Questions: True or False Question It is common practice today for most small business owners to engage in strategic planning. True False

The answer is False

Strategic planning is a critical component for the success and growth of any business, including small businesses. However, it is not yet a common practice among most small business owners.

This option would suggest that the majority of small business owners actively engage in strategic planning. While strategic planning is recognized as beneficial, many small business owners may not have the resources, time, or expertise to engage in formal strategic planning processes. They often focus on immediate operational concerns rather than long-term strategic goals.

This option indicates that it is not common practice for most small business owners to engage in strategic planning. This is more accurate, as many small businesses operate on a day-to-day basis without formal strategic plans. They may lack the necessary resources or knowledge to implement such planning, or they may prioritize short-term survival over long-term strategy.