SME opportunities and challenges
This research study is based on SME opportunities and challenges. In this context, this paper aims to identify the opportunities and challenges for the Indian SMEs in service sector at global level while giving consideration towards critical analysis. The motivational factor to conduct this study is that it has supported to touch the contemporary market issue. For this purpose, primary as well as secondary data collection method is used. Got the collection of primary data, survey questionnaire method is used.
In like manner, secondary data is collected on the basis of referencing various articles, journals, reports, etc. To evaluate the primary findings, quantitative data analysis method is used which has enabled to represent the findings in a statistical manner. Moreover, to increase the relevancy of the research outcome, primary findings have correlated with secondary outcomes. It has enabled to increase the reliability of the study.
This research paper supports to achieve the research objectives at a greater extent and helped to give major consideration towards Indian market. It not only supported to analyse the opportunities and the challenges for the Indian SMEs in service sector at global level, but also supported to recommend the ways to decrease the frequency of the challenges and to increase the opportunities.
The main aim of this research is “to identify the opportunities and challenges for the Indian SMEs in service sector at global level.”
In today’s competitive business environment, the nature of a business is changing rapidly, and now most of the firms are seems to expand their business at international level in order to achieve a competitive advantage and also high growth in the international market.
In context to it, the serviceSMEs in India are also focusing to expand their business from local to global level due to increase in opportunity and changes in business segments in terms of technological advancements, government policies, alterations in industrial structure, globalization, emergence of the new market, etc in all over the world (Blackburn, and Schaper, 2012).
This simultaneous change in technology creates huge influence on the growth of the Indian service SMEs as it provides the better business opportunities to the business in global market. Moreover, this report also discusses globalization as an important factor which assists the IndianSMEs in service sector by providing support and opportunity to develop and grow their business by targeting international market effectively.
So, to facilitate more opportunities for SMEs, internet services such as websites, social media, etc are used by firms in order to target the customers of international market (Hashim, 2012). There are large numbers of the service SMEs in Indiathat are trying to expand their business in order to gain competitive advantage and also to increase market share. But at the same time, there are some challenges which SMEs have to face which affect the chances of grabbing the opportunities efficiently.
Thus, this report discusses the challenges and opportunities to large extent in order to develop strategies that can be used by the service SMEs for growth and developmentin India.
At the same time, the economics of scale is one major factor that develops difficulty for the Indian service SMEs to enter the international market and compete with other international firms and to achieve the competitive advantage in global market successfully (Lisboa et al., 2011). But on the other side, this report discusses the difference in the international culture which somewhere also creates difficulty for the IndianSMEs to expand and operate their business successfully.
In addition, SMEs need to manage the large customer base at global level because of which it becomes challenge for the company to identify the customer needs and preferences effectively and meet them (Tian and Borges, 2011). In addition, the Indian service SMEs are required to consider the other aspect of international economy i.e., exchange rates, supply chain management and so on are some major causes that develops the challenges for SMEs to expand their business or enter in global market effectively.
The main aim of a research study is to identify the unique ways that help SMSs to face the problems while operating its business at the global level. For this, a researcher has to identify different opportunity and challenges which Indian SMEs face while expanding a business globally. Moreover, some ways are also recommended by a researcher that can be found helpful for the IndianSMEs to operate their business at international level successfully. So, in order to achieve the aim of the research successfully, there is need that researcher determine the objectives and considering them for completion of the research study efficiently:
- To identify the factors that provides opportunity to the IndianSMEs in service sector for expanding their business at a global level.
- To identify the challenges the Indian SMEs in service sector face while operating their business globally
- To determine the recommended ways that are helpful for the Indian SMEs in service sector to expand business at global level
- What can be the ways for the Indian SMEs in service sector to be global?
- What are the major challenges that can be faced by the Indian SMEs in service sector to be global?
- What are the best strategies that can be helpful to the Indian SMEs in service sector to make easy the business their expansion?
- Is there any role of the culture difference in the business expansion of the Indian SMEs in service sector at global level?
In today’s changing business environment, this research study is very helpful in developing the understanding and knowledge of the opportunities and challenges that the Indian SMEs in service sector face while entering or expanding business at a global level. In context to it, there are some factors that are analyzed in this research that found to be helpful for the Indian SMEs in service sector to expand their business globally.
In addition to it, this research study is also helpful for the researcher as it provides the in–depth understanding of better business opportunities for the Indian SMEs in service sector. For a researcher, this research is very important as research helps the SMEs to determine the problems and challenges which they face when they develop and expand their business in a high competitive international market (Pietrobelli and Rabellotti, 2011).
At the same time, this research study will provide the best and relevant outcomes by identifying the challenges and opportunities faced by the Indian SMEs in service sector at a global level. On the other hand, the research also assists in determining some recommended ways that can be used by the SMEs to explore the international market and to expand their business globally in best effective manner.
In a similar manner, this research study has a wider scope as per the other researcher point of views. Moreover, this research study process helped me in developing my understanding and knowledge towards the opportunities and challenges that are faced by the Indian SMEs in service sector at the time of expansion of their business at a global level. Thus, this research study is justifying the research aim and objective by developing and identifying the ways for the Indian service SMEs which will help for future growth and development.
For completing the research study, both primary data and secondary data collection method would be used by researcher in which the information about the international market and opportunities and challenges will be analyzed and that will help in determining the difference in culture adopted by the Indian service SMEs at international level. In research study, the primary data collection is used for collecting the data for first time and for which questionnaire and survey is conducted to collect the information.
