This paper aims at integrating areas of formal planning system and decision-making with project identification of an entrepreneur, a development agency or corporation. The paper is divided into three parts: 1) Analysis of the development process, 2) the major factors and forces which provide some explanation for industrial and entrepreneurial development in India during the recent past, 3) corporate experience in the field of environmental scanning and analysis in relation to strategic and entrepreneurial decisions. As an outcome of this, a conceptual framework is evolved which should be useful to intending entrepreneurs and development corporations.