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explains the entrepreneurial value creation and its realization via a venture. The
entrepreneurial value creation process consists of two iterative stages, the venture
formulation (Stage 1) and the venture monetization (Stage 2). In Stage 1, the
intention to found a new venture to realize the entrepreneurial reward. In Stage 1, the
complementary capabilities, which are then embedded in the business model design.
If the venture is unable to procure further investments, the venture returns to Stage 1
and the entrepreneurial competence is reformulated, before the venture may return to
Stage 2. In Stage 2, the Business Model Theory, within the Entrepreneurial Value
Creation Theory, explains the elements of the business model design, the venture
value drivers.
theory, explains the entrepreneurial experience in its fullest form, from the
provides in sufficient detail the interiors of the entrepreneurial process using a two-
stage value creation framework. In the first stage of venture formulation, the
sufficient to move to the second stage. Several ventures fail at this stage. In the second
stage of venture monetization, the entrepreneur may acquire external resources such
selection problem when entrepreneurial ability and venture quality are difficult to
ascertain. Entrepreneurs may use incentive signals to secure a higher valuation offer
from the investors. A business model design with embedded dynamic capabilities can