In its simplest form, a business plan is a guideâa roadmap for your business that outlines goals and details how you plan to achieve those goals. Donât swallow the obsolete idea of the business plan must be a long, formal document, as if it were some term paper you have to write. Thatâs not true anymore.
DEFINITION of 'Eclectic Paradigm'. A theory that provides a three-tiered framework for a company to follow when determining if it is beneficial to pursue direct foreign investment.he eclectic theory paradigm is based on the assumption that institutions will avoid transactions in the open market when internal transactions carry lower costs.
eclecticism. 1. the use or advocacy of a method involving the selection of doctrines from various systems and their combination into a unified system of ideas.2. such a system. â eclectic, n., adj.a style that intermixes features borrowed from other artists or differing schools; applied especially when the result is unsuccessful. eclecticist, n. an international movement, most in vogue from 1820 until about 1930, characterized by almost total freedom of choice among historical styles of both overall composition and decoration in the design of public buildings, the freedom tempered by the intended use or location of the building.