Good Research Proposal About A Project Of The Enlightenment Of Small-Scale Entrepreneurs On Of Sources Of Funds
The United States has many entrepreneurs. Some of these entrepreneurs managed to achieve much success over the years, and they are stable business owners with significant profit margins. One of the main challenges that faces the establishment of small-scale enterprises is the inability to access sources of funds. Lenders use certain criteria to select the people they lend funds to considering their ability to repay the funds lent to them. However, as much as capital seems to be inaccessible to many of the entrepreneurs in the market, some of the inadequacies a big part of the inadequacy emanates from the lack of information by the entrepreneurs (Mehta, 2007, p. 2). They seem to lack adequate knowledge on the most favorable sources of funds for their particular types of business. The aim of the project is to conduct a research on the available lenders of capital such as corporative societies, corporate banks, commercial banks, private lenders among other institutions. After this research, entrepreneurs will have an opportune to learn about the available sources of funds for their including any of the terms and conditions they must fulfill as provided by particular lenders.
Small-scale enterprises add significant value to the national economy. Today, many nations including the United States suffer from high rates of unemployment. The establishment of small-scale enterprises helps in the reduction of unemployment rates as they minimize the dependency levels of the available public jobs. Since entrepreneurs face a challenge in terms of the accessibility and choice of sources of capital. The nature of the project will empower them in terms of the knowledge required to access and utilize certain sources of funds. If the project reaches the implementation stage and succeeds, the funder will benefit from the little fee charged on organization as the project managers educate the business proprietors on the subject. As such, the project staff aim at capturing the attention of many entrepreneurs to ensure that the project funder also derives many benefits from the project undertaken (Mehta, 2007, p. 3).
2. Preliminary Research
Small-scale enterprises refer to small income and mid-income business establishments meant to ensure livelihood and sustenance for the proprietors. In most cases, they are often private institutions established by an individual, partners, or a small group of people. Carsud and Malin (2007) evaluate the requirements if establishing small and medium enterprises. They assert that it is important for entrepreneurs to possess basic managerial skills to ensure that they can carry out the supervisory role within the institution. Such skill requires training. The acquisition of training may happen prior to the establishment of the enterprise or after the commencement of business operations. If the managerial training comes after the commencement of the operations, then it adds to the cost elements of the business. The proprietor must include it in the capital structure of the business, making it important because the additional funding may lead to the need to change the source of capital required for the establishment of the business. The authors propose that the managerial skill are important for the process of making decisions in the organization. For instance, a skilled start-up entrepreneur will require making a managerial decision on the source of capital to use in the business.
Baum, Michael, and Robert (2007) approach entrepreneurship from a psychological [point of view. They propose that factors such as family background have a role to play in the behavior of the entrepreneur. For instance, they suggest that some families may encourage their children to develop a sense of independence as they grow. They give support only when it is necessary and urgent for the child to have it. Such a culture may encourage a spirit of entrepreneurship within the child as he or he grows where they can manage their business without being answerable to their employers. Countries with a high number of such individuals have a high number of private firms because people prefer the independence associated with entrepreneurship. These conclusions relate to the project in a way that if the target population has a high number of families that encourage self-employment, then it is likely that the project will enjoy much success. Many people will be looking for ways of establishing the business. Given that the objective of the project is to guarantee enlightenment of the entrepreneurial class, and then the funder of the project is also in a position to enjoy maximum returns from its success. In the same psychological perspective, the authors mention the behavioral theory in psychology. Attributes such as the conditioned behavior of human beings can be helpful in training entrepreneurs on the items they need to manage repetitively. Through such theories, the entrepreneurs can learn how to manage risks efficiently and reach out for the best funding alternatives in the market. The behavioral theory is important because it explains the manner in which entrepreneurs can use the experience to manage important aspects of capital.
Kaushik, Upendra, and Smita (2009) talk about the challenges that riddle the field of entrepreneurship. Sometimes, they begin from the closest affiliations that the individual has including the family and friends. They may not have a positive attitude towards the enterprises that the individual proposes to establish, which discourages them and leads to a multiplication of the problem of unemployment. Secondly, they also cite the lack of technical expertise among people as a challenge to entrepreneurs. Semi-skilled labor is available at manageable costs, but the individual may not be able to cushion the cost of hiring or employing skilled personnel at the initial stage of the enterprise. In the end, enterprises have to deal with a certain level of incompetence because the start-up costs do not favor the acquisition of professional services.