For this research, researcher would use the questionnaire and distribute it among the employees of the Indian service SMEs in order to collect the information (Srivastava, 2013). In the questionnaire, close ended questions related to different opportunities and challenges for their business are asked to the employees of different SMEs of service sector in India.
Similarly, the secondary data collection method is a method in which data is collected already by other researcher and that data is used for further study which is available in the form of books, magazines, journals, and articles at different sources like academic library, Google scholar, university library, etc. With the help of different data sources, it becomes easy for researcher to understand and identify different aspects which would lead to development of theoretical and conceptual knowledge in respect of research topic (McNabb, 2013).
At the same time, the identified collected data is analyzed by using the different marketing and business and customer oriented theories. These theories would be applied on data collected with the help of primary and secondary data sources. Thus, the collected data will help in increasing the reliability and validity of research outcome as well as help in verifying it with accurate result that helps in determining the theoretical aspects.
For completing the research study successfully, then there is requirement of proper research structure which would help researcher to accomplish its research with full satisfaction level.
Introduction: This chapter of the dissertation is very useful for the researcher for completing the work analysis. In this, researcher is provided with in-depth understanding in following different aspect such as research background, research significance, aim, and objectives and research justification. There are various tools and techniques that researcher uses to conduct the study as it provide the guidelines and help to researcher for completing the research study effectively.
Literature Review: In this next chapter of the research, the critical evaluation is done under which researcher fully identifies the research objectives that are made by the researcher. For this literature review, researcher used different data sources like various articles, journals, books, some articles, etc which are directly related to purpose of research study. On the other hand, this chapter help in developing theoretical understanding on particular research topic.
Research Methodology: In another chapter of this research, researcher discusses about the data sources and collection of adequate information with the help of research methods, tools, and techniques, approaches, ethical issues, research limitations, data sampling etc which help in justifying the study by using the collected information.
Data Analysis and Findings: This dissertation chapter of research helps to find and analyze the required data collected from different data sources such as both primary data and secondary data and this chapter help in representing the research findings in best efficient manner.
Conclusion and Recommendations: In this last chapter of research, the researcher provides the conclusion for overall findings and data which is done &analyzed in this research report study. Moreover, the researcher also provided the recommendation for the issue and challenges faced by the Indian service SMEs at international level.
In the research of Kock, et al., (2010), it is identified that due to changing technology, it influences the business environment in an extreme manner that gives the business various opportunities but at the same time, it also challenges the business operations in terms to establish in the global platform. Moreover, the changing environment not only gives opportunities to big and large enterprises but it also gives the chances to the Indian service SMEs for performing their operations in a global market.
In support of this, Hamisi, (2011) stated that with the increasing technology, the competition in the business environment also get growing and it change the way of performing the business as every organisation whether it’s a large or SMEs wants to pursue on the digital platform with the aim to interact with the global audience. Besides that, large number firms want to expand their business from their local to a global market in order to achieve high market share and global market recognition.
Likewise, the Indian service SMEs are also working hard to expand their business at the global level for giving the tough competition to the competitors and for sustaining in the market over the longer period of time.
For the Indian service SMEs to attain recognition in the global platforms, there are various opportunities available that give a maximum chance to the small business for entering easily into the new market. These are occurring with the globalizations, free trade that allows the small business to go through their local boundaries and establish their business operations to growing market.
At the same time, the advance technology also supports the small enterprises to get the attention of the customers towards the products/ services. In the findings of Olawale and Garwe, (2010),it is identified that the increasing trend of social sites and digital marketing, it makes convenient for the Indian service SMEs to easily expand their functions in the global market. These digital platforms are the major sources of motivation to the SMEs for developing strategies to go in the new market.
It is because, in the current scenario, every group of cultural people is on the social sites, so it becomes too easy for the small business to share their offers with maximum audiences without investing much capital in it. So, digital platform is the major factor that opens various opportunities for the small business to seek the untapped market.
In addition to this, globalization and free trade are also an important factor that proves to be beneficial for the Indian service SMEs for expanding their functions. As with the formulation of globalization and liberalization, it allows the small business to freely pursue into the new market without having any legal restriction, and they can also make a free trade without performing any type of duties. Thus, such policies add an advantage to the SMEs for performing their business operations freely in the global market.
From the findings of Brammer, et al., (2012) it is interpreted that the SMEs by utilizing their resources in an efficient way and incorporating the sustainability practices in their business functions that may help to minimize the risk and large requirement of investment. It is also estimated that sustainable practices are the emerging trends of the current environment as with the increasing environmental issue.
Due to this, people are becoming more conscious and prefer more on green products with the aim to protect the environmental and provide less influence on the people. So, by using sustainable strategy, the Indian service SMEs could able to get the maximum attention of the larger audiences and become a global brand. Likewise, in the research of Hernández et al., (2012) it is mentioned that by using the merger and joint venture strategy, the small enterprises can able to make collaboration with a global player and this strategy help the Indian service SMEs to clearly understand the market and customer preferences.
It results in mitigating the high risk of failure and able to save the large investment. The concept of collaboration considers as the best strategy for the SMEs as it divides their risk and also fulfils the large capital requirements of the small companies.
On the other side, Pietrobelli and Rabellotti, (2011) state that outsourcing strategy is also considered to be an advantage for the Indian service SMEs to become a global brand. It is because outsourcing helps the SMEs to increase the quality of their products/ services and it also helps the small business to improve their performances in the global market and functions their operations in an efficient manner.
