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

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  • Julian E. Lange
  • Aleksandar Mollov
  • Michael Pearlmutter
  • Sunil Singh
  • William D. Bygrave
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    Abstract

    This study examined whether writing a business plan before launching a new venture affects the subsequent performance of the venture. The dataset comprised new ventures started by Babson College alums who graduated between 1985 and 2003. The analysis revealed that there was no difference between the performance of new businesses launched with or without written business plans. The findings suggest that unless a would-be entrepreneur needs to raise substantial start-up capital from institutional investors or business angels, there is no compelling reason to write a detailed business plan before opening a new business.

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    File URL: http://hdl.handle.net/10.1080/13691060701414840
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Venture Capital.

    Volume (Year): 9 (2007)
    Issue (Month): 4 (April)
    Pages: 237-256

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    Handle: RePEc:taf:veecee:v:9:y:2007:i:4:p:237-256

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    Cited by:
    1. Mayer-Haug, Katrin & Read, Stuart & Brinckmann, Jan & Dew, Nicholas & Grichnik, Dietmar, 2013. "Entrepreneurial talent and venture performance: A meta-analytic investigation of SMEs," Research Policy, Elsevier, vol. 42(6), pages 1251-1273.
    2. Salisu Isyaku, 2014. "Mediating Effect of Uncertainty Avoidance on the Relationship between Entrepreneurial Talent and SMEs Performance in Nigeria: A Conceptual Analysis," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 4(6), pages 368-383, June.
    3. Brinckmann, Jan & Grichnik, Dietmar & Kapsa, Diana, 2010. "Should entrepreneurs plan or just storm the castle? A meta-analysis on contextual factors impacting the business planning-performance relationship in small firms," Journal of Business Venturing, Elsevier, vol. 25(1), pages 24-40, January.

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