ENTREPRENEURSHIP

Detailed explanation-1: -(iv) Planning promotes innovative ideas: Since planning is the first function of management, new ideas can take the shape of concrete plans. It is the most challenging activity for the management as it guides all future actions leading to growth and prosperity of the business.

Detailed explanation-2: -Management planning examples includes looking into the future, analyzing it and deciding a future course of action beforehand. For an example of planning in management process, an annual sales plan is made based on an estimate of future sales.

Detailed explanation-3: -Planning is the function of management that involves setting objectives and determining a course of action for achieving those objectives. Planning requires that managers be aware of environmental conditions facing their organization and forecast future conditions.