Business Development Research Articles

Oneiros: The Sports Club: navigating the growth path

Learning outcomes After completion of the case study, the students will be able to analyze the challenges and opportunities associated with business expansion in any business, assess the significance of leveraging existing strengths versus exploring new markets for organizational growth, evaluate the implications of regional consolidation versus national expansion strategies, develop strategic thinking and decision-making skills in a competitive business landscape and understand the nuances of market dynamics, brand recognition and operational challenges in diverse geographical regions. Case overview/synopsis Oneiros – The Sports Club stood poised at a pivotal juncture, grappling with a strategic quandary that encapsulates the divergent visions of its leadership. The narrative unfolded in Surat, a vibrant city in the state of Gujarat where contrasting viewpoints champion the familiar stability of local success against the lure of uncharted state and national territories. Ms Hemali Shah advocated for consolidating the club’s triumphs in Gujarat, emphasizing on the parameters of brand loyalty and operational mastery. In stark contrast, Mr Robin Patel envisioned a bold expansion strategy across the state, aiming for brand recognition and a paradigm shift to regional prominence. Caught amidst these competing visions, Mr Sumit Lathia who was aspiring for the club’s national presence navigated the complexities of market dynamics and business model, oscillating between preserving familiarity and embracing the allure of ambition. This case study highlights the nuanced strategic dilemmas faced by Oneiros, offering a captivating exploration of growth strategies in a competitive landscape. With insights from various perspectives within the organization, this case study navigates the complexities of growth, market dynamics and the balance between familiarity and ambition. This case study offers valuable insights and practical applications for students pursuing regular Master of Business Administration (MBA) and executive MBA programs, as well as undergraduate and postgraduate studies in entrepreneurship and strategic management. By examining the strategic decisions and operational challenges faced by Lathia and Oneiros – The Sports Club, students can gain a deeper understanding of key concepts such as public–private partnerships, market expansion strategies, customer segmentation and revenue diversification. Complexity academic level This case study is positioned within the decision-making or business development modules of the curriculum. It serves as a platform to apply theoretical concepts of strategic decision-making, market analysis and growth strategies to a real-world scenario. This case study prompts students to critically evaluate expansion dilemmas and devise strategic solutions. Supplementary materials Teaching notes are available for educators only. Subject code Strategy.

CONTABILIDADE DE CUSTOS: A GESTÃO DE CUSTOS NO DESENVOLVIMENTO DE MICRO E PEQUENAS EMPRESAS PRESTADORAS DE SERVIÇO DE LIMPEZA

This article examines the impact of Strategic Cost Management (SCM) on the sustainable development of micro and small businesses in the service sector, with a focus on cleaning companies. The research investigates how SCM can be a vital tool for these businesses, enabling strict control over operational costs, which drives their competitiveness and ensures their market survival. The methodology is based on a literature review, analyzing theoretical approaches and previous studies on the application of SCM in small businesses. The results suggest that adopting strategic SCM practices not only improves operational efficiency but also strengthens the financial health and resilience of these companies in the face of economic challenges.

Chakki Peesing: Crushing the Roadblocks, Marching Ahead

The case is highlighting the journey of Mr Rajiv Khera from a seasoned corporate professional to be an Entrepreneur in Gurgaon Region. Rajeev started Chakki Peesing, an urban floor and spices mill in 2020 during the covid 19 Lockdown. Within 6 months of operations, Chakki Peesing has served over 8000 orders with 2000 unique customers, which according to Rajeev is a significant achievement as he is close to his business projections. Rajeev firmly believed that his business model would work in the B2C segment only as the B2B market is very much price sensitive. However, he was open to the idea of getting into strategic collaborations with gymnasiums and health clubs to promote and sell products. One of the competitive advantages of Chakki Peesing was the access to good quality wheat from Madhya Pradesh along with Rajeev’s on experience in sales and distribution. The initial success of Chakki Peesing can also be attributed to the strong network, which Rajeev and his family had with the upper middle class society of Gurgaon, and to the increased awareness among people for having a healthy lifestyle. The case talks about the business development strategy adopted by Rajeev and his son Dhruv who is also the co-founder of the company and proposed various alternative solutions for future course of action pertaining to business expansion.