Moreover, outsourcing strategy also helps the small business in terms to reduce the large capital investment for the production and process of the product. This gives the opportunity to the SMEs to make an investment in another portfolio for increasing their customer base.
According to Lee, et al. (2010),SMEs can also get the maximum opportunities in the supply chain management as there is potential opportunities are available in which SMEs should create such support system that facilitates fast distribution of products and services.
This can be done through developing a systematic network in the global market by outsource or work as a partners with the local players that allows the Indian service SMEs to get into the global market and able to supply the offering timely to the customers. This will helps the SMEs to increase their large customer’s base.
At the same time Zulkifli et al., (2009) changes in the industrial structure, development of the potential market, changing government policies etc in across the world have provides the better opportunities to the small business to do their operations at the global level by using the different electronic tools and techniques (Dasanayaka, 2011).
These can be different online modes including the e-commerce and websites as it helps the Indian service SMEs to easily target the customers in the wider Geographical regions and able to grab the more market opportunities by fulfilling the needs and wants of the customers.
Thus, the above mention factors will generate various opportunities for the SMEs like develop quality & updated products or services that are widely accepted in the global market and this help the small company to mark their position in the international platform. Such practices will be proving successful for the SMEs to efficiently implement their business operations and for becoming the global brand (Abor and Quartey, 2010).
In the research study, Ashtankar, (2013) it is elaborated that there are various challenges faced by the Indian service SMEs when they are expanding their business at the global platform. The major challenges that create the problems for the SMEs are the adequate availability of the capital for the SMEs for expanding their operations in the global market.
It is because global market expansion demands the high investment of the business in the production and marketing of the products/ services. Thus, it becomes a challenge for the Indian service SMEs to make available a large number of funds for the investments. In support to this, Blackburn, and Schaper, (2012) stated that frequently changing in the technology and increasing the tough competition is another challenge for the small business as for the small business, it is quite difficult to continuously repose to the changing technology.
The reason of this is that the changing technology makes the forces to the firm to follow updated technology for giving the tough competition to the local players and this will cause of increasing investment to a company, and this could influence the business operations in a negative way. Thus, capital availability and changing technology is both create issues for the small business to expand its operations.
According to Ongori and Migiro, (2010), it is quite difficult for the Indian service SMEs to provide the proper online services to the customers as online services demand systematic distribution and supply channels that able to cater the needs of the global customers. Hence, such process requires high investment and capital requirements to develop their high online network.
It is identified that for such process, the Indian service SMEs are incapable to incorporate such technology as small business does not have skilled staff that have clear understanding about the online offering and at the same time small business are incompetent to adopt the advance technology as lacking in generating the sufficient capital and resources to carry out their operations at global level.
Thus, such practices restrict the small business to expand their operations and able to create a new customer. In addition to this, Gunasekaran, et al., (2011) mentioned that as per the resources-based theory, there is need to have sufficient resources, a proper adaptation of technology, skilled workforces as it considers an important tool for the firms to giving the tough competition in the global market.
In regards to this theory, it is estimated that for the Indian service SMEs, it is quite challenging to enhance the resources capabilities and this makes creating a problem in terms to access the advance technology and cater the changing needs of the customers in the global market. Besides that, different countries taxation policy, currency fluctuations, government rules, and regulations, etc are the major challenges for the small companies as it does not possess such capabilities to response easily the changing policy and exchange rate (Musteen, et al., 2010).
It is because when these firms perform their operations in the international market, then various transactions are required to perform in different currencies, so it creates the issues for the small business to handle multiple transactions with the limited capital and resources.
From the findings of Kalinic and Forza, (2012) it is determined that as globalization proceeds, it transform into the economic development by releasing various opportunities for the business. But at the same time it also challenges the businesses especially SMEs as majority ofthe Indian service SMEs in developing and transactions countries unable to exploit the benefits of the globalisation and free trade policy due to the increasing pressure of the local or domestic big players in the global market. It is because that provides the cheaper imports of quality products to the market.
Thus, existences of the big players in the market become the barriers for the small firm to sustain in the local market and it also creates difficulties for them to explore their functions in the new or potential market. In support of this, Chelliah, et al., (2010) exhibited that the Indian service SMEs due to their size and incompetency, become a non-competitive in terms to face the real exchange rates.
Moreover, limited access to finances, the poor state of infrastructure and lack of effective institutional structures are the reasons that become a challenge for the SMEs to operate the business functions on the bigger platform.
On the other hand, Dasanayaka, (2011) explained that there is one more barrier that influences the capability and action of the SMEs during their business performances from local to a global market. It can be the economies of scale because it is quite difficult for the SMEs to offer the quality products/ services with the affordable prices to the international market and to give the tough competition to the global players.
As economies of scale demands to the high production unit, efficient distribution process and quality offering, so in that case, small business houses prove to be incapable to fulfil all such requirements.
From the research of Kreiser, et al., (2010) it is illustrated that the cultural differences are also considered as a key challenge for the SMEs to successfully operate and fulfilling the needs of the customers. It is examined that to understand the different culture needs and preferences, there is need to make large investment in the research study on the different market so that company able to fulfil the requirements of the diversify cultures.
At the same time, such activities could be easilyperform by the big and large enterprises but it is tend to be difficult for the small and medium companies as they does not have enough capital, resources and technology that supports their research study effectively. Besides that, the SMEs are also incompetent to understand the different cultures as small business are lacking with the skilled staff and channel that would help them to aware about the different cultures and its actions.
