Opportunity Recognition: Identifying a gap in the market or a problem that needs solving. Concept Development: Refining the idea into a viable business concept. Prototyping: Creating a minimum viable product (MVP) or prototype to test the idea. Validation: Gathering feedback from potential customers and making necessary adjustments. Business Planning: Developing a detailed business plan outlining the strategy, goals, and financial projections. Launch: Bringing the product or service to market.