The document outlines the steps to formulate a hypothesis for research. It defines what a hypothesis is, discusses the types of hypotheses (null and alternative), and lists advantages of developing a hypothesis. The key steps provided are: define the research problem, analyze the problem in-depth, define research objectives, and articulate the hypothesis. Hypotheses can be developed through various means like literature review, observations, and prior studies. The document also provides an example of formulating hypotheses for a study on customer preferences and usage of cashless payments.