|Type of paper:||Dissertation conclusion|
|Categories:||Human resources Organizational behavior Business plan Business management|
The purpose of the research is to address the research questions derived from the "Golden Circle" framework. In essence, the "Golden Circle" assists in structuring the study, and therefore research needs to offer the most relevant and accurate data to each research question. As such, the purpose of this research was to address the following research questions.
RQ1: To what extent do the founders influence the business success of mobile startups?
RQ2: What is the influence of the team on the business success of mobile startups?
RQ3: What effects does the execution have on the business success of mobile startups?
RQ4: What is the influence of finance on the business success of mobile startups?
One research question is overly concerned with understanding the role of founders and how they positively contribute to the success of a business. Founders are the business initiators, and they constitute what, business goals, and vision. They also make the most significant business decisions which offer a direction to the company. In answering this research question, the research uses a theoretical framework in explaining founders are the "what" and "why" during the startup of a business. In answering this, the study analyzed experience, background, and motivation as the most related determinants related to business founders. The results of the analysis indicated that knowledge is the most crucial in the overall and the domain business scale since it had a mean of 6.25 and a variance of 1.482, which made it a reliable success indicator. The range of other domains, motivation, and background is very neutral, with a mean of 4. It could indicate that the scales are not sufficiently relevant to the success of the business.
Research question two is concerned with teams or groups of people that do work in the company. The question seeks to find out the factors from the who does the work perspective that heightens the chances of any success in business. In answering the research question, the research adopted three scales to examine the domain scale: the team experience, teamwork and synergies, and the ability to self-development. The scales synergies and teamwork and self-development ability showed no outstanding results, while the team experiences indicated the most substantial influence in the team domain. The scale results indicated a mean of 6.04 and a variance of 1.49. Interestingly, the team experience displays similar results to the founder's experience, which makes the concept experience sound and seem like a general factor regardless of who. Besides, it is a reliable indicator of enormous business success.
The third research questions seek to understand the influence of execution on the success of mobile startups. Execution is about the organizational operations, what they are, and how they are run. Operations. In essence, the research question wants to understand the impacts of how work is done and the corresponding outcome of it. The research examines how operations in business are escalated to success. Three scales; product strategy, company adaptability and planning, and processes, and the results indicated that product strategy is the most reliable indicator of success. The product strategy was highly rated, and it was not a surprise at all, considering that the product strategies define the situation of a product, mainly its fitness in the market and the influences it has on customer relationships. The slight variance in the results of the scale indicated that the question was not clear and should be redesigned. The same assumption could apply to the organization's adaptability due to its highly rated mean and the spread. Generally, the high rating under product strategy can be traced through customers since any business aims at increasing revenues. As such, they target their customers, focus on the fitness of a product, and other strategies to achieve the goal. The other scales in the domain have lower scales since they do not overly represent the business in the market. In particular, the scale of planning and processes ranked penultimate and with a high spread and does not leading importance among the participants.
The fourth and the last research question is concerned with determining the influence of finance on the success of mobile startups businesses. This question seeks to know how money is obtained and spent with the business context in any company. In answering this question, the researchers used three domains; funding strategy, growth strategy, and business model. The growth strategy rated as the second-highest one with a mean of 6.14, which indicated it is a convincing and reliable indicator for success in businesses. The funding strategy scale and the business model scale showed consistent results. However, the business scale showed a lower mean, which could be caused by the flexibility the business test various models in their early stages. However, it is worth noting that a founder with a business degree offers better opportunities for growth and funding strategy than, for instance, a founder with a degree in informatics.
Summary and Reflection of the Research
The mobile market has grown by a significant amount, and people are using mobile phones regularly in almost all their aspects of living. People's work, communication as well as leisure have changed significantly, and it is estimated that people spend an average of 3.7 hours on their phones each day. It has been seen that mobile apps are used for different reasons. One of the main ones is for social purposes, where people socialize and interact with people throughout the globe. People also use mobile phones for personal uses, such as entertaining themselves as well as passing the time. Commercial reasons are also evident where the mobile industry is seen to generate revenues through the attraction of entrepreneurs and investors in this industry. However promising this industry is, mobile start-ups are seen to fail mainly due to internal and external reasons. The paper primarily focused on Germanys market so that it could establish the extent to which mobile startups were successful.
