In order to start an entrepreneurial venture, an idea and an elaborated business strategy are important. The most important factor in starting a successful business is a human, more precisely an entrepreneur - a person who recognizes business opportunities, takes risks, has the necessary knowledge and skills. Because entrepreneurs are gifted with business spirit and because they are innovative, they are ready to start an entrepreneurial venture. The goal of almost every company is to break into the market in order to generate higher revenues, and on the other hand to ensure the lowest possible expenditure by spending less resources. Therefore, it is necessary to choose the right legal form of business. Entrepreneurs can start their business by designing and founding a new company, taking over an existing company or doing business through a franchise. Every company can be compared to the lifespan of living organisms for the reason that it, to a greater or lesser extent, goes through the phases of the life cycle. The difference between living organisms and companies is that companies, instead of dying out, can improve and thrive.