The Effects of Entrepreneur Failure on Business Opportunity - Research Proposal Example

The Effects of Entrepreneur Failure on Business Opportunity Institution Student’s Name The Effects of Entrepreneurs’ Failure on Business Opportunity ABSTRACT The aim of the study is to determine the effects of the entrepreneur’s failure on business opportunity. The aim of the study was based on the information gap identified after analyzing the main entrepreneurial theories. The specific research objectives of the study are: to determine the factors that influences the decision of an entrepreneur to start a business; to evaluate the link between entrepreneurship and business opportunity; and to analyse the impacts caused by failure of an entrepreneur in taking the initiative of starting a business. The study will use the descriptive research design in which both qualitative and quantitative methods of data collection will be used. The participants in the study will be about 50 entrepreneurs and the data will be analysed using the Statistical Package for the Social Sciences software and content analysis. The data will be presented in graphs, tables, and pie charts and the ethical considerations will be adhered to. The study will take duration of 3 years in total. Table of Contents ABSTRACT 2 1.0 INTRODUCTION 4 1.1 Area of Research 4 1.2 Literature Review 5 1.2.1 Entrepreneurial Failures 5 1.2.2 Economic Theories 6 1.2.3 Resource-Based Theories 6 1.2.4 Psychological Theories 7 1.2.5 Anthropological/ Sociological Entrepreneurship Theories 8 1.2.6 Opportunity-Based Theory 9 1.2.7 Information Gap 9 1.3 Research Hypotheses 10 1.4 Research Objectives 10 1.5 Research Benefits 10 2.0 RESEARCH METHODOLOGY 11 2.1 Research Design 11 2.2 Sample Size and Sampling Procedure 13 2.3 Data Collection 14 2.4 Data Analysis 15 2.5 Ethical Consideration 15 3.0 RESEARCH TIMELINE 17 4.0 SUMMARY AND CONCLUSION 18 References 19 1.0 INTRODUCTION 1.1 Area of Research According to KritiKoS (2014) entrepreneurs are critically important in any economy, more so those who create new firms. Even in the economies that are driven by innovation, only 1-2 percent of a work force starts a business per annum. Innovative entrepreneurs are critical in the competitiveness of an economy and can create new jobs. However, the benefits of entrepreneurship can only be realised in a business environment that encourages innovation. It is based on these facts that the study seeks to determine if there is a link between the activities of the entrepreneurs and the business opportunities. In other words, it seeks to determine if the failure on part of the business men will affect the business opportunities in a given area or environment. Definition of entrepreneur and business opportunity is critical for the study. Entrepreneur can be defined as someone runs a business, as opposed to being an employee, thus assumes all the rewards and risks associated with the business. He is the innovator of the business process and the new ideas and plays the role of the business leader. The entrepreneur combines capital, land, and labour so as to provide services and goods to the relevant community. On the other hand, business opportunity is the lease or sale of any equipment, service, and product that allows one to make profit. It can also be defined as an opportunity that has the capacity to generate income to the entrepreneur despite not being an employment opportunity. 1.2 Literature Review An entrepreneur is a person who puts up a business with the intention of making a profit despite the risk associated with it. However, the definition fails to capture the entrepreneurship as a phenomenon (Pezzey & Toman, 2002). As a result, it is important to analyse the theories that exist to understand the phenomena of entrepreneurship. 1.2.1 Entrepreneurial Failures According to Jenkins and McKelvie (2016), there has been increase studies on entrepreneurial failure even though the failure is not conceptualized. In agreement, Atsan (2016) argues that entrepreneurship can be learnt through three ways: interpersonal relationships, opportunities exploitations, and opportunities recognition. Cope (2011) also argue that learning process is what can make an entrepreneur re-emerge and recover after failure. Entrepreneurs should, therefore, be prepared for the future entrepreneurial activities. Naqvi (2011) argues that a business can fail due to corruption, poor infrastructure, inadequate government structure, and inadequate financial capital. In agreement, Hyder and Lussier (2016) indicate that the success and validity of small businesses in Pakistan are based on partnership, adequate capital, employee staffing, and business planning. Singh, Corner, and Pavlovich (2016) also indicate that failure plays a great role in the part of the entrepreneurs. Arasti, Zandi, and Bahmani (2014) argue that there is a great difference between successful and unsuccessful entrepreneurs. 1.2.2 Economic Theories Theories of economic entrepreneurship can be traced back to early 1700s in which Richard Cantillon made a huge contribution (Pezzey & Toman, 2002). Richard argues that entrepreneurs are risk takers. The Austrian Market, neoclassical, and classical school of thoughts argue that entrepreneurship depend on the economic conditions. In return, they create business opportunities. However, the economic theories have failed to recognise the open nature and dynamism of the market systems (Posner, 2001). In addition, they have failed to recognise that entrepreneurial activities are unique in nature and have downplayed the diverse context in which they occur (Lawson, 2009). 