My learning experience in the research about small businesses and employment in Australia is a transformative experience which has profoundly improved my perception of the role that small businesses play in Australia. This is because before the research I saw small businesses in Australia as entities that are of insignificant roles to the economy. However, after learning process which was aided by the analysis, I have realized that small business plays a significant role when it comes to building the economy of Australia.
The value of the experience
The value of the experience is that it assisted me in understanding that even though small business creates a lot of employment in Australia, they still do not contribute to a significant percentage in developing the economy of the nation as large firms do (Chapman et al., 2015) This is because large firms can acquire large amounts of capital through borrowing from financial institutions. The borrowing contributes to economic growth of the banking industries which is later on reflected on the overall growth of country’s economy.
The learning experience from the research on small businesses and employment in Australia helps in my course through different ways. Firstly, the experience assists me to learn about the factors that act as barriers to small businesses in their quest to achieve stability in the various markets that they operate. The first challenge according to the study is poor planning is done by the entrepreneurs before they begin their operation, inappropriate marketing techniques and inability to set targets due to the uncertainty that is common in the operating industries (Gray and Malins et al., 2016).
The new knowledge as a result of the study will act as my source of reference in my quest to start a business in the future (Kotey, 2016). This is because the experience gives me knowledge about the challenges that small business has in Australia, so when beginning a business I will be able to draw a proper plan that will help me in solving the problems that are as a result of poor business planning. Additionally, through the study, I can begin a small business in Australia and relate to large and established firms to get business stability. One of the ways by which a small business can relate to a well-established business through seeking for a continuous supply of raw materials from large organizations to aid in my production activities.
My learning process was built upon three major principles. The first principle was identifying the difference between one’s ideal self and real self. The gap in this principle represents the primary motivator to learn and improve. The second principle was that both the respondents and the researcher have the responsibility to make the conversation flow. This principle aided me to ask questions that the respondents could answer to allow the continuity of our conversation. The final principle is the creation and implementation of a challenging and a realistic action strategy for development (Pattern and Newhart, 2017).
To continue, during my learning process, I developed a real experiment. According to Vogt (2016), developing real analysis involved the creation of subtopics that I was going to put under the consideration when studying about small business and employment in Australia. The subtopic created include research on the challenges that small business face in Australia, what role they play in ensuring economic development of the country and way by which the government intervenes in business operations of various organizations to assist small businesses in Australia to improve. The next thing that occurred in my learning process is having a reflection on the subtopics that I created under the main topic of research. The next cause of action in my process of learning was conducting research. The primary reason for doing research was to find the answer to the questions that I raised from the subtopics that I created. The next activity entailed talking to others with the aim of grasping information that related to the questions that I had (Robson, 2016).
What I read during the learning process.
During my learning process on small businesses and employment in Australia, I read various pieces of literature that had been done and were significant to the topic under study. According to Cavusgil et al.,. (2014), small businesses face multiple challenges that hinder their operations and success in the various industries that they operate in. The first challenge is poor planning. Poor planning impedes business operations since it affects the overall rate of return that the business generates regarding revenue. To continue, walker and brown (2014) notes that small businesses in Australia play a primary role in economic growth, but their roles in economic growth are not as significant as those performed by large multinational organizations in Australia. The difference in the significance of roles is brought by the gap between the level of labor, capital and other factors that are needed for the success of business between small firms and large enterprises.
Concerning what I saw from my study, I saw different records from previous works of literature that indicates the difference in the roles played by the two types of enterprises in Australia. Records from Polanski et al., (2015) suggests that the gap between the role played by large businesses and those performed by small businesses is at eighteen percent. This is because small enterprises contribute to thirty-seven percent of the total growth of the Australian economy while large companies contribute to fifty-five percent of the overall economic growth of Australia.
The information that I gathered from the face to face conversations that I had with my respondents who are primarily owners of small businesses in Australia is that the Australian government has put in place many techniques to improve the conditions under which small businesses operate. This move aims at improving the profitability levels of small businesses which will tentatively contribute to the growth of the Australian economy. Some of the strategies laid by the government are tax reliefs for small businesses and easy access to financial assistance form financial institutions.
The business research was used in the study to my research learning process in the following ways. Firstly, business research acted as a tool for constructing knowledge and efficient learning. Through the research process, I collected information concerning the challenges that small businesses face in Australia and through this knowledge I can seek solutions which can help me evade these challenges when I start a new business. Secondly, business research availed the means to understand the various issues related to business (Duncan et al., 2017). Additionally, ways to seek opportunities when operating a business were also made clear by the research process.
Reasons, why I did some activities like talking to respondents and reviewing previous kinds of literature in my study, was to collect both primary data and secondary data pertaining the topic under discussion. The data collected was to improve the reliability of the study. Additionally, reading other books related to the subject under discussion provided the opportunity to recognize the gaps that had been left by the earlier studies.
The learning might apply on different occasions in the future. This is because I can use the knowledge gained from the research to identify the type of businesses that can survive in the Australian market. Additionally, from the study, I can expect the type of challenges that my company is likely to face the moment I start a business. Finally, through the experience gained from the study, I can know where to seek financial assistance in times of need. This is because the research highlights some financial institutions as the sources of credit services to small businesses.
Reference
Bond-Smith, S., Duncan, A.S., Kiely, D., Leong, K., Nguyen, H.T. and Ong, R., 2017. The engine room for growth? The role, performance and future prospects of small business in Western Australia (No. FWA09). Bankwest Curtin Economics Centre (BCEC), Curtin Business School.
Burns, P. (2016). Entrepreneurship and small business. Palgrave Macmillan Limited.
Cavusgil, S.T., Knight, G., Riesenberger, J.R., Rammal, H.G. and Rose, E.L., 2014. International business. Pearson Australia.
Chapman, C., Muijs, D., Reynolds, D., Sammons, P., & Teddlie, C. (Eds.). (2015). The Routledge international handbook of educational effectiveness and improvement: Research, policy, and practice. Routledge.
Echevarria, J., Vogt, M., & Short, D. (2016). Making content comprehensible for English learners: The SIOP model. Pearson.
Gray, C., & Malins, J. (2016). Visualizing research: A guide to the research process in art and design. Routledge.
Kotey, B., 2016. Enablers and Barriers to Exit of Regional Small Business Owners in Australia. Australian Geographer, 47(2), pp.195-214.
Patten, M. L., & Newhart, M. (2017). Understanding research methods: An overview of the essentials. Taylor & Francis.
Polonsky, M.J., Casey, M., Murphy, S., Portelli, K., Van Velzen, Y. and Sandler, D., 2015. An Exploratory Investigation of Sports Sponsorship by Small Business in Australia. In Proceedings of the 1995 World Marketing Congress (pp. 529-529). Springer, Cham.
Robson, C., & McCartan, K. (2016). Real world research. John Wiley & Sons.
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