What will be the next step after the step 'Assessment of feasibility of the idea and preparation of a business plan' in the process of Setting up a Business?

Appraisal by the funding agencies

The correct answer is option 2- Appraisal by the funding agencies.

Appraisal by the funding agencies will be the next step after the step 'Assessment of feasibility of the idea and preparation of a business plan' in the process of Setting up a Business.

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

1. Resource Mobilisation: The initial step involves securing the necessary resources for starting the business. This could include financial resources, human resources, technology, and other essential elements.
2. Scanning the Environment for Entrepreneurial Opportunities: 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.
3. Development of Product/Service Idea: 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.
4. Assessment of Feasibility of the Idea and Preparation of Business Plan: 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.
5. Appraisal by the Funding Agencies: 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.
6. Project Commissioning and launch: This step involves putting all the preparations into action and officially launching the business. Project Commissioning and Launch is about turning your plan into reality and introducing your product or service to the market. 
7. Adaptation and management of growth: This step focuses on managing the business as it grows, adapting to changes, and ensuring sustainability over time. Adaptation and Management of Growth ensures that the business can sustain and manage its expansion while adapting to changing market conditions.