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Interestingly, despite being different documents, both can be used together. The practical as well as the theoretical differences are highlighted below: - Practical Differences A formal research has large differences from a business proposal. The funding structure of formal research and a business proposal are completely different. The funds for a formal research are usually procured from a learning institution, government, or even public bodies. The findings are therefore expected to add value to the pool of knowledge. The business proposal is funded by various firms when it comes to notice that certain problems are contributing negatively towards the achievement of organizational objectives. Although, both the documents may seem to be similar, there are several critical differences between the two in terms of the overall goals, purposes, sections and uses. Identification of these discrete differences allows the researchers to come up with an effective business proposal and formal research. The differences between the two factors are discussed in details in the subsequent section. The formal research is modeled in such a way that can be imitated and aimed at building on the researches carried previously about the subject of concern. The business plan is however aimed at finding the optimal solution to the problem that is being faced by the organization. In addition, business proposals do not allow experiments, but surveys and experiments are allowed by formal research. The source from which data is collected for both the research papers also has major differences. While creating business proposals, researchers usually consider industry reports or authentic electronic sources. In addition, the data used for the formulating the business plan are mostly up-to-date. Formal research usually encompasses latest scholarly articles or books (Finch, 2013). Theoretical Differences A formal research report provides fundamental information and statistics about a particular field or industry. However, it is purely dependent upon the focus of the company. For example, a company may study about the demand of a particular product by researching about the demands of similar products already existing in the market. In addition, the study can be also about the sales figures and values of similar products. Finally, these findings will reveal whether the market for the product being examined is highly saturated, moderately saturated or offers a ripe business opportunity. On the other hand, a business proposal is also a research document that is usually completed for the principal rationale of suggesting a method for completing a particular task in the near future. A business proposal usually describes about the task to be completed, a section to illustrate the approach of the task, the time frame in which the task is to be completed, and outlining the resources and fund required to complete the project. The task which is being highlighted here is usually the launch of a new business. The formal research can be used in many cases, but business plans are usually formulated when a new venture is supposed to be launched. Another striking difference between the two factors is that the formal research paper is principally developed for the purpose of evaluating whether a company should consider development of another products or service. This report is mainly used by financial ...Show more

Summary

Individual Research Proposal Name of the Student University PART I Formal Research & Business Proposal The terms ‘formal research’ and ‘business proposal’ are often intermingled in the field of research. Some people often use it interchangeably, but in reality they are actually referring to two different types of professional documents…
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