1.2.3 Resource-Based Theories The resource-based theories stresses on how people harness different resource types so as to start entrepreneurial activities (Kozlenkova et al., 2014). It argues that resources are critical for the start of a business opportunity (Barney, 2001). In explanation, availability of capital improves the chances of starting new ventures. Often than not, entrepreneurs starts the business with the limited capital that they have even if it is not enough (Acedo et al., 2006). Other types of resources that the entrepreneurs can get include available information, human resources, and the social networks. In some instances, the elements that is not tangible such as leadership and management skills acts as the irreplaceable business resources. Conner (1991) argues that resource-based school of thought considers strategic management to be a focus on the costly-to-copy attributes of a business as the source of the economic rents. It considers the firms to be the fundamental drivers of the competitive and performance advantage (Hitt et al., 2016). In agreement, Barney (1991) argues that there is a link between sustainable competitive advantage and resources of a firm. In addition, he considers the four empirical indicators of the resources of a particular business that defines its sustainability to be substitutability, imitability, rareness, and value. 1.2.4 Psychological Theories The psychological theories of entrepreneurship stress the emotional or mental and individual elements that determine the entrepreneurialism of individuals. They argue that the entrepreneurs should be pushed by the need for achievement for them to be successful in business (Hamilton & Harper, 1994). Based on the locus of control theory, people that have a strong internal locus of control often believe that they have the capacity to influence the external environment (Rauch & Frese, 2000). Such trait is what is found among most of the entrepreneurs. By extension, the theories argue that personal traits including optimism, resilience, and creativity define the entrepreneurial behaviours of an individual (Amolo & Migiro, 2014). Psychological theories include the personality traits; locus of control; and need for achievement theories. First, personality traits theory argues that personality traits are the stable traits displayed by an individual in most cases and they define an entrepreneur (Amolo & Migiro, 2014). Some of the desired traits include optimism, emotional resilience, mental energy, hard work, and desire to excel and win. In addition, entrepreneurs must be committed and perseverance. They also must be visionary and with exceptional integrity. Second, the locus of control theory argues that our actions are due to external and internal control orientations. In explanation, the abilities of an individual and the environment determine the success of entrepreneurship activities. Most business owners are higher risk takers compared to the rest of the population (Begley & Boyd, 1987). Some of the factors that affect entrepreneurship include autonomy, competitive aggressiveness, and innovativeness. Lastly is the McClelland’s (1961) need for achievement theory that explains the desire of humans to accomplish, achieve, excel, and succeed. Study by Johnson (1990) indicates that there is a link between entrepreneurship, motivation, and achievement. 1.2.5 Anthropological/ Sociological Entrepreneurship Theories The anthropological entrepreneurship theory argues that a party can initiate a new venture successfully based on the cultural and social aspects of the environment. The theory argues that culture influences venture creation and innovation. It focuses on the study of the customs, beliefs, culture, and origins of the community (Amolo & Migiro, 2014). The ethnicity of an individual affects his or her behaviour. The political, ethnic, economic, and social complexities of an individual are reflected in his or her culture. On the other hand, the sociological entrepreneurship theory argues that business success should not be based on taking advantage of the population but believing in them (ABD, 2012). Such act of faith is what leads to the development of social network fabrics to which business sustainability if formed. In addition, the social context can be viewed in terms of the experiences of the local population thus call for something meaningful for an intervention. It is, therefore, the work of the entrepreneur to analyse the life situations of the locals thus called the life course stage context (Thornton et al., 2011). The sociological background of an individual is also a critical determinant in one becoming an entrepreneur thus the third context: ethnic context. It argues that the ethnic background of an individual can help determine how far an individual is able to go when it comes to business. Lastly, environmental factors determined the sustainability of the business. Some of the factors that can impact the business include customers, political systems, government legislations, employees, and competition. In summary, it is called the population ecology (Peredo & Chrisman, 2006). 