The value chain of a start-up firm tends to get