The capital investment process consists of 7 steps as follows: (1) Establish goals, (2) Develop strategy, (3) Search for investment opportunities, (4) Evaluate investment opportunities, (5) Select investments, (6) Implement and monitor, and (7) Post audit. Out of these 7 steps, it is generally believed that establish goals is the most important step.

1. Do you agree with this general opinion? If so, why? If you disagree, what is the most important step? And why?