1.2.6 Opportunity-Based Theory Drucker (1985) argues that entrepreneurs have no influence on societal changes but respond to the changes that are caused by the opportunity. The changes can occur in areas such as political setting, consumer preferences, and technology among others. The opportunity-based theory provides a larger framework for the research in entrepreneurship field. Drucker (1985) contends that the entrepreneurs excel in seeing opportunities and taking advantage of the chances created by the cultural, technological, and social changes. The Austrian and Schumpeterian schools of thought argue that entrepreneurs create change. Stevenson and Jarillo (1990) extended the argument of Drucker (1985) through introduction of resourcefulness. They argue that entrepreneurial management is the pursuit of a business opportunity minus paying attention to the resources that are already in control. 1.2.7 Information Gap Analysis of the literature indicated that there are several gaps that need to be filled. First, there study lacks firm-level conceptualisation of entrepreneurial failure (Jenkins and McKelvie, 2016). Second, there is lack of information showing entrepreneurial failure based on the individual level, family level, and opportunity level. Third, there are no studies that consider the potential failure or success of the large scale businesses (Naqvi, 2011). In addition, the article that have addressed the small and medium size enterprises have only used qualitative data and not quantitative. There are no comprehensive literatures indicating the strategies that can be deployed to ensure entrepreneurial success (Hyder and Lussier, 2016). It is also important that study is conducted across the sectors to determine factors that determine business failures (Arasti, Zandi, and Bahmani, 2014). 1.3 Research Hypotheses The research hypotheses of the study are in the alternative format as opposed to null. The hypotheses are; HA1: There are factors that influences the decision of an entrepreneur to start a business HA2: Entrepreneurship affects business opportunities HA3: Failure of an entrepreneur in taking a business initiative has got impacts on the society 1.4 Research Objectives The main objective of the research study is to determine the effects of entrepreneurs’ failure on business opportunity. The specific objective of the study will include; i. To determine the factors that influences the decision of an entrepreneur to start a business ii. To evaluate the link between entrepreneurship and business opportunity iii. To analyse the impacts caused by failure of an entrepreneur in taking the initiative of starting a business 1.5 Research Benefits The research study will add knowledge in the business field. In explanation, the study will ensure the business students who have interest in understanding entrepreneurship and business opportunity get a new knowledge to base their arguments. It will also add knowledge on the already existing entrepreneurship theories. The study will be, therefore, of great importance to the research community. In addition, the research study can influence the business policies through revealing the effects of entrepreneurs on business opportunities. It will also enhance the understanding of business people on how they affect the business opportunities in the society. Lastly, the study will enable the student to graduate since it serves to accomplish one of the requirements for graduation. There are a number of expected outputs associated with the research. First, the study will give a new database linking entrepreneurship failure and business opportunities upon its completion. Second, by the end of three years the study will be able to add fundamental knowledge to the existing entrepreneurship theories. Third, the final outcome of the study after three years will be a published document indicating the effects of entrepreneurial failures on the business opportunities. Furthermore, the study will be presented in relevant conferences and will be used to contribute to the new policies in the business field. 2.0 RESEARCH METHODOLOGY 2.1 Research Design The research design adopted for the study is descriptive. The research design will assist in the provision of the questions how, where, when, what, and who that are associated with the effects of entrepreneurial failures on the business opportunities. However, the descriptive research design will not be able to ascertain the ‘why’ answers (Singh & Nath, 2010). It will be used to obtain the data that addresses the current status of the effects of entrepreneur’s failure on business opportunities. The research design will also be used to describe the things that exist with respect to the research variables and the condition of the situation. There are a number of reasons to why the descriptive research design is used. First, the research design allows for the study to be carried on a completely natural environment that is not tampered with thus viable and practical recommendations are issued. As opposed to the true experiments, the analysis of data will not influence the behaviour of the participants thus giving the natural results (Singh & Nath, 2010). Second, the descriptive study can be used a baseline or a more quantitative study designs since the field is still a new one. It