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    Motivating Romanian Entrepreneurs in Establishing Business

    University: REGENT COLLEGE LONDON

    • Unit No: 4
    • Level: Undergraduate/College
    • Pages: 13 / Words 3357
    • Paper Type: Assignment
    • Course Code: MGMT3027
    • Downloads: 478
    Question :

    This assessment will cover following questions :

    • Define topic and show analysis of your research area.
    • Demonstrate your understanding of how to conduct research.
    • Explain  why it is vital to effectively answer the research questions.
    Answer :

    INTRODUCTION

    Overview of the Project Area

    The aspect of Entrepreneur and Entrepreneurship became one of the most familiar concept in current market across the globe because they are tend to be linked with economic development. For achieving success, motivation and challenges are two important component which is directly associated with entrepreneurial activity. Hence, motivation is viewed as essential factor for empowering an individual to reach to their desired goal within prescribed time duration. Likewise, in relation to entrepreneur, this concept also play a vital role as they are powerful drivers for enriching economic state by generating employment opportunities, adopting innovation and many more (Acs, Szerb and Autio, 2017). Due to such action, it influenced the condition of any particular community or society in a positive way as it improve their living standard in a better mode. In relation to this research, it is wholly emphasise over motivating the Romanian entrepreneur for setting up the business in UK industry.

    As per the recent research, it has been identified that Romania is a first country in European Union who take initiative in running own business and it was around 32.7%. This rate is more than double the average within the European Union. Hence, in this study, it covers research aim, objective, question which provide proper direction and guidance for completing the project in an impressive way, Additionally, various ideas related to research title is expressed in the form of literature review. Finally, explanation of various methodology which current research study implies for developing valid and authentic report in a stipulated time duration.    

    Literature Review

    To understand the importance of motivating Romanian entrepreneurs in terms of establishing business.

    According to Marianne Chrisos, 2018,  Entrepreneurs is the one who take an initiative to start up the new business venture with an aim of bearing all sort of risk and profit by its own. The role of entrepreneurs plays a significant role in the aspect of enhancing the economic situation as it generate various benefits like enormous job platforms,  accessing to innovative technology, enhancing the well being of society and etc. This is because, the primal function which majority of the entrepreneurs implies within their entrepreneurial activities are innovation and risk taking. Due to which, it lead them to face all current or emerging threat and challenges in an improved or amended style without any hindrances (Cumming and Zahra,  2016). IN the perspective of entrepreneurs, there are various factors which empower them to run their own business venture such as financial support, enough resources, manpower, capital and other. With the allocation of these resources in a proper manner, it lead them to obtain profit maximisation within prescribed time limit in competing marketplace. Hence, the term entrepreneurship is becoming very familiar in Romanian culture as it has been tend that they have the great potentiality to become of the most successful and vibrant entrepreneurs among competitors in this current era of competitive world. 

    Each entrepreneurs are different and unique from each other in regard of personality, attribute,  way of performing activities and many more. Furthermore, as per current scenario of UK marketplace reason that shows that  it plays a huge influence over its economy for inviting the Romanian entrepreneur within their industry (Role of Motivation in Entrepreneurship, 2018). This is because, the UK economy is underperforming in compare to other European competitors and the state realises that to enhance the growth level in economy, they must take an effort to support small business in its location.  The primal determinant which UK acquired by motivating Romanian entrepreneurs in its market is that it help them to reduce the turnover ratio as it is one of the topmost issue that UK economy undergoes. So, by making an initiative by Romanian entrepreneurs assist UK to enrich its overall turnover ratio in an improved mode. The another aspect which impose great advantage over UK with the  initiation from Romanian entrepreneur is that provide extreme level of job creation to individuals that improves the standard of living in a better way.

    In perspective of business growth, Romanian ventures enable UK to acquire high level of productivity and profitability ratio among competitors in  a desired time duration. Along with this, it explore the utilisation of innovative or artificial intelligence technologies in every sector of organisation. With the help of such positive outcome, it has been examined that it is important for UK to motivate Romanian entrepreneurship within their nation.

