Variable | Step 1 | Step 2 |
---|---|---|
Constant | 4.43** | 4.18** |
Firm Age | 0.005 | −0.002 |
Ent XP | 0.52* | 0.59* |
Age | −0.02** | −0.02+ |
Education | 0.08 | 0.04 |
Case sample | −0.61* | −0.69* |
High Tech Firm | −0.10 | −0.16 |
0.09+ | ||
Write business plan | ||
Secondary data | −0.02 | |
Business plan feedback | −0.02 | |
Business plan funding | −0.05 | |
0.09+ | ||
Interview | ||
Prototype | −0.02 | |
Show prototype | 0.04 | |
Experiment | −0.02 | |
Preorders | 0.15* | |
Pivot | 0.06 | |
0.19 | 0.30 | |
Adjusted | 0.15 | 0.19 |
change | 0.19 | 0.10 |
Business planning | Lean startup | ||
---|---|---|---|
Supported? | Supported? | ||
: Write Business Plan | Yes | : Interviewed Customers | Yes |
: Secondary Data | No | : Created a Prototype | No |
: Feedback on Business Plan | No | : Showed a Prototype | No |
: Funding from Business Plan | No | : Experiment | No |
: Preorders | Yes | ||
: Pivoted | No |
Summary regression results for the growth DV
Variable | Business plan | Lean startup |
---|---|---|
Constant | 2.18 | 2.10 |
Firm Age | 0.03 | −0.01 |
Ent XP | 1.13 | 1.24 |
Age | −0.04** | −0.05* |
Education | 0.18 | 0.16 |
Case sample | 0.65 | 0.25 |
High Tech Firm | −0.61 | −0.48 |
0.30* | ||
Write business plan | ||
Secondary data | −0.17 | |
Business plan feedback | 0.01 | |
Business plan funding | 0.19 | 0.25 |
Interview | ||
Prototype | −0.11 | |
Show prototype | 0.14 | |
Experiment | −0.09 | |
Preorders | 0.89* | |
Pivot | 0.34* | |
0.39* | 0.51* |
Business planning | Lean startup | ||
---|---|---|---|
Hypothesis 1 | Supported? | Hypothesis 2 | Supported? |
: Write Business Plan | Yes | : Interviewed Customers | Yes |
: Secondary Data | No | : Created a Prototype | No |
: Feedback on Business Plan | No | : Showed a Prototype | No |
: Funding from Business Plan | No | : Experiment | No |
: Preorders | Yes | ||
: Pivoted | Yes |
We do not believe that business planning exists as a latent construct necessarily comprised of these activities, but rather each of these activities are potential components of the concept referred to as “business planning” in prior research.
Similar to business planning activities, we believe that lean startup is not a latent construct but rather these activities in some combination is what is meant when practitioners and scholars refer to lean startup. As such we test each of the activities individually rather than as a construct.
Following the extant guidelines on regression assumptions ( Osborne and Waters, 2002 ), we tested our model to ensure the regression assumptions were met. First, to check if our error terms ( Flatt and Jacobs, 2019 ) are normally distributed, the P - P plot suggests normality as the plot is largely linear. Second, to check for a linear relationship between the independent and dependent variable, our residual plot showed a linear relationship. Third, as our variables were not latent, there is no concern for measurement error for this approach. However, we did follow best practices suggested by Flatt and Jacobs (2019) and tested the Durbin–Watson statistic. Our value for this measure is 1.5 and their guidelines are that this statistic should be close to 2. Values between 1.2 and 1.6 represent only a minor violation of the statistical independence of error terms. Finally, to address the assumption of homoscedasticity, inspection of our standardized residuals showed our residuals scattered around the 0 (horizontal line). Therefore, for our dependent variable of success, we can feel comfortable our data meets the assumptions of linear regression.
As this dependent variable was analyzed using logistic regression, we analyzed our data following best practices from Garson (2012) . First, our dependent variable is dichotomous. Second our scatterplot showed no outliers in our data. Third, the correlation table showed no evidence for multicollinearity as no correlations were above 0.9 ( Tabachnick et al. , 2007 ). Hence, we feel our data meets the assumptions for logistic regression.
[Business Background]
Started (or am starting it) myself
When you first started pursuing the business, how many people were on the founding team (including yourself)?
High Tech Startup (External/Venture funded)
Steady Growth Business (Internally/Self-funded)
Lifestyle Business
Business Idea
Decision to Start a Business
Occurred Together
Month (1–12)
Year (YYYY)
[Lean Start Up, Business Planning Practices]
Interviewed potential customers
Created a prototype
Showed a prototype to potential customers for feedback
Conducted an experiment to better understand some portion of your business
Wrote a business plan
Accepted money for pre-orders
Used customer feedback to alter the direction of your business ("pivoted")
Gathered secondary data on industry statistics or trends
Shared your business plan with people outside the company for feedback
Shared your business plan with people outside the company for funding
[Demographics]
How old are you? 0.5
Prefer not to answer
Black or African American
American Indian or Alaska Native
Native Hawaiian or Pacific Islander
Living with a partner
Never married
Up to 8th grade
Some High School
High School Diploma
Some College
Associate's Degree
Bachelor's Degree
Some Graduate School
Master's Degree
More than 1
[Success Criteria]
My business is a success
Increased Annual Revenue
Increased Annual Customers
Increased Number of Employees
Thank you for completing the survey!
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A portion of this research was funded by the Downing Scholars research grant at Xavier University.
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