Steps involved in preparing business research plan/proposal

Step 1: Identification of Problem/Opportunity

• The research process starts with the identification of the issues that needs to be
researched.
• In case of basic research conducted by academics an area of interest or some new area
is identified for purpose of research.
Step 2: collection of relevant data
• Helps to develop an initial understanding of the problem
• In case of business problems/opportunity consultation can help in comprehending the
situation.
• In academic research this stage can help in initial understanding of the issue to be
researched.
• Identification of value it has in the
• field of business,
• gaps in existing research,
• contribution the research can make.
Step 3: Statement of Problem
• State the problem, defining the problem with a statement can provide rich benefits.
• Helps in developing clear understanding of
o what issue needs to be resolved,

o it is helpful in clearly laying out the objectives,

o attainment of those would lead to the solution of problem.

• A problem statement is a clear, precise, and succinct statement of question or issue

that is to be investigated with the goal of finding an answer or solution.
Step 4: Detailed Literature Review
• Involves looking for relevant literature in the body of knowledge
• Helps in gaining understanding of variables
• Help in identifying the research design, analytical techniques, sample size and
sampling technique.
• Identifies the significance of factors, evaluates the strength and weaknesses of a
particular issue concern, compares and contrasts information, gives reasons for
selecting a particular factor, links pieces of information and draws appropriate
conclusion.
 • Literature review would have helped in gaining detailed understanding of variables,
their characteristics, their effects or how are they affected.
Step 5: Research Hypothesis
• A hypothesis is defined as a logically conjectured relationship between two or more
variables expressed in the form of a testable statement
• Hypothesis that is then tested using an appropriate statistical technique.
Step 6: Research Methodology
• Researcher identifies how the study will be conducted.
• Few questions that a researcher needs to answer while drafting research methodology.
o What is the Unit of Analysis?
o Who are the subjects in the research study?

o What is the sampling technique for the study?

o What is the sample size for the study?

o What statistical techniques would be used for testing hypothesis?

o Which instrument will be used for data collection?

Step 7: Data Collection

• The next step after formulating the research methodology is the collection of data.
• Data can be collected through variety of means that includes telephonic interviews,
personally administered questionnaire, mail questionnaires, face to face interview, and
observation.
• A few issues highlighted in data collection include timing of data collection,
individual collecting the data, and cost associated with the collection of data.
Step 8: Data Entry and Screening
• Entering the data into any statistical software that can help in analysis of data.
• Once the data is entered it is important to screen and clean the data for any anomalies,
failure to do so will result in incorrect results.
• For instance you record, pay for the respondents, and each one answers between
10000 to 100000, but by mistake you enter 1000 instead of 10000, this will result in
wrong interpretation of results.
Step 9: Data Analysis with Appropriate statistical techniques
• There are number of techniques that are applied to analyze the data.
• In order to understand if there exist differences between groups we can use tests to
compare groups (T-Tests, ANOVA),
 • to investigate relationship between variables we can use correlation and for prediction
we can use Linear, Multiple and Logistic Regression.
• One of the problems with researchers is that they do not know what test to apply in
what situation, this has been taken care off by identifying the scenarios in which the
test are applicable, plus detailed examples in which the test is appropriate.
Step 10: Interpretation/Presentation of Results
 Once the data is analyzed and you have the results on screen, the next step is to
interpret the results, followed by its presentation.
 One of the key issues most research face is the interpretation of the results.
 The researcher has to determine if the results are significant, does the hypothesis hold
true, and then present the results in a meaning full easy to understand manner.
 Discusses in detail the interpretation of the results and how shall they be presented in
the thesis.
Step 11: Discussion
• The Discussion section is a culmination of the research and the most important part of
the paper.
• Most newbies in research simply interpret the results but do not discuss the findings.
• Discussion involves reviewing the research results in light of the existing research.
• This section involves comparing and contrasting the research results with previous
research studies, and it is seen if the results are similar or contradictory to old studies.
• If they are contradictory the researcher needs to look for reasons that are causing this
change.
Step 12: Conclusion
• Final step in a research study is providing a Conclusion.
• It provides an overview of the entire thesis while highlighting the focal points of the
discussion.
• This section provides the findings of the research in a logical form.
• Summarize the main points of research, but do not just list points, try making it
interesting but providing an overall picture that helps in developing understanding of
work.
• Conclude your paper by restating what you have found, acknowledge that there is
more to be explored on the topic and briefly describe the issues that remain.

* * *