### what is a venture? A repeatable process that: 1. Creates and delivers something of **value,** 2. That other people **want or need**, 3. At a price they’re **willing to pay**, 4. In a way that **satisfies the customer’s needs and expectations**, 5. So that the business brings in **sufficient profit** to make it worthwhile to continue operation. ### what is not a venture? - A venture that doesn’t create value for others is a **hobby** - A venture that doesn’t attract attention is a **flop** - A venture that doesn’t sell the value it creates is a **non-profit** - A venture that doesn’t deliver what it promises is a **scam** - A venture that doesn’t bring in enough money to keep operating will **inevitably close** ### 5 venture parts: 1. **Value-Creation.** Discovering what people need, want, or could be encouraged to want, then creating it. 2. **Marketing.** Attracting attention and building demand for what you’ve created. 3. **Sales.** Turning prospective customers into paying customers by completing a transaction. 4. **Value-Delivery.** Giving your customers what you’ve promised and ensuring they’re satisfied with the transaction. 5. **Finance.** Bringing in enough money to keep going and make your effort worthwhile.