The material for these modules was created specifically for people involved in the early stages of a spin-off company or for people considering launching a start-up enterprise based on university research, technology or ingenuity.

Congratulations! You may be embarking on the most exciting journey of your career.

The process of creating a business is guaranteed to provide an abundance of fun and excitement, but also challenges and frustration. All this will multiply if your plans materialize and the company becomes a reality.

Many entrepreneurs are ready for the positive rewards but unprepared for the trials and tribulations.

TEC Edmonton, the technology transfer office at the University of Alberta and International Projects, University of Alberta International, developed this material in collaboration with Lomonosov Moscow State University (MSU) to help our university clients prepare for the major issues involved in a business start-up. The contents provide basic but essential information to help entrepreneurs avoid or at least minimize mistakes and deal with small errors that may arise in such activity.

This guide primarily deals with the issues relevant to the conception and creation stages of development, and much less with the implementation stage. In order to progress to the implementation stage, it is assumed that companies have acquired the necessary managerial experience and other resources to implement its business plan.

Most importantly, the material on Start-Up Company Development is presented to help your start-up succeed. Good luck with your venture!

• These modules are not intended to be an exhaustive textbook or a do-it-yourself manual. You must use these modules in conjunction with other resources, such as books, lectures, seminars, professional advisors, mentors and consultants.

• By exploring the major issues, these modules will help you determine when you will need further assistance and what type of information you will need. We do not try to cover all minor business start-up issues, but we do try to provide the necessary elements to point you in the right direction.

• Discuss the ideas in these modules with your partners and business advisors. Working through these issues with the members of your 'team' ensures consistent direction, beneficial perspectives and collective strength.

About the symbols:

This sign identifies statements that can be considered 'business axioms.' They are meant to initiate ideas, as well as discussion with your business partners or with a resource contact at your technology transfer office.

This sign identifies tips, recommendations and advice - often familiar to business professionals - that are suggested to make your work more efficient.