    To identify the factors that motivate Romanian Entrepreneurs to setting up their business within UK.

    In the views of Razvan Creanga ,2019, In addition to this, entrepreneurial motivation is considered as one the essential element as it is viewed as a factor which stimulate an individual to take an initiative in accomplishing their goal in an effective way. However, it is defined as a process or procedure which transform or modifies an ordinary individual to successful businessman. This is because, it encourage them to identify own opportunity and help them in maximising their wealth and economic development. Additionally, motivation make entrepreneur by fulfilling higher level of needs like recognition, self esteem, self actualization and many more (Davies and Chambers,  2018). However, there are several reasons which proves that motivating a Romanian entrepreneur to trade their business within UK marketplace brings increased level of advantage to nation economy and well being of community. The  one of the foremost component behind this initiation is that as UK economy is being increasingly integrating their business activities with many geographical region due to globalisation.

    As, this aspect is defined as a process or procedure for integrating and interacting with various nation, government without any trade barriers. Along with this, various other factors that also signifies that  Romanian entrepreneur are getting encouraged to introduce their business venture within UK. This is because, it impose various benefits to newly established entrepreneurs like highly access to innovation in companies, enormous employment opportunities, increase the rate of competition between companies and so on (3 Factors to Consider When Deciding to Launch a Business in the U.K. or Eastern Europe, 2019). In addition to this, another aspect which motive Romanian entrepreneurs to set up their brand in UK region is introduction of Brexit. Hence, in present era of marketplace, Brexit brings different kinds of benefits in several fields like political, economical, social, technological, legal and etc. Therefore, the idea of encouraging Romanian  entrepreneurs within UK is considered as one of the effective step as it enable them to attain sustainable growth and development by the availability of Brexit and globalisation. Along with this, another factor is political stability of UK also  benefit Romanian Entrepreneur to trade their functional unit in an  innovative or productive style. Due to such advantages, Romanian entrepreneur can place their  brand in an aggressive and competitive position among competitors within prescribed time duration without any obstacles as well as trade barriers. Apart from this, in UK companies can easily acquire highly skilled or talented manpower at less cost that drove Romanian entrepreneur to set up their business in UK marketplace.

    However, by obtaining skilled and capable personnel enable Romanian entrepreneurship to gain competitive advantage among competitors within competing industry. Additionally, one of the essential aspect which every entrepreneurial activity requires is that containing enough amount of financial resources. In context of UK, it has the biggest band of capital in Europe in relation to tech start-up funding. This is because, UK render abundance of investment scheme that encourage Romanian entrepreneurs to acquire increased level of growth and expansion in a stipulated time limit without any difficulty.         

    To determine the challenges that Romanian entrepreneurs face while introducing the new business venture in UK.

    As per the opinion of Davis Muli, 2018, In today's condition of marketplace, UK is becoming the fastest growing economic region as it's government authority are taking initiative to invite various entrepreneurs to establish their venture. Hence, it generate them enormous advantages like high degree of employment opportunity, improve living standard of community, increases level of innovation or creativity and many more. On the other hand, there are various challenges or  difficulties which restricts other regions entrepreneurs to expand their market division into new geographical region. Due to such threat, it directly impact over UK's economy in aspect of enlarging the ratio of overall productivity and profit margin ratio among competitors in an effective manner (Six common challenges faced by entrepreneurs, 2018).

    The foremost challenge which an entrepreneurs undergoes during processing the function of introducing their functional activity into new geographical region is analysing the marketing strategy. Each country has its own government regulation, rules, policies, procedures that impact over organisation's potentiality in acquiring sustainable growth and development. The another reason that limit entrepreneurial to process their activity of exploring the business activity is that hiring increased level of potential and talented manpower. This is because, recruiting capable personnel require huge amount of money and resources that influence company in  negative manner. As the contribution and effort of manpower help establishment to cope up with all sort of existing or upcoming threat or rivals in a smooth manner (Fairlie and Fossen, 2018).

