The real options potential. Introduction. Uncertainty creates opportunities. Option valuation: the nobel prize-winning breakthrough. From wall street to main street: options on real assets. Disciplined strategy. Quick lessons. The real options solution process. The four-step solution process. Calculating option values. Adjusting for leakage in value. A portfolio of applications. Valuing a start-up. Investing in a start-up. Exploring for oil. Developing a frug. Investing in infrastructure. Valuing vacant land. Buying flexibility. Combining real and financial flexibility. Investing to preempt competitors. Writing a license. Conclusion. Changing the questions we ask. A quick introduction to discounted cash flow and the estimation of volatility.