Abstract

Entrepreneurs are known for opportunity seeking behavior, for constant adaptation in response to contingencies, and for shaping new markets. Yet entrepreneurs are often asked to prepare business plans – a common forecasting exercise that implies a predictable future. This two opposing views have intellectual roots in Strategy, where some see company strategy as either emergent or planned. We show that entrepreneurs solve this apparent contradiction by embedding in their business plans elements of forecasting as well as inklings of emergence. Drawing in a unique dataset of business plan, we conclude that there are multiple entrepreneurial strategies.

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