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Free research papers are not written by our writers, they are contributed by users, so we are not responsible for the content of this free sample paper. This research-paper deals with the use of strategic planning in new ventures and young small- and medium-sized enterprises SMEs.

It provides interesting insights into the topics of small business management and entrepreneurship and it particularly investigates characteristics of SMEs, the nature of strategic planning, the role of the entrepreneur in strategic processes, the elements of strategic planning in new ventures and young SMEs, and the benefits of and reasons against the application of strategic planning, planning a research paper.

SMEs continue to play an increasingly important role in major economies around the globe. According to most definitions, small enterprises are firms that employ fewer than employees, planning a research paper, whereas medium-sized enterprises may employ up to employees. Especially new business ventures, which are virtually always a subgroup of SMEs, have been a popular topic of academic research since Birch found that small firms create more new jobs than large firms.

Such factors are of high importance not only to scientists, but also to politicians, entrepreneurs, and managers, because SMEs and particularly planning a research paper ventures are threatened with high failure rates and low profit margins, planning a research paper. Besides popular research topics and already proven influence factors such as human capital e. Indeed, several empirical research studies reveal a link between strategic planning and corporate performance, planning a research paper.

Due to an extensive application of strategic management techniques in large companies and a widely accepted notion that rational economic decision making should prevail in enterprises regardless of their size, practitioners and academics alike have recently called for a more substantial use of strategic planning in SMEs.

Rue and Ibrahim even argue that strategic planning is one of the key issues for SMEs. Most strategic concepts and techniques are considered to be irrespective of company size. Nonetheless, SMEs normally dispose of a lower level of resources, have limited access to target markets, and possess an insufficiently developed administration.

Ineffective deployment of strategic planning can even be considered the main reason for failure to achieve expected or projected performance in many firms. Accordingly, strategic planning a research paper are only rarely applied to SMEs. Additionally, planning a research paper small number of individuals usually derive the respective techniques, which they develop intuitively rather than theoretically. Building on this, an important issue to address is the value of strategic planning for new ventures and young SMEs.

This research-paper of 21st Century Management therefore explores how and to what extent new ventures and young SMEs apply strategic planning within the scope of their planning a research paper activities. Specifically, questions addressed include why these companies seem to plan less than large companies, whether strategic planning and corporate performance correlate with each other, and whether strategic planning is a function of increasing company size.

The suggestion that enterprises that plan strategically are more successful than those that do not implies that, building on existing empirical initial evidence, new ventures and young SMEs reveal a lower degree of strategic planning e. However, this seems unlikely.

Compared to large companies, SMEs tend to offer a more limited range of products on a more limited number of markets, and use market penetration and product development strategies rather than market development or planning a research paper strategies. In addition, planning a research paper, they usually have fewer resources and more limited access to human and financial capital.

As a result, the application of formal planning mechanisms is often missing. Table 8. Particularly in the Planning a research paper States, an almost countless number of related articles have been published. Corporate strategy is an area within management planning a research paper that is concerned with the general direction and long-term policy of the business in contrast to short-term tactics and day-to-day business operations.

Strategic management thus means management in pursuit of and on the basis of a corporate strategy. The discipline of strategic management formed in the s is based on advancements in the field of strategic planning.

Strategic management mainly deals with matching the activities of the business to the resources as well as to the environment in order to maximize the opportunities and minimize the threats. One of the most important approaches since these days is the so-called SWOT strengths, weaknesses, opportunities, and threats analysis, planning a research paper, by which a planning a research paper can assess its market and the environmental conditions impacting on its strategic plan.

The most important element of strategic management is strategic planning. In general, strategic planning is regarded as long-term oriented at least 3 yearsdirected toward future yield potentials, substantial and holistic in nature, and predominantly associated with the highest management level determining the vision, mission, and culture of the enterprise, planning a research paper.

Strategic planning is the attempt to prepare for all eventualities by abstraction and thus to account for the complexity and the dynamics of the environment. This entails the need to build alternative future scenarios and configurations. In contrast to strategic management, strategic planning is not about visionary future concepts, but rather about extrapolating present development tendencies into the future.

Hence, it does not provide visions but, more specifically, guidelines and programs for the planning a research paper of specific goals. Consequently, planning a research paper, strategic planning specifies the basic conditions and the scope of future planning a research paper activities, and thereby is a fundamental element for strategic management, which, in turn, is responsible for goals and visions. Bracker and Pearson have developed a scheme that divides planning in SMEs into four categories:.

In the context of new ventures and young SMEs, strategic planning is of particular interest since strategies for these SMEs have to be developed in a highly emergent way Mintzberg, planning a research paper,reflecting their fast-changing requirements. Management of SMEs and new ventures is always an integral part of entrepreneurship. The entrepreneur does not necessarily have to be the inventor of the new product, service, or business—but he or she is the one introducing this innovation to the market place.

Entrepreneurs are therefore people who take something e. In most SMEs, usually only top-level management i. Hence, the role of entrepreneur is always critical for the whole strategic process. Next to the entrepreneur, who is legitimized to do so via ownership, external employed managers, such as a CEO, may lead such an enterprise.

Due planning a research paper the size of the enterprise, the entrepreneur is most deeply rooted in day-to-day business operations and thus is also involved in all levels of decision making, some of which occur simultaneously. Besides, the process of strategic decision making in SMEs is often not only based on experience, but also on intuition or guessing.

Therefore, strategic decisions mostly reflect the subjective orientations and attitudes of the entrepreneur. The role of the entrepreneur and his or her attitude toward strategic issues are thus often critical for the implementation of planning measures. Planning is an activity without direct returns, which is hard to justify psychologicallyeither if customers are flocking to the company or if they are hard to come by and marketing and sales activities appear more important.

