research methods and processes sample

2012

[RESEARCH REFLECTION REPORT ]

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Table of Contents 1. Research Methods and Processes................................................................................................ 3

2. Literature and Sources ................................................................................................................ 4

3. Knowledge .................................................................................................................................. 6

4. Learning ...................................................................................................................................... 7

5. Critical Thinking and Ideas ......................................................................................................... 8

6. BARRIERS ENCOUNTERED ............................................................................................................ 9

7. Professional Development while research ................................................................................ 10

8. Objectives ................................................................................................................................. 11

9. Findings and Outcomes............................................................................................................. 12

References ..................................................................................................................................... 14



1. Research Methods and Processes

The research report which has chosen by me here is demonstrating about setting up of

business plan in an underdeveloped country. The business and country that is selected to be

established is a multi cuisine restaurant in Mongolia. Mongolia is sheltered in between China and

Russia. It covers 1,565,000 sq km. area under which 60 percent of total population is resides in

the Ulaanbaatar. In addition to this, 95,000 and 74,000 inhabitants live in two main urban

centers, such as Erdenet and Darkhan. Moreover, now day’s tourists from diverse places are

more attracted towards visiting Mongolia, due to presence of Forests Mountains, dissimilar

landscapes ranging from the huge steppes and the country’s most popular Gobi desert. These all

striking factors of the place have forced me to make research on the driving dynamics, which is

creating desires in the other nation’s people to visit Mongolia (Carr, 2011).

The research methods chosen here is both primary and secondary approach. These

methods have proven valuable support to me in gathering data’s regarding expectations of

tourists who visited the place in relation to concept of restaurant. Moreover, I also came to know

about economical and industrial condition of the nation, in the context of developing a bistro. In

the primary method, a well structured interview was conducted through previously set bunch of

questions. This questionnaire was sent to 1000 people who visited the place, for extracting their


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views regarding food experience as well as service quality of the country’s other hotels.

Furthermore, they are asked to provide their insights on how to improve the services. This was

helped me out in understanding perceptions of clients along with their likes and dislikes (Nykiel,

2007).

Secondly, in secondary research method, various literatures were evaluated by me to

know about financial position of the nation, in respect of development of new venture.

Moreover, it was help me in getting knowledge regarding economical and governmental

interference in setting up of business in Mongolia. The secondary sources used for this research

are media sources, trade and industry association, labor unions, governmental agencies, etc.

The following research will be too helpful to other employers of the nation. This is

because through this research analysis, they would know about country’s strategies regarding

business development. Furthermore, they will understand as how the adequate budget, policy and

tasks are divided or balance between various units for effective management of whole activities

(Nykiel, 2007).

2. Literature and Sources

Various secondary source and literatures was analyzed by me while conducting this

research. The sources was helped me in determining feasibility of country’s economy, industrial

conditions and various other information regarding development of new business. As already

mentioned above the literatures selected to be viewed in this research is media sources, trade and

industry association, labor unions and governmental agencies.

Firstly, through evaluating records of governmental agencies, it was known by me that

Mongolian economy is not only a nation with hope; rather it is a country with incredible

economical trail records. It has average GDP growth of 7 percent since the year 2002, according

to IMF report of 2007 and latest official data reveals the growth of 2006 is 7.5 percent. This

indicates good sign for any immature economy. The inflation rate in Mongolia is very low,

which is recorded in the beginning of 2007 as -0.1 percent (Rugg and Petre, 2006). It is also

expected by the Bank of Mongolia that this rate would be reached at 4.2 percent in the potential

years. The nation’s economy is weighed down by huge level of investment by FDI, lofty

education standards, availability of incentives and schemes for entrepreneurialism as well as

open and progressive government. Moreover, on the basis of World fact-book of 2006, it is



determined that unemployment issues of this place are low i.e. in 2005 measured as 3.3 percent

(Nykiel, 2007).

Secondly, from media sources it was analyzed by me that since 1997 the Mongolia has

been an associate of World Trade Organization. Through this, it has opened cross country

business with across 78 different nations around the whole world. Moreover, since 1999, it has

also a member of World Bank Group’s “Multilateral Investment Guarantee Agency”. In addition

to this, the country has an investment agreement of Mutual Protection with approx thirty one

countries along with exclusion on Double Taxation conformity with 19 nations. This was

acknowledged by me in gathering information from media sources that there are three main

industries operating in Mongolia, such as:

The overall analysis from various literatures was significant in my research, as they all

have provided deep insights about business practice along with economical feasibility of the

country. Through these literatures it was analyzed by me that service industry is growing at this

place and gaining benefits of FDI as well as tourists attraction. With the help of above sources,

various necessary requirements of the service sector and government expectations were



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determined, which was proven helpful in developing effective business plan (Stewart and et.al.,

n.d).

