#1 Recognizing the opportunity
You need to spot the opportunity first, and think about whether it is something real or it is just you.
In the 2nd phase, you try to conceptualize the opportunity. Think about how exactly you are going to build the product or service to solve that problem, or deliver the benefit you think. You are going to figure out how big the market opportunity is, and do more research. You will also look for your competitors.
In the 3rd phase, you plan. You wrap everything together. You figure out what resources you have; who you are going to start this with; what market you are going to go after first; what you are going to call yourself; what’s your logo;
#4 Launching the business
Last, you launch.