The applications of ontologies are mainly restricted to academia while successful employment in business environments is rare. Existing methodologies are complex and require technical expertise on language syntax and knowledge of the process. We propose Rapid Ontology Development (ROD) approach for ontology construction, where steps are constantly evaluated and the user is guided throughout the process. Following ROD approach the required technical knowledge for ontology modeling is minimized and the process doesn't end with the last successful iteration, but continues with post-development activities of using ontology as a functional component in other systems.