Managing Research Business Challenges

Questions: 1. Critique the problem definition and research problem this research report addressed.2.What research design (exploratory, descriptive, causal, or some combination) was used and was this appropriate? Is this sufficient to address the research objectives, or would you suggest another design?3. Evaluate the secondary data provided in the report.4.Are the methods used to collect data (eg focus groups, questionnaires) sufficiently justified and described? What further information (if any) do you require? Answers: 1. The report highlights the importance of the family business in the current world and how they are able to face various business challenges. The author point out that the family businesses contribute to the economic growth of Australia considerably accounting for almost two thirds of the countrys economy. In a time when family business are facing critiques from the economic theorists who are arguing that family owned businesses are outdated in the current era and are will soon be defeated by new companies that embrace capitalism. The modern companies are embracing capitalism and talent in the industry to have maximum economic benefits. A midst the criticism that surround the family businesses the authors state that there is need for the problem on business been under looked to be addressed more broadly in relation to the business world. Many companies are exiting the market because of the climatic uncertainties in the business world. Through clearly stating the problem statement the author highlights the need for the research to be done now more than ever before. The statement interrogates the business world and how much its going to affect the family businesses. Owing to the characteristics of family businesses the reporter finds it necessary to address the issue more keenly to ensure that the family owned businesses dont quit the market just because of perceptive rumors that are not always true. He points out in the problem statement that originality is the main strength that keeps the family business in tact which is very unique in their field. In the problem statement the reason for the study is clearly justifi ed. 2. The report used several research designs to verify the information. Because most of the information about family businesses is historical, thus the report used an exploratory design to better understand the past information about the family businesses and even to create new ideas and assumptions. Secondary sources such as official company records are used to determine information about the running and performance of the companies. The design is best used in the report to highlight the research problem and how it will affect future researches. The use of exploratory design is important because it helped the reporter to note the trend in family businesses in Australia over the years. The design helped to create a familiarity with the situation and point out on areas of concern. With the background information gathered the reporter is able to interpret the research problem clearly. Using the archived information the reporter is able to create a base to analyze the problem and relate it to the current time creating an opportunity for future research in the same issue. The other design that was used in combination with exploratory design is the descriptive design method to answer the questions of how and what is happening in the business world. With descriptive design the reporter was able to observe the behavior of the subject in an unchanged environment. This design method gave a platform to better understand the Australian family businesses and to determine the key areas to research on. The reporter has also been able to gi ve recommendations on how to avoid an end to the family owned businesses. From the records in the report it shows that a lot of data was collected to give a clear understanding of the characteristics of the family owned businesses. 3. The report used several secondary sources to help in the research process. Considering the nature of the research it was best for the reporter to use secondary sources before including the primary sources in order to give background information to the research problem. The use of secondary sources necessitated the use of the primary sources. The reporter uses a lot of secondary sources to justify the reason why family businesses should not pass their leadership to non-family members. Using facts from previous researches the reporter is able to create a platform for conducting his research. The report uses past records on family businesses to compare data in order to be able to have qualitative and quantitative results. An instance is where the report uses data of how the family businesses will be affected through technology and how they will look in the future and the evolving governance mechanisms. From the records the reporter is able to customize his survey and interviews in a way that follows a certain pattern in the research that relates to the other existing reports on the same issue. Most of the research in the report has been driven by secondary sources because the research design used was exploratory in order to give a time line into report. 4. Several data collection methods were used in the report they include survey, focus groups and interviews. Survey gave a broader area for collection information from the wider population. Using questionnaires the report was able to have background information of the companies from the company owners themselves first hand through the opinions they presented. For instance the survey was conducted in 1700 family owned companies across Australia. With a lot of data it becomes easy to sort out information and get more accurate results from a study. Surveys give a better understanding of how the situation is like through a thorough check. The reporter also used focus groups and interviews of the company owners to make the results more valid. Although there is the use of interviews they are not justified in the report clearly. The report centers its report on surveys compared to interviews and focus groups hence creates the need to get information from interviews perspective. From the report the report has clearly justified the use of interviews in his conclusive analysis he refers to the findings from the survey and interviews conducted. The report uses percentages to give easily understandable figures from the research report. To better justify why the family businesses are important in the Australian society he uses the finding from the report to give the satisfaction rates and how the future of the family owned businesses will be like in the future given the different challenges that are making companies to exit business.