Tackling Uncertainty through Business Plan Analysis—A Case Study on Citrus Waste Valorisation in the South of Italy
The paper addresses issues related to the citrus waste valorisation process and its inherent uncertainties from the perspective of a new and innovative firm. Thus, we investigate the relevance/role of a business plan analysis in developing a new business (new biobased value chains) in the case of citrus waste valorisation. We look primarily at the inherent uncertainty associated with the start-up phase of a new business aimed at producing and wholesaling semi-finished products derived from the recovery of citrus waste in southern Italy. In order to do so, we use a qualitative case study approach focusing on a small citrus waste valorisation firm located in Calabria, using Agro Management Development (AMD) as a unit of analysis. The choice of this research setting is not random, given the fact that many companies from the Mediterranean are trying to engage in activities to valorise citrus waste deriving from production value chains. The main findings of our analysis can be summarized as follows: (i) focusing primarily on one area of uncertainty ( i.e. , market uncertainty) might undermine chances of success, as it could indicate an incomplete business strategy to stakeholders, hence hindering their willingness to commit to a new entrepreneurial initiative; (ii) although a business plan could be an effective way to narrow down uncertainty for a new innovative firm, it should be properly customised in order to address all relevant dimensions of uncertainty. Indeed, an insufficiently developed plan might be counterproductive, revealing (for instance, to possible investors) an inadequate strategy for facing and solving emerging problems, therefore putting the whole business project at risk.
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- Chwolka, Anne & Raith, Matthias G., 2012. "The value of business planning before start-up — A decision-theoretical perspective," Journal of Business Venturing, Elsevier, vol. 27(3), pages 385-399.
- Hodgson, Geoffrey M, 1997. "The Ubiquity of Habits and Rules," Cambridge Journal of Economics, Oxford University Press, vol. 21(6), pages 663-684, November.
- David Dequech, 2011. "Uncertainty: A Typology and Refinements of Existing Concepts," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 45(3), pages 621-640.
- Attahir Yusuf & Robert O. Nyomori, 2002. "Uncertainty, Planning Sophistication and Performance in Small New Zealand Firms," The Journal of Entrepreneurship, Entrepreneurship Development Institute of India, vol. 11(1), pages 1-19, March.
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