Environment may be supportive, notably the venture capital environment, especially if it is used to this type of project. The ‘big gamble’ types of projects imply both high risks and high value potential. These are the most delicate projects and the most complex to develop. Entrepreneurs in this configuration are generally talented professionals, recognised as such by relevant environments. They are capable of raising large amounts of capital and benefit from developed social networks. They are likely to recruit and motivate a team of highly skilled collaborators. In the development process, planning is crucial and should leave no room for mistakes. There are often problems in finalising the project, and capitalisation is a critical issue. It is especiallyimportantnottostarttheactivityinasubcapitalisationsituation. The environment is generally favourable as soon as the financial system is accustomed to this type of project. The ‘deadend’ types of projects are characterised by high risk and low value potential. In these cases, entrepreneurs have social or political motivations, or no better alternative. They are talented professionals, recognised by the relevant environment, with developed social networks. Any mistakes in this configuration are unforgiving, and rigorous planning is essential. Problems of insufficient capitalisation may also appear, with the risk of important financial losses. The environment may be interventionist; it is very often a condition for the resources provided.
From initial idea to new value creation
In some cases, the wish to create a company or become an entrepreneur appears first; the entrepreneurial individual subsequently looks for an idea, before engaging further into the process if it seems to correspond to his or her aspirations. Conversely, the idea to create may only be secondary, resulting from the development of a project and constraints linked to an unsatisfactory situation. Thus, at the beginning of the process, the entrepreneur may have a rather precise idea of his or her project or a fairly vague idea of it. The initial idea is personal and may occur in various circumstances. It may be stimulated or impelled, or come naturally. The idea may or may not find its place in a given environment; it may also ‘germinate’ and create more or less value.