Govender, Deano2011-04-132011-04-132011-04-13http://hdl.handle.net/10539/9429MBA - WBSAn important criterion in investment appraisal is the quality of the business plan submitted when finance is sought. This study explores investors’ expectations of process and content aspects of planning among early-growth-stage qualifying small enterprises and their expected future performance. In-depth semi-structured interviews were used to obtain the views of investors involved in funding these ventures. The main findings from content analyses were that investors expect formality in the planning process such as thought, testing, documentation, monitoring, feedback and controlling the business relative to the plan. Furthermore, the content of the business plan is relevant only to a limited extent but should cover strategic issues such as market, entrepreneur characteristics, product offering and financials in detail. Competitor orientation, environment-of-business, and staffing strategies should be concisely included. Investors primarily expect the financed venture to perform financially and other performance dimensions were viewed as subsets of the financial dimension but within reason, were influential on the propensity of the investor to allocate finance. Finally, it was found that investors share an equivocal perspective on the ability of Black Economic Empowerment to influence their decision making.enInvestment planningBlack economic empowermentThesis