Creating a new business is a process that requires a lot of feasibility study and thinking. Bearing in mind that there is no magic business planning processes that will guarantee you a new successful business venture. Discuss the phases and the relevance of each phase in the business planning process, as guided in a series of phases below: Phase 1-Discovery of business idea; 2-Feasibity analysis and assessment; 3-Creating your business plan; 4-Launching your business; 5-Growing your business; and Exiting your business.