Journal
JOURNAL OF BUSINESS VENTURING
Volume 25, Issue 1, Pages 24-40Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/j.jbusvent.2008.10.007
Keywords
Small firms; New firms; Business planning; Venture performance; Meta-analysis; Cultural factors
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Entrepreneurship research engages in an intense debate about the value of business planning. Prior empirical findings have been fragmented and contradictory. This study contributes insights to the business planning discussion by following an evidence-based research approach. We conduct a meta-analysis on the business planning-performance relationship and specifically focus on contextual factors moderating the relationship. Results indicate that planning is beneficial, yet contextual factors such as newness of the firms and the cultural environment of firms significantly impact the relationship. Based on this evidence, we propose a concomitant and dynamic approach that combines planning and learning. (C) 2008 Elsevier Inc. Ail rights reserved.
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