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Name: Mayank Rupala Student’s no.: P12233393 Department: Business and law Course: MBA Subject: Research Methodology Subject

Name: Mayank Rupala Student’s no.: P12233393 Department: Business and law Course: MBA Subject: Research Methodology Subject Code: POPP5006 Word count: 1198

Title: -

A comparative study of the Real Estate Industry in India and UK from critical

perspective of an entrepreneur:

Key Words: -

Entrepreneurial characteristic Influence of entrepreneur Real Estate industry Qualitative analysis

Aims: -

To investigate the influence of entrepreneur through out the real estate industry in India and UK. Promote the combination of relative theories on which this industry works in both the countries.

Background: -

Real estate industry has historically been viewed as a local phenomenon. All the entrepreneurs for decades backed themselves in their ability to find the best "location, location and location" based on their local knowledge. This industry deals with the least "tradable" of products, in the sense of being physically unmovable, even though it can be bought and sold both domestically and internationally. Hence today’s real estate industry has to adopt some new approaches to address regulatory requirements and financial risks while meeting the challenges of expanding globally and achieving sustainable growth. India is one of the most populated countries of the world and UK is one of the most developed countries. India has a very strong economic growth where as UK already has a very strong economy. So, the business of real estate that deals with a huge amount of money is a very strong aspect for both the countries. Hence various surveys and research have been carried out to inter relate the real estate industry in both this countries. Most of the entrepreneur in this industry work locally, there are a very few entrepreneurs who have tried to achieve success globally. Indian real estate business has taken an upturn and is expected to grow from the

current GBP 9 billion to a GBP 65 billion in the next 10 years. Where as according to

KPMG’s real estate report (2012) UK was estimating a investment of GBP 31bn to 35bn which was slightly less than the last year, but still very high. Hence looking to this data entrepreneurs of both this countries have a very good chance of getting into each other’s market and achieve global success. This research will help them understand the differences in the culture and ethics of the industry. Entrepreneurs of both the countries can observe the differences in the characteristics, which will help them sharpening their intellect for making various global decisions.

Research questions: -

Difference in the influence of an entrepreneur in a real estate company in decision- making process. Are these differences due to the culture of the country or it is just the difference in the

personal characteristic of an entrepreneur? Managers and the surveyors of the real estate companies in India as well as UK will help us out getting this information. We can have a survey of successful real estate

companies who are run by a single entrepreneur with the companies in which the entrepreneur is involved with all the managers, advisors and surveyors of the company.

Research Design and Data collection: -

As we are dealing with the entrepreneurs there will be a worry about the clarity of the information disclosed. We will make semi-structured interviews for the managers of the company including some hypothetical questions that will allow them to disclose their entrepreneur’s characteristics. We will make questioners differently for managers working in India and UK. Questions targeting nominal data (yes/no) and likert scale gaining the involvement of entrepreneur within the company will be taken. For some entrepreneurs especially in India, who work alone as a company will be interviewed with open-ended questions. A survey of number of companies operated by entrepreneurs making decisions alone especially in India and entrepreneurs in UK will be carried out. Most of our data will be qualitative, including interviews and questioners. In the first phase of data collection our whole team will be divided into two groups, one working in India and another working in UK. We start from 15 th January 2013 allocating both the groups their resources and team members. Almost 15 days will be utilized for arranging the interview appointments of specific managers and making structure for it. During this time they will also prepare the questioners for the employs. Not more than 30 managers in each country will be covered for interviews. During this period of 1 month they will distribute the questioners, approximately 100 in each country to the surveyors of the real estate industry and few other employs. Some selected entrepreneurs in both the countries, not more than 10 will be interviewed will open- ended questions. This may take a bit longer time as it is difficult to get an appointment, and hence a time period of 20 days will be allocated. A quantitative survey of number of successful companies from the entrepreneur’s perspective will be done simultaneously. Hence in total both the teams will remain in UK and India respectively for 65 days. After that data will be critically analyzed to make a fair report for 25 days to come up with some combination of theories, which can be promoted globally.

Methodology Rationale: -

Miles (1979) has described qualitative data as an ‘attractive nuisance’, because of the

attractiveness of its richness but the difficulty of finding analytic paths through that richness. Hence our researchers will be crucial to guard against being captivated by the richness of the data collected. This research will be more focused on process of the interviews rather than outcomes of it. Our interest will be in the meaning of the answers given by the managers and entrepreneur. We get the direct information within the company from its employs and managers to make our research simpler. Using this qualitative technique helps us to gain the descriptive data, which we need to analyse the entrepreneur influence on the company. To compare the decision-making process of entrepreneurs in India and UK quantitative data gives us a broader and subjective idea. We will be using non-random sampling (selected managers and entrepreneurs) to carry our research. This helps us in saving our time and resources. Moreover we only get the specific and relevant data of our interest. These data will be from the interviews of managers and entrepreneurs, so we get the quality data. It may vary a bit if the same qualitative methods are used to

gain the data again, hence it cannot be totally reliable if the data are to be used again for the research.

Resources and Planning: -

Preparations for interviews and making questioners: 70 working hours Interviews of managers and entrepreneurs: 70 working hours Quantitative survey of successful entrepreneur: 30 working hours Data collection from the interviews and questioner: 50 working hours Critical analysis of data and making of fair report: 60 working hours

gain the data again, hence it cannot be totally reliable if the data are to be

As we are travelling across UK and India to do all this interviews, it will cost around 1500 pounds for travelling and accommodation in both countries.

Ethics: -

‘It is very difficult to conduct much research without running into ethical arguments’

(Coolican, 1992 pg. 249). The dignity of the researcher and the sources of information, which will be involved in the research, will be respected. Anonymity and confidentiality will be offered to all the managers and employs giving us the information. There will be honest and transparent communication between our researchers and the interviewers. Assured security of all the important data will be given to the entrepreneurs. There will be no misleading or false reporting of the research data and the interviews taken.

References: -

Business Research, Jill Collis and Roger Hussey 3 rd edition (2009) published by Palgrave Macmillan (pg. no 45-47)

Business Research methods, Alan Bryman and Emma Bell (2003) published by Oxford University Press (pg. no 425)

Denscombe, M. (2007) The Good Research Guide, Third Edition. Maidenhead:

Open University Press

Economic watch, Real Estate Industry, Indian Real Estate Market and Boom available at http://www.economywatch.com/real-estate/ accessed on 10 th December 2012

Globalization and The Real Estate Industry: Issues, Implications, and Opportunities,

published in the Sloan Industry Studies (2007) Working Paper series available at

Bardhan_Kroll_GlobalUrbanRealEstate2007.pdf accessed on 7th December 2012

KPMG, UK Real Estate update (spring 2012) available at

Research Design, Qualitative and Quantitative Approaches by John W Creswell (1994) published by Sage Publication, Inc. (pg. no 69, 145)

The Appraisal of Real Estate, 13 th edition (Chicago: Appraisal Institute, 2008)

The Ethics of management research: an exploratory content analysis, Bell and Bryman (2007) British Journal of Management, 18:1 63-67.

UBS Global Asset Management, Global Real Estate Research & Strategy, UK commercial real estate market, available at

2012