Week 12 Reading Reflection
- What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?
-I was surprised from the very beginning paragraph about the strategic planning process. I do not understand why a firm no matter how large or small would ever have informal planning process. Every business at one time or another is going to face challenges. All kinds of challenges will present its self to you as you grow. I think growth and profitability is the goal of most entrepreneurs. You will face financial road block as well as competitors entering the market place trying to establish their own share of the marketplace. So knowing that there is even a possibility of the mark changes around you why would you ever use an informal planning strategy?
2) Identify at least one part of the reading that was confusing to you.
-In the section Lack of Strategic Planning it mentions the Perception of High Cost. It talks about the perception of the high costs associated with planning that causes many business owners to ignore planning all together. Why is it so expensive to plan or is it just a misconception?
3) If you were able to ask two questions to the author, what would you
ask? Why?
a. The One Person Band Syndrome-Why is it that the owner of lot businesses holds all the keys to most of the biggest decisions that need to be made for the company? I know he owns the company and was smart enough to develop a new project or idea, but with that kind of wisdom you would think they could see or study other business’s that had the same mindset and never grew any bigger that his own concept.
b. How many businesses fail each year due to not having a long term strategic plan?
4) Was there anything you think the author was wrong about? Where do you
disagree with what she or he said? How?
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