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Current Events in Business Research

Business Research
Question 1
Description of business research process
Businesses are complex entities just as is the business research process. The quality of input in business process research is the determinant of the best outcomes to best outcomes to be attained in business. This is because many options exists both in the internal and external business environment which must be given priority in business research. The options prevailing in the environment have a possibility of being either problematic of beneficial to a business depending on the way they are chosen and utilized in business. The main aim of business research is to identify the best business options in the business environment and stipulation how to maximize on these options. This enhances the profitability of a business (Hair, 2011).
Identifying business research problems
The first hurdle in the business research process is the identification of the problem facing the business. Here, the entire business environment must be properly assessed to identify the main hindrance to performance. There are many generative factors which hinder business in the modern economy. Depending on the problem identified, different research approached can be adopted. These include descriptive, causal and explanatory research approaches. Causal and explanatory research approaches ate more desired in business research because they help in exploring the problem. They help in attaining a firm grasp of the problem therefore it is easy to make inferences and develop practical solutions to the business problem. Business problems need quick, practical and implementable solutions to prevent further shocks that are brought about by the problem (Hair, 2011).
Data collection and analysis
After the problem has been identified and well defined, the second stage in the process is the collection and analysis of data. The data has to be related to the specific business problem and objectives. Accurate statistical data is desired. The collected data is then analyzed basing on theory and real business cases in order to develop tangible solutions. Practical recommendations are desired and are thus derived from professional analysis of the data collected in relation to the specific problem facing the company (Hair, 2011).
Question 2
Successful business research and its most important ingredients
Research aims to investigate certain problems and offer amicable recommendations that are applied to solve the problem. Modern business environments are however increasingly fragmented thereby complicating the nature of problems an thence the dimension of business research in business organizations. The success of business research in any business firm is attained when the problem is well defined in the context of the entire business firm. A single problem within a business firm can impact differently on different departments of the firm. This has to be well featured in the research problem and objectives as the solutions to be developed have to suit the specific impacts of the problem.
A successful business research should also be elaborate enough in order to cover a wide range of business cases which offers a big room of developing applicable solutions or recommendations. Therefore, a comprehensive research must have as much data as possible from which inferences can b developed. The solutions developed here are applicable across a wide business arena as many businesses are venturing in external environments.
The research must offer or clearly show the potential opportunities to the business. Offering closed solutions and recommendations is not considered sustainable in business as research should help to look into the future and define new opportunities for the business organization. By venturing in the new opportunities, the firm can sustainably deal with the problem and minimize the prospects of such problems from occurring again.

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