ENTREPRENEURIAL OPERATIONS
CHAPTER 7 ENTREPRENEURIAL LEADERSHIP AND MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -The statement is true. Strategic plans are framed on a long-term basis rather than short-term. It covers the broad and long-term objectives of the business. A tactical plan is developed to accomplish the objectives set under the strategic plans.
Detailed explanation-2: -A strategic goal is the objective you want to achieve at the end of your three to five year strategic plan. These goals are broader than your yearly objectives, but shorter than long-term goals like BHAGs and vision statements.
Detailed explanation-3: -Short-term goals should include everything you want to achieve over the next 36 months. Goals should be “S.M.A.R.T.” (specific, measurable, actionable, reasonable, and timely).
Detailed explanation-4: -A short-term business strategy ensures that companies take the right steps for developments and changes that will happen in the near future. More positive results than expected can be achieved by regularly completing the issues that will not affect the long-term during strategic planning.