Akpan, Charles, and Comfort (2013) contribute to this debate by proposing that lack of capital is the major cause for inadequate development in entrepreneurship. The authors assert that the 21st century has witnessed much progress in the field of education compared to the previous years. Consequently, people are knowledgeable enough to identify the business opportunities within their communities and establish effective enterprises with the suitable deliverables that can meet these needs. However, the main constraint towards an independent business ownership plan is the financial capacity to establish and run it at the same time. In most cases, the revenue generated from the enterprise is not adequate to meet the cost implications of the enterprise. Moreover, people lack adequate knowledge on available options of capital sources such that they end up borrowing too much or too little for the sustenance of the business. The research conducted by these authors suits the objectives of the project because it seeks to address the problem of inadequate knowledge in this area.
3. Plan of Work
The overall plan of the project is to create a financial consultant platform for many of the entrepreneurs facing challenges in terms of the capital decisions facing their enterprises. In most cases, the source of capital is often a problem for them because it may lead to heavy debts, bankruptcy, or the success of the enterprise. The project will begin by conducting a preliminary research on the lenders of the capital within the market. Sources of this information will include government reports, media advertisements, and popular business magazines such as Forbes. After that, the two researchers will embark on establishing the specific problems facing entrepreneurs regarding the sources of capital throughout the market such problems may include stringent interest rates and inflexible payment periods. After that, the project manager will hire a telecommunications expert to develop an internet platform with all the findings included to where the entrepreneurs can find solutions to their problems by accessing the website. They may pay an affordable standard fee for registration and regular use of the services.
Schedule of Work
Resources and Costs
1256 Parkway, Brooklynn MD 30560
Objective: Project manager
Summary: two years of supervisory work for newly established Telecommunication Company, good ability to learn, excellent human relations, and deadline delivery.
Experience (DPR Construction)
Supervise daily activities at the project sites.
Recommend changes to projects based on existing conditions.
Prepare periodic reports on progress of the projects.
Assistant project Manager
Step in for the project manager in case of absenteeism
Compile project reports from the project coordinators.
Appraise project proposals.
MS Office (Excel, Word, PowerPoint, Access).
In the case of an approval to continue with the project, the deliverable document will be prepared prior to the commencement of the project. It will include the statement of the problems, the context of the problem, research into the problem, objectives of the project and the scope of the project. For now, the project targets the United States but it may extend to other markets in case of successful implementation. The project may yield an annual profit of 250000 dollars compare to the estimated 75000 dollars expenditures. The document will also include the expected challenges in the process of implementation.
The funder should pay for the project because of the objective it seeks to achieve. By empowering entrepreneurs with adequate knowledge about sources of funds for capital. The overall effect it will have on the economy is great because it will encourage the growth of enterprises in the market, which will help to mitigate the effects of unemployment (Patel, 2008, p. 9). On the other hand, the project also generates returns for the funder after the implementation. The projected profit is nearly for three and a half times the amount of money invested in the project. In addition, I have adequate experience and academic qualification to ensure the success of the project.
Akpan, C., & Etor, C. (2013). UNIVERSITY LECTURERS' PERCEPTION OF ENTREPRENEURSHIP EDUCATION AS AN EMPOWERMENT STRATEGY FOR GRADUATE SELF EMPLOYMENT IN SOUTH SOUTH NIGERIA.
Baum, J., Frese, M., & Baron, R. (2007). The Psychology of Entrepreneurship. Mahwah: L. Erlbaum Associates.
Carsrud, A., & Brännback, M. (2007). Entrepreneurship. Westport: Greenwood Press.
Kaushik, U., & Bhatnagar, S. (2009). Entrepreneurship. Jaipur: Aavishkar Publishers.
Mehta, R. (2007). Project Management. Jaipur: Aavishkar Publishers.
Patel, V. (2008). Project Management. Jaipur: Oxford Book Co.
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