This study investigates the concept of business venture with literature review and execute content analysis with organizational system model. In the prior literatures, a variety of elements are used to indicate a concept of business venture, but it is ambiguous which one is essential to define business venture. Some define venture firm as ‘entrepreneur’, ‘entrepreneurial firm’, entrepreneurial venture’, and others do it as ‘new technology-based firm’, ‘start-up company’, ‘high technology business’, ‘venture capital-backed company’, etc.. A various definitions make some confusion to academic and practical endeavor for venture development. This study executes literature-review on the concepts in prior academic/practical studies, and introduces the terminology “Entrepreneurial organizational capital’ as strategic systemic assets of business ventures through content analysis and organizational system model. Therefore, the concept of business venture could be defined as “A new firm creating and accumulating “Entrepreneurial organizational capital”. “Entrepreneurial organizational capital” can be defined as interactional systemic organizational capabilities to facilitate developing new combinations of social and psychological-economic technical production element in order to make entrepreneurial performance with new market opportunities.