BUSINESS PLANNING IN ENTREPRENEURSHIP: STRATEGIC, FINANCIAL, AND PSYCHOLOGICAL PERSPECTIVES

Abstract

Entrepreneurship has emerged as a key driver of global economic growth and business innovation. At the heart of entrepreneurial success is strategic planning, with the business plan often serving as its central framework. A well-crafted business plan not only provides a clear roadmap for new ventures but also supports better decision-making, attracts investment, and increases the likelihood of long-term sustainability. However, academic research presents a more nuanced picture, highlighting both the advantages and the limitations of business planning—especially in unpredictable or rapidly changing environments. This paper examines the theoretical foundations, practical relevance, and economic and psychological effects of business planning, while also engaging with contemporary debates in the field. Drawing on empirical studies, literature reviews, and real-world examples, it argues that business planning remains a valuable tool for entrepreneurs, provided it is applied with insight and flexibility.