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By Matthias Fink; Sascha Kraus
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Extra resources for The management of small and medium enterprises
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A. Miller. (1994) ‘New venture strategies: Theory development with an empirical base’. Strategic Management Journal 15:21–41. J. (1996) ‘Pre-startup planning and the survival of new small businesses: Theoretical linkages’. Journal of Management 22:801–22. , and S. Shane. ’ Strategic Management Journal 24:1165–85. (2004) ‘Legitimating fi rst: Organizing activities and the survival of new ventures’. Journal of Business Venturing 19:385–410. V. Menzies and Y. Gasse. (2005) ‘Exploring the relationship between start-up activities and new venture emergence: A longitudinal study of Canadian nascent entrepreneurs’.
Bygrave, N. Carter, S. Manigart, C. Mason, D. Meyer and K. Shaver. Waltham MA: Babson College Press. , M. Frese and M. Ombach. (2000a) ‘How to plan as a small scale business owner: Psychological process characteristics of action strategies and success’. Journal of Small Business Management 38:1–18. , M. Frese and R. Thurik. (2000b) ‘Strategies, uncertainty and performance of small business startups’. Small Business Economics 15:165– 81. M. (2003) Introductory Econometrics: A Modern Approach. 2nd ed.
12 Reinhard Schulte Efficiency gains are possible, because an initial business plan ensures consistency of the concept itself and discloses some potential problems in advance. It provides coherence of all relevant startup activities, because it gives operational support within a jungle of single decisions to be made in the expansion phase. Acquisition benefits result from the transfer of information to the stakeholders. It meets institutional expectations of investors. This leads to a decrease of information asymmetries.