Plan completeness
To measure structural conformity we identified
whether any of the following eight elements (or
their equivalents) were in the plan: a description
of the product/process, a description of the target
market/industry analysis, the value proposition
(i.e., why the product or process was a solution to a
problem in the target market), the firm’s competitive
advantage, the business stage, a description
of the team, the marketing plan, financials and
the revenue model. These are the sections commonly
referred to in entrepreneurship textbooks
(cf. Timmons and Spinelli, 2007: 229; or Baron
and Shane, 2005: 169). PLAN COMPLETE is the
number of these sections identifiable in the plan.
In coding this information, we used only business
plans, private placement memoranda, or executive
summaries because our goal was to measure
conformity to document conventions rather than
the existence of the underlying information in the
request. The mean number of sections identifiable
in the plans was 4.7. A standard deviation of 3.6
indicates significant variation in this variable.17
Plan completeness
To measure structural conformity we identified
whether any of the following eight elements (or
their equivalents) were in the plan: a description
of the product/process, a description of the target
market/industry analysis, the value proposition
(i.e., why the product or process was a solution to a
problem in the target market), the firm’s competitive
advantage, the business stage, a description
of the team, the marketing plan, financials and
the revenue model. These are the sections commonly
referred to in entrepreneurship textbooks
(cf. Timmons and Spinelli, 2007: 229; or Baron
and Shane, 2005: 169). PLAN COMPLETE is the
number of these sections identifiable in the plan.
In coding this information, we used only business
plans, private placement memoranda, or executive
summaries because our goal was to measure
conformity to document conventions rather than
the existence of the underlying information in the
request. The mean number of sections identifiable
in the plans was 4.7. A standard deviation of 3.6
indicates significant variation in this variable.17
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