1. Opportunity Recognition: This .......... period is quite literally the 'pre-start' analysis; it often occurs over a considerable period of time ranging from one month to ten years.

2. Opportunity Focusing: This is a 'sanity check', a go/no-go stage gate for part-time entrepreneurs because it .......... out shaky ideas and exposes gaping holes.

3. It is important to include objective, .......... viewpoints because different people can investigate the same opportunity and come to opposite conclusions.

4. Commitment of Resources: Most entrepreneurs see commitment as incorporating their business or quitting their .......... job.

5. But this stage actually starts with developing the business plan; the process will take between 200 to 300 hours, so sQueezing that amount of time .......... evenings and weekends can make this stage stretch over three to twelve months.

6. Market Entry: The entrepreneur is committed with a very simple organization, the resources were correctly .......... according to the business plan, and the first sales were made.

7. If the business model was profitable, reasonable objectives were met, and the venture is on track for attaining true economic health, then the entrepreneur can chose between a capital .......... for growth or remaining small with self-financing.

8. Full Launch and Growth: Or the venture could remain small, for the simple fact that not all small ventures can or will become big companies; they are not fast growth potential because there is not enough room in the market for growth or their production and management systems are not ..........

9. Maturity and Expansion: Now the venture is a market leader at cruising altitude; this professional management team is implementing the venture's growth strategy through global expansion, acQuisitions, and mergers as cash is plentiful and inefficiencies are completely .......... out.

10. Liquidity Event: This .......... stage is focused on capturing the value created in the previous stages through a business exit; typical exits are an initial public offering or being acQuired by a larger publicly traded corporation.