Arrange the following steps of process of setting up a business in the correct order.

A. Resources Mobilisation

B. Assessment of feasibility of the idea & preparation of a business plan.

C. Development of product/service idea.

D. Scanning the  environment & launch.

E. Appraisal by the Funding Agencies

Choose the correct answer from the given below :

A- D - C - B - E

The correct answer is option (2)- A- D - C - B - E.

The correct sequence of steps of setting up a business is as follows-

Resource Mobilisation (A): 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 (D): 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 (C): 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 (B): 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 (E): 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.