Pre-start-up formal business plans and post-start-up performance: A study of 116 new ventures

Lange, Julian; Mollov, Aleksandar; Pearlmutter, Michael; Singh, Sunil Kumar; Bygrave, William D.

doi:10.1080/13691060701414840

Cited by 91 publications

(98 citation statements)

References 26 publications

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“…Some suggest that preparing business plans with the context of entrepreneurship education can enable the development of valuable competencies (Mitra and Manimala, 2008;Tounes et al, 2014). However, given the discredit of the business plan in the broader entrepreneurship field (Bridge and O'Neil, 2013;Gately and Cunningham, 2014;Lange et al, 2007;Read et al, 2011) others contend that its presence is due to ritual and convenience rather than the learning needs of nascent entrepreneurs (Bridge and Hegarty, 2013;Honig, 2004;Honig and Karlsson, 2001;Whalen and Holloway, 2012). Furthermore, Karatas-Ozkan and Chell (2010) suggested that placing educative emphasis on a management skill, of which business plan production can readily be defined, will not equip those who have entrepreneurial motivation, with the knowledge and skills needed to start their venture.…”

Section: Bpcs and Learningmentioning

confidence: 99%

“…"individuals who alone or with others are trying to start an independent business" (Delmar and Davidsson, 2000, p. 1), entering venture ideas which are then judged by an industry and investment peer group on their commercial merits, with "the best" ideas being rewarded by way of a cash award, this often accompanied with opportunities for financial investment, PR exposure and networking (Gailly, 2006;McGowan and Cooper, 2008;Thomas et al, 2014). The promotion of university-based BPCs today can be observed a product of graduate entrepreneurship (Matlay, 2010;Nabi et al, 2010;Nabi and Holden, 2008), start-up support (Dee et al, 2015), entrepreneurship education (Pittaway et al, 2015), entrepreneurial university (Cunningham et al, 2017;Etzkowitz, 2003;Gibb, 2002Gibb, , 2005Gibb, , 2012Guerrero et al, 2015) and pro-business plan (Lange et al, 2007) agendas.…”

Section: Introductionmentioning

confidence: 99%

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An exploration of the Business Plan Competition as a methodology for effective nascent entrepreneurial learning

Watson

McGowan

Cunningham

2017

IJEBR

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Purpose -Business Plan Competitions (BPCs) are readily prescribed and promoted as a valuable entrepreneurial learning activity on university campuses worldwide. There is an acceptance of their value despite the clear lack of empirical attention on the learning experience of nascent entrepreneurs during and post-participation in university-based BPCs. To address this deficit, the purpose of this paper is to explore how participation in a university-based BPC affords entrepreneurial learning outcomes, through the development of competencies, amongst nascent entrepreneurs. Design/methodology/approach -Underpinned by a constructivist paradigm, a longitudinal qualitative methodological approach was adopted. In-depth interviews with nascent entrepreneur participants of a UK university-based BPC were undertaken at the start and end of the competition but also six months after participation. This method enabled access to the participant's experiences of the competition and appreciation of the meanings they attached to this experience as a source of entrepreneurial learning. Data were analysed according to the wave of data collection and a thematic analytical approach was taken to identify patterns across participant accounts. Findings -At the start of the competition, participation was viewed as a valuable experiential learning opportunity in pursuit of the competencies needed, but not yet held, to progress implementation of the nascent venture. At the end of the competition, participants considered their participation experience had afforded the development of pitching, public speaking, networking and business plan production competencies and also self-confidence. Six months post-competition, participants still recognised that competencies had been developed; however, application of these were deemed as being confined to participation in other competitions rather than the routine dayto-day aspects of venture implementation. Developed competencies and learning remained useful given a prevailing view that further competition participation represented an important activity which would enable value to be leveraged in terms of finance, marketing and networking opportunities for new venture creation. Research limitations/implications -The findings challenge the common understanding that the BPC represents an effective methodology for highly authentic, relevant and broadly applicable entrepreneurial learning. Moreover the idea that the competencies needed for routine venture implementation and competencies developed through competition are synonymous is challenged. By extension the study suggests competition activities may not be as closely tied to the realities of new venture creation as commonly portrayed or understood and that the learning afforded is situated within a competition context. Competitions could therefore be preventing the opportunities for entrepreneurial learning that they purport they offer. Given the practical importance of competition participation as a resource acquisition activity for nascent en...

