Question

Process of setting up a business enterprise

Answer 1

•The major steps involved in the process of setting up a new business enterprise include the following.

1) Identification of business opportunity
2) Generation of business idea
3) Feasibility study
4) Preparation of business plan
5) Launching the enterprise

Answer 2

Answer:

Production or Procurement of Goods and Services: Business exists to satisfy the wants of the consumers. Thus, every business enterprise either manufactures the goods (pen, textbook, furniture, etc.) or acquires them from producers, to be further sold to consumers or users.