Traditional Business Plan Research Articles

Internal and External Factors that Boost the Performance of Social Enterprises During Covid-19 in Malaysia

The objective of this study is to examine the internal and external factors that contribute to the improvement of resilience and performance in social enterprises (SEs) operating in Malaysia, particularly in response to the unanticipated market conditions arising from the Covid-19 pandemic. Due to the unpredictable market conditions induced by the Covid-19 pandemic, this study aims to examine internal and external factors that can enhance the resilience and performance of social enterprises in Malaysia from the lens of Resource Dependence Theory and Resource-Based View Theory. This research is a quantitative-based study where an explanatory model was developed and statistically tested to analyse the data collected from an online survey conducted on 109 registered social enterprises in Malaysia. The statistical findings demonstrated that entrepreneurial orientation and network connections have a positive effect on the financial performance of social enterprises. Surprisingly, traditional business planning has a negative impact on financial performance during times of crisis. Moreover, this quantitative study affirms a notable association between fiscal performance and societal achievement, underscoring the pivotal importance of financial viability in fostering enduring social value. These observations provide valuable additions to the current body of knowledge on SEs and provide practical implications for individuals involved in the field, as well as policymakers and stakeholders.

Six Points: A Plan for Success

We have struggled with the traditional business plan format and purpose for the last many years as academicians, consultants, and practitioners. The introduction of the business model canvas by Alex Osterwalder several years ago sent a shock wave through the entrepreneurial ecosystem and caused many to reconsider the role and need of the business plan. We submit that the business plan is a necessary component in the flow of idea to venture execution; just not in the cumbersome format that has made writing a business plan into an onerous task. We propose that the purpose of a business plan can be served and even enhanced with a concise depiction of critical elements that compose a successful venture. We offer a format for the business planning process that we term “The Six Point Business Plan”. Our business plan format offers the entrepreneur a means of exploring and elaborating on the nine areas developed using the business model canvas but avoids being a cumbersome chore. The Six Point Business Plan offers a dynamic means to present the essentials of the venture in the form of idea, resources, and execution.

Emerging Theories of Entrepreneurial Behavior in Uncertain and Resource Constrained Environments

In the contemporary turbulent and constantly changing economic environments, it is difficult to predict the outcomes of an action and thus plan the societal, organizational end entrepreneurial goals beforehand. Certainly for a reason, in recent years, several different perspectives describing entrepreneurial behavior in uncertain and resource constrained environments have come to challenge the more traditional business plan- oriented, and goal - based perspectives in entrepreneurship. These theories explain “creative process in general and entrepreneurship in particular” (Sarasvathy 2008) and “shed light on the processes by which firms generate heterogeneous value from ostensibly identical resources” (Baker & Nelson 2005) as well as to how “to create innovative solutions within structural constraints using limited resources and imaginative problem solving” (Lampel, Honig & Drori 2014). Miner & Moorman (1998) and Miner, Bassof & Moorman (2001) also link improvisation closely to organizational learning, hen...

Reflections on the omission of social capital from enterprise education and business start training

Purpose – The purpose of this paper is to examine the case for the inclusion, in enterprise education, of training and/or guidance in the acquisition and use of social capital. Design/methodology/approach – The paper considers the reasons, not just why social capital should be included as a factor at least as important as financial capital, but also the possible reasons why so far it has largely been omitted – and then explores the implications behind that omission. Findings – The core assertion of the paper is that, despite its clear relevance, social capital is rarely included in enterprise education because the basis for much enterprise education is a traditional business plan menu which is in turn based on big business thinking. Practical implications – The implications of this are not just that social capital should be given a key place in enterprise education but that, before this can happen, the different nature of small business needs to be accepted and the basis of small business training adjusted accordingly. Originality/value – To date a lot of enterprise education and training has been based on the assumption that the traditional components of a business plan form a suitable agenda for enterprise education – either because it is directly based on a business plan or drawn from the same sort of thinking. The paper questions the validity of that assumption which excludes important factors such as social capital.

Business Plans: Are They Relevant to Venture Capitalists?

