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First things first: being an entrepreneur is not all glory, flexible hours, and being the owner of your own time. As a matter of fact, it is quite the opposite, at least in the early years. The stories we read about successful entrepreneurs are quite compelling and cause an urge and desire in people to pursue that kind of life. What is often left out of those great stories and news are all the businesses that have failed along the way. The odds of being one of those renowned entrepreneurs are extremely low. This is not to dissuade people of starting his or her own business, but for them to be aware of the reality and challenges of starting a new business. This chapter will focus on the different types of entrepreneurship.

The chapter provides a practical guide to identify and define different funding sources for entrepreneurial and innovation endeavors, including a methodology to describe return on investment expectations from funding sources. Also, the authors provide recommended key performance indicators and valuation methods when pitching to potential investors.