Entrepreneurs seek new opportunities and are willing to take risks. A small business is an independently owned, operated and financed business with fewer than 500 employees. Small businesses do not necessarily engage in new or innovative practices and usually have minimal impact on their industry. This type of organization is important in three areas: job creation, new start-ups and innovation. Small businesses that are just getting off the ground create new jobs and appear to have more stability. Innovation leads to technological changes and job growth. There are conflicting opinions on the importance of spending time on strategic planning. The strategic planning process for entrepreneurial ventures and small businesses is a less formal approach. You shouldn't spend a lot of time developing elaborate business plans. A business plan is useless without customers. Researchers generally agree that the strategic planning process in small organizations compared to large organizations should be less formal. Flexibility is critical to an organization's competitive success and should be aware of and open to environmental changes. If the process is too formal, rigid or cumbersome, you may lose flexibility, which is a crucial part of its success. The value is more in “doing the process” itself,