Why does crafting strategy have a strongly entrepreneurial character?.

             Courtney (2) notes that in a rapidly changing environment, this year's indicators are not a good measure of what will happen in the future. Instead, there is a need to develop foresight. This involved looking to the future and spotting potential opportunities and potential threats before they are actually present. This is entrepreneurial in the sense that it involves looking to the future and seeing things before they are actually present. Crafting strategy also involves a new approach to business where the focus is on managing and risk and choosing the best kind of action, while there remains a level of certainty. These aspects of crafting strategy have a strong entrepreneurial character. Finally, crafting strategy requires vision and creativity. It differs from traditional management strategies because there are no certainties. Organizations cannot simply accept the environment as it is and aim to preserve the status quo. Organizations have to accept continual change, expect continual problems and challenges, and be innovative and creative in addressing these challenges. This need for innovation and creativity also has a strong entrepreneurial character.

             2. What managerial purpose does the establishment of long-term objectives have?.

             Long-term objectives are necessary to ensure that the organization is aware of what it wants to achieve. They focus the organization on its goals and provide a means of defining the desired outcome. Long-term objectives are also important because they are used to measure current and possible actions against. For example, the decision of whether or not to take a certain action can be based on whether or not it will help the organization achieve its goals. One of the other important points regarding long-term objectives is that they define the desired end-point, but do not define how that end-point is achieved.