Relationships between leadership style, career development, work stress, and turnover intention in a high-tech industry: Moderating role of psychological contract

Employee turnover is an unavoidable part of business development, costing important human resources and impeding long-term growth and strategy implementation. To maintain a steady workforce, businesses must prioritize understanding and addressing this issue. The objective of this study is to examine the impact of leadership style, career development, and work stress on turnover intention in the high-tech industry and to investigate the moderating role of psychological contracts in these relationships. The sample consists of 380 employees of the R&D departments in high-tech companies in Shenzhen, Guangdong province, China, mainly engaged in the electronic information, advanced manufacturing, and automation sectors. The data were gathered via an online questionnaire, and the Smart-PLS approach was used to analyze the data. The empirical findings indicate that transactional leadership, transformational leadership, and career development are significantly and negatively related to turnover intention, whereas work stress has a significant positive effect. The psychological contract moderates the relationship between career development and turnover intention; the higher the psychological contract, the stronger the relationship. In addition, the psychological contract moderates the relationship between work stress and turnover intention, whereby the higher the psychological contract, the weaker the relationship. However, no empirical evidence suggests that the psychological contract moderates the relationship between leadership styles and turnover intention. The R² value is 0.485, indicating moderate explanatory power, and with a GOF index of 0.492, the model also demonstrates a good fit with the data. This study offers considerable implications for both theoretical and practical applications.

Socio-economic Dimensions of Forest Honey (Bees dorsata) Business Development in Hiay Wetar Village, Southwest Maluku

This research aims to 1) Understand the socio-economic characteristics of the community in developing the forest honey business - Apis dorsata bees. 2) Analyze the level of income from the forest honey business - Apis dorsata bees by the community in Hiay-Wetar village, Southwest Maluku. The research was conducted in Hiay Wetar village, Southwest Maluku in January-February 2024 using a purposive sampling method with 25 families as respondents. Primary and secondary data were taken through direct observation and interviews with respondents. The data obtained were analyzed using a quantitative and descriptive qualitative approach. The research results show that the social characteristics of the community greatly influence the respondents' activities in collecting/harvesting forest honey, namely age, education level, experience in collecting forest honey, number of family dependents, and income. Collecting honey bee hives starts with marking the tree, harvesting and packaging the honey is still done using simple production equipment and traditional techniques based on local knowledge and wisdom from generation to generation. The collection of forest honey by the people of Hiay Wetar village is called "cut wani "which means cut honey" and air wani which means honey bee water. In a year there are two honey harvests (cut wani), namely in April – June and October – December with a total production of 1500 liters per year and total sales of IDR 180,000,000/year. Net income of IDR 169,915,000.00 and R/C return ratio analysis of the honey business has a decent ratio with flat R/C = IDR 18.03. Keywords: economy, Apis dorsata bees, income, social, forest honey

Analysis of Sustainability Variables in Revegetation of Ex-Oil and Gas Mining Operation

Revegetation after petroleum mining operations is a complex and multifaceted issue that requires careful consideration of sustainability factors to ensure long-term success. PT Pertamina Hulu Rokan has taken its environmental responsibilities seriously and has restored ex-mining land through replanting efforts at ex-well sites, ex-production facilities, and ex-borrow pits. This is important for environmental sustainability, especially after mining oil and gas. This study aims to identify important variables in maintaining the sustainability of revegetation activities at PT Pertamina Hulu Rokan by describing the intensity of influence and interdependence between variables and grouping them from the most influential to the least influential. Focus group discussions (FGDs) were used to collect data, and the MICMAC approach was used to analyze the relationships between variables. This research has identified 13 ecological, socioeconomic, and conflict mitigation variables that are important in land revegetation activities. Based on the results, the relationships between these variables have been derived by highlighting the key indicators that trigger sustainable revegetation efforts, namely variables such as envreg, amdal, local business development (lbd), and relationship. The lbd variable strongly influences the welfare variable, amdal, and the other variables strongly influence the company's image. Post-mining land revegetation efforts at PT Pertamina Hulu Rokan demonstrate the company's commitment to environmental sustainability. By considering sustainability variables in the revegetation process after petroleum mining operations, PT PHR ensures that its rehabilitation efforts can restore land while promoting sustainable practices and providing benefits to local communities.

