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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