All businesses must have ________________. It may be to change the way people listen to music or to deliver____________ to the rest of the world. That purpose creates the focus and ____________. It is this identity that ultimately defines the company itself as a product that may one day be purchased. Some people start businesses with no intention of ever selling. If this is your plan, you must ask yourself if the business will require outside capital. You cannot attract capital without _______________: if the capital is an equity investment, it is likely the investor will eventually want to exit from the investment, which often means _______________ . Returns can, of course, be delivered without selling a business. Entrepreneurs can borrow money rather than sell an equity stake. But they have to be in a position to borrow and many start-up entrepreneurs are not. With equity investors, the choice is usually between a trade sale and flotation. I am a great believer in building companies that retain the option to do either: the value achieved in a trade sale is enhanced if it has the choice of floating instead; while preparing for ______________frequently triggers a buyer's interest. Planning for an IPO is influenced by external forces: sectors blow hot and cold and markets demand_______________ at different times. But, generally, it is necessary to develop the company to a level where it can forecast the steady growth in turnover and profits that is rewarded by the market. Planning for a trade sale requires different tactics. Companies are advised to draw up ______________, even as they are designing the business.