will, therefore, give valuable information on the variables that are worth focusing on while conducting quantitative tests. Third, if the limitation of the study is understood, the study can be a useful tool in the formation of a more focused research. Third, the descriptive studies can give robust data that leads to critical recommendations in the business field. Furthermore, the descriptive research design entails a collection of a large amount of data thus encouraging a detailed analysis. However, the research design has a number of weaknesses. For instance, the study design cannot be used to develop a definite answer or disapprove a hypothesis thus the use of an alternative hypothesis (Mangal, 2013). Furthermore, since the design is more based on the observation methods as opposed to quantitative, it is impossible to replicate its results. Lastly, it is heavily dependent on the instrumentation for observation and measurement. Alternatively, the study would have deployed the case study research design which entails the studying of a particular research design as opposed to sweeping over a statistical survey or conducting a comprehensive enquiry (Zainal, 2007). However, the case study design aims at narrowing down a broad research field into a number of researchable examples. As a result, since the research problem is still a broad area, it could not be narrowed down further. The case study research design is ideal in testing whether a particular model or theory applies to an actual event in the world. Contrary to the design, the study is not evaluating a theory but introducing a new one. In spite of all, the study design would have had several benefits to the study. First, it would have brought a clear understanding to the complex issue linking entrepreneurs’ failure and the business opportunity. Second, it would have allowed for the application of a number of methodologies thus opening several ways to which the study problem could be investigated. Third, it would have added strength and extended the experience on what is already known about the link between entrepreneurs’ failure and business opportunities. It is also the research design used often by most of the social scientists to apply the theories in the real life situations. Lastly, the design can be used to provide a comprehensive description on the rare and specific cases. On the other hand, the research design has its share of short comings. First, since it uses a single or a small number of cases, it provides little basis for establishing generalisation of the findings to the wider things, people, or even places. It also has low reliability due to the limited number of samples used. Second, the intense exposure of the research to a particular sample might make the interpretation of the researcher become bias thus illogical findings. Third, the case study design will fail to facilitate the cause-effect relationships. Furthermore, due to the absence of the vital information, the problem might end up being hard to interpret. Since only a sample or few cases are taken into consideration, the case might fail to be representative to the larger problem to which it represents. 2.2 Sample Size and Sampling Procedure The study will majorly use qualitative research method in which the focus will be on the entrepreneurs. Approximately 50 entrepreneurs will be interviewed to determine how their failure might affect a business opportunity. The participants will be interviewed through purposive sampling. The sampling technique will ensure that the target sample is reached quickly since it makes it easier to get a sample of participants with particular characteristics (Palinkas et al., 2015). Furthermore, it enables the researchers to be able to use a wide range of quantitative methods in data collections. 2.3 Data Collection The study will entail the triangulation of both quantitative and qualitative data. However, the qualitative data will be the most common one (Harmon & Morgan, 2001). The instruments to be used are semi-structured questionnaires and interview guide. The data will also be collected through observation in which photographs will be used as the tool. Furthermore, a recorder will be used to record the interviews during the in-depth interviews. The triangulation will ensure that the short comings linked to either the qualitative and quantitative methods of data collection are addressed. In explanation, triangulation will make each of the data collection methods address the shortcomings of the second party thus making it comprehensive and holistic. The reliability of the study will be ensured through test-retest reliability. This will entail administering the instruments twice to a sample of participants over a given period of time. The two different responses will, therefore, be correlated to evaluate the reliability test over time (Harmon & Morgan, 2001). In specific, the instruments will be administered to the sample of participants twice with the second one coming a week after the first one. The two responses will, therefore, be correlated to help determine the degree to which the assessment tools are able to produce consistence and stable results. Validity is the degree to which a given instrument measures what it ought to measure. This will be ensured in the study through the use of face validity. Face validity so as to help