Abstract: Based on the perspective of entrepreneur capital, this paper analyses entrepreneurs entrepreneurship process. Through case studies, it is found that：Entrepreneurs initial entrepreneurship process is a process of identifying opportunities, identifying organizational identity and constructing capacity；The circular practice of opportunity identification, organization identification and capacity construction contributes to the continuous accumulation of entrepreneur capital；The continuous accumulation of entrepreneur capital helps to identify new opportunities, reconstruct organizational identity and construct new capabilities, so as to continuously seize new opportunities and promote the sustainable growth of enterprises.

Key words: entrepreneur capital, opportunity identification, organizational identity, capacity construction, entrepreneurial process

摘要： 基于企业家资本视角剖析企业家创业过程，通过案例研究发现：企业家的初始创业过程是一个基于企业家资本进行机会识别、组织认定和能力构建，以捕捉机会进行创业发展的过程；机会识别、组织认定、能力构建的循环实践有助于企业家资本的持续积累；企业家资本的持续积累有助于新机会识别、组织身份重构和新能力构建，以不断抓取新机会，推动企业持续成长。

关键词: 企业家资本, 机会识别, 组织认定, 能力构建, 创业过程