Why is formal strategic planning important for emerging firms? a. It facilitates informal and unsystematic planning. b. It reduces uncertainty in the competitive market. c. It compensates for a lack of entrepreneurial experience. d. It helps manage complexity in rapidly expanding ventures.

Formal strategic planning is important for emerging firms because it helps manage complexity in rapidly expanding ventures. Strategic planning provides a structured approach to decision-making and helps firms set clear goals and objectives, identify potential challenges, and allocate resources effectively. It also enables firms to adapt to changing market conditions and make informed decisions based on data and analysis. Therefore, option d is the correct answer.