3. Knowledge

By undertaking this research, wide ranging and comprehensive knowledge has been

gained. The major knowledge that has been derived relates to the various costs and expenditures

associated with opening up of a new restaurant in a country which is completely diverse

culturally. There are several pre-requisites attached to starting up a new restaurant business. A

range of staff is required i.e. head chef, chefs, assistant cooks, stewards, bar attendants, counter

staff and manager to carry out the restaurant’s operations smoothly. The bare minimum area and

the floor space required for proper placement of amenities in the eatery has also been identified

with help of this report (Nykiel, 2007). In addition to this the division of floor space into floor

needed for kitchen, administrative and other facility areas has also been detailed in the report

which provides an exhaustive outline. Apart from this an extensive budget plan has been

furnished in this report. This budget entails cost of items such as stationery, menus, land &

building, office supplies, staff uniforms, various licensing requirements, advertisements,

computer hardware and software installation and several other things. A detailed budget has

facilitated in grasping the little nuances of opening a restaurant which if not paid attention to can

result in breakdown or stoppage of operations. A budget is among the most vital thing in a

business and it is important to get it right the first time itself. Without these specifications a

business cannot reap the results it is expected to. The adequate total start up expenditure and the

total assets ratio has also been familiarized with (Stewart and et.al., n.d).

In addition to this, acquaintance has also been acquired in respect of how a feasibility

analysis is carried out to assess the viability and practicality of opening up a restaurant or a new

business. The various types of research methodologies used and sources of data collection have

been comprehended through this study. With help of this, it has been learnt that what all aspects

are relevant and irrelevant in conducting a research. The methods of evaluating attractiveness of

an economy, industry and place have also been understood with help of this research. All these

learning points are very critical to understand for opening up a new business (Carr, 2011).



4. Learning

In whole MBA (Master of Business Administration) program we learn about various

strategies and procedures for the management of business. At the time of study, several books

and case studies are discussed, which provides knowledge regarding basic functions of

management. Through understanding these, one can become able to organize important tasks of

conducting a trade. The training is imparted by experts for development of procedures and

strategies in relation to product and service development as well as their promotion into the

market. The main aim of complete MBA program is to guide student with the function of

planning, organizing, directing, controlling and evaluation (Mertens, n.d).

Thus, all above learning were proved very helpful to me in conducting the following

research. Primarily, the process of business plan was supported me in designing effective or

profitable plan for the establishment of restaurant in Mongolia. Moreover, as the country was not

clearly known to me, various research methods for generating information’s, which was learned

by me in course, has proved successful in getting awareness about several fields of the place.

Hence, it can be said that bookish knowledge has proved successful and effectual in practical

application of theories and models in real situations (Neumann and Pallas, 2010).



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5. Critical Thinking and Ideas

In carrying out this research, analysis, evaluation of several evidences and proposing

conclusions, the most important discovery has been that it is very significant to identify the

critical success/failure factors for commercial success of a restaurant. These factors need to be

given thorough consideration because a restaurant operates in a very intricate environment. It has

been identified that this area of business is quite sensitive and brings with it several complexities.

It has been observed that the failure rate is the highest in this sector as compared to other start up

businesses. It is thus very critical for an entrepreneur to effectively understand the key success

and failure factors of his business. These critical factors are making strategic choices,

determining competitive factors, proper marketing and recognizing resources & capabilities

(Neumann and Pallas, 2010).

Any business plan including the budget, however effective will not turn out to be fruitful

if the entrepreneur has not carried out an analysis of factors that can contribute towards its

success and failure. An in depth understanding of these aspects assist an entrepreneur to properly

chart out its course of direction and place his building blocks carefully. These factors are

critically vital for achieving the objectives and mission of the organization. If an entrepreneur

doesn’t have proper understanding of what might adversely affect his business in the coming

times then he won’t be able to draft a contingency plan to counter those problems (Carr, 2011).

Also analyzing what might prove to be a hindrance helps the manager in overcoming those

problems presently and avoids them from happening in future. Similarly critical success factors

are those few elements which need to go well to ensure the prosperity of a business. Thus, it

signifies those areas which require consistent and special attention to guarantee high

performance levels. Thus, these factors present those elements which the company should stress

upon to become successful (Mertens, n.d).

