Project initiation and analysing is the first step towards any plan that leads to the growth of the business. During the project initiation step, you establish that you are doing the business for what reason and the application or a software that you want to develop, how it will benefit the business and the users, what are the features that you want to integrate, who will be the target audience, what will be the budget, etc.
There are several such discussions to be taken with the company board team and the stakeholders to understand the mission and vision behind the idea of developing a product or an app.