Given below are two statements :

Statement I :
An entrepreneur can get a lot of quality information about competitors from company reports and its website.

Statement II :
First step to avail finance for a new project is Promoter's Biodata.
In the light of the above statement, choose the correct answer from the options given below:

Statement I: True
An entrepreneur can indeed gather useful information about competitors from publicly available sources like company reports and websites. These sources often include annual reports, financial statements, and other insights into the competitors' strategies.

Statement II: False
The first step to avail finance for a new project is not the promoter's biodata. Typically, the first step involves preparing a detailed business plan or project proposal that outlines the nature of the business, its objectives, financial projections, and the need for financing. The promoter's biodata may be required later during the due diligence process but is not usually the very first step in seeking financing.