This original and exciting new text examines the crucial role of innovation and entrepreneurship in achieving growth and ongoing success in the small business sector.



Chapter Objectives

The aims of this chapter are to assist the reader to:

  • become aware of the importance of business planning
  • comprehend the components which constitute the business planning process
  • assess the benefits to entrepreneurs of using business plans
  • be aware of contradictory research evidence about the benefits of business planning among small firms
  • comprehend variations in planning behaviour among entrepreneurs.

Business Planning

The Planning Philosophy

Since humans moved from the role of hunter-gatherer towards producer-trader there have been people who have used business plans to manage their operations. The philosophy behind such activity is to understand the current situation, fix future goals and to determine what actions are required to achieve these goals. As the Industrial Revolution led to the creation of larger, more diversified businesses, managing such operations has become more ...

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