Relevance of the traditional business plan in the investment decisions made by venture capitalists for entrepreneurs has recently been a subject of debate. Some people view business plans to be a main input in the decision making process of investors. Others see business plans as having limited prominence, having been replaced by other means of inspiring confidence in potential investors. This study is designed to empirically investigate the relevance of a business plan in today's fast-paced and dynamic environment. Data was collected from 150 investor capitalist firms from around the world through an on-line survey. Data was analyzed and results are provided. A discussion is also presented.

Foundations of Entrepreneurship

The purpose of this course is to explore the many dimensions of new venture creation and growth and to foster innovation and new business formations in independent and corporate settings. This course uses and integrates many of the disciplines in the MBA curriculum. This course appeals to individuals who have a strong desire to become an entrepreneur, or work in a startup, early stage or entrepreneurial minded company that may be pursued now or later in their careers. It also is for those individuals who are considering obtaining jobs in consulting, venture capital, or investment banking where they are dealing with new or relatively new ventures. This special section of Foundations of Entrepreneurship will focus on social entrepreneurship. We define social entrepreneurship as the process of using business skills to create innovative approaches to societal problems. These nonprofit and for profit ventures have a social mission and aim to be financially self-sustainable or profitable. This section is designed to teach students about all aspects of the traditional business planning process, with particular attention paid to the challenges of social venture creation. Topics will include opportunity assessment, business models in the social sector, acquiring the necessary resources to grow a new venture, and the tradeoffs between social and financial returns on investment. Students are expected to complete a semester long project (a social venture plan or case study) to be evaluated by classmates, faculty and an outside panel of practitioners. Students will also be expected to attend one outside class session during the semester. These field trips provide the opportunity for students to learn from experienced practitioners in the field.

An Atlas for Knowledge Innovation

To migrate from traditional business planning, which confines itself to analyzing the current situation, to planning an innovation strategy, which incorporates innovation and uncertainty, you need more than a map—you need an atlas.

A computer simulation model for emerging technology business planning and forecasting

This paper reports on the development and application of a computer simulation model designed to: (1) assist technical professionals in developing business plans for emerging technologies in emerging markets; and (2) provide a realistic simulation of this process for professional development and university courses in business and management of technology (MOT). By incorporating key concepts from finance, market and competitive analysis, and MOT, the model guides the user through a series of assumptions and decisions to arrive at a ten-year financial plan. To overcome the most important limitations of traditional business planning models, the model also incorporates two additional stages in which alternative scenarios are introduced to bind the range of possible outcomes and focus the user on the key issues that must be addressed in commercialising emerging technologies.

The Value of an in-house competitive intelligence department: A business plan approach

In the last 10 years, Competitive Intelligence (CI) has become a more widely known field of expertise in North American companies. Across all industries, companies that are leaders in their fields have an in-house CI department strongly supported by senior management. Yet 42% of companies have no structured CI process whatsoever. One way to convince management of the need for, and value of, an in-house CI department is through the structure of a traditional business plan. LSJ Associates, a small sales and marketing training company currently applying ad hoc CI methods, is used as a model. Because a literature search turned up very little about why and how to establish an in-house CI department, a survey was undertaken to determine answers to these questions as well as to determine the benefits of doing CI projects in-house as compared to out-sourcing. The quantitative reasons are demonstrated by a cost/benefit analysis. Based on the results, LSJ will realize profit from its new CI department in less than six months. © 1998 John Wiley & Sons, Inc.

Using Interactive Planning in the Entrepreneurial Class: A Live Fieldwork-Based Case and Simulation Exercise

Interactive planning is a technique used by large corporations to plan and implement innovative changes in strategy. This article prepares the instructor to teach students the technique for entrepreneurial and small businesses. The process used to teach interactive planning is an experiential simulation based on "live case" principles using small groups. Students learn to work with actual entrepreneurs and existing businesses. They learn the need for question asking as well as question answering and how to handle choices about which data to select. They directly experience the messiness and ambiguity of the entrepreneur's world. Concepts of strategic planning, problem framing, and stakeholders are introduced and the relationship between interactive planning and the traditional business plan can be examined. At the end of the simulation, both the entrepreneur or small business owner and the instructor contribute to debriefing.