1. Opportunity ... gap in market, new technology ... maybe, just maybe, we can do something here
  2. Idea ... clear problems, viable solutions ... hmmm, looks like there is something here
  3. Concept ... viable strategies for earning a profit solving customer problems better than the competition
  4. Venture ... viable innovation concept (product, service, process, position, method); team (innovator, entrepreneur, money manager); resources (people, places, things, time, money)
  5. Organization ... team, roles, clear strategies,
  6. Company ... legal formation, pre-sales, unstable financials (raising funds)
  7. Business ... low-hanging fruit, sales, customers, stable, positive EBITDA, viable business model
  8. Enterprise ... scale, scope, markets, growth, significant EBITDA, defined task and assignments, employees
  9. Institution ... significant market share, significant industry position, re-invention, continual innovation
  10. Tombstone ... the cows have run out of milk

An alternative is for a venture to become a not-for-profit organization.