Choose the correct order in the process of setting up a business.
(A) Scanning the environment for entrepreneurial opportunities
(B) Assessment of feasibility of the idea and preparation of a business plan
(C) Development of product/service
(D) Appraisal by the funding agencies
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → (A), (C), (B), (D)
(A) Scanning the environment for entrepreneurial opportunities: The process begins with identifying gaps, needs, or problems in the environment that can lead to business opportunities.
(C) Development of product/service: After spotting an opportunity, an entrepreneur develops a product or service idea to address it.
(B) Assessment of feasibility of the idea and preparation of a business plan: The next step is to evaluate whether the idea is practical and profitable, followed by creating a detailed business plan.
(D) Appraisal by the funding agencies: Finally, the business plan is presented to funding agencies or investors for financial support.
