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:

(A), (C), (B), (D)

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.