in store with opening a business, one of the most important is that crime rate in our country will decrease because people will have a job to sustain their high cost of living. I don’t think it makes any difference because even if school encourage the students to start their own business, if these people are not into establishing their own business then nothing will happen. References: American Evaluation Association. (1994) In Guiding Principles for Evaluators - New Directions for Evaluation (pp. 66: 19 - 26). Anderson, P. (1983). 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