In contrary of this, Rosenbusch, et al., (2011) argued that SMEs face increase diversity challenges due to SMEs have less time and expertise in the implementation of efficient and integrated diversity policies as they have issues related to the operational concerns and small houses also have fear to handle the diversity needs. It is because cultural diversity is more a sensitive concept that demands systematic diversity management policiesand it also requires handling in a more logical manner by designing the strategy as per the cultures needs and wants.
On the other side, it is not a bigger issue for the big groups as they get convey the values of different culture diversity with their large network of suppliers and sub-contractors. This helps the big groups to receive the relevant information about the different cultures and it assist them to easily develop the future strategy for the international market with the aim to be global.
But for the SMEs group, it is consider a complex task as to work in the international level, proper cultural diversity management is required for studying about the perspective of the different cultures of the different countries so that they offers that services that is well suited to their culture.
In support to this,Anderson and Eshima, (2013) view that for understanding the global market, there is need to develop the different mindset and competencies by the companies for working in the global platform. This includes are knowledge about other countries and cultures, development of competencies and aptitude need for working and operating in the global context.
Thus, only by incorporating such practices into the business operations by the organisation then only they can successfully implement their functions in the international market. But with the case of the Indian service SMEs, it is very tedious for them to deeply understand the local knowledge and cultural sensitivity by building good relationships with the suppliers and distributors as local distribution and suppliers is also more interest to become the part of the large enterprises.
It is because the collaboration with the big enterprises gives the middlemen more profits and revenue generation as compare to the small houses, so achieving the appropriate distribution and supply network is also consider key challenges in the context of gaining the knowledge of different cultures. Hence, the Indian service SMEs are proved to be unsuccessful for approaching the right mediators for understanding the international market due to its small size and nature that gives biggest challenges to them in regards to expand the business.
Therefore, culture is the major factor that effects the business operations of the organisation especially of small organisation due to having less experience and shortage of knowledge related to the culture. So, in that case to having the proper knowledge of the different cultures is essential for the employees of small firms in order to successful operates and expands its business in the multiple areas. Thus, all the above factors are the major causes that create the issues for the SMEs sector for becoming the global brand.
In the views of Runyan, et al., (2012) there are various strategies that will assist the SMEs to expand their business from the local to the global market. But at the same time especially for the SMEs to enter into the global platform with the limited resources and limited capital is quite challenging for the small organisations as in the global level, there is strong competition exist that give high threats to the new entrants.
So, in order to give enter into the foreign market and want to enhances their customer base then, there is need to adopt the certain strategies to successfully capture the global market. In this study, Kraus, et al., (2012) suggested that the Indian service SMEs should need to firstly develop the better resources management so that small business able to develop the quality offering within the limited resources and able to make an impact on the global customer.
Besides that, SMEs could also utilise the resources in an efficient manner by following the recycle, reuse strategy in the business process. Similarly, Leitner and Güldenberg, (2010) also mentioned that outsourcing strategy could also prove to be beneficial for the small business houses in order to enter on the global platform because outsourcing helps the small business in terms to improve the quality of the offering by providing the support to the business.
At the same time, it also assists the business to open its function in other countries by providing them various services such as production services and provide advances technology to develop the product. Thus with the help of such benefits, the SMEs could successfully implement their business operations in the global platform.
From the research study of Kishore, et al., (2012) it is finding that for the small enterprises, the theory of internalization is well suited as this theory states that the investment in the foreign subsidiary provides more advantage to the SMEs instead ofusing the licensing.
As by making investment in the foreign subsidiary helps the small companies to understand the needs of the international market and by gaining the knowledge of the market, it becomes easy for them to enter into the global platform and able establish their business operations. Thus, this process also gives high returns to the small firms of their investments.
According to Sharma, et al., (2011) does not consider the diversify culture is the challenge for the small company as it is believes that with the investment in the diversity management programs then the company get more opportunities in terms to get acceptances in the market or increasing the customer base.
So in that case, the Indian service SMEs should need to conduct the training programs for the employees so that employees can able to learn the techniques like how to handle and communicate with the diversify target audiences. It can results in getting recognition in the foreign market. Besides that, small firms need to design the culture programs in which knowledge related to different cultures is provide to the employees.
This allows gaining the depth understanding about the culture differences across the countries and such facilities provide positive effect on the small business. Similarly Santos, (2011) stated that culture is the vital factor for the companies as it affects the whole business operations process so in that case to have properly knowledge about the culture perspective can help the small companies to develop their marketing strategy and able to create the operational plan accordingly.
Therefore the proper data, facts assists the company to successfully operates the business in the global market and become the global brand.
In the research of Scalera and Uruçi, (2011) it is identified that for the Indian service SMEs to become global, the main problem that is occur is the lack of sufficient capital and technology. So in that case, it is recommended that small business should need to pursue the collaboration or joint venture strategy. It is because joint venture supports the small business in terms of making available capital and providing the understanding about the foreign market.
At the same time collaboration strategy also helps the small companies in regards to risk management or investing large amount on the project. This strategy could be proving best for the small company to operate its operation from the local to global market. In relation to understanding the foreign market then the monopolistic advantage of theory is more relevant to this situation as this theory states that for every type of firm whether it is small or large.
It is require for them to enter into the global market only by having a relevant knowledge about the target audiences then only company gets the achievements in the new market. Likewise Noke and Hughes, (2010) stated that small firms should need to explore its knowledge about the market before developing the strategy as this helps the company to efficiently presents its offering to the target audiences and able to attract the potential market.
