Self-confidence plays a crucial role in strategic planning. It influences how executives perceive their environment and their ability to achieve their goals. Overconfidence can lead to an overestimation of one's control over external factors and underestimation of the unpredictability of the environment. This can result in strategic plans that are not well adapted to the actual environment. On the other hand, a lack of confidence can hinder the development of adaptive capabilities necessary for dealing with unpredictable environments. Therefore, a balanced level of self-confidence is essential for effective strategic planning.
Follow up to the first part of our Business Strategies and Frameworks compilation, part 2 offers you...
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