The major steps involved in the process of starting a new enterprise include the following:

(i)    Scanning the Environment for identification of business opportunity.
(ii)    Development of product/service idea.
(iii)    Assessment of feasibility of the idea.
(iv)    Preparation of business plan.
(v)    Appraisal by the finding agencies.
(vi)    Resource mobilization.
(vii)    Project commissioning and launch.

The entrepreneurial process involves two phases: (i) spotting an opportunity; and (ii) championing a project. The first process involves generation of ideas, scanning of environment and transforming ideas into potential opportunities. The second process involves starting a new enterprise, may be in the small scale sector.

In terms of the process of setting up a business, an entrepreneur is on the look out for and spots the business opportunity, assesses its value, develops it in the form of a product/services idea, assembles the resources and gets going.



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