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Business Studies for Secondary Schools

Business planning starts with a business idea. A business idea is a concept that has the
potential to be developed into a commercially viable venture. An aspiring entrepreneur
is expected to think ahead before starting a business. Great business ideas alone are not
enough; successful entrepreneurs take time to plan before starting the business. Without
planning, businesses normally struggle and fail. To develop a strong entrepreneurial
mindset, embrace these affirmations. “I will plan before I act, ensuring that my business
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ideas are well thought out’’. Businesses that start with clear objectives and strategies are
better prepared to face challenges and adapt to changing market conditions. “I will take
responsibility for preparing my business for success.” A well-prepared entrepreneur
takes ownership of every aspect of their business. Figure 4.1 presents a reflection on
a business plan for moving from the current state to the desired state. Based on the
Figure 4.1, the “Now–Where–How” framework is an effective planning approach
that assesses the current situation for your business (Now), sets clear goals for the
desired future of your business (Where), and outlines the strategies to achieve those
goals (How). It helps businesses to logically move from understanding their present
position to defining their desired state and determining the necessary steps, ensuring a
structured, goal-driven planning process.

How do we get there?

Where

How

Where will we be in the future?
Business plan

Now

Figure 4.1: Reflection of a business planning process

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