Arrange the following steps involved in setting up a business in a logical order.
(A) Resource Mobilisation
(B) Development of Product/Service idea
(C) Environmental scanning for entrepreneurial opportunities
(D) Assessment of feasibility of the idea and preparation of a business plan
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 4
The correct answer is option 4- (A), (C), (B), (D).
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.
Environmental scanning for entrepreneurial opportunities (C): 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 (B): 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 a business plan (D): 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.
