Financial planning in business venturing

Benjamin B. Gansel

International Journal of Entrepreneurship and Innovation Management, 2008, vol. 8, issue 4, 436-450

Abstract: The literature provides limited methods that aid entrepreneurs in understanding the financial magnitude of their decisions. Conventional planning approaches are adopted from large-scale international companies. The primary aim is the creation of pro-forma financial statements. The paper proposes a financial planning framework that goes beyond existing approaches. Firstly, it provides a decision aid that can improve the decision making of entrepreneurs by identifying critical decisions/uncertainties and revealing the flow of information. Secondly, the framework enhances learning in a highly uncertain environment. Thirdly, it provides a method to accomplish the sequence of financial planning by quantifying the corporate strategy.

Keywords: financial planning; business plans; entrepreneurship; SMEs; small and medium-sized enterprises; small business finance; entrepreneurial finance; decision making; business venturing; corporate strategy; uncertainty; information flow. (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijeima:v:8:y:2008:i:4:p:436-450

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