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... outline the reasons why firms need to implement strategies for developing their business. Entrepreneurship involves recognizing, and taking advantage of business opportunities. This calls for strategic thinking and planning in order to remain competitive in business. The business should have strategies for development and success before inception. According to OUP (n.d), the development strategies should cover all the scopes of the business, be documented, address customer needs, exploit real competencies, contribute to business competitive advantage, and be implementable.
Different businesses have different strategies depending on what they are trading in the market (Speculand 2009). Therefore setti...