This point has made a critical addition to our understanding level because many

entrepreneurs fail to understand this very small but indispensable aspect and thus fail to prolong

their sustenance and success in restaurant business. It has also been comprehended that the

mistake of confusing success factors with success criteria shall not be made.



6. Barriers Encountered

While carrying out a research, certain barriers are always run into. In this research as well

several barriers have been encountered. The major barrier was lack of availability of secondary

data on the subject matter. As this research is novice and not much literary work or previous

research work has been conducted on the current topic, secondary data was available in limited

amount only. Thus, gathering information became a bit difficult. In addition to this, government

publications and online reference material had to relied upon for many things (Helms, 2012).

This might have affected the reliability and validity of information. The second problem

backed out even before the start of the study (Sekaran, 2006). The direct access to desired

materials was also not easy. There are certain barriers acting as gatekeepers. These blocked

access to several sites which were important for our research. Last barrier that was encountered

during this research was the non availability of adequate resources. Financial resources were not

adequate which could ensure successful completion.



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7. Professional Development while research

Financial Management Skills – The research has enhanced my skills regarding

management of money. Moreover, through this study my portfolio has developed. It has

created my ability to design budget as well as taught me the tactics to meet necessary

requirements in fixed capital. The research has increased my capacity of savings, as at

last stage the complete calculation has surprised me with beyond expected outcomes

(Sekaran, 2006).

Time Management and Planning Skills – These skills are related to the capabilities of

identifying and sorting out time management issues. The whole process of following

research has learnt me about scheduling of several activities. It refers to counterbalance

of given time period into each and every aspect of whole work. Through process of pre

scheduling various activities, planning skills also learnt by me (Hackley, 2003).

Organization Skills – Proper organization of complete work helps a person in attaining

success in less duration. Through this research, it has become possible for me to realize

my skills of effective organization of whole project. In this research, I had learnt that how

limited resources can be best utilized in achieving goals.

Presenting Skills – Presentation is a potential and speedy of methods for getting things

done through engaging other people. While doing any job, presentation is used to plan

and monitor the entire work. The research has developed my abilities to present complete

work in front of peers and with this I was successful in getting effective contribution

from them (Mayer, 2011).

Communication Skills – The study has improved my communication skills too, as know I

am capable enough to share my thoughts with employers, consultant and various

organizations. While conducting this research, I was met with professionals, experts and

consultancy agencies. At the time of such meeting, using of gestures, timely response to

others questions and seating postures was acknowledged by me. Through this, I gained

how to attract others mind at our words as well as encourage them to perform on our

proposal. Moreover, the overall meeting process has educated me about skills of listening

others.

Continuous Self-Development Skills – Only bookish knowledge is not enough to achieve

growth and success. While undertaking this research various tasks has completed by me,



such as firstly, the planning of entire work then scheduling of activities, after this

organization of entire work into small targets and finally risk management practice along

with evaluation. It was helpful to me in self-development, as I was continuously involve

in some important works that has provided me valuable knowledge regarding various

fields (Helms, 2012).

8. Objectives

Objectives can be defined as the final outcomes that are desired to be attained by an

To carry out an exhaustive research into the Mongolian economy and assess its corporate

business environment.

To examine the restaurant sector and business potential in Mongolia.

To effectively demonstrate the ways of formulating a business plan.

To prepare a business plan for starting a restaurant business in Mongolia (Luvsandorj and

et.al., 2012).

The above mentioned objectives have been so set that they are mutually dependent on

each other and the achievement of one objective paves way for the accomplishment of other. A



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look at the research shows that the researcher has been successful in accomplishing all the

objectives of the study. An effective business plan has been formulated by effectively analyzing

the business environment and economy of Mongolia coupled with a thorough examination of the

restaurant industry there.

At the conclusion of this study, below mentioned objectives have been accomplished:

Development in Knowledge for pursuing an entrepreneurial career, its downsides,

confrontations, management, concerns and financing.

Understanding various analytical techniques and tools of decision making in an intricate

business environment (Herman, 2008).

Nurturing of organizational and managerial skills for enabling change management and

proper execution of various strategies.

Acquiring familiarity regarding the conceptual framework of various functional elements

of a business.

Cultivation of leadership and motivational skills together with fostering team work.

Understanding the importance of technology for effectual management.

The competency of functioning effectually in a varied international business environment

(Ciconte and Jacob, 2011).