ascertain that the measures used focuses on assessing the variable in question (Harmon & Morgan, 2001). The process will be conducted through submission of the instruments to the relevant stakeholders such as the lecturers and the entrepreneurs for them to judge if they are the accurate in assessing the task. 2.4 Data Analysis The quantitative data will be analysed using the Statistical Package for the Social Sciences software. The data will be entered into the Excel through which it will be inserted to the software (Greasley, 2008). After which the data will be presented in graphs, tables, and pie charts as appropriate. On the other hand, the qualitative data will be analysed through content analyses (Lacey & Luff, 2001). In explanation, the recorded interviews will be transcribed and coded as per the relevant themes thus used to support the quantitative data. 2.5 Ethical Consideration The study will be based on the basic ethical principals whenever appropriate. For instance, all the research communications will be based on honesty as a principle. This will entail honest reporting of the procedures, publications, methods, results, and data status. The information to be used will not be misrepresented, falsified, or fabricated thus avoiding the deception of the public, research sponsors, or colleagues (Kimmel, 2007). The study will also seek to ensure objectivity through avoiding bias in the expert testimony, grant writing, personnel decisions, peer review, data interpretation, data analysis, experimental design and other aspects of the study. The researcher will avoid self-deception and minimise or avoid bias. The financial or personal interests that may affect the study will be disclosed. The study will also be conducted with utmost integrity. In other words, agreements and promises will be kept and the research will be conducted with utmost sincerity and consistency of action and thoughts. Negligence and careless errors will be avoided and the records will be kept safe during research design, data collection, and correspondence with the journals and agencies. In addition, openness with be encouraged through sharing of resources, tools, ideas, results and data. The study will also encourage openness to new ideas and criticism. Furthermore, the intellectual property rights will be respected including copyrights and patents. The unpublished method, data and results will not be used without permission of the owners (Hammersley & Traianou, 2012). The information that will be used will be given proper credit and acknowledgement and plagiarism avoided. The study will also protect the confidential communication such as the grants or papers submitted for publications, trade secrets, and personnel record. Publication will also be conducted in a responsible manner with the intention of advancing scholarship and research activities. In addition, utmost respect will be given to the colleagues and they will be treated fairly. The study will also seek to enhance social good and mitigate or prevent social harm that might be caused through it. Non-discriminatory practices will also be encouraged in which students or colleagues will be treated equally despite their difference in ethnicity, race, sec or other factors that are linked to scientific integrity and competence. The goal of the study will include improving the expertise and competence of the researcher through learning and promoting competence to business research. In addition, the relevant institutions, laws, and government policies will be obeyed and human subjects protected from risks and harms with the benefits maximised. In addition, human dignity will be upheld at all times while privacy and autonomy respected. The benefits and burdens of the study will be distributed fairly to the populations under study. 3.0 RESEARCH TIMELINE Activities TIME (In a span of 6 months) Year 1 Year 2 Year 3 1st 2nd 3rd 4th 5th 6th 1. Proposal Development 2. Proposal Submission and Defence 3. Proposal Correction and Resubmission 4. Data Collection 5. Data Analysis 6. Report Writing and Submission 7. Thesis Defence and Corrections 8. Thesis Resubmission 9. Publication and Conference Presentation 4.0 SUMMARY AND CONCLUSION The aim of the study is to determine the effects of the entrepreneur’s failure on business opportunity. In most of the studies, focus has been on how the business opportunities influence the entrepreneurs and not the other way round. The entrepreneurship theories have failed to recognize the influence of entrepreneurs on the business opportunities thus making a huge information gap. The study can, therefore, be used to develop a new theory in the same field. The study will be conducted in a time span of three years through which the expected outcomes will entail: A new database linking entrepreneurship failure and business opportunities upon its completion. It will also add fundamental knowledge to the existing entrepreneurship theories. In addition, the study will produce a published document indicating the effects of entrepreneurial failures on the business opportunities. Furthermore, the study will be presented in relevant conferences and will be used to contribute to the new policies in the business field. In conclusion, there have been constraints in understanding entrepreneurial activities. 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