Component‐based development (CBD), an approach to develop a software system with the help of reusable software components, has its own challenges because its parallel development process, coding style, system life cycle, etc. are required to be different from those of conventional software development. In this work, an attempt has been made to consider the software processes of conventional software engineering for identifying those software engineering concepts that need redefinition in the context of component‐based software engineering (CBSE). The idea is to evaluate whether the requirement of engineering, design, and implementation methodologies for conventional software development can be used for CBSE, or there is need for fresh interpretation of existing methodologies in the context of CBSE. The conventional development methodologies proposed in software engineering literature, focus on non CBSE‐based development of software. The issues related to the software processes are important because the slow rate of practices of CBSE may be a result of the use of software engineering principles and practices meant for nonCBSE‐based software. The model proposed by us would be able to address the questions and concerns in a meaningful and effective manner. Copyright © 2007 John Wiley & Sons, Ltd.