9. Findings and Outcomes

The shell for any study is its findings and outcomes. It gives us the result of completed

work. On the basis of findings from the study, recommendations can be made to improve the

process. For the present research, the outcomes or findings are not only useful in the present

case, although it can be adopted in the potential cases of almost alike or same conditions from

similar as well as similar industry.

Findings – In the research about economic and financial condition of Mongolia, it was identified

that country’s economy is completely depended on foreign direct investment. The country has

open policy for free trade with other nations, which make people from varied places to visit the

country. The country’s major population is resides at Ulaanbaatar, which is famous for food

business. Many attractive hotels are situated in this city and offering valuable service to

outsiders. Moreover, from the conducted research, it has observed that mainly there are three

industries operate in the nation, such as mining, service as well as science and technology.



Among all this service industry is highly contributes in nation’s GDP by 50.4 percent. It shows

that running hotels or restaurant would be beneficial in Mongolia (Asian Economic Integration

and Business Environment, 2012).

Recommendations – Although the prepared business plan is appropriate for opening up of

restaurant in Mongolia, but there are some suggestions that can improve business activities if

adopted. Firstly, the restaurant has targeted its services to tourists only that should be extended to

local public also. As business growth is depends on performance of the staff, so valuable training

and development sessions should be given to them for their self-improvement at workplace.

Moreover, diverse workforce must be employed by organization to fulfill the expectations of

multiple clients. Restaurant should make regular innovations in its menus, to attract more

customers, as due to non existence of entry barriers many new firms are capturing the existing



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References

Online References

Asian Economic Integration and Business Environment. 2012. [Online]. Available through: <http://www.infomongolia.com/ct/ci/4711>. [Accessed on 31 October 2012].

Carr, M., 2011. Critical Analysis of Statistical Methods used in Research Papers. [pdf]. Available through: Website: <http://mathstore.ac.uk/headocs/Carr.pdf>. [Accessed on 31 October 2012].

Critical Success Factors (CFS’s) made easy. 2007. [Online]. Available through: <http://rapidbi.com/criticalsuccessfactors/>. [Accessed on 31 October 2012].

Daly. J. C. K., 2011. Mongolia Energy Riches Attract Neighbors and Outside Interests. [Online]. Available at: <http://edmortimer.wordpress.com/2011/08/15/mongolia-energy-riches-attract-neighbors-and-outside-interests/>. [Accessed on 31 October 2012].

Helms, S., 2012. Potential Barriers to Research. [Online]. Available through: <http://www.ehow.com/info_8219249_potential-barriers-research.html>. [Accessed on 31 October 2012].

Lorette, K., n.d. Start-up Business Problems. [Online]. Available through: <http://smallbusiness.chron.com/start-up-business-problems-653.html>. [Accessed on 31 October 2012].

Mason, M., n.d. What Causes Small Business to Prosper. [Online]. Available through: <http://www.moyak.com/papers/small-business-success.html>. [Accessed on 31 October 2012].

Mertens, M., n.d. Tips on Writing a Reflection Paper. [Online]. Available through: <http://www.ehow.com/way_5184362_tips-writing-reflection-paper.html>. [Accessed on 31 October 2012].

Neumann, A. and Pallas, A., 2010. Research Methods for Critical Analysis of Qualitative Data. [Online]. Available through: <http://www.usc.edu/dept/education/ASHE/the_institutes/caqld.html>. [Accessed on 31 October 2012].

Stewart, L. M. and et.al., n.d. Guidelines for Critical Review of Qualitative Studies. [pdf]. Available through: Website: <http://www.musallamusf.com/resources/Qualitative-Lit-Analysis-pdf.pdf>. [Accessed on 31 October 2012].



Books and Journals

Belassi, W. and Tukel, O. I., 1996. A new framework for determining critical success/failure factors in projects. International Journal of Project Management. 14(3). pp.141-151.

Belassi, W. and Tukel, O. I., 1996. A new framework for determining critical success/failure factors in projects. International Journal of Project Management. 14(3). pp.141-151.

Ciconte, B. and Jacob, J., 2011. Fundraising Basics: A Complete Guide: A Complete Guide. 3 rd ed. Jones & Bartlett Learning.

Hackley, C., 2003. Doing Research Projects in Marketing, Management and Consumer Research. Routledge.

Hamilton, J., 2004. Primary and Secondary Sources. ABDO.

Harris, J. and Roberts, K., 2003. Challenging Barriers to Participation in Qualitative Research: Involving Disabled Refugees. International Journal of Qualitative Methods. 2(2).



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