Question

Which of the following are the steps involved in setting up a new business.

Options

• Scanning for Opportunities

• Deciding on the Product/Idea

• Analysis of Feasibility

• All of the above

Answer 1

All of the above

Explanation - 

The steps involved in starting a new business are listed below.

1. Scanning for Opportunities: Looking for different business prospects is the first step in launching a business. Entrepreneurs use their personal observations, contacts, official reports, published documents, polls, and other methods to scan for opportunities. He carefully considers each opportunity and determines how he might turn it into goods and services. He evaluates scenarios based on a variety of aspects such as market size, where to obtain goods, at what price to sell, potential competitors, and so on. Opportunities are scanned not just domestically and nationally, but also internationally.
2. Deciding on the Product/Idea : Scanning for opportunities aids in determining the business's broad sector or market. The next stage is to narrow down a specific product or service inside the chosen market group. Consider an entrepreneur who wants to start a fast food business. He must choose the products or combinations of things he will provide.
3. Analysis of Feasibility : Following the selection of a product or service, the entrepreneur must determine whether or not the concept is feasible. The entrepreneur must determine this based on a variety of factors, including if the desired technology is accessible, whether the product would generate revenues, whether the idea is financially practical, and whether the product will be subject to any legal constraints.