In support to this statementLasagni, (2012) illustrated that incorporating the efficient supply and distribution channel is consider the best strategy forthe Indian service SMEs as it assist the small firms to study about the local needs of the target audiences.
So it is recommended to the small business to incorporate the most suitable SCM (supply chain management) and CRM (customer relationship management) in order to easily approach the target market. Thus, such practices are the major sources that encourages the SMEs to operate their business globally and become most recognise brand by giving tough competition to the competitors.
At the same time, Danis, et al., (2010) recommended that small enterprises should need to use more social sites for getting the information about the target customers as it does not demand high investment of the companies then in that case it is best suited strategy to get attention of the customers and it also allow to easily enter into the global market. Thus the entire above mentions target will prove to be beneficial for the Indian service SMEs to expand the market in the global platform and able to achieve the competitive advantage against the competitors.
From the above literature review, it can be summarized that there are several business opportunities for the Indian service SMEs in international market due to positive business environment. At the same time, it is also found that these SMEs also face several challenges in international market like lack of fund, regulatory changes, and legal complications, lack of economies of scale to reduce cost, shortage of network, culture diversity and resources that may affect their aim to be global.
Apart from this, it can also be concluded that by adopting some strategies like collaboration or joint venture strategy, knowledge development, resource management approach, outsourcing strategy, social media marketing strategy, diversity management and CRM, the SMEs can successfully expand their business globally by addressing the issues in international market.
The major aim of this research study is to analyze the challenges and opportunities for India SME’s in service sector at global level. In like manner, the importance of this chapter is to examine the various methods and different approaches that are used for the research study by having the full explanation on the research topic (Mackey &Gass, 2015).
At the same time, research framework is being implemented for selecting the most appropriate research methodology that is in return very significant for the researcher to choose suitable elements of the study that will help to accomplish the research successfully.
Research philosophy is usually based on the thinking of the researcher on the issues of the research and it further help the researcher by establishing the skills, abilities and knowledge about the issues of the research. At the same time, research philosophies are of three types that are used by the researcher. The three types of researcher philosophies are positivism, realism and interpretivism research philosophy (Bunniss& Kelly, 2010).
When the researcher wants to gain an in depth study or understanding of the issues of the research, the positivism research philosophy is been used by the researcher. The positivism research philosophy is based on the scientific facts and figures as it is subjective. Due to inadequacy of information and knowledge in the context of arithmetic tools it doesn’t provide clear results. The statistical framework is also considered in positivism research philosophy (Chen, et al., 2011).
On the other hand, the interpretivism philosophy is not based on the subjective nature. It helps the researcher to compare the data been collected from the already existed literature data that further assist the researcher to make the valid researcher outcomes and to accomplish the research project successfully. Besides this, the realism research philosophy is based on reality of already existing phenomenon (Leitch, et al., 2010).
In this research project the researcher has used the interpretivism research philosophy as it helps the researcher to interpret the thoughts and views of the various participants of the research and also to establish an understanding about the challenges and opportunities for India SME’s at global level in service sector.
The research approach gives an opportunity to the researcher to obtain the actual & exact information regarding the issues of the research and also helps in suggesting the ways that can be used by the researcher in order to solve the issues that arise in the research. It is revealed after peeling the top layer of the research philosophy (Friend & Jessop, 2013).
There are two kinds of research approach that are used by the researcher. The two different kinds are inductive research approach and deductive research approach. In addition, inductive research approach is the approach that helps the researcher in assisting the new theories by considering the topics of the research. There are other benefits of using this approach by the researcher that is it completely based on collecting the data besides hypothesis testing.
This approach is also referred to as building approach theory. On the other hand, deductive research approach is completely based on the testing of hypothesis of the various different theories (Mettler, 2011).
At the same time, in this research project the researcher has used the inductive research approach despite the deductive research approach. It is because it helps the researcher in developing the new theories instead of hypothesis testing and focusing on the existing theories.
The another reason for adopting inductive research approach is that this approach relative directly with the interpretivism research philosophy as well as it is more suitable and flexible in context of the issues of research (Sultan & Yin Wong, 2013). In addition, it also helpful in generating valid outcomes as well as in accomplishing the research successfully.
The process of any of the research is customized by adopting different choices such as, quantitative method, the qualitative method and the mixed method that is a combination of both the methods. In qualitative method the opinions, ideas, views, etc are used in the research on the other hand, the quantitative method is totally based on numerical values (Mertens, 2014).
In context of this research, mixed research method is been adopted by the researcher. The reason behind this is that the researcher used survey and literature review which has helped the researcher in accomplishing the research successfully and also to generate valid outcomes of the research (Yvonne Feilzer, 2010).
Research strategy is a vital and essential element of the research study as it helps to ensure the availability of the information and the useful research data to the researcher regarding the issue of the research. In addition to this, it also helps in improving the reliability as well as the accuracy of the research that in return helps the researcher to obtain the valid research outcomes and at the same time also to fulfill the various objectives of the research successfully and effectively (Gunasekaran, et al., 2011).
There are various types of research study such as, case study, experiment, survey, questionnaire, etc which are been used by the researcher according to their convenience of the need of the research. For this research study, the survey method has been adopted or used by the researcher to collect the views of 50SME’s managers of the SME companies.
At the same time, survey strategy also has helped the researcher in having an appropriate control on the process of the research that would not be possible by using other strategies (RipollesMelia, et al., 2010). On the other hand, there are various issues of using this strategy that is it is a time consuming process as well as it also affects the effectiveness of the research.
