Table of Contents
Significance of the Research.
Development of Research hypothesis.
Describing the relationship between various variables for solving the research problem..
Developing the Research Hypothesis.
Illustration of the Research Model
Data Collection Method.
Data Analysis Method.
Resources and Timescale.
The timeframe of the Research.
International Business provides a broad scope of services to the clients. Moreover, it cannot be chased by the small-scale industry and give a tough fight. The resource availability and investment are limited to the small-scale industry (Fernandes, 2020). Thus, the International business is resulting in a negative impact on the small-scale industry.
The rise of the pandemic situation over the world economy has fallen a great effect on the small-scale industry. The sale of the small-scale industry has been slashed out at its first pandemic wave. According to the cases till march, it has been reported that the world economy can fell by more than 2.4% (Fernandes, 2020). The pandemic condition has led to an extreme recession in the world economy. The small business is greatly getting affected according to the reports. The countries are adopting policies for uplifting their economy. For example, the United Kingdom has waived the tariffs on medical equipment for increasing their trading until 31st July 2020 (Matthews, 2020).
International businesses have become a reason for the problem in small scale industry as the main market has been engulfed by the imported goods. The small-scale industry mainly focusses on low margin investment and has a limited number of clients. If those clients started using imported products, then the sale of the small-scale industry will get decreased. In the present situation, the condition has become worse due to the fall of the economy on the local market.
The research has been studied to adapt the framework for addressing the negative impact of international business on the small manufacturing industry. The study will help to fell light on the issues that become the reasons for negativity for the small-scale industry. It will result in developing a sustainable framework for small scale industry for mitigating the negative impact. The practical implementation of the result from the research will bring a change in the economy of the small-scale business. It will help in uplifting the country’s economy. The research will motivate future researchers for doing a study on specific fields of the subject.
What are the relevant methods or frameworks for addressing the negative impact of international business on a small-scale Industry?
Research has been conducted based on the following SMART Objectives: -
Globalization always played a significant role in developing businesses across the world. It is a very clear picture in the present scenario that, due to globalization, businesses are expanding and coupling with the international market (Akpor-Robaro & Erigbe, 2019). The challenges that the small-scale manufacturing industries are facing are the market competition and the cost issue. This could be compared to a small fish swimming in the big sea. Whereas, the competitors of the smaller fishes are competing with each other for the same type of food and the larger fishes are eating the smaller on the run.
There is one way for the smaller organizations to compete with the larger regarding globalization is communication and automation. It has been observed that "Correlational studies" are useful to gather the knowledge about the relevant features between the variables, that do not match with the studies conducted through experimental processes. It is difficult to determine the cause whereas the variables are changing.
Small manufacturing industries are known as the "key drivers" for the countries that are developing and also responsible for the economic development of the countries. However, the challenges of the small scale industries are related to less production, global sourcing issues, and finally, financial problems (Kostovski & Hristova, 2016). The other issues limiting the development factors are scheduled monitoring, political stability issues, and developing the capital investment which is necessary for globalization.
Other significant variables could be stated as the lack of capability of the managing authority and the upgraded methods of applying technology which is a major challenge for the small scale industries (Sajuyigbe, et al., 2016). The process of production and exporting the products internationally is another factor for which the industries are facing difficulties.
To develop the hypothesis, it is required to create a link between the small-scale industry with the globalization. There are several benefits of globalization like larger markets that will be operated internationally and the growth of the business. However, for small businesses, the management suffers from knowledgeable issues for expanding and conducting business operations globally (Kostovski & Hristova, 2016). The possible reasons may be having issues with executing the contracts properly, lack of influence to rule over the new business environment. There is another issue which covers the small scale business is the leadership style which limits and restricts the globalization due to insufficient knowledge and resource issues (Grayson & Hodges, 2017). The normally underestimates the globalization challenges due to the limits of financial capability and to utilize the new Information Technology to improve productivity and work efficiency.
Emphasizing on the small businesses, it is clear that the larger companies are much beneficial with the globalization when compared. Despite that, the internet never limits or restricts smaller business organizations to capture international markets. Moreover, the managers working in a smaller organization have many responsibilities when compared to the larger ones. They need to create new ideas and also need to handle other marketing issues that enhance the area of their knowledge. These facilities are limited for the larger organizations due to the presence of several departments to operate the business. Focusing on the present scenario, it is clear that small business managers are much efficient to handle and operate several activities.
Entering a global market is always tough and difficult, but it is not impossible. There are several risks from the competitors and the big fishes and already have been discussed above. However, regardless of these risks and challenges, it may be possible to overcome the weaknesses to achieve the goal regarding the international aspect (Mwika, et al., 2018). There are several ways to minimize these risks or overcome the possible challenges that are discussed.
The globalization of the small industry must not replace their business with the international one. As the internationalization of the business is challenging in the very beginning, the local business strategy and the market will hold the domestic position of the industry (Oyedele, et al., 2016). Also, it should be considered that the organization should pay attention to the geographical distance of the country or area to expand its business to avoid the language, culture, and less shipping expenses.
The illustration of the research model on addressing the negative influences of the international business platforms on the small-scale industries includes the inputs and outputs, processes, context, and interventions (Kostovski & Hristova, 2016). The inputs and outputs are considered as the supply of raw materials in extracting profitability in the business processes. The processes include various strategical planning and actions that are executed to gain profitability in a larger context.
