The ideation and conception stage is where the entrepreneurial journey begins. At this point, the focus is on brainstorming and refining the core business idea. Entrepreneurs identify a problem in the market and develop a potential solution that could translate into a viable business. Market research plays a crucial role in this phase, helping to assess demand, analyze competitors, and understand the target audience.

During this stage, the entrepreneur defines the mission, vision, and value proposition of the business. Feasibility analysis ensures the idea aligns with market opportunities and available resources. Though it’s early days, decisions made here will significantly shape the business's future trajectory.

The ideation stage concludes with a clear and validated concept that addresses a market need. With this foundation in place, entrepreneurs are ready to transition into planning and execution