Data collection method is a process of collecting the data from the various types of sources. The two types of collecting data are primary data collection method and secondary data collection methods. These data collection methods help the researcher to look out for the possible solutions against the research problems or issues to measure the hypothesis and also for evaluation of the outcomes of the research.
Primary data collection method is also called as the first hand data (Henderson, et al., 2012). It is the data which is obtained for the first time and is not available before. Primary data collection methods are questionnaires, survey, case study, interviews, etc. On the other hand, secondary data collection method is also called as the second hand data. It is the data which is already available to the researcher.
Secondary data collection method includes books, magazines, articles, company websites, journals etc (Palinkas, et al., 2015). In his research study the data is been collected by the help of survey through questionnaire. It helped the researcher to obtain the answers to the different research questions or problems for generating the valid outcomes of the research. Further, secondary data is been collected by the help of books, authentic websites, annual reports, etc.
In order to get the valid research outcomes this method is been adopted by the researcher to further analyze the collected data as well as the information. To analyze the data there are different types of tools that are used by the researcher. The different types of tools that are used are factor analysis, content analysis, cluster analysis, statistical analysis (Ritchie, et al., 2013).
The researcher has used MS. Excel to represent the data by using the graphs and tables which was not possible by using the other methods. At the same time, it has also helped the researcher to accomplish the research successfully and to obtain the outcomes of the research.
The researcher should consider the importance of ethical issues as it helps the researcher to obtain the valid outcomes of the research. In addition, the major ethical issues present in the secondary data collection are plagiarism, copyright, etc. This can create a hindrance in collecting the data by the researcher. Due to this issue the researcher has given all the references properly of the secondary sources in a text format that will help to remove the potential chances of any illegal issues (Harriss, et al., 2015).
On the other hand, in the context of primary data collection of data the major consideration are in respect with the personal and professional life of the participants. The information should not be disclosed to anyone as it will be an ethical issue (Draper, A., & Swift, 2011). This is the reason the issues should be considered properly by the researcher so that the research is completed on time and to generate the research outcomes.
At last it can be concluded that, in order to accomplish the research successfully there are various different types of aspects like, interpretivism research philosophy, inductive research approach, and the survey strategy through questionnaires as well as both primary & secondary data has been used or adopted by the researcher for the successful accomplishment of the research on time.
At the same time it is further concluded that, the researcher has kept in mind all the ethical issues that helped the researcher in assisting the research on time as well as to overcome the potential chances or risk of committing any error that will have an impact on the accomplishment of research.
This is also one of the vital parts of the research because this part of the research provides the detail understanding about the all research outcomes. In this part of the research, the data is analyzed by the researcher that is collected by using the primary and secondary sources of the data collection.
In like manner, the all collected data is presented in the table and the graph format because it helped the researcher to get the clear and in-depth understanding about the research outcomes. At the same time, in order to get the detail understating about the research and to produce the better outcomes of the research, the statistical data analysis method is used by the researcher.
The reason behind to use the statistical data analysis method is that it helped the researcher to present the research findings in a systematic manner and to generate the valid and reliable research outcomes.
For conducting the primary research, there was a need for the reseaedher to get the sample and for this, 50 mangers of the SMEs are targeted by the researcher to get the responses of all questions. In order to get the responses, researcher used the surveythrough questionnaire. It is because the use of surveythrough questionnaire makes easy the researcher to get the maximum responses in the minimum time and the cost.
Initially in the use of surveythrough questionnaire, researcher targeted the 120 employees but at the same time, due to some issues like busy schedule, lack of interest, etc. some of the respondents denied to be the part of the researcher and because of this, finally, researcher targeted only 50 employees for getting the response in the round figure. So, all responses are presented in the table and the graph format.
From the above graph, it can be determined that there are different ages of the people that are targeted by the researcher. So, from the research findings, it is also illustrated that most of the respondents were between 25-35 ages group of people. At the same time, there are also different ages of people in the firm who are working.
From the above graph, it can be illustrated that in this research, researcher targeted both male and female. The reason in is this is that target both male and the female mitigate the gender biasness issues and helped to complete the research successfully on time.
From the above graph, it can be determined that most of the respondents that their firm is the private limited firm and operate the business at low level due to the availability of the limited business resources. At the same time, it can also be stated that some of the respondents also determined that their firm is the family owned business.
From the above graph, it can be stated that there are different people those are working from last so many years in the firm. But at the same time, it can also be stated that most of the employees has 1 to 3 years of experience.
From the above graph, it is identified that most of the respondents have their positive concern on that there are various opportunities for Indian SMEs at international market to expand the business and to get the competitive advantage. But at the same time, it can also be stated some of the respondents denied to consider this there is any opportunity for the SMEs at international market due to facing so many internal and external issues.
From the above graph, it can be stated that most of the respondents stated that there are different issues that are faced by the firm at international market. It is because there are different formalities that are followed by these firms that create the issue for the SMEs in the successful business expansion in the international market.
From the above graph, it can be determined that most of the respondents agreed on that increasing technology are one of the major advantages that create the opportunities for the firm to expand the business at international market. It is because increasing use of technology assists the firm to operate the business from anywhere across the world that helps the firm to keep safe the extra cost and the time of the SMEs.
Because of this, it is determined that increasing technology is one of the major factors that provide the opportunities for the SMEs. In support of this, in the research ofHamisi, (2011) stated that due to increasing technology, there are different options in terms of e-commerce, etc that can be used by the firm to operate the business at international level.
From the above graph, it can be stated that most of the respondents have their positive view on the globalization and free trade changes are also the major ways that provide the business opportunities for SMEs at international level. It is because now government has liberal policy and norms for the firms to operate the business at international level.
