While a number of studies have demonstrated that nascent entrepreneurs who complete business plans are more persistent than those who do not plan (Delmar & Shane, 2004; Gartner & Liao, 2006; Samuelsson, 2004) studies have not been able to demonstrate a relationship between persistence and success. Assumptions (generally untested), purport that business plans assist individuals in making better decisions or that they help with organizational performance. Surprisingly, the limited research conducted so far evaluating the utility of business plans in entrepreneurial environments has failed to produce clear findings (Stone & Brush, 1996). Yet, despite a feeble empirical record, business plan production seems to be a “taken for granted” activity more common to traditions and ritual (Meyer & Rowan, 1977) than to competition and efficiency. Our objective in this study is to systematically examine, over a full six year period, the affects and frequency of business planning activities.