ENTREPRENEURSHIP

Detailed explanation-1: -Planning involves analyzing information, setting goals, and making decisions about what needs to be done. Organizing means identifying and arranging the work and resources needed to achieve the goals that have been set.

Detailed explanation-2: -Strategic management is the process of setting goals, procedures, and objectives in order to make a company or organization more competitive. Typically, strategic management looks at effectively deploying staff and resources to achieve these goals.

Detailed explanation-3: -The purpose of strategic planning is to set your overall goals for your business and to develop a plan to achieve them. It involves stepping back from your day-to-day operations and asking where your business is headed and what its priorities should be.

Detailed explanation-4: -In particular, planning helps to critically assess the goal to see if it’s realistic. It facilitates decision making and allows setting a time frame by predicting when the company can achieve its goal. It also defines how to measure performance against the set goals and whose responsibility it will be.