Because of this, it is one of the best ways that provide the opportunities for the firm in the business expansion. In support of this, Olawale and Garwe, (2010), it is determined that globalization and the free trades overcome the issue for SMEs to do the business across the boundary and also reduce the different formalities and the legal policies. Because of this, it is an opportunity for SMEs to expand the business.
From the above graph, it can be stated that most of the respondents illustrated that better use of existing resources is the best way for the firm to go at global. The reason in this is that better use of existing resources increases the internal and external operation capability of the firm. It also helps the firm by minimizing the risk and increase the performance of the firm as well.
In the same concern of this, it is determined in the research ofBrammer, et al., (2012) that the better use of existing resources minimises the risk and large requirement of investment that is why it is quite effective way. But at the same time, some of the respondents denied to consider this because they think there are also some other options to go at broadly.
From the above graph, it can be determined that most of the respondents were strongly agreed on that the use of outsourcing strategy is one of the best ways that open the opportunities for SMEs to go at international.
In the same concern of this, from the research of Hernández et al., (2012), it is determined that there are various strategies such as merger and joint venture strategy, etc that can be used by the frims (SMESs) to go at global level. It is because it helps the firm to get the in-depth understanding about the existing market and also overcome the cost related issue for the firms.
From the above graph, it can be determined that there was a positive view of the respondents on that changes in the industrial structure, development of the potential market, changing government policies etc are also the major ways that can be used by the firms to go at global. In support of this, Zulkifli et al., (2009) defined that the use these ways provides the better opportunities to the small business to do their operations at the global level by using the different electronic tools and techniques.
From the above graph, it can be stated that most of the respondents have their positive views on that adequate availability of the capital is one of the major issues that affect the business and the opportunity for the SMEs to at global.
The reason in this is that for expanding the business there is a need for the SMEs to expand more investment on different activities that make the issue for SMEs to go at global. In support of these findings, in the research of Ashtankar, (2013), it is determined that in the global market expansion demands the high investment of the business in the production and marketing of the products/ services. Because of this, availability of the capital is the major issue.
From the above graph, it can be determined that most of the respondents illustrated that change in the technology is one of the major issue that is faced by SMEs at global level. In the favor of this statement, from the research of Schaper, (2012) stated due to change in the technology, it is not possible for the SMEs to adopt the every new change in the technology because of creating the cost and time related issues. That is why; change in the technology is a major issue.
From the above graph, it can be stated that most of the have their positive views on that lack of skilled staff and the information is also one of the major hurdle in the successful business expansion of SMEs at international market. In support of these findings, Ongori and Migiro, (2010) defined that to use the advance technology, change the new adoption, etc there is a need for the firm to have the skilled staff and full information. But, in the SMEs, the ratio of skilled staff is quite low that create the issue for SMEs to go at global.
From the above graph, it can be determined that there was a positive view of the respondents on that culture is one of the major issues that is faced by the firm to go at global due to different in the culture of the people at broad level.
In the same concern of this, from the findings of Kreiser, et al., (2010) , it is determined that to understand the different culture needs and preferences, it is crucial for SMEs to make large investment in the research study on the different market. As a result of this, culture is a big issue for the firm that affect the business expansion of SMEs at broad level.
From the above graph, it can be stated that most of the respondents have their positive view on that better resources of the management is one of the best way that can be used by the firm to manage the issue at global level. In support of this, Kraus, et al., (2012) defined that better resources management makes easy the firm to increase the operational efficiency of the firm and also overcome the business issue of SMEs.
From the above graph, it can be stated that there was a positive concern of the respondents on that use the better outsourcing strategy is also one of the best way that can also be used by the firm to manage the issues in international market.
In the favor of these findings, Leitner and Güldenberg, (2010) illustrated that outsourcing strategy is helpful and beneficial for the small business houses in order to improve the quality of the offering by providing the support to the business. Because of this, it can be determined that the use of better outsourcings strategy is quite effective for the firm.
From the above graph, it can be determined that most of the respondents stated that conduct diversity management program is also one of the major ways that can also be used by SMEs to go at global. In like manner, in the findings of Kishore, et al., (2012), it is determined that conduct diversity management programs increase the knowledge of the employees towards the other culture that make easy the firm to handle the business at international market.
From the above graph, it can be defined that most of the respondents have their positive views on that conduct training programs is quite effective for the firm to go at global because it increase the skills and the knowledge of the people towards managing the business at international market. In the research of Sharma, et al., (2011), it is defined that conduct the training programs make enables the employees to learn the techniques like how to handle and communicate with the diversify target audiences. So, it is an effective way.
From the above graph, it can be defined that most of the respondents agreed on that use of supply chain management effectively also makes easy the firm to handle the business at international level.
In support of this, Lasagni, (2012) stated that the effective use of supply chain management help the firm to target the customers and to make a good image of the firm in the public. It assists the firm to effectively manage the business at global level. Because of this, this way is considered as a effective way for SMEs to successful manage the business and to overcome the different issues.
This study has applied primary as well as secondary data collection method in this study. Secondary data collection has taken place on the basis of various previous findings however, for the primary data collection, survey questionnaire method is included by the researcher which has supported to collect first hand data directly from the side of the respondents.
Moreover, utilization of quantitative method remained supportive to represent the data through tables and charts. From the above study, it can be concluded that it remained supportive to achieve the research objectives at greater extent.