    Moreover, it help company to place their brand in an aggressive and competitive position within prescribed time duration. Another factor which resist Romanian entrepreneur to enlarge their market share or size is finding appropriate customer for attaining impressive level of sales performance. This is because, consumers demand varies from time to time and also as per market trend that impose huge stress over firm in improving the sales volume in competing marketplace. Therefore, taking corrective course of action help UK to improve its economy and also can can obtain profit maximisation in an efficacious or expeditious way. 

    You Can Also Read - Theoretical Knowledge of Entrepreneurship 

    Research Aim

    The research aim is to “ To examine the  factors which motivate Romanian entrepreneurs to set up business in the UK”. 

    Research Objective

    • To understand the importance of motivating Romanian entrepreneurs in terms of establishing business.
    • To identify the factors that motivate Romanian Entrepreneurs to setting up their business within UK.
    • To determine the challenges that Romanian entrepreneurs face while introducing the  new business venture in UK.
    • Why is it essential to understand the importance of motivating Romanian entrepreneurs in terms of establishing business? 
    • What are the  factors that motivate Romanian Entrepreneurs to setting up their business within UK?
    • What are the challenges that Romanian entrepreneurs face while introducing the  new business venture in UK?

    Justification and Contextualization

    Project Rationale

    The main reason behind choosing this topic is to investigate the motivating factors that  impact and influence Romanian  entrepreneurship to set up their business in UK marketplace. IN present situation of industry, each nation and region are being highly competitive and challenging in terms of acquiring better position. By conducting this study, it enable researcher to obtain various factors or competence that bring positive outcome in UK economy. Moreover, it also assist them to understand the importance of inviting Romanian entrepreneur inside united Kingdom market. It has also been identified from organising present study on such type of  field is that for  attaining substantial growth and development, expanding the market share into new location plays a significant role and render enormous amount of benefit for both company and nation economic enrichment. 

    In addition this, from this report, it has been evaluated that there different types of threat or rivalries which restrict or keep new entrepreneurs to trade their entrepreneurial activity into different location. Henceforth, an impressive and  productive motivation help entrepreneur to explore their market sector to various region without any barriers  and issues. Moreover, they can easily improve the potentiality of surviving within industry for longer time duration with less number of obstacles or hindrances. Apart from this, with the help of conducting current study, investigator is able to acquire information or knowledge about different types of collecting data as well as to conduct a refresh. With the utilisation of suitable or relevant techniques within research, it enable researcher to obtain valid and authentic report in a desired time period without any difficulty.        

    Methodology

    Research methodology refers to the systematic process used to gather accurate information with purpose to make accurate decision. Under this part of research, different  number of research methods and approaches will be used such as qualitative and quantitative investigation, primary and secondary method of data collection, research philosophies, research approach and so on. These methods will be explained as below:

    Research Philosophy

    This is important and essential part of research methodology which is mainly classified into two different sections such as interpretivisim and positivism. Within an investigation, positivism type of research philosophy will be used by investigator. Main reason behind selecting such type of philosophy as it assist in gathering of reliable data from the primary data collection source i.e. questionnaire (Han and McKelvey, 2016). On the other side, interpretivisim is consider another kind of philosophy but according to this study, it is not appropriate. This type of philosophy needs maximum number of resources and also take additional time of investigator which is not beneficial for this study.

    Research Approach

    There are essentially two approach within an investigation which are inductive and deductive. Among such type of approaches, deductive approach is more suitable and used by investigator for doing investigation over interesting topic i.e. “Examining the factors that motivate Romanian entrepreneurs to set up business in the UK. This approach of research helps researcher to gather valid information easily. Inductive approach of study is not much appropriate for doing this research because it is mainly based on observation.

    Methodology and Research Design

    Methodology:

    There are two research methodology such as qualitative and quantitative. Both type of methodology are important but for conducting research over selected topic, quantitative method of research will be applied. As this method helps investigator to collect information or data in accurate manner. Questionnaire will be applied for collecting quantitative information or data in detailed way. On the other hand, qualitative research method is not useful according to current research because it consume more time and cost of investigator (Hoogendoorn, 2016).

