1. The Entrepreneurial start-up process
The Five Key Components

2. The Entrepreneur Driving force of the start-up process.
Recognizes an opportunity.
Gathers resources to take advantage of the opportunity.
Creates a company to execute the opportunity in the marketplace.

3. The Environment
Four environmental factors affect a new venture’s ability to start and grow.
Nature of the Environment: uncertain, fast-changing, stable, or highly competitive.
Availability of Resources: skilled labor, start-up capital, and sources of assistance.
Ways to Realize Value: favorable taxes, good markets, and supportive governmental policies.
Incentives to Create New Businesses: Enterprise Zones.

4. The Opportunity Opportunity: Idea that has commercial potential.
Opportunities have potential when there is demand for the product.
Idea + Market = Opportunity

5. Start-Up Resources
The necessary people and capital must gathered when the entrepreneur is ready to start the business.
Start-Up Resources include: capital, skilled labor, management expertise, legal and financial advice, facility, equipment, and customers needed to start a business.

6. The New Venture Organization
New Venture Organization = Company
Company is the foundation that supports all of the products of the new business.
Through the company the entrepreneur creates value that benefits the owners, employees, customers, and economy.