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Section: Bpcs and Learningmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

An exploration of the Business Plan Competition as a methodology for effective nascent entrepreneurial learning

Watson

McGowan

Cunningham

2017

IJEBR

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“…Although some authors acknowledge this variation, they still discern the sub-phases in the pre-startup process [54,55]. Tiessen [56] argued that individualistic tendencies are conducive to intentions toward self-employment but interfere with the process of resource acquisition where active cooperation with other people is vital.…”

Section: Success Factors Of Startup Businessesmentioning

confidence: 99%

Critical Success Factors of a Design Startup Business

Kim

Young-Ok³

2018

Sustainability

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Recent trends of new venture startups have paved the way for the expansion of the design industry and opened new windows of opportunity for the traditionally small and non-specialized design business. In this environment, design startups are rapidly growing in modern society, and thus meeting the needs of consumers through the development of innovative products, processes, and services. This study aims to determine the critical success factors affecting design startups. To this end, the concept and success variables of startup businesses were studied based on previous research, and then key success factors of design startups were identified. A total of 24 experts, from 12 design-based small venture startups and 12 technology-based small and medium startups, were surveyed regarding their priorities related to these factors, using the analytic hierarchy process (AHP). The results suggest that idea commercialization is the most important success factor as an innovation criterion among the four success criteria of design startups. Hence, entrepreneurial conditions, such as goal-orientation and entrepreneurs' competence, are important success factors for design startups.

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“…Vodeći profesori iz oblasti preduzetništva smatraju da je razvoj biznis planova najznačajnija metodska jedinica nastave iz preduzetništva (Hills, 1988). U mnogim zemljama poslovni plan predstavlja jedan od glavnih istrumenata za razvoj preduzetništva kao i regionalni razvoj (Russel et al, 2008;Lange et al, 2007). Takođe, brojni primeri ukazuju na to da svake godine na stotine osoba učestvuje u vladinim programima obuke za izradu poslovnog plana (Brinckmann et al, 2010).…”

Section: Uvodunclassified

Modeli i primena eksterne menadžment podrške u malim preduzećima

Leković¹,

Marić²

2015

Proceedings of the International Scientific Conference - Synthesis 2015

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Apstrakt:Pored nedvosmislenog iskazivanja i prepoznavanja potrebe za menadžment praksom u malim preduzećima, od strane vlasnika/ preduzetnika/menadžera, postoje brojni razlozi i ograničanja zbog kojih ovaj vid podrške ostaje nedostižan na putu uspeha malih preduzeća. Osnovni nedostatak i ograničenje dostupnosti brojnih resursa ovoj vrsti privrednih subjekata, jeste pre svega veličina, koja je osnovni ograničavajući faktor u smislu raspoložive finansijske snage kako bi se obezbedili osnovni preduslovi rasta. Usled ovakvih okolnosti značajan deo ljudskih potencijala kojima malo preduzeće raspolaže, u vidu znanja, veština i sposobnosti, treba da pruži sam vlasnik/preduzetnik/menadžer. Čak i kada postoji svest o potrebi dobre menadžment prakse za uspešno poslovanje malog preduzeća i nedostatku ovih sposobnosti kod samog preduzetnika, angažovanje profesionalnih menadžera nije dostižna mogućnost u ovoj fazi razvoja. Zbog brojnih razloga koje ćemo kasnije obrazložiti, najbolji izbor u skladu sa resursnim potencijalima privrednih subjekata, u ovoj fazi razvoja, predstavlja eksterna menadžment podrška malim preduzećima u ad hoc formi. Osnovna namera ovog rada je ispitivanje spremnosti prihvatanja eksterne menadžment podrške od strane vlasnika/preduzetnika/menadžera kao i međuzavisnost eksterne menadžment podrške i poslovnog uspeha tj. učinka malih preduzeća. Abstract:Besides unequivocal necessity and readiness of owners, entrepreneurs and managers to accept external management support in small-sized enterprises, there are numerous reasons and factors that make this type of support unattainable for such enterprises on their path towards success. The main factor causing lack of resource availability to these business entities is primarily the size, as the main limiting feature in terms of available financial strength to provide the basic growth prerequisites. Due to these circumstances, a considerable part of human resources the company disposes of in terms of knowledge, skills and abilities, needs to be provided by the owner, entrepreneur, and manager. Even if there is the awareness about the necessity for good management practices for successful performance of small-sized enterprises, but the entrepreneurs are missing such skills, it would be desirable to hire professional managers. Unfortunately, this would be impossible at this development stage. Due to numerous reasons that shall be further explained and in accordance with the resource potentials of business entities, the best option is ad hoc external management support to small-sized enterprises. The purpose of this paper is to examine the readiness of owners, entrepreneurs and managers to accept external management support, as well as to analyze interdependence between external management support and business success i.e. performance of small-sized enterprises.Ključne reči: mala preduzeća, profesionalni menadžment, eksterna podrška. Key words:small-sized enterprises, professional management, external support. MODELI I PRIMENA EKSTERNE MENADŽMENT PODRŠKE U MALIM PRE...

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Pre-start-up formal business plans and post-start-up performance: A study of 116 new ventures

Cited by 91 publications

References 26 publications

An exploration of the Business Plan Competition as a methodology for effective nascent entrepreneurial learning

An exploration of the Business Plan Competition as a methodology for effective nascent entrepreneurial learning

Critical Success Factors of a Design Startup Business

Modeli i primena eksterne menadžment podrške u malim preduzećima

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