ENTREPRENEURSHIP

Detailed explanation-1: -Long-term planning determines concrete processes and actions needed to achieve strategic goals. It also focuses on setting priorities, aligning resources, forecasting, and handling unexpected changes. In other words, strategic planning determines what and long-term planning determines how.

Detailed explanation-2: -Strategic planning is a structured process, usually carried out by the executive, which determines long-term organizational goals. During this process, executives analyze the organization’s current business and determine though various processes a strategic view of what they believe the organization should become.

Detailed explanation-3: -To be successful in business, you need to focus on both the short term and the long term. You give short-term focus to issues that are concrete, immediate, and predictable. Quarterly reports place focus on the short term, for example.

Detailed explanation-4: -A long-range plan is a set of goals (usually five to ten) that outlines the path for the company’s future. When the long-range plan is in place, a strategic plan should be developed to define the objectives and actions necessary to achieve the goals spelled out in the long-range plan.