ACCOUNTING EVOLUTION: FROM TRADITION TO DIGITAL INNOVATION IN MICRO ENTERPRISES IN HUMAITÁ/AM

This study explores the application and impact of digital accounting among Individual Microentrepreneurs (MEIs) in Humaitá/AM. The research, of a bibliographic and descriptive nature, aims to understand the evolution of accounting from its beginnings to the current practices adopted by MEIs, highlighting the historical, technological and regional transformations that influence accounting practices. The analysis focuses on how digital accounting can be an effective tool for the financial management of small businesses, especially in remote regions such as Amazonas, where access to technological resources and professional training can be limited. The study also addresses the challenges faced by MEIs in adopting new accounting technologies, identifying the main barriers and proposing solutions that can facilitate the transition to more modern and efficient practices. The results indicate that, although digital accounting offers significant advantages in terms of efficiency and financial control, its implementation requires a continuous effort of training and adaptation to local realities. The conclusion suggests that digital accounting, when well implemented, can contribute significantly to the economic development and sustainability of small businesses in Humaitá/AM, promoting more effective and strategic financial management.

Technology adoption, competitiveness and new market access among SMEs in Ghana: What are the limiting factors?

A total of 300 SMEs including beneficiaries and non-beneficiaries of the Presidential Business Development Support initiative were surveyed in Ghana using structured interview questionnaires. The survey objectives were to (i) investigate the extent of adoption of emerging technologies including the Internet of Things (IoTs), Artificial Intelligence (AI), e-Commerce, Mobile Banking and Social Media among SMEs in Ghana; (ii) identify the main barriers to adoption of emerging technologies; and (iii) explore any association between the level of technology adoption by SMEs and access to new markets. Close to 60% of the beneficiary SMEs had adopted less sophisticated technologies such as social media, mobile banking and e-commerce as compared to 50% adoption among non-beneficiaries. Overall, less than 5% of the SMEs surveyed were using sophisticated technologies such AI and IoTs. This study adopted the Technological-Organizational-Environmental (TOE) framework to identify barriers to technology adoption. The top five barriers to technology adoption by the SMEs identified from this study are: (i) lack of finance, (ii) insufficient government support, (iii) lack of absorptive capability, (iv) insufficient demand and (v) poor technology enabling infrastructure. The beneficiary SMEs had better access to sub-regional (West Africa), regional (Africa) and international markets than the non-beneficiaries. Logit regression results showed that the most significant factors positively influencing technology adoption are Education, Marketing Skills, Human Resource Skills, Gender, Market Opportunities and Financial Improvement. There was a positive but weak correlation between technology adoption and access to new market opportunities.

Integrating Equity in Public Sector Data-Driven Decision Making: Exploring the Desired Futures of Underserved Stakeholders

Public sector agencies aim to innovate not just for efficiency but also to enhance equity. Despite the growing adoption of data-driven decision-making systems in the public sector, efforts to integrate equity as a primary goal often fall short. This typically arises from inadequate early-stage involvement of underserved stakeholders and prevalent misunderstandings concerning the authentic meaning of equity from these stakeholders' perspectives. Our research seeks to address this gap by actively involving undersevered stakeholders in the process of envisioning the integration of equity within public sector data-driven decisions, particularly in the context of a building department in a Northeastern mid-sized U.S. city. Applying a speed dating method with storyboards, we explore diverse equity-centric futures within the realm of local business development, a domain where small businesses, particularly women-and minority-owned businesses, historically confront inequitable distribution of public services. We explored three essential aspects of equity: monitoring equity, resource allocation prioritization, as well as information and equity. Our findings illuminate the complexities of integrating equity into data-driven decisions, offering nuanced insights about the needs of stakeholders. We found that attempts to monitor and incorporate equity goals into public sector decision-making can unexpectedly backfire, inadvertently sparking community apprehension and potentially exacerbating existing inequities. Small business owners, including those identifying as women-and minority-owned, advocated against the use of demographic-based data in equity-focused data-driven decision-making in the public sector, instead emphasizing factors such as community needs, application complexity, and uncertainties inherent in small businesses. Drawing from these insights, we propose design implications to assist designers of public sector data-driven decision-making systems to better accommodate equity considerations.

