Entrepreneurs respond to attractive opportunities by forming new ventures. In this chapter, we consider the five-step process for establishing a new enterprise. One particularly noteworthy step in the process is the development of a story and a business plan. The story is a compelling synopsis of why this venture is needed at this moment of time and how it can achieve success. We then detail the task of writing a business plan, which is a worthy effort to better prepare the venture for testing its assumptions and hypothesis with others.