Research is a systematic investigation of a particular study which helps to draw new facts and tries to conclude new results. Studies are conducted by studying the reviews of various other authors which helps to grow a deeper knowledge of the author. It is important to study the various model proposed by the investigator of research on the area under study (Research in Education (RESINED), 2008). G20 Young Entrepreneurs’ Alliance is a collection of intelligent organisations who are promoting the youth entrepreneurship for developing the economy, creating jobs and brings out innovation and social change. The present tries will focus on the young youth of UK who have completed their graduation an now in a race to become good entrepreneurs.
For the start of a new company it has become important for the youth to have new ideas and it has become a big issue for the entrepreneur (Othman, Hashim and Wahid, 2012). There is a huge need of young industrialist in UK to enhance the economy. But for this they have to develop themselves in a practically skilled environment for starting a new business. One of the study showed that out of seven young people one becomes the entrepreneur at the early in US. But in UK this ratio 1 out of 17 who are successfully starting their new venture. The present study will try to analyze the Young Entrepreneur Alliance which will help to know about the youth entrepreneurship in the current global economic situation and how it is going to help the UK economy by reducing unemployment through job creations and by increasing growth sustainability.
The study tries to investigate the young entrepreneurship importance and value in the self development in UK.
Review of literature helps to know about the various studies done by other authors with respect to young entrepreneurship and helps in knowing the various models or the conclusion drawn from their study (Lewis, 2005). This also helps in the present study to find out the research gap by studying the views of other author. Finally it helps in framing the clear objective of the current study.
According to Stel, Storey and Thurik the minimum capital requirement to start a new business reduces the entrepreneurship according to labour market regulation. The other factors relating to administration cost for starting a new business such as time and procedure are unrelated in formation of young cooperation (Stel, Storey and Thurik, 2007). Kuratko in his study found that the number of entrepreneurship colleges have grown from 1970 to 2005. They argued that huge expansion has increased the load on the academician to bring out some good entrepreneurs in the market for the growth of the economy (Kuratko, 2005). Farlie found some evidence which showed that self employed earners earn more as compared to wage and salary workers. They also concluded that young women’s from disadvantaged family business earn less from salary (Fairlie, R., 2005). According to Addario and Vurib they argued that if there is doubling in province in the work population then it reduces the chance of emergence of new entrepreneur by 2-3 percent point. If young entrepreneurs are able to enter into the most densely population then they can reap the benefits of urbanization externalities. It creates the elasticity in entrepreneur’s monthly income with respect to the population (Addarioa and Vurib, 2010).
Kim has used multiple regressions in his study and found that young entrepreneurship lacked in selecting the college for their second generation. But the children have attended the comparable education and occupation for their financial security. In some cases young entrepreneur to help out their family business has to sacrifice with their personal constraints relating to education and occupational choices leading to downward mobility (Kim, 2006). Sharira and Lernerb identified the factors which were affecting the social ventures in young entrepreneurs. They found that entrepreneur has to strengthen their social networks; there must be strong capital base at the start of the business and their ability to beat the service stand of market (Sharira and Lernerb, 2006). According to Arenius and Minniti they argued regarding the demographic and economic characteristic. They also explored some of the variables relating to perception of young entrepreneur such as awareness towards opportunities, panic when the fail and confidence in oneself regarding their own skill.. They also found that perception variables are significantly associated with the start of new business across the countries and gender.(Arenius and Minniti, 2005).
Jesselyn and Mitchell found that entrepreneurship education is at its development stage in South Africa. It has been perceived that for increasing the education there must be strong commitment from the academic for developing young entrepreneurs. They also found that the research in this field is less rigorous as compared to the other field of management (Jesselyn and Mitchell, 2006). Muller argued that the individual are enhanced at their local environment so it influences the young entrepreneur that whether they should go for the self employed. The results also indicated that for a young entrepreneur financial assets are not that important at the beginning (Mueller, 2006).
From the above review of literature conducted it has been found that there were studies which argued that due to lack of requirement of capital the young entrepreneurs tend to avoid in getting into the new business. It has also been argued that there are load on academician due to increased colleges in the field of entrepreneurship. Some of the author said that the young entrepreneur believes that they earn more as a self employed but the young women from disadvantaged family earn less from their salary income (LIBRARY FELLOW FOR RESESARCH DATA MANAGEMENT, 2014). The writer also concluded that if there will be more entrepreneur in an area then this also reduces the young entrepreneur in a field. Some of the factors which were affecting the young tycoon were relating to the opportunity to start a new business and fear of failure. The local environment in which the young grows also affects his behaviour to start a business.
