Entrepreneurship Development and Communication Skills (1+1)

6.1.3 Importance of Planning

Good planning is good stewardship. Success in any endeavor requires careful preparation and planning. Without proper planning and preparation, failure is almost guaranteed. Good planning conserves resources, prevents wasted effort, and saves time and money. Good planning prevents small problems from becoming big problems.

The importance of planning function can be summarized as follows:

(i) It provides direction

(ii) It Provides opportunity to analyze alternative courses of action

(iii) It reduces uncertainties

(iv) It Minimizes impulsive and arbitrary decisions