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Why is strategic planning so important to small business

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Reference no: EM133333743

BUS 200-Introduction to Entrepreneurship

Questions

1. Why is strategic planning so important to a small business? What is a strategic competitive advantage? Outline the steps in the strategic management process and relate their importance to creating a competitive advantage.

2. Describe the three basic strategies available to small businesses. Can you expand them to even more categories? Under what conditions are each most successful?

3. Explain the relationship between a feasibility analysis and a business plan. What are the basic elements of a business plan? What is the purpose of a business plan?

4. Contact a local entrepreneur who recently launched a business. Did he/she prepare a business plan before starting the business? Why or why not? If the entrepreneur did not create a plan, is he/she considering doing so now? If the entrepreneur did prepare a business plan, what benefits did he/she gain from the process? How long did it take to prepare the plan? Did he/she put the plan to use during the start-up phase? Does he/she intend to keep the business plan updated? What advice did he/she have to offer another entrepreneur about preparing a business plan?

Reference no: EM133333743

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