Following an in-depth discussion of the theoretical underpinnings of successful entrepreneurship, the authors show how to apply the theory in actual practice. They demonstrate how to analyze the entrepreneurial firm's stage of development and then focus specifically on problems linked to that stage, how to use the Success/Failure grid as an analysis tool, and how to capitalize on favorable conditions and opportunities. A book for aspiring entrepreneurs both within and outside of established corporations, this book introduces a new perspective on the subject that both refutes individualistic myths about entrepreneurship and provides a specific theory about successful entrepreneurial activity. The authors point to the need for entrepreneurial systems—collections of individuals working together—as the real key to successful ventures. . . . By painting a more accurate picture of how entrepreneurial ventures really work, and then offering sound advice to prospective entrepreneurs on how to achieve lasting success, this book makes a major contribution to the business literature. Money World A book for aspiring entrepreneurs both within and outside of established corporations, this book introduces a new perspectve on the subject that both refutes individualistic myths about entrepreneurship and provides a specific theory about successful entrepreneurial activity. The authors point to the need for entrepreneurial systems—collections of individuals working together—as the real key to successful ventures. They argue that there are four essential elements that must be present and operating in concert if entrepreneurship is to succeed: characteristics, competencies, conditions, and contexts. Following an in-depth discussion of the theoretical underpinnngs of successful entrepreneurship, the authors show how to apply the theory in actual practice. Planning tools like the Four C Conference—in which an assessment of each of the four necessary elements is made—and the Concert of Components Conference will enable the individual entrepreneur to begin to set up a workable entrepreneurial system. The authors demonstrate how to analyze the entrepreneurial firm's stage of development and then focus specifically on problems linked to that stage, how to use the success/failure grid as an analysis tool, and how to capitalize on favorable conditions and opportunities. By painting a more accurate picture of how entrepreneurial ventures really work—and then offering sound advice to prospective entrepreneurs on how to achieve lasting success—this book makes a major contribution to the business literature.