Question

Choose the correct sequence of first five steps of setting up a business.
A. Appraisal by the funding agencies
B. Scanning the environment for entrepreneurial opportunities
C. Assessment of feasibility of the idea and preparation of business plan
D. Resource mobilisation
E. Development of product/service idea
Choose the correct answer from the options given below:

• A. B, D, A, C, E
• B. D, B, A, E, C
• C. B, D, C, A, E
• D. D, B, C, E, A

Hint:

Remember that setting up a business involves understanding funding, evaluating ideas, and building a proper plan before moving on to execution.

Answer 1

The Correct Option is A

The correct order of the steps to set up a business is as follows:
1. Appraisal by the funding agencies (B)
2. Scanning the environment for entrepreneurial opportunities (D)
3. Assessment of the feasibility of the idea and preparation of the business plan (A)
4. Resource mobilization (C)
5. Development of the product/service idea (E)