Strategic Planning and Risk Management in the Stratup, Innovation and Entrepreneurship: Best Practices and Challenges

Abstract

Due to a lack of understanding of a management process designed expressly for them and a lack of familiarity with new terms used in risk investing for capital raising, the majority of new enterprises are entangled in a risk or failure scenario. A short- to long-term growth strategy pertaining to an enterprise's aims is called strategic management. Developing a suitable strategic management plan is crucial for the enterprise's long-term growth as well as its present development. Creating a plan for strategic management is, without a question, essential. In this era of rapid economic development, understanding how corporations create strategies and how strategic formulation has evolved is of great academic significance. This study examines the nature and methodology of strategic management in order to contextualize the Midea group's influence on corporate strategy. The present situation of entrepreneurial business development in the modern period is examined, and the effect of this development is analyzed quantitatively. As a conclusion, it offers a range of useful implications for the strategic management of startup businesses.