questionnaire, email questionnaire etc. However, the two major tools that have been adopted for the purpose of this research, based on sampling strategy includes the questionnaire and direct interview methods. Survey questionnaire is a methodology that helps in gathering large number of data in less time. The entire questionnaire will be mailed to the respondents and then evaluated. This technique will help in collecting large amount of responses in very less time and cost. It also helps in collecting more genuine data as the anonymity of the respondents are maintained[ CITATION Bry071 \l 1033 ]. Another instrument, direct interview will be conducted by selecting three venture capitalist in the UK market, it will help in analyzing their viewpoint on the need of writing business plan, its impact and detailed answers on the research question. 3.8. Ethical considerations While conducting research, ethicality should be ensured; it also facilitate in ensuring the validity and reliability of collected data. In order to ensure high ethical standards in the research, research should obtain free consent from all the participants of the research. Researcher must ensure that the anonymity, privacy and confidentiality of the respondents are highly preserved in the research. The reason and objective behind conducting the research must be truly explained to all the participants and they must be informed about the use of
P a g e | 21 their responses. It is also important that reliability and validity of collected data is maintained by incorporating recent data in the paper[ CITATION Gol03 \l 1033 ]. Chapter 4: Analysis & interpretations This chapter of the research will focus towards analyzing the responses collected from the respondents of the research. All the data were gathered, then tabulated in the excel file and averaging technique has been adopted to analyze the quantitative data and generalization technique has been applied for qualitative data. 4.1. Quantitative Analysis This section will include graphs based on the responses received and their interpretation. A total of 100 respondents were chosen and survey was conducted to understand their views on the need for writing business plan for starting new business. 4.1.1. Demographic analysis The first question that was asked to the respondents was in the context of their gender, this was done to ensure that the responses are not highly gender biased and responses are collected from different types of respondents. 63.00% 37.00% Gender Distribution Male Female
P a g e | 22 The respondents were asked to identify their genders, and as per the results 63% of the respondents are male whereas 37% of the respondents were female. As there is imbalanced responses received from male or female opinion would make the opinion skewed and would not give rise to a generalized representative opinion.
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