Congratulations. You and four colleagues have come up with a great idea for a fast-growth Internet business. After spending nights and weekends researching and honing your concept, you’re ready to turn your idea into a true business. Do you know how to play the game?

This exercise will introduce you to the rules venture capitalists follow. You will be presented with half a dozen scenarios that fast-growth startups are likely to face, and will be asked to choose a solution for each dilemma. You will then be able to read why the answer you picked is right or wrong. When you’re done, you’ll get a brief evaluation of your investment potential, along with links to relevant tips, hints, and resources. Since the VC funding process is rigorous, you can apply the best practices this tool presents to finding equity funds from other sources, such as angel investors.