Significance of Business Planning and the Role of Effectuation in the Success of a Business



CHAPTER IV: DISCUSSION & ANALYSIS

In the present thesis, we intended to study the “significance of business planning and the role of effectuation in the success of a business. In order to thoroughly understand our research premise and to adequately answer our research questions; a qualitative study was chosen. This chapter of the thesis would provide a detailed analysis of the interviews that were conducted in pursuance of our research.

Open ended structured interviews were used to obtain relevant information from our chosen participants. The participants of the study were business entrepreneurs; and were well aware of the importance of the role of effectuation and business planning in contemporary business. Now, we would thoroughly assess the response (s) given by our interviews on the questions. The major themes discussed in this chapter have been drawn from our research objectives and literature review.

Analysis

In this section, we would thoroughly analyze the responses obtained from our participants in the light of themes drawn from our review of literature and our research objectives. Our qualitative research methodology involved interviews. The questions on the interview were carefully devised to bring out the desired information pertinent to our research questions. A total of ten questions were asked and covered a broad range of topics under the paradigm of business planning and the role of effectuation in the success of a business.

The participants of the interviews were carefully briefed about the nature and purpose of the study. The intended outcomes of the research were also communicated to the participants. The research goals were communicated and explained; it allowed the participants to relate to our research goals. Also, the format of the study was explained and hence ensured complete cooperation on part of the participants. The participants were business entrepreneurs. They belonged to diverse business sectors. Their expertise and experience in business were best suited to assist our research goals.

No specific age group was selected and the participants were from a mixed age group. The major purpose of the interview was to ask the participants about their perspectives and view on orthodox rationale planning which has now been replaced with effectuation.

Now, we would analyze the response of our participants in the light of the themes drawn from our qualitative analysis i.e. Literature review and research questions (chapter I).

Importance of Strategic Planning

In our interviews with entrepreneurs, the first question asked them if they had any business/work experience before they started their own business. The respondents of the research gave a varied response. The purpose of the interview was to adequately answer our research objectives. There seemed to be a consensus among participants on the importance of strategic planning at all business levels. A respondent even went to the extent and said “without proper strategic planning; no business venture can bear any fruits”. Another respondent asserted that “strategic planning allows entrepreneurs to perceive future business threats and work accordingly to tackle them in ...