ent_9 - MNG00314 Entrepreneurship Top 9: Strategic Planning...

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MNG00314 Entrepreneurship Top 9: Strategic Planning of Entrepreneurial Ventures
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Learning Objectives On completion of this topic, you should be able to: identify and apply strategies to manage the growth an emerging venture comprehend and develop strategic management planning principles
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Strategic Planning The formulation of long-range plans for the effective management of environmental opportunities and threats in light of a venture’s strengths and weaknesses It includes defining the venture’s mission, specifying achievable objectives, developing strategies and setting policy guidelines
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Steps of Strategic Planning Examine the internal and external environments of the venture Formulate the venture’s long-range and short-range strategies Implement the strategic plan Evaluate the performance of the strategy Take follow-up action through continuous feedback
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Strategic Management Process
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Key Dimensions Influencing a Firm’s Strategic Planning Activities Demand on strategic manager’s time Decision-making speed Problems of internal politics Environmental uncertainty The entrepreneur’s vision
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The Transforming of Entrepreneurial Vision into Action Step 1: commitment to an open planning process Step 2: accountability to a corporate conscience Increase the owner’s sensitivity to larger issues of direction Make the owner accountable, albeit on a voluntary basis Step 3: establishment of a pattern of subordinate participation in the development of the strategic plan
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This document was uploaded on 03/26/2011.

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ent_9 - MNG00314 Entrepreneurship Top 9: Strategic Planning...

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