The international industrial companies always tend to have more developed strategical planning regarding their business opportunities than the small-scale industries (Mwika, et al., 2018). Therefore, it seeks to perform according to a long-term contextual aspect. Various interventions include the various tools and techniques in obtaining maximum profitability (Sajuyigbe, et al., 2016). The qualitative surveys performed in the research measuring the effective methods for lowering the negative impacts on small-scale companies identify the differences between the small and large sectors.
The research has been designed in the conclusive causal path where the problem has been studied based on the particular phenomenon. It involves designing a particular structure of research in identifying the relevant framework or methods to address the negative influences of the international business platforms on the small-scale industries (Daedlow, et al., 2016). It indicates in developing an overall strategic aspect for choosing the integration of the various research components logically and coherently.
Before conducting the research, the problem statement must be formulated, which forms the base of the whole research. It is mainly related to the objectives of the research. the problem statement in the research topic signifies addressing of the negative influences of the international business platforms on the small-scale industries by various effective methods.
The reason for addressing the negative influences of the international business platforms on the small-scale industries in this particular research involves its main aims and objectives. The research emphasizes on obtaining suitable and effective methods for lowering the negative impacts.
The literature review in the research on addressing the negative influences of the international business platforms on the small-scale industries plays a vital role in identifying the previous findings in this regard. It is important for obtaining a common-sensical knowledge in this field which will eventually support the formulation of hypothesis.
The research on addressing the negative influences of the international business platforms on the small-scale industries involves the secondary method of collecting data.
The research on addressing the negative influences of the international business platforms on the small-scale industries focus on secondary data collection (Finefter-Rosenbluh, 2017). It involved studying some relevant journals, articles, books, and so on.
The data analysis in addressing the negative influences of the international business platforms on the small-scale industries is mainly based on the qualitative approach.
The research on addressing the negative influences of the international business platforms on the small-scale industries matches and measures the relevant data that is gathered secondarily based on a qualitative study. It tallies the main findings with the conclusive formulation of hypotheses based on the acquired knowledge and qualitative representation from other relevant sources.
The data collection method in the research on addressing the negative influences of the international business platforms on the small-scale industries is based on the gathering of data from secondary sources. It involved various journals, books, articles, and etcetera.
The data analysis method in the research on addressing the negative influences of the international business platforms on the small-scale industries is based on a qualitative approach (McKenney & Reeves, 2018). It involves a qualitative analysis of the collected data.
The ethical consideration of the research on addressing the negative influences of the international business platforms on the small-scale industries involves confidentiality about all the participants of the research. The research is conducted by considering full consent from the participants.
The overall timeline of the research is three years and it has been divided into various modules for conducting the research distinctly.
Timeline (in weeks)
Specifying and analyzing the research problem
Collecting the data relevant to the research and analyzing it for conducting the research
Developing the framework or hypothesis of the research and testing it for addressing the problem
As the research has been conducted on the secondary research method, thus the requirement of resources will be less. The resource of the Research is namely online sources from where the relevant journals have been collected for the study of the research. It has helped as a useful source for conducting the research.
Akpor-Robaro, M. O. M. & Erigbe, P. A., 2019. Globalization and Indigenous Entrepreneurship Development in Developing Economies: A Case Study of Manufacturing and Commerce (Trade) in Nigeria. Journal of Small Business and Entrepreneurship, 7(2), pp. 61-72.
Daedlow, K. et al., 2016. Socially responsible research processes for sustainability transformation: an integrated assessment framework. Current Opinion in Environmental Sustainability, Volume 23, pp. 1-11.
Fernandes, N., 2020. Economic effects of coronavirus outbreak (COVID-19) on the world economy. Available at SSRN 3557504.
Finefter-Rosenbluh, I., 2017. Incorporating perspective taking in reflexivity: A method to enhance insider qualitative research processes. International Journal of Qualitative Methods, 16(1), p. 1609406917703539.
Grayson, D. & Hodges, A., 2017. Corporate social opportunity!: Seven steps to make corporate social responsibility work for your business. s.l.:Routledge.
Kostovski, N. & Hristova, S., 2016. GLOBALIZATION AND SMALL BUSINESSES AND ECONOMIES-CHALLENGES AND OPPORTUNITIES.. Annals of'Constantin Brancusi'University of Targu-Jiu. Economy Series, Issue 4.
Matthews, B., 2020. Liberalize, Sanitize, Digitize: Three Urgent Trade Policy Priorities in a Pandemic Age. George Mason University, Mercatus Center Research Paper Series, Special Edition Policy Brief (2020).
McKenney, S. & Reeves, T. C., 2018. Conducting educational design research. s.l.:Routledge.
Mwika, D., Banda, A., Chembe, C. & Kunda, D., 2018. The Impact of Globalization on SMEs in Emerging Economies: A Case Study of Zambia. International Journal of Business and Social Science, 9(3).
Oyedele, O., Kareem, T. S. & Akanbi, F. K., 2016. Globalization and small and medium enterprises development in Nigeria: evidence from Lagos, Nigeria. International Journal of Economics and Business Management, 2(4), pp. 22-29.
Sajuyigbe, A. S., Alabi, E. & Adewale, A. J., 2016. Globalization and its Effects on the Performance of Small Scale Businesses in Nigeria. International Journal of Finance and Management in Practice, 4(1), pp. 18-24.
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