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Article

Kirk C. Heriot, Noel D. Campbell and R. Zachary Finney

This article argues that existing research poorly specifies the link between planning and performance because of omitted variable bias. Researchers agree planning is a…

Abstract

This article argues that existing research poorly specifies the link between planning and performance because of omitted variable bias. Researchers agree planning is a critical part of creating any new venture. Many researchers assess planning by whether a small firm has a written business plan. Unfortunately, efforts empirically to validate this relationship have been inconclusive. This article proposes that researchers should assess business plans both on the quality of the plan (and the planning process that produced it), and on the quality of the underlying business opportunity. Failure to account for both aspects of a business plan amounts to omitted variable bias, frustrating attempts to accurately estimate the true relationship.

Details

New England Journal of Entrepreneurship, vol. 7 no. 2
Type: Research Article
ISSN: 2574-8904

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Book part

Marisol Alonso-Vazquez, María del Pilar Pastor-Pérez and Martha Alicia Alonso-Castañón

The aim of this chapter is to present an overview of how entrepreneurs’ management activity can be assisted by utilising business plans. The main purpose of this chapter…

Abstract

Purpose

The aim of this chapter is to present an overview of how entrepreneurs’ management activity can be assisted by utilising business plans. The main purpose of this chapter is to guide prospective tourism entrepreneurs to make a reflection on management decision-making when starting up a micro-, small- or medium-sized tourism venture.

Methodology/approach

This chapter was built on a review of management literature and authors’ industry experiences.

Findings

This chapter suggests that a well-designed business plan can help prospective entrepreneurs to (1) facilitate their decision-making, (2) minimise their risk perception and (3) increase their venture’s success probability.

Research limitations/implications

This chapter is descriptive in nature to illustrate how business plans are useful instruments for decision-making in management and marketing areas.

Practical implications

The practical/entrepreneurial approach practical of this chapter contributes to highlight the utility and value of a business plan for any micro, small or medium tourism, travel, leisure or event venture.

Originality/value

This chapter is useful for prospective entrepreneurs who are planning to launch a venture but have not decided yet how to shape and start a tourism business venture.

Details

The Emerald Handbook of Entrepreneurship in Tourism, Travel and Hospitality
Type: Book
ISBN: 978-1-78743-529-2

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Abstract

Details

Advances in Accounting Education: Teaching and Curriculum Innovations
Type: Book
ISBN: 978-1-84950-869-8

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Book part

Clare Gately and James Cunningham

Business plan writing seems the panacea to gain stakeholder legitimacy and financial backing. Our chapter explores the contributions and disconnections between business

Abstract

Business plan writing seems the panacea to gain stakeholder legitimacy and financial backing. Our chapter explores the contributions and disconnections between business plan writing and the start-up process for incubated technology entrepreneurs. The study is set in the South East Enterprise Platform Programme (SEEPP), an incubator programme for technology graduate entrepreneurs in the South East of Ireland. Using a purposive sample of technology entrepreneurs in start-up mode, we took a qualitative approach consisting of content analysis of 40 business plans and in-depth interviews with 25 technology entrepreneurs. Our research found that writing a detailed business plan constrains the technology entrepreneur’s natural penchant for action, compelling them to focus on business plan writing rather than enactment. Technology entrepreneurs favour a market-led rather than funding-led operational level document to plan, and learn from, near-term activities using milestones.

Details

Academic Entrepreneurship: Creating an Entrepreneurial Ecosystem
Type: Book
ISBN: 978-1-78350-984-3

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Article

George Mihaylov and Ralf Zurbruegg

This article examines the relationship between financial risk management and succession planning in family businesses. Motivated by the Theory of Planned Behaviour, we…

Abstract

Purpose

This article examines the relationship between financial risk management and succession planning in family businesses. Motivated by the Theory of Planned Behaviour, we hypothesize that the use of professional risk management practices is associated with an increased likelihood that businesses adopt professionalized approaches to succession planning. We then investigate if succession planning professionalization is, in turn, positively related to the financial performance of family businesses.

Design/methodology/approach

We apply binary probit and ordered dependent variable regressions to unique data generated from a survey sample of Australian family businesses. To check the robustness of our results to potential endogeneity concerns we apply difference tests to propensity score matched sub-samples from our original cohort of respondents.

Findings

The results show that, in contrast to verbal or absent succession arrangements, formal written succession plans are both positively associated with the use of financial risk management practices and with superior financial performance in family businesses.

Originality/value

Our arguments and findings suggest that active financial risk management provides a platform for planning succession in family businesses, and that this links with improved short-term financial performance. In light of the critical role that succession plays in ensuring long-term business sustainability, our findings provide important and novel insights into the conditions under which family businesses are most likely to use formal professionalized succession planning.

Details

International Journal of Managerial Finance, vol. 17 no. 3
Type: Research Article
ISSN: 1743-9132

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Article

Kayleigh Watson and Pauric McGowan

The purpose of this paper is to focus with the university-based business plan competition (BPC) and proposes how the theory of effectuation might inform a new model. Such…

Abstract

Purpose

The purpose of this paper is to focus with the university-based business plan competition (BPC) and proposes how the theory of effectuation might inform a new model. Such a purpose is timely given the under-challenged nature of the BPC methodology.