INDIVIDUAL FACTORS, SOCIAL RELATIONS, UTILIZE SOCIAL MEDIA ON BUSINESS DEVELOPMENT

Globalization and the development of information technology, the Micro, Small and Medium Enterprises sector has become the main pillar in driving the local economy. Garut Regency, West Java, has great potential in developing MSMEs which play an important role in job creation, economic growth and income distribution. There are challenges in optimizing the growth and sustainability of MSMEs in this area. This research aims to examine the influence of individual factors, social relationships, and the ability to utilize social media on the development of MSME businesses in Garut Regency. The method used is an explanation survey with a quantitative and qualitative approach (mixed methods). Quantitative data was collected through questionnaires, while qualitative data was obtained from Focus Group Discussions and in-depth interviews. The results of analysis using Structural Equation Modeling show that individual factors have an influence of 32.1%, social relations have an influence of 32.9%, and the ability to utilize social media has an influence of 35.9% on the development of MSME businesses in Garut Regency. Simultaneously, these three factors have an influence of 44% on business development. This research provides a basis for formulating more effective policies and programs to support the growth of MSMEs in Garut Regency.

The essence and characteristics of global value chains: theoretical aspect

The article carries out a comparative analysis of scientific approaches to understanding the essence of global value chains, as a result of which the author’s position on this issue is substantiated. It has been established that the territorial organization of international business and the international division of labor form the conceptual basis of the formation of global value chains. Special attention is paid to how processes of global economic integration contribute to constant modifications of value chains, as well as the importance of their effective management, which is a decisive factor in increasing the competitiveness of companies and countries. The article argues that participation in global value chains provides businesses and governments with significant benefits, such as access to new markets, increased production efficiency, and increased value added. At the same time, risks have been identified, in particular those related to the instability of supply chains, increased competition and dependence on global markets. Different types of global value chains and features of their management in the conditions of modern challenges of globalization are considered. Conclusions have been made regarding the prospects for the development of Ukrainian business based on the concept of global value chains, taking into account global trends and national features of the economy. The article is useful for scientists, specialists in the field of international business and economics, as well as for those who are interested in the integration of national economies into global production processes. A comparative analysis of the positions of modern scientists regarding the essence of global value chains was carried out. Reasoned author’s position on the issue of the essence of global value chains. It has been established that the territorial organization of international business, as well as the international division of labor, is the conceptual basis for the formation of global value chains. It is argued that in the conditions of strengthening integration processes in the global economy, constant modifications of global value chains take place, and their management becomes one of the important factors of competitiveness. The benefits that business units and countries receive from participating in global value chains are determined, and the associated risks are also identified. The typology of global value chains, features of their management are analyzed. Conclusions have been made regarding the prospects for domestic business development based on the concept of global value chains.

How components of ESG performance impact corporate risk-taking?

Corporate risk-taking (CRT) is crucial for sustainable business development. The focus of this study is to examine the relationship between components of ESG performance (ESGP) and corporate risk-taking. We conduct an empirical analysis using CSI ESG score data of A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2009 to 2022. The conclusions are as follows: (1) ESGP exerts a facilitating effect on CRT. Specifically, environmental performance inhibit CRT, whereas social responsibility and corporate governance performance enhance CRT. (2) The facilitating effect of ESGP on CRT is more pronounced at lower levels of equity concentration. (3) ESGP enhances CRT by increasing the level of innovation and institutional investor shareholding. The contribution of this study is to help firms change CRT by adjusting the components of ESGP.

Impact of Falling Bank Interest Rates on the High Quality of Business Development

Impact of Falling Bank Interest Rates on the High Quality of Business Development

Analisis Strategi Pengembangan Usaha Jasa Kebersihan: Studi Kasus Usaha Jasa Sini Sa Clean

The cleaning service business SINI sa CLEAN is a business that has quite promising potential for development, even though it is very promising, SINI sa CLEAN is currently unable to compete in a broad scope. SINI sa CLEAN must be able to develop and continue to innovate so that it can survive and be able to compete. So an appropriate development strategy is needed. The type of research used in this research is descriptive qualitative and the data sources in writing this article were taken from primary data and secondary data. The analysis technique used in this research is the SWOT analysis technique, recording and observation to produce accurate information. The aim of this research is to determine the internal and external factors of the SINI sa CLEAN cleaning service business to find out the business development strategy and to find out the SINI sa CLEAN cleaning service business development strategy. The research results show that the total internal factors of strengths and weaknesses as the X axis are 0.73, while the total external factors of opportunities and threats as the Y axis are 2.83. So the strategic position for developing the SINI sa CLEAN cleaning service business is in quadrant I, namely in the S-O strategy position which has the strength and opportunity to be able to develop the SINI sa CLEAN cleaning service business.

