Assessing the Influence of Business Education on the Solvency of Small

Question: Discuss about the influence and the impact of the business education on the solvency of small and medium enterprises in Victoria. Answer: Business Research Topic I want to study about the influence and the impact of the business education on the solvency of small and medium enterprises in Victoria. There are lots of small and medium enterprises in Victoria. The initial research suggests that the business education can help the small and mid organizations to grow and develop. Literature Review Small and medium enterprises hold a significant place in Australia. SMEs not only offer employment to over 10% of the Australian adult population but also, provides the economies goods and services as well as a major contributor to both income and wealth creation. However, despite, this significant contribution, the Australian Bureau of Statistics in a recent report indicated that approximately 90, 000 SMEs deregistered from the economic market every year. Further, 75% of the SMEs, equating to nearly 67, 500 ventures failed to see their 5th year of operation. Several recent scholarly efforts have indicated that over 60% of owners and/ or proprietors of these fallen enterprises gave one basis for insolvency as being their inadequate business and management capabilities. Such capabilities included education levels, experience durations, formal and informal skills and market knowledge. Imperatively, this implied that a higher proportion of the SMEs insolvencies were evitable, had these proprietors or owners acquired the needed business knowledge, education, skill, expertise or support. Literature has it that enhancing business competencies and management skills allowed owners or proprietors identify blind spots occurring in the internal operational structure of some enterprises; to be identified and controlled. Therefore, this study pursued to assess the influence of having business education on the solvency of these SMEs. From the early years of the 20th century, scholarly and practitioner efforts, primarily relating to business structures and procedural management focused on enhancing the business managers understanding and knowledge. They aimed at realizing outcomes beneficial to business owners (shareholders) and staff (employees). The century nurtured the concept and realm of enterprise development emanating from the industrial revolution and the emergence of the Modern Industrial Capitalist (MIC) (Galbraith 2004, p. 1). The emphasis for this study lays with small and medium enterprises solvency. It will review the significance of business management education on SMEs solvency; giving focus to the perceived participants (education givers and business proprietors) requirements of the facilitating education givers and the perceived outcomes by the business proprietors. The Australian Bureau of Statistics (ABS) in their report ((ABS Cat. No. 8127.0 2011c) (2012) indicated that small and medium enterprises hold a significant place in Australia. SMEs not only offer employment to over 10% of the Australian adult population but also, provides the economies goods and services as well as a notable contributor to both income and wealth creation. However, despite, this significant contribution, the Australian Bureau of Statistics in a recent report indicated that approximately 90, 000 SMEs deregistered from the economic market every year. Further, 75% of the SMEs, equating to nearly 67, 500 ventures failed to see their 5th year of operation. Several recent scholarly efforts have indicated that over 60% of owners and/ or proprietors of these fallen enterprises gave one basis for insolvency as being their inadequate business and management capabilities. Such capabilities included education levels, experience durations, formal and informal skills and market knowledge. The mere background elicits the need to investigate degree if any that management and business courses effects on SMEs solvency. Indeed, a primary motivation for the study remains to determine whether the higher incidence of SMEs emanated from a deficiency in business education. Research Questions The research project has five key questions. These questions can be discussed as: Do the various business management programs offered at Victoria-based higher learning institutions meet the competency-based needs of vocational education and training Do the various Victoria-based higher learning institutions offer SMEs business management programs that meet the various players needs Do the SMEs proprietors enrolled for education and management programs select vocational teaching and training competent courses At the end of the training, do the SMEs participants acquire significant general and specific personal and business competencies Do the various business and management teaching approaches by Victoria-based higher learning institutions contribute to enhancing SMEs solvency Research Methodology The research methodology would be a combination of primary and secondary research. Additionally, the study design will achieve knowledge transference suitable to SMEs proprietors/ owners as well as, offering improved education and management education by training. Gant Chart I plan to complete the research in the window of 14 weeks. The 14 weeks timelines or the Gant Chart can be shown as: Timelines: 2016 W-1 W-2 W-3 W-4 W-5 W-6 W-7 W-8 W-9 W-10 W-11 W-12 W-13 W-14 Background Study Concept Paper Research Area Finalied and supervision Research Questions Defined Literature Review Data Collection Data Analysis Report Preperation Final Research Report Research Process The research process would be a logical model in which that would have the various steps. The first step for the research process would be the research problem identification. The definite steps used in my research process can be discussed as: Step 1: Identify the topic for which I would do the research. I have already complete this step This is the phase where the broad area of research is defined. In this phase, the specific research questions are not formulated but the high-level research area is defined. Step 2: Define the specific research problem, research questions and research objectives This is the phase where the specific research questions are developed. In this phase, the high-level research area is broken down and the specific research questions for the study are formulated. Step 3: Do the literature review This is the phase where the existing literature on the subject is explored and the literature review is done. Step 4: Develop the research methodology This is the phase where the research methodology is defined and the primary and secondary research is done. Step 5: Data collection Data Analysis This is the phase in which data is collected and data analysis is done. In this phase, the statistics and mathematics equations are used to analyze the data. Step 6: Make report and presentation This is the report in which the report is made and report presentation is developed. Data Collection and Analysis: The data collection and analysis would be a key phase of my research project. I would use the existing studies and literature to collect the data. For data analysis, the tools like Microsoft Excel, SPSS would come useful. I would use business statistics and mathematical model to do data analysis. Expected Research Outcomes Resultantly, the study will be expected to expand the present body of literature relevant to solvency, particularly for SMEs in Australia. As well, it expects to derive significant relationships between business education programs, management skills with business solvency. Finally, based on the research findings the study will draw implications for interventions and further research. References: Australian Bureau of Statistics, (2012). Australian Bureau of Statistics. Australian Business Expectations, Canberra, ABS. 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