Idea Generation: Once an opportunity is identified, the next step is to generate ideas that address the identified need or opportunity. In this stage, entrepreneurs are encouraged to brainstorm and think creatively as they investigate ideas, strategies, and business models.

Feasibility Assessment: Before committing significant resources, entrepreneurs need to assess the feasibility of their ideas. This involves evaluating the market potential, conducting market research, analyzing the competitive landscape, and assessing the financial viability of the proposed venture.

Business Planning: With a viable idea, entrepreneurs can develop a comprehensive business plan. This plan outlines the company’s mission, goals, target market, marketing strategies, operational structure, and financial projections. Business planning allows for entrepreneurs to articulate their vision in a way that can provide an entire roadmap for the journey ahead.

Execution and Launch: Once the business plan is in place, entrepreneurs move forward with executing their vision. This includes gathering resources, obtaining funding, assembling a team or network, and creating goods or services for consumer interest.

Growth and Adaptation: Entrepreneurs that have launched their businesses successfully now concentrate on accelerating growth, growing their clientele, and streamlining their operational processes. They keep an eye on market changes, ask for customer input, and adjust their strategy and products as needed.