Design/methodology/approach

Extant literature pertaining to business planning and the business plan within entrepreneurship education and effectuation is reviewed; numerous conceptual issues which undermine BPC provision in its traditional form are then identified. In response to these identified issues, a series of principles which could underpin the introduction of an effectuation-led business coopetition (EBC) are outlined.

Findings

Strong emphasis on business plan production within a conventional BPC model raises questions about its capacity to release the entrepreneurial potential of the higher education institution student and provide them with an authentic and relevant entrepreneurial learning experience. Through using the ideas of effectuation to rethink provision, the action of business plan production can usefully be replaced with the action of business implementation. As well as facilitate a beneficial shift from competition to coopetition-based entrepreneurship education.

Originality/value

This paper valuably critiques the efficacy of a commonly employed yet under-challenged methodology for entrepreneurship education; the BPC. The propositions offered can guide competition provision in a more authentic, realistic and relevant way that is potentially better suited to inspiring and supporting entrepreneurial new venturing amongst students and graduates now rather than in the future. The paper thus has practical value to those designing and delivering competition-based entrepreneurship education.

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Article

Ernest Jordan

This paper presents an analysis of selected participants in a survey of Australian organisations’ approaches to business and information technology (IT) contingency…

Abstract

This paper presents an analysis of selected participants in a survey of Australian organisations’ approaches to business and information technology (IT) contingency planning. In particular, it examines the role of management in planning and setting priorities for contingency planning, especially in those organisations that have specified that IT is critical to the business operations. The survey was undertaken because there was a perception that coping with disaster is a much‐neglected aspect of management in Australia, and this analysis examines the underlying attitudes. The findings reveal that most organisations are inadequately prepared and fail to take the issue seriously. Business continuity is not rated as a high priority. Managers in the IT area are also expected to take the responsibility for contingency planning for the whole business.

Details

Information Management & Computer Security, vol. 7 no. 5
Type: Research Article
ISSN: 0968-5227

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Article

Siwan Mitchelmore and Jennifer Rowley

This paper aims to explore the planning strategies of female entrepreneurs who have indicated a desire to grow their businesses, the time horizons of planning strategies…

Abstract

Purpose

This paper aims to explore the planning strategies of female entrepreneurs who have indicated a desire to grow their businesses, the time horizons of planning strategies and the relationship between planning horizons and number of employees and annual sales as measures of business performance.

Design/methodology/approach

In order to gather data for this exploratory study, a questionnaire was sent by e‐mail to members of networks of female entrepreneurs across England and Wales. Questionnaires were selected for analysis on the basis of an indication from the respondent that they wished to grow their business. Data were entered into SPSS to generate descriptive statistics, and conduct hypothesis testing.

Findings

The most preferred business growth strategies were: improving existing products or services and expanding advertising and promotion. Planning horizons are very short (often under three months), although the planning horizons associated with new products and entry into new markets were in some instances a little longer. Such short planning horizons could have serious consequences for business performance and growth. The planning horizons for cashflow, and investment in infrastructure showed a correlation with number of employees, whilst the planning horizons for cashflow, new product development, and expenditure showed a correlation with annual sales.

Practical implications

Female entrepreneurs need to be encouraged to extend their planning horizons, especially in terms of financial indicators such as expenditure, cash flow, and investment.

Originality/value

This research contributes to the growing literature on female entrepreneurs and their business, by providing further insight into their growth strategies and planning horizons.

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Article

In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This…

Abstract

In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of material poses problems for the researcher in management studies — and, of course, for the librarian: uncovering what has been written in any one area is not an easy task. This volume aims to help the librarian and the researcher overcome some of the immediate problems of identification of material. It is an annotated bibliography of management, drawing on the wide variety of literature produced by MCB University Press. Over the last four years, MCB University Press has produced an extensive range of books and serial publications covering most of the established and many of the developing areas of management. This volume, in conjunction with Volume I, provides a guide to all the material published so far.

Details

Management Decision, vol. 21 no. 5
Type: Research Article
ISSN: 0025-1747

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Article

The librarian and researcher have to be able to uncover specific articles in their areas of interest. This Bibliography is designed to help. Volume IV, like Volume III…

Abstract

The librarian and researcher have to be able to uncover specific articles in their areas of interest. This Bibliography is designed to help. Volume IV, like Volume III, contains features to help the reader to retrieve relevant literature from MCB University Press' considerable output. Each entry within has been indexed according to author(s) and the Fifth Edition of the SCIMP/SCAMP Thesaurus. The latter thus provides a full subject index to facilitate rapid retrieval. Each article or book is assigned its own unique number and this is used in both the subject and author index. This Volume indexes 29 journals indicating the depth, coverage and expansion of MCB's portfolio.

Details

Management Decision, vol. 23 no. 6
Type: Research Article
ISSN: 0025-1747

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