The proposed research focuses on exploring the entrepreneurial initiatives in New South Wales (NSW), Australia. Since a significant decline is noted in startups and their development compared to the neighboring countries, the relevance of the topic cannot be overestimated. It is expected that future research would not only benefit the entrepreneurial area but also serve as a source of external research income for the School of Business.
In particular, the valuable data and recommendations that would be obtained and analyzed in the course of the study would shape the foundation for further research and funding from various interested parties. The government as well as private and public organizations are likely to find it important to better understand how the current relatively low level of commercial activity may be improved. At the same time, one should stress that it is expected that the proposed study would contribute to practical solutions to be employed by startups to successfully compete on the market. In other words, the proposed project has a great capacity to promote future external research income concerning the School of Business.
A range of quality research outputs would result from conducting the identified project. First of all, there is an urgent need to reveal the factors that are associated with decreased entrepreneurial activity in the region, which is targeted by the proposed study.
By understanding what exactly leads to the fact that NSW, Australia entrepreneurs encounter difficulties with their small businesses would allow formulating countermeasures. Accordingly, the second output is the provision of recommendations that would be useful to adopt in reconsidering their strategies and behaviors related to designing, developing, and managing startups. It is also essential to emphasize that not only small and newly emerged companies but also the whole market and economy are affected by the contemporary situation.
From a long-term perspective, the successful performance of small businesses would present more employment options, encourage flexibility and optimization, and boost innovation. From the other point, one more output refers to the collection of reliable evidence and its detailed analysis to obtain the necessary knowledge and skills in conducting studies, resulting in a peer-reviewed journal article. Thus, personal, professional, and scholarly outputs compose the expected impact of this proposed project.
The contribution of the project funding to the development of applicants, especially colleagues with scholarship and research profile is significant. The Business of School requirements states that teaching and research should be combined to create a synergy and disseminate the findings. In this regard, the funding provided to the proposed project would encourage them to assist those who plan research more willingly, taking active participation at all stages of projects.
An early research career needs to meet at least 15 percent of the requirements and have a satisfactory level of evaluation, while the most valuable outcome is four outputs such as conference papers, research books, scholarly publications, publications in practitioner journals, et cetera. As many of the colleagues are early academics, it is critical to motivating them to engage in scholarship.
The improvement of research capacity would positively impact applicants and empower them to become leaders and mentors with higher external income. Outside funding for the proposed project is regarded as a way to essentially promote research development and academic initiatives of colleagues in the area of small businesses in NSW, Australia.