Valuation is by its very nature an incremental process of bringing together key pieces of information that give some insight into the health and future of the busi¬ness. In all discussions of value, the entrepreneur should be clear about whose defini¬tion of value is being used. In general, what a willing buyer and seller can agree on under normal market conditions is the real value of the company at a particular point in time. With a new venture, there are many financing options. However, creating a capital structure that works depends in large part on creativity and persistence in securing, at the right price, the capital needed to launch the venture successfully. Growing a venture requires substantial resources, but if the company has established a healthy track record and has good potential for growth, the number of resources available to the business increases substantially. Preparing for growth is the subject of Chapter 18.