    Research Design:

    This is important and essential part of investigation as it support researcher in determination of research impact. Experimental, exploratory and descriptive are introduces three types of research design. Among this kind of research design, descriptive design will be going to used by investigator. Main reason behind selecting this design within an investigation as it helps researcher to draw valid conclusion and gain better outcomes. On the other side, experimental and exploratory research design are not useful according to this research because it not help researcher in driving of appropriate and valid conclusion.

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    Data Collection Method

    Data collection refers as an effective process of collecting and measuring data on variables of interest in order to answer stated research questions and evaluate outcomes. In order to gather information there are basically two methods i.e. primary data collection and secondary data collection (Ibidunni,  Peter and Ogbari, 2017). Both are consider best methods of data collection and used by researcher for collecting primary and secondary information about the different factors that motivate Romanian entrepreneurs to set up business in the UK. Under primary data collection method, questionnaires is more suitable source which will be going to applied in this research.

    As this instrument support in collection of valid as well as reliable information regarding the selected research topic. Secondary data collection is another effective source of data collection which will also used for gathering information regrading the various factors that motivate Romanian entrepreneurs to set up business in the UK. In secondary data collection, books, magazines, articles, publication research etc. methods will be going to applied by investigator for gathering secondary information in detailed and in-depth manner.  

    Data Analysis

    Thematic analysis will be used for analysis information or data about the chosen topic. It is consider as an analytical tool which support in analysation of appropriate and valid information. Under this, different themes will be made which assist researcher to easily analyse information. Thematic analysis is important method for analysing quantitative information in accurate and appropriate manner (Johannisson, 2018).

    Ethics

    This is another important part of study which is based on different principles of ethics such as objectivity, carefulness, confidentiality, legality, responsible publication, respect for intellectual property, honesty and integrity, and many other. These are major principles of research ethics which helps investigator to do each activities or task of investigation in ethical and systematic manner. These ethics will also support researcher in completion of research in effective as well as in accurate manner.

    Sampling

    There are two techniques of sampling such as probability and non-probability. According to this investigation, probability method of sampling will be followed. As this technique support investigator to select sample size on random basis. 30 respondents will be selected by using probability sampling. Main reason behind selecting this sampling technique as it save both time and cost of researcher. Non-probability is another technique of sampling which is not used because it consume more time and require maximum resources (Kasemsap, 2016).

    Limitations

    There are certain limitations which will be going to faced by researcher while collection of information and completion of entire activities of research. It includes lack of fund, improper behaviour of respondents, lack of resources, insufficient time etc. These limitations have negative impact on researcher while completion of study in systematic manner. 

    CONCLUSION

    In this study, it covers research aim, objective, question which provide proper direction and guidance for completing the project in an impressive way, Additionally, various ideas related to research title is expressed in the form of literature review. Finally, explanation of various methodology which current research study implies for developing valid and authentic report in a stipulated time duration.    

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    REFERENCES

    • Acs, Z., Szerb, L. and Autio, E., 2017. The global entrepreneurship index. In Global Entrepreneurship and Development Index 2016 (pp. 19-38). Springer, Cham.
    • Cumming, D.J. and Zahra, S.A., 2016. International business and entrepreneurship implications of Brexit. British Journal of Management, 27(4), pp.687-692.
    • Davies, I.A. and Chambers, L., 2018. Integrating hybridity and business model theory in sustainable entrepreneurship. Journal of cleaner production, 177, pp.378-386.
    • Fairlie, R.W. and Fossen, F.M., 2018. Opportunity versus necessity entrepreneurship: Two components of business creation.
    • Han, M. and McKelvey, B., 2016. How to grow successful social entrepreneurship firms? Key ideas from complexity theory. Journal of Enterprising Culture, 24(03), pp.243-280.
    • Wright, M., De Massis, A., Scholes, L., Hughes, M. and Kotlar, J., 2016. Family business entrepreneurship. 

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