The research gap which was found in the present study after reviewing the literature review were that none of them have studied the factors which can influence or motivate the youth for innovating a new business idea or crating an opportunity for their start of company in UK (Vinten and Alcock, 2004). The areas from where the fund for their new business can be generated must be identified as this has been a major factor for not going for a new start of cooperation by youths. It is only by identifying the common barriers which came across the young entrepreneurship for starting up their own new business can help in there development.
In this study descriptive research can be applied and on that basis the behaviour and perception of the youth can be studied. This technique helps in understanding the particular characteristic of population and this will be helpful for studying the youth entrepreneur of UK (Wilson, 2010). Here in the study hypothesis testing can also be done where the assumptions regarding the study can be made and on that basis analysis can be done. It will help in finding the significant association between the variables relating to youth behaviour.
After identification of the research technique the data collection method must be proposed. In the present study the data has to be collected from the particular sample of youth entrepreneurs. So primary method used will be questionnaire for the collection of data. In the questionnaire we can ask the young tycoon about the factors which are influencing and motivating them to start for the new business. The particular issues relating to access of capital and the common barriers that come across for starting up the company can be the question which can be asked from the entrepreneur (Sekaran and Bougie, 2010). This will help to understand the problem very clearly as the questionnaire data collected will help in solving the issues in a much better way. The data can also be collected from various other secondary sources such as books and journals which will in knowing the views of other authors relating to the youth entrepreneur.
Non probability sampling method can be used for collecting the data for the present study as it does not give the equal chance to an individual for being selected for the study (Keleman and Rumens, 2008). In this sampling method data can be collected on judgmental basis where the young entrepreneur of UK will be selected by keeping some specific purpose in mind.
The accessibility issues which the researcher is going to face while collecting the data through questionnaire will be non willingness of respondent to answer, Cost and the time which is going to incur during the data collection from young entrepreneur of UK. There will be some respondent who will not be willing to participate in the survey (Saunders, Lewis and Thornhill, 2012). The cost and time for collection of data through questionnaire is huge. These can be the issues with respect to the accessibility issue of data.
Ethical issues which have to be considered while collecting the data from young tycoon will be related to biasness of information which has to be avoided. These can be removed by proper collection method and giving some time to youth for their response. This will take some time but the data collected will be reliable for the study (Bruin and Lewis, 2004). Young entrepreneur of UK must not be forced to participate in the survey. The researcher should let them know the purpose of the research and how it is going to help young industrialist must be clearly told to the respondent. The data collected from them must not be disclosed or use for any other purpose. These are some of the issue which the researcher must be kept in mind before going for the research.
The data collected will be quantitative and for studying the behaviour and perception of young entrepreneur the best software which can be used for analyzing the data will be SPSS. The data collected can be processed in the system and on that basis analysis can be done. Before analyzing the data the reliability of the data will be tested through cronbach alpha test (McLarty, 2005). This will also help in calculation of various tables of descriptive statistics and frequencies relating to the study. ANOVA can be used or identifying the relationship between the variables relating to influence and motivation of the young entrepreneurs. Factor analysis can be used for identifying the major factors which are affecting or leading to de-motivation among the youth for starting up the new business.
There can be many limitations for the study but in the present study the literature available was very few and the data was collected from the primary sources so it involved the huge time for conducting the research (Othman, Hashim and Wahid, 2012). These were the major limitations which the researcher faced while collecting the data from the young entrepreneur for understanding their perception which are affecting towards the start of a new business.
It can be anticipated that the major factors such as skills, communication, team work and opportunities in the work will help youth entrepreneur to get influenced and motivated for bringing out the new ideas for starting the new business (Vinten and Alcock, 2004). For starting up the new business the various sources such as government grants must be allowed for the initial face of the business. The common barrier which came across the youth entrepreneur was relating to opportunity and fear of losing the capital initiated at the beginning can be the anticipated conclusion of the present study.
The structure of the dissertation will start with introduction and the objective of the study. By conducting an extensive review of literature it can be find the research gap which the study has proposed after seeing the work of other scholars (Parlalis, 2011). After this the research design and method of collection of data will be done so that the data is processed properly with the help of software for studying the youth entrepreneur’s perception. The data analyzed will be finally interpreted and on that basis the conclusion of the study can be drawn (Bruin and Lewis, 2004). The findings will help in drawing the various implications out of the study which can be further used by various other scholars in their studies.
It is an appropriate method as first the objective will be clear and on that basis literature will be done then after the proper method of data collection and analysis will be done and finally the interpreted data will be concluded.
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