The identification and evaluation of opportunities is one of the entrepreneur’s most important tasks. Good opportunities address important market needs. Examining social, technological, and economic trends can lead to the identification of emerging needs. Entrepreneurs seek to build new ventures and to act on a good opportunity when it matches their capabilities and interests, exists in a favorable context, exhibits the potential for sustainable long-term growth, and facilitates the acquisition of required resources. Such opportunities offer a reasonable chance of success and require the entrepreneur to make a difficult decision to act or not act. The choice of an opportunity and the decision to act is a critical juncture in the life of an entrepreneur. With the decision to act, the entrepreneur prepares a business summary for the venture that is used to test the new venture with potential investors, employees, and customers.