The 7 step research process includes: 1) defining the research problem, 2) reviewing relevant literature, 3) formulating testable hypotheses, 4) designing the research methodology, 5) collecting primary data through methods like surveys and interviews, 6) analyzing the collected data, and 7) interpreting the findings and reporting the results. The overall goal is to gather information to initiate, modify, or terminate investments or projects through a systematic process of exploring an issue, collecting evidence, and drawing conclusions.