Above study has supported to conclude that there are various opportunities and challenges for the Indian SMEs in service sector at global level. In like manner, it has supported to offer the recommendations to eliminate the challenges and to increase the opportunities of the SME at a global level.
To identify the factors that provides opportunity to the Indian SMEs in service sector for expanding their business at a global level
This study has enabled to achieve this objective and has supported to understand that changing technology and changing market environment gives various opportunities to the Indian service SMEs to performing their operations at a global market. It is assisting the Indian firms to expand their business to achieve high market share and global market recognition.
Globalizations and free trade are also assisting the firm to go through their local boundaries and establish their business operations. In like manner, this study has supported to determine that social sites and digital marketing also increasing the convenience for the Indian service SMEs while decreasing the cost. Primary findings have supported to increase the reliability of the research and enabled to increase the effectiveness of the study.
To identify the challenges the Indian SMEs in service sector face while operating their business globally
This research has also enabled to show the clear picture of the challenges which are faced by the Indian SMEs. In this context, this study identified that adequate availability of the capital is one of the major challenges that is faced by the firm which create the problems for expanding their operations in the global market. Moreover, frequently change in the technology and fierce competition is another challenge for the SMEs.
Offering proper online services to the customers is also create challenging situation for the firms as online services demand systematic distribution and supply channels to cater the needs of global customers which needs high investment requirements. Moreover, unavailability of skilled staff and cultural diversity also restrict the small business to expand their operations at a global platform.
Additionally different rules and regulation of different countries regarding taxation policy, changing policy, currency fluctuations, government rules, and regulations, and exchange rate, etc. also create challenging situation for the small companies. So, this research has enabled to analyse various challenges which need to be focused to eliminate the chances of failure while dealing at a local as well as global level. Primary as well as secondary data has enabled to analyse all these parameters.
To determine the recommended ways that helps Indian SMEs in service sector to expand business at global level
In this study, researcher has correlated the findings of primary as well as secondary data which has supported to analyse the similarity and contradiction in both the findings and has enabled to increase the relevancy of the research. Researcher has recommended various ways which will remain supportive for the Indian SMEs and will enable them to explore their business at a global platform.
From the above study, following recommendations can be given to increase the opportunities for the Indian SMEs at the global level:
- There is a need of utilizing the resources in an efficient way. For this purpose, firm needs to give consideration towards incorporating sustainability practices in their business functions as it will remain helpful to minimize the risk and large requirement of investment.
- In like manner, sustainable practices are the emerging trends of the contemporary market environment as consumers have increased the concern towards environmental issue. So, their concern has increased towards green products. So, firm needs to increase concern to give concern towards those practices which protect the environmental and provide less influence on the people to sustain in the global market.
- Furthermore, it is recommended that firms should focus towards Merger and joint venture strategy as can remain supportive to make strong collaboration and can remain assistive to clearly understand the market and customer preferences. It will result in mitigating the high risk of failure and will enable to save the large investment.
- In like manner, researcher also recommends to utilize outsourcing strategy will also be remained supportive to become a global brand as it will support to outsource while increasing the quality of the products/ services. It will also enable to improve the performances at the global market and to effectively execute the operations while reducing the chances of large capital investment on the process of production. It will support the SMEs to make an investment in another portfolio while increasing their customer base.
- Moreover, it is recommended that firm needs to design the advertisements in the local languages while focusing towards the needs and influential factors of the local market for which the firm is going to promote its brand.
In this research, researcher has only utilized quantitative data analysis method. However, qualitative data analysis method remains assistive to give detailed understanding regarding the research question. So, there is an opportunity for the future researcher to utilize mixed data analysis method.
In like manner, this study is limited to small sample size, which decreases the effectiveness of the research. So, future researcher can focus towards this parameter to increase the reliability and relevancy of the study. This study focuses towards contemporary market environment so, it can be used for academic as well as managerial implication.
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Section1: Demographic Information
- Below 25
- Above 50
Opportunities and challenges for the Indian SMEs in service sector at global level
1- Tell me about the types of your organization?
- Public Limited Company
- Private Limited Company
- Sole Proprietor
- Family Owned Business
2- From how many years you are working in the firm?
- Less than one year
- Between 1 to 3 years
- Between 4 to 6 years
- More than 6 years
3- Do you consider that there are various opportunities for Indian SMEs at global level?
- Strongly Agree
- Strongly disagree
5- As per your views, along with different opportunities for Indian SMEs there are also various challenges that are also faced by Indian SMEs?
- Strongly Agree
- Strongly disagree
6- Provide your concern regarding these major factors that motivate SMEs and the family business to expand their business from local to global?
(1.Strongly disagree 2 Disagree 3.Neutral 4. Agree 5. Strongly disagree)
- Increasing technology
- Globalization and free trade Changes
- Better utilization of existing resources
- Use of outsourcing strategy
- Changes in the industrial structure, development of the potential market, changing government policies etc
5- Provide your agreeableness regarding the following challenges as per their significance which you face while expanding your business globally.
(1.Strongly disagree 2 Disagree 3.Neutral 4. Agree 5. Strongly disagree)
- Adequate availability of the capital
- Frequently changing in the technology and increasing the tough competition
- Lack of skilled staff and the information
- Cultural differences
Provide your consent regarding these major ways that can be helpful for the SMEs and the family business to go at global.
(1.Strongly disagree 2 Disagree 3.Neutral 4. Agree 5. Strongly disagree)
- Develop the better resources management
- Use of better outsourcing strategy
- Conducting diversity management programs
- Conduct the training programs
- Efficient supply and distribution channel