What Challenges Do Entrepreneurs Face in Strategic Planning?
Entrepreneurs often encounter several challenges when developing and implementing strategic plans, including:
Uncertainty and Risk: The dynamic nature of the business environment can make long-term planning difficult. Resource Constraints: Limited financial and human resources can hinder the execution of strategic plans. Resistance to Change: Employees and other stakeholders may resist changes that the strategic plan necessitates. Data Limitations: Inadequate or inaccurate data can lead to flawed strategic decisions. Implementation Gaps: A gap between strategy formulation and execution can derail the strategic plan.