Idea Generation: Brainstorming and evaluating potential business ideas. Market Research: Conducting research to validate the business idea and understand the target market. Business Planning: Creating a detailed business plan outlining the business model, marketing strategy, financial projections, and operational plan. Funding: Securing the necessary capital through personal savings, loans, investors, or other financing options. Legal Structure: Choosing a legal structure (e.g., sole proprietorship, partnership, LLC) and registering the business. Launch: Implementing the business plan, launching the product or service, and beginning operations.