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Academy of Management Executive

If You Fail to Plan, Do You Plan to
Fail?
Brett P. Matherne, University of Dayton

In this era of hyper-competition, globalization, and technological revolution, the importance of speed in the marketplace is increasing. For example, the rate of appearance of new technologies, such as the Internet, is a daunting fact of life for any business. Faced with a multitude of forces encouraging speedy action, many firms respond to the pressure by reducing or even eliminating the time allocated to planning. In a nutshell, it seems as if the pressures of the new competitive landscape are pushing planning aside and forcing companies to simply act faster.
Although the idea of planning before starting an activity is intuitively appealing, there are many criticisms of “plan first.” One criticism is that more could be accomplished if the time spent on planning was allocated to other activities. This “plan first or act first” dilemma may be most evident in the development of new ventures—mainly due to the narrow window of opportunity they seek to exploit. The argument is that planning is of little value at the outset of new ventures because time allocated to other activities is of more value at such a critical stage in the organization’s life. In other words, planning takes time away from making the firm a “reality” since the uncertainty and fast timing of entrepreneurial opportunities warrant quick action.

Instead of pouring their efforts into planning, founders of new ventures might better spend their time on actions that immediately exploit the identified business opportunity.
Another argument is that there is limited downside risk early in the firm’s life for mistakes because entrepreneurs have superior intuitions for identifying and evaluating opportunities. So spending time on planning at the expense of

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