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what preparation do an entrepreneur should undertake before start a new business venture?

Take Business classes first! You need to know your risk factors.
They should probably learn to form complete and proper sentences so banks and businesses they may depend on will take them seriously. I mean really.
Write a business plan, Go to http://www.sba.gov , http://www.score.org or http://www.bplan.com for instructions on how to write a business plan and sample business plans.
For a Successful business you Need a Business Plan. You find free copies of blank business plans online that will give you a layout of what you need to consider in order to direct your funds properly. Actually I've copied and pasted one of the best ones I found below. Hopefully you are able to open files in PDF format. You can also search Business Plan for a Startup Business.