Business Planning Process in a New Venture Development : Step-by-Step Approach

Abstract: Problem: The development of new ventures has been an issue of keen interest to the society. This is due to the fact that it enhances the socio-economic development of the society by creating jobs and also filling the gaps in the market. However, it is of interest to note that most people do not follow a business planning process when they are starting up a new venture. This may be due to the fact that they do not have any knowledge in a business planning process at the period of business initiation. Purpose: The aim of this thesis is to give an individual or an organization a clear direction of a business planning process in a new venture development. Method: A qualitative research method with a deductive approach was used to conduct this research. A primary and secondary data was collected from 4 organizations and were used to find out the possible steps of business planning process. Frame of Reference: The theoretical spheres that were utilized in this thesis consisted of business planning process from authors that had a sequential approach to business planning for a new venture development. Conclusion: The authors derived a model for business planning process in a new venture development that can be a recommendation to individuals or organizations starting up a new business because it provides a step by step direction in business planning to stay competitive in the market.