Abstract

Despite calls for a multidimensional view of business planning, most entrepreneurship research has treated planning as dichotomous—considering “planners” versus “non-planners.” We develop and test a model comprised of domain business planning and venture sales using four planning domains (i.e., financial planning, market planning, customer planning, technology planning). When considering the “form” of business planning, research has distinguished among a “process” of business planning (i.e. cognitive effort or learning activity) versus the “outcome” of business planning (i.e. written plan). We focus on the process form of planning in terms of effort rather than the existence of a formal written plan. We use the criterion of early venture sales because startups often have not yet reached profitability, and sales are important for generating cash flow, gaining legitimacy, and increasing the chance of survival.

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