Assistance in Creating a Collective Brand "One Village One Brand" for the Development of Tangkil Cracker SMEs

Intellectual property has an important role in supporting Micro, Small, and Medium Enterprises (MSMEs). Small and Medium Industry Entrepreneurs in Cipete Village, Curug District, Serang City produce Kerupuk Tangkil (Krutang) from melinjo fruit, but they do not yet have an official brand. The Community Partnership Program activities carried out aim to provide assistance in making collective trademark through One Village One Brand (OVOB) for local food small and medium industry in Serang City, especially Krutang small and medium industry. This program was conducted through three stages: preparation, implementation, and evaluation. The preparation stage involved visits to Cipete Village and small and medium industry of Krutang. The implementation stage included socialization on collective trademark and One Village One Brand program. The evaluation stage focused on collective trademark registration and its utilization for business development. The result of the program is the association with the collective trademark name and logo that has been agreed upon. The results show that collective trademark registration is very important to protect products and increase competitiveness. The service contributes significantly to the development of small and medium industry by providing practical guidance to utilize intellectual property.

Antecedents of entrepreneurial resilience in regions: A systematic literature review

Entrepreneurial resilience in regions is essential for enabling the entrepreneurial ecosystem to overcome natural disasters, catastrophes, wars, and various crisis situations it may face. However, this phenomenon has been underexplored in the literature despite its critical importance for business development, and consequently, for social progress. Therefore, the objective of this article is to conduct a systematic literature review to identify the antecedents of regional entrepreneurial resilience in situations of adversity. To achieve this goal, a qualitative, descriptive research approach was employed. Specifically, a systematic literature review was carried out following the PRISMA method, which included a total of 231 scientific articles retrieved from high impact journals. Of these, only 12% (27 documents) focused on regional entrepreneurial resilience. Five key antecedents of regional entrepreneurial resilience were identified: action orientation, the region’s historical precedents, opportunity exploitation, collaboration, resources, and preparedness. Additionally, it is suggested that future research should focus on understanding the impact of crises, identifying agile response models to crises, defining roles for each member of the entrepreneurial ecosystem to achieve economic recovery in regions, and analyzing the design of public policies that contribute to overcoming adversity. The study concludes that when a region is resilient, it is more likely to overcome crises and adversity.

ОСОБЛИВОСТІ ФОРМУВАННЯ СІМЕЙНОГО БЮДЖЕТУ В УМОВАХ ФІНАНСОВО-ЕКОНОМІЧНОЇ НЕСТАБІЛЬНОСТІ

Introduction. In the conditions of financial and economic instability, approaches to the formation and distribution of financial resources of the state, business and households have changed radically. Therefore, the study of the structure and features of forming the family budget is an objective requirement of the time. The purpose of the article.. Study of the essence, analysis of the structure and problems of formation of family budgets of citizens in Ukraine. Results. The authors of the article suggest that the family budget should be considered as a plan for the formation and use of cash income to ensure the well-being and appropriate standard of family living over a certain period of time. The analysis of the income structure of family budgets shows that the largest share is wages 57%, social benefits and transfers – 21%, profit and mixed income – 15%, income from property – 7%. During the studied period, the average monthly pension increased by 86.2%, the stipend by 53%, the minimum pension by 33.4%, the subsistence minimum by 38.33%, but in dollar equivalent it is 23%, 1.8%, -11.8% respectively. Important factors affecting the incomes of Ukrainian citizens are: the level of development of the country’s economy; the size of state social guarantees, the level of labor productivity; unemployment rate; the level of purchasing power of citizens; inflation; the structure of citizens’ expenses. It has been studied that in the conditions of war, the number of Ukrainians living on the edge of poverty has increased by 1.8 million since 2020, one of the indicators indicating a decrease in the level of income is an increase in the share of expenditure on food products in the general budget. According to the structure of family budgets, Ukrainians spend almost 66% on food and mandatory payments, which is twice the world average. During the war, the situation has changed, charity and donations occupy a larger part of family budget expenses compared to education or loan payments. Conclusions. It is suggested that in order to ensure the stability of the financial condition of Ukrainian citizens, it is necessary to develop and implement effective measures for socio-economic support of the population’s standard of living and the creation conditions for the development of small and medium-sized businesses at the state and regional levels.

