Choose the correct sequence of first five steps of setting up a business.

A. Appraisal by the funding agencies
B. Scanning the environment for entrepreneurial opportunities
C. Assessment of feasibility of the idea and preparation of business plan
D. Resource mobilisation
E. Development of product/service idea

Choose the correct answer from the options given below:

D, B, E, C, A

The correct answer is Option (3) - D, B, E, C, A.

* Resource Mobilisation (D): The initial step involves securing the necessary resources for starting the business. This could include financial resources, human resources, technology, and other essential elements.

Scanning the Environment for Entrepreneurial Opportunities (B): After securing resources, entrepreneurs typically scan the business environment to identify potential opportunities. This involves assessing market trends, customer needs, and gaps in the industry.

Development of Product/Service Idea (E): Once an opportunity is identified, the entrepreneur develops a product or service idea that aligns with the identified market needs or opportunities. This step is crucial for creating a unique value proposition.

Assessment of Feasibility of the Idea and Preparation of Business Plan (C): Before moving forward, it's important to assess the feasibility of the product or service idea. Entrepreneurs prepare a detailed business plan, outlining the market strategy, financial projections, and operational plans.

Appraisal by the Funding Agencies (A): With a solid business plan in place, entrepreneurs seek funding from various sources. Funding agencies assess the viability of the business proposal and decide whether to provide financial support.