Why is strategic planning important in entrepreneurship?

Strategic planning is important in entrepreneurship because it sets the foundation for a business’s direction, goals, and methods for achieving success. It enables entrepreneurs to foresee opportunities and challenges, allocate resources efficiently, and adapt to changes in the market. In the dynamic business environment of Canada, strategic planning helps entrepreneurs align their business operations with their vision, ensuring sustainable growth, competitive advantage, and long-term viability. It’s essential for making informed decisions and guiding the business through its lifecycle.