Writing a Successful Business Plan

Haag, Annette B.

doi:10.1177/216507991306100104

Cited by 9 publications

(8 citation statements)

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“…The process of business planning seems essential rather than the product (i.e., the business plan itself). In [86], the authors emphasized that it is not useful to develop a "finished perfect business plan". A business plan is never finished, but its development should enable entrepreneurs to make well-informed decisions based on imperfect information and should help them to face complexity and uncertainty [70,86].…”

Section: Business Planning and Effectiveness As A Planning Benefitmentioning

confidence: 99%

“…In order to reveal the potential value of the business plan, entrepreneurs need to reflect thoroughly on all relevant topics contained in the business plan [13,86]. In other words, it is important to thoroughly reflect on every aspect of the plan to develop a sound business plan that offers support to manage the business more effectively.…”

Section: Quality Of a Business Planmentioning

confidence: 99%

“…Therefore, the more you reflect on each item, the higher the quality of the plan will be. Furthermore, business plans traditionally contain various items that are summarized in a quite standard format and usually subdivided into three main categories referring to the economic, organizational, and financial viability of a company [7,11,19,86]. Based on the existing literature, the preliminary interviews (see Section 3.1.1), and document analysis (business plans provided by entrepreneurs during preliminary interviews), a list of relevant items was created.…”

Section: Quality Of a Business Planmentioning

confidence: 99%

“…The first stage, "existence", concerns the start-up phase of a business. During this stage, monitoring five crucial key indicators seems an important tool to support entrepreneurs in anticipating "the unexpected" [20,86] and ensuring the survival of a company [6,17,20,86]. First, an entrepreneur should build a solid client base that results in sufficient sales [6,20,[102][103][104][105].…”

Section: Effectiveness Of a Business Planmentioning

confidence: 99%

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The Role of the External Accountant in Business Planning for Starters: Perspective of the Self-Determination Theory

Bruyckere

Everaert

2021

Sustainability

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The objective of this study was to gain more insight into the value of business planning for starters and to better understand the role of the external accountant in the planning stage. In particular, survey research was conducted to capture both the quality of the business plan and its effectiveness as perceived by the starter. To unravel the underlying reasons behind the development of a business plan, the framework of the self-determination theory (SDT) was used and adapted to this context. SDT proposes a continuum that distinguishes four types of motivation, ranging from external motivation (i.e., developing a business plan because of a legal obligation) to intrinsic motivation (i.e., developing a business plan because of a personal interest). The results, based on 283 surveys of Belgian starters, showed a relationship between the type of motivation and the quality of the business plan. Entrepreneurs with high introjected or high identified motivation seem to develop a high-quality business plan. This high-quality business plan enables entrepreneurs to increase their effectiveness. Furthermore, entrepreneurs who consulted an accountant during the business planning stage perceived the quality of their business plan as higher than entrepreneurs who did not get advice from an accountant. These findings presuppose an important challenge for external accountants, as their business advice supports entrepreneurs in anticipating “the unexpected”, which subsequently empowers them to monitor their business effectively.

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Section: Business Planning and Effectiveness As A Planning Benefitmentioning

confidence: 99%

Section: Quality Of a Business Planmentioning

confidence: 99%

Section: Quality Of a Business Planmentioning

confidence: 99%

Section: Effectiveness Of a Business Planmentioning

confidence: 99%

See 2 more Smart Citations

The Role of the External Accountant in Business Planning for Starters: Perspective of the Self-Determination Theory

Bruyckere

Everaert

2021

Sustainability

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“…Based on the analysis, the failure is due to research for students whose background education is still difficult to arrange non-economy business plan. Business plan must clearly and precisely define the mission, values, strategies, measurable objectives, and the main results expected [27]. Most of them do not take into account the work force, they only take into account the difference between the selling price and the price of materials.…”

Section: Based On Tablementioning

confidence: 99%

Entrepreneurial Self-Efficacy: Training, Observation, Internships, and the Business Plans

Andayani¹,

Hariani²,

Ain³

2020

Proceedings of the 4th Asian Education Symposium (AES 2019)

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A person's confidence to succeed in running a business that will be carried out is called Entrepreneurial selfefficacy Entrepreneurial self-efficacy is not an innate ability, but can be generated by motivating students to become entrepreneurs. The effort to grow self-efficacy for entrepreneurship was carried out to 35 Kanjuruhan University Malang students. The activity is entrepreneurship training, visitsin SMEs, internship activities in SMEs, and training in preparing a business plan. The purpose of this study was to determine the factors that influence ESE. Data is collected through observation, questionnaires, and tests. Data were analyzed using multiple regressions using the SPSS 20 programs. The results showed that entrepreneurship training and internships in SMEs had a positive effect on ESE, while the visits to SMEs and training in business plan preparation did not affect on ESE.

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