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.
LINK / CITE ADD TO WORD LIST. adjective. The definition of eclectic is something that is made up of various sources or styles. An example of eclectic is the taste in music of a person who enjoys listening to country, hip hop, gospel and classical music.clectic. adjective. 1  Selecting or employing individual elements from a variety of sources, systems, or styles: an eclectic taste in music; an eclectic approach to managing the economy.