Research On Business Planning Under The Interaction Of Entrepreneur And Entrepreneurial Opportunity

Business planning is generally acknowledged as a crucial link of the new venture emergence in entrepreneurial practice, potential entrepreneurs often choose to have a business plan suitable for their business when they first started out. In contrast to the judgment of consensus in practice, the studies on the value of business planning have been under heated debate in academia. In this background, rely on the expectancy theory and legitimacy theory, this research focuses on the microscopic level of entrepreneurial behavior and process, in which entrepreneurial growth aspiration was put, and build a research model of three subjects around the path from elements to behavior and then to performance. What is more, this paper explores the effects of entrepreneur, entrepreneurial opportunity and their interactive effect on the business planning in the new venture emergence from the perspectives of entrepreneurial growth aspiration and the innovativeness of opportunity, and further uncovers the mechanism behind the effect of business planning on the performance of new venture.This paper offers some empirical findings by using multiple linear regression and logistic regression methods, based on the first two rounds of survey data from China Panel Study of Entrepreneurial dynamics. Firstly, compared with comfortable size entrepreneurs, growth-aspiration entrepreneurs have higher expectations towards the future scales of new ventures and are willing to make more efforts to carry out business planning. The higher innovativeness of opportunity is, the later entrepreneurs formulate business planning, and this relationship can be moderated positively by growth aspiration. Specifically, the positive relationship between the innovativeness of opportunity and the timing of business planning will be strengthened for growth-oriented entrepreneurs. But as for comfortable size entrepreneurs, this relationship is not so strong. Secondly, business planning has a positive effect on the financial performance and financing performance of new venture, while the timing of business planning has little influence on them.The above conclusion drawn from this research has great significance for business planning in theory and practice. On the one hand, introducing entrepreneurial growth aspiration into the analytical framework of business planning enriches and improves existing theoretical research. On the other hand, the findings provide some pertinence suggestion and guidance for participators in entrepreneurial practice such as entrepreneurs, investors, government and so on.