To determine:
If developing a comprehensive plan is not necessary to acquire a start-up funding.
Introduction:
Planning is a process of making the plan before executing any work. The process of planning includes identification of goals and objectives, formulation of strategies, creating the means required and implementation and monitoring.
The First step of planning is to establish a strategic goal. The strategic goal is a statement defining where the company wants to be in the future. The strategic goal represents the whole organization's goal rather than to the goal of a division or department. After setting the strategic goal, the organization prepares its strategic plans. Strategic plans define the action steps by which the company intends to attain strategic goals. Strategic plans are actually the blueprint that defines the organizational activities and allocations required for meeting long terms targets.
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Understanding Management
- Good planning forces entrepreneurs to anticipate several things for his business. What are they?arrow_forwardPlanning is the compass that guides us through the intricate terrain of our goals and ambitions. It is the deliberate act of envisioning the future and crafting a blueprint to turn aspirations into reality. In essence, planning is the bridge between dreams and accomplishments. It involves breaking down overarching objectives into manageable tasks, allocating resources judiciously, and anticipating potential hurdles along the way. Whether orchestrating a career path, embarking on a new business venture, or even mapping out personal development goals, effective planning serves as a strategic tool for success. It prompts us to ask: What key factors should be considered when formulating a plan, and how can adaptability be incorporated to navigate unforeseen challenges?arrow_forwardIf you have your own business, how would you consider that your business is in good direction towards your goals and objectives. Cite a dramatic scenario that will describe the word good direction.arrow_forward
- For Disney, pleasing the customer and making a profit takes careful planning. What other types of industries could benefit from a flexible planning process such as Disney’s?arrow_forwardPlanning is a vital aspect of achieving goals and objectives effectively. It involves setting specific targets, outlining the steps needed to reach those targets, allocating resources efficiently, and establishing timelines for completion. Whether it's for personal endeavors or organizational strategies, planning provides a roadmap for success, helping to minimize risks and uncertainties along the way. Effective planning enables individuals and businesses to adapt to changing circumstances, anticipate challenges, and capitalize on opportunities Question: How do you prioritize tasks when creating a plan to ensure efficient utilization of resources?arrow_forwardImagine yourself as a entrepreneur / founder of a business . You want to expand the business and you need capital to that do . Your potential investors need to know about , Write a paragraph on each of the following points : • You ( and your related / relevant experience ) • Your product and it's market ( source of supply , level of demand etc ) • Your business idea • The reward they might obtain from investing in your business ( financial reward , prestige etc .arrow_forward
- When doing a strategic analysis of a company's financial situation, it is important to take into consideration A) only the financial situation of the focal company, without comparing it to competitors. B) the footnotes in the financial statements that may reveal hidden risks and assumptions. C) trends in the company's financial ratios and how they compare to industry figures D) top management's rationalization for the company's past financial performance E) how outside investors evaluate the company's financial healtharrow_forwardcompose one paragraph to the question: Is it appropriate to exaggerate within your business plan (the idea, numbers, plans)? Be sure to support your arguments and cite your sources.arrow_forwardYou need to pick a company for your strategic renewal analysis. It should be a company that has room for improvement - don't pick a company that's doing really well. It should either be a public company or a company that we know about or can easily learn about. That's so that when you post ideas later in the course it's easy for your group to provide feedback. I strongly recommend you do not do your own company (students tend to be too granular with their own company.) If you have questions about which firm to choose, reach out to me. This deliverable is just a paragraph. List the company and tell me why you choose itarrow_forward