Academic research shows that education has a significant influence on strategic activities; the probability to think and act strategically grows with the level of education. Especially for business graduates, the probability of having written a business plan is much higher than for their nonbusiness counterparts. However, since many entrepreneurs have not graduated from college or have obtained their degrees in nonbusiness areas, it follows that many have limited knowledge of the strategic planning discipline and therefore limited managerial qualifications.

Moreover, entrepreneurs have different aversions against strategic planning and the application of formal methods such as strategic planning. In real-life business, preparation mostly comes through strategic planning. Many SME owners and managers routinely plan their daily operations, but do not believe that strategic planning applies to them or are not sure if strategic planning will improve corporate performance, planning a research paper.

An entrepreneur who has done fairly well so far without strategic planning might also simply be reluctant to change. Academic research has derived several factors that inhibit the use of formal planning in SMEs. Nonetheless, especially in times of increasing dynamics and uncertainty, it is vital to stay informed about corporate goals and their attainment on a regular basis. The strategy-formulation process therefore should be regarded as a future investment.

Although the majority of the well-known strategy concepts mostly originating in the s have been developed for big companies, which generally display a higher awareness for existing problems and can hence allocate more resources to this issue, some of the strategic concepts and techniques also seem to be suitable for implementation in SMEs.

One of the main benefits of strategic planning lies in the predictability of possible future scenarios and variations, planning a research paper. Besides, no business is too small to require a sound strategy, and few strategies are so simple that they do not have to be developed into some form of a strategic plan. In the recent years, governmental, nongovernmental, and educational institutions have dedicated a large effort toward the promotion and training of strategic thinking as well as actual strategic planning activities for entrepreneurship.

The rationale behind this is that every business, regardless of its size, should have some form of strategic plan. Founders of new ventures always follow some sort of strategy to reach their goals, although these strategies are not always highly rational or explicit. Only with increasing size, the strategic plan becomes more formal and elaborate, planning a research paper. This formal document is called a business plan. A business plan addresses key questions about the vision an enterprise strives to achieve and the operational details about how it aims to get there.

In other words, a business plan collects and summarizes all information that is relevant for the business. The business plan can therefore be regarded as both the first step in the strategic planning process as well as its overall documentation.

A business plan covers the long-term focus of the business as well as operational issues such as marketing, operations, and financing. Surprisingly, so far only few academic researchers have dealt explicitly with the business plans of SMEs. A business plan is usually regarded as a rational activity that assists the entrepreneur to make larger profits. It was found that contents of business plans and their implementation can play an important role in effective planning.

It is a commonly accepted assumption that business plans are made by rational economic actors. Writing a formal business plan is widely regarded as one of the most important aspects of strategic planning. Start-ups with business plans seem to have better access to external money from banks, venture capitalist companies, etc. Particularly for small businesses, the development of a business plan is widely called for in order to enable financing for internal and external communication and as a control mechanism.

Yet in real life, planning a research paper, many businesses—sometimes more than half of the interviewed companies—lack a solid business plan and the majority write one only when external funding is needed. This refers to the widespread assumption of banks, business angels, and venture capitalists that business plans are necessary for success. Nevertheless, the existence of a business plan prior to new-venture founding contributes positively to corporate performance i.

As conventional wisdom and empirical evidence seem to ascertain, strategic planning is a concept that marks out successful companies. Strategic planning may assist entrepreneurs in recognizing the breadth and complexity of their business. The level of uncertainty is reduced by providing a better understanding of the circumstances of its business, and hence to planning a research paper prepare for the future.

Accordingly, strategic planning helps to cope with the insecurities of businesses, and thus brings a beneficial value for the future, even above the sole acquisition of capital. It saves time and enhances management professionalism after start up. Furthermore, it promotes long-term thinking, reduces the focus on operational details, and provides a structure for the identification and evaluation of strategic alternatives.

For these reasons, several authors found a positive statistical relationship for corporate performance and ongoing strategic planning, planning a research paper. Especially long-term formal strategic planning has been shown to planning a research paper a positive relationship to performance e.

The pure process of formal planning itself already seems to have a positive effect in that it leads to a better understanding of the business and to a broader range of strategic alternatives. Formal strategic planning is elementary for long-term growth and development of small businesses. Further empirical studies also demonstrate that formal strategic planning can be beneficial for survival and growth of small enterprises. For example, in a longitudinal analysis Sexton and Van Auken found that the survival rates of SMEs conducting formal strategic planning are higher.

Lyles, Baird, Orris, and Kuratko state that a more advanced and more detailed strategic planning results in a more substantial corporate growth. The following paragraphs describe the most important elements of strategic planning with special consideration of their relevance for new ventures and young SMEs, planning a research paper. This necessarily includes interactions between actors and environmental conditions as well as the change resulting from it.

The vision is to help the organization develop a sustainable and advantageous position in competition with other actors under possibly radically changing conditions.

 

6 Tips on Planning and Writing a Research Paper

 

planning a research paper

 

A research paper is an expanded essay that relies on existing discourse to analyze a perspective or construct an argument. Because a research paper includes an extensive information-gathering process in addition to the writing process, it is important to develop a research plan to ensure your final paper will accomplish its goals. This sample Strategic Planning Research Paper is published for educational and informational purposes only. Free research papers are not written by our writers, they are contributed by users, so we are not responsible for the content of this free sample paper. If you want to buy a high quality research paper on any topic at affordable price please use custom research paper writing services. Guidelines for Preparing a Research Paper. When creating an Effective Research Paper, it is important to begin organizing or categorizing what you need to do and how to do prehnlads.cf is also important to remember that there are tons of Research Paper Examples online that can be used as a prehnlads.cf note, however, that plagiarism in any form when making a research paper is disapproved and is.