Concepting

This stage is characterized by a high level of creativity, innovation, and risk-taking as entrepreneurs seek to identify new opportunities and find ways to generate value. 

During the Concepting Stage, entrepreneurs conduct extensive market research to identify gaps in the market and validate their idea through customer discovery and feedback. They also test various business models and ideas to refine their concept and find the most viable approach to generating revenue. This stage is critical in setting the foundation for the success of a startup, as it ensures that the idea is aligned with market trends and customer needs.