НАУКОВІ ПІДХОДИ ДО РЕАЛІЗАЦІЇ ЕКОНОМІЧНОЇ БЕЗПЕКИ У ПІДПРИЄМНИЦЬКОМУ СЕРЕДОВИЩІ

Introduction. The current state of enterprises in war can be described as extremely threatening and risky. The dynamism of market processes forces business entities to consider all potential and existing threats to make the right strategic decisions. External factors of the market environment are often characterized by asymmetry and periodic cyclicality, including economic downturns and depressive phases of stagnation. The purpose of the article. The article aims to study various scientific approaches to ensuring economic security in the business sector in wartime. Methods. The current state of enterprises in wartime is extremely threatening and risky. The dynamism of market processes requires business entities to consider all potential and existing threats to make the right strategic decisions. External factors of the market environment are often characterized by asymmetry and periodic cyclicality, including economic downturns and depressions. Results. When considering the role and significance of microeconomic processes at the enterprise level, they should be understood as factors of macroeconomic reproduction at the state level, which is the result of entrepreneurial activity. Conclusions. Based on the analysis, we can draw several general conclusions: The economic security of an enterprise is part of the country's national security and depends on many factors. Economic security is characterized by the ability of an enterprise to achieve stable operation by strategically eliminating and confronting threats and risks. It is proposed that economic security be considered a system of protection for the enterprise's activities from various negative factors of internal and external origin. It also includes the ability of an enterprise to use various resources and approaches to eliminate risks and threats and achieve well-being. Achieving an adequate level of economic security is possible in the context of globalization and the European business development scenario. The essence of the economic security of enterprises is most fully revealed through economic and legal, information and technological, reproductive, and personal approaches.

Manajemen Badan Usaha Milik Desa ( BUMDes) “Berkah Banyu Makmur” Di Desa Pancasan Kecamatan Ajibarang Kabupaten Banyumas

This research examines the Management of Village-Owned Enterprises (BUMDes) "Berkah Banyu Makmur" in Pancasan Village, Ajibarang District, Banyumas Regency. The research method used is qualitative with descriptive analysis. Using primary and secondary data collected through observation, interviews and documentation. The management theory used is the George R. Terry, Leslie W. Rue, G. A. Ticolau model, with its 4 aspects, namely: Planning, Organizing, Actuating, and Controlling. The research results show that BUMDes "Berkah Banyu Makmur" has succeeded in implementing management functions well. The planning aspect involves village deliberations and regulations for business development as well as efforts to make Pancasan an Edutourism Village. The organizational aspects are clear and structured, as well as the development of BUMDes using the hexahelix model. Aspects of implementing BUMDes' daily operational activities have been regulated and structured with individual and team duties and responsibilities. Routine monitoring and evaluation aspects to ensure goals are achieved, with monthly and daily monitoring. With continuous efforts and strong commitment to the vision of becoming an Edutourism Village, it is hoped that this BUMDes can continue to develop and provide greater benefits for the people of Pancasan Village, as well as becoming an inspiring example for BUMDes in the surrounding area.

Fishermen Empowerment Through Product Diversification Viewed from the Maqashid Syariah Perspective in Pantai Labu District

Economic empowerment is one way to change people's lives for the better. Pantai Labu sub-district is known as a coastal area that has the potential for abundant marine catches. This study aims to evaluate the effectiveness of the product diversification-based fishermen empowerment program by using the maqashid sharia perspective as an analytical framework. This research was conducted in three fishing villages in Pantai Labu Sub-district, by identifying the potential product diversification that can be produced from marine products. The research method used was a qualitative case study with a descriptive analysis approach. Data collection was carried out through in-depth direct interviews. The results show that product diversification such as seafood processing and home industry development has had a positive impact on the income and food security of fishing communities. In addition, this empowerment also encourages the achievement of Maqasyid Sharia objectives, such as increased income that safeguards wealth (al-mal), increased skills that support the intellect (al-aql), and family welfare that supports offspring (an-nasl). However, despite its great potential, product diversification often faces various challenges in business development, such as capital constraints, limited market access, and lack of product innovation