I want move on now and take a look at the entrepreneurial process. There six basic steps that most entrepreneurs follow when they start their businesses. In the first step, they identify a problem; in other words, they see a need of a problem that no one else sees. Then, in second step, they think of a solution, what needs to be done to solve problem or meet the need. I think we've already seen examples today of people who saw a need or an opportunity and then came up with a creative solution to the problem.
Step three is to prepare a business plan. This means looking at things like equipment, location, financing, marketing, and so on. There are thousands of details to think about when you start a new business; as a result, this stage can take months or even years.