Describe the types of resources (assets) needed for a new product venture during its development and startup stages Comment on the likely revenues and expenses during these early life cycle stages Refer to Figure 41 Obtaining and Recording the Resources Necessary to Start and Build a New Venture Development Stage in Life Cycle Assets acquire initial assets (eg, initial cash, office furniture, computer, etc) Revenues no sales (consequently no money is coming in) Expenses eg, rent, utilities, subsistence salary for entrepreneur Startup Stage in Life Cycle Assets acquire production assets (eg, inventories and equipment to produce products and give credit to customers) Revenues making sales (money begins flowing in) Expenses additional expenses to produce and market products and to record business transactions