The mobile industry has been seen to contribute greatly to the economy as well as to mobile and online entrepreneurship. The industry has been seen as a way of boosting the economy as well as employment levels. Many applications serving the same purpose have been seen in the different App store, but the great demand for them makes people create new ones every day. Germany has been mainly focused on due to the different cultural, social as well as economic environments as compared to Silicon Valley in the United States. Germany does also not have the same access to business support compared to Silicon Valley.
The paper aimed to answer different research questions. They included the following; to what extent do the founders influence the business success of mobile startups? What is the influence of the team on the business success of mobile startups?, What effects does the execution have on the business success of mobile startups? And what is the influence of finance on the business success of mobile startups? The study aimed at comparing the four independent variables (founder, team, execution, and finances) against the dependent variable (business success).
Company-related business success factors have been discussed in the literature review. Existing literature has been reviewed so that data and theoretical frameworks can be gathered, and the necessary recommendations are given. The literature review has been conducted according to the research questions made. On the influence of founders on business success, different factors that have been focused on include the founder's motivation, the founder's background, and the founder's experience. Team-related factors to business success focused on are team experience, synergies, and team self-development ability. Execution-related factors include planning and processes, organizational adaptability, as well as product strategies. Finally, related financial factors discussed include funding strategy, business models, as well as a growth strategy.
The research methodology has shown how the empirical data was collected, analyzed, and presented. The instruments that were used, the method of data collection, sample selection, as well as the operationalization of the variables for the analysis, was shown. The quantitative research design was used, and this examined the validity of the success factors that were in the literature review. Data was gathered using closed-ended questions through an online survey. A convenience sampling technique was used as it is faster, easy, and simple. The instrument used was a questionnaire that was distributed online. The target population was 100 individuals in Berlins startup ecosystem with mobile products, and the respondents were the founders, co-founders, and department directors. Data gathering was done through the use of a form designed in Google docs, which was put online for data collection. Data presentation was done through textual, tabular, charts, and graphical forms. Data was fed to the SPSS software, coded and analyzed. Variables were operationalized in the online questionnaire and used in the study's hypothesis.
Analysis and findings were done from the 100 questionnaires that were filled by different people, including the founders, co-founders, and the departmental directors. The analysis and findings were done on different factors. They included factors such as demographics, which was divided into sections such as age distribution, gender, academic degree, as well as experience in the mobile industry. Business models that were used in the mobile startups were discussed, and they included subscriptions, one-time purchases, consumables as well as advertisements. The startup age was also discussed, and it was seen that the majority (72%) of the participants were in companies younger than 5 years. Reliability statistics that are measured using Cronbach's alpha were undertaken, and they measured 0.707, which was deemed acceptable. Factor analysis and descriptive statistics were also conducted and analyzed the different company-related factors that affect business success in mobile startups.
Recommendations and the Future Research
The purpose of the research is to contribute to the existing literature by comprehensive and extensive research on various materials. Besides, proper research should also provide by offering suggestions that can be used in shaping the context of future research. As such, under this research, the following are some of the recommendations that I would make that can be used to shape and enhance the relevance and accuracy of future research data.
Future research should consider other moderating factors that often influence the attitudes of the enterprises, for instance, gender, family and the ethnic backgrounds of the business owners and other team players in the companies. For policymakers, the results of the study offer empirical evidence for the efficacy of various forms of public subsidy programmers for different targeted groups and therefore assist in the identification on the best way to target resources and investments. Summing up, this research has significant contributions to countries, investors, entrepreneurs, and educators. However, research remains to be conducted.
Moreover, future research should consider enhancing our understanding of how capitalists, ventures, and other business intermediaries such as banks finance organizations and how their actions affect the funding strategy, and that translates to business success.
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The "Golden Circle" Framework. Essay Sample. (2023, May 03). Retrieved from https://speedypaper.com/essays/the-golden-circle-framework
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