According to Steven Blank a business startup, or any new venture startup is essentially a proto-type.
Thus the startup process essentially becomes a learning process to refine that business proto-type into a scalable, replicable finished 'product'.
1. complete a business model summarizing assumptions about what value they will offer to whom, and how they will make money.
2. systematically test and validate these assumptions within the constraints of their available resources
3. use these validated assumptions to generate financial projections that are based on actual resources and efforts expended.