The demand for a comprehensive framework to facilitate the development of new business ideas is increasingly critical in today’s growing economy. While numerous frameworks currently exist to address immediate entrepreneurial needs, many have become redundant in the broader context. There is a rising necessity for innovative and effective frameworks that can guide young entrepreneurs, business enthusiasts, and ordinary professionals who aspire to start their ventures. Often, these individuals face inertia or mental blocks that hinder their ability to take action. Research indicates that individuals are more likely to act when presented with detailed ideas; conversely, vague concepts result in inaction. Therefore, the primary objective of this paper is to propose a framework designed to inspire action on entrepreneurial ideas. This paper involves an activity where aspiring entrepreneurs were asked to consider a classroom environment measuring approximately 60 by 40 feet in size and instructed to implement the Rainbow Framework in a structured manner to generate 50 ideas. These ideas are further evaluated using Modified Delphi technique (MDT) and Nominal Group technique (NGT) to shortlist the best four ideas that can be considered the most viable business concepts for implementation.