Strategic Management and Entrepreneurship Why is the concept of strategic management so important to the entrepreneur? What are the benefits of understanding and employing a strategic management process to the entrepreneur in his/her business? Respond to at least two of your fellow students’ postings. Strategic Audit Review the Strategic Audit of a Corporation in Appendix 1.A of your text. How would this audit benefit the entrepreneur? What elements would be the most helpful to the new entrepreneur when developing his/her business plan? Respond to two of your fellow students who selected different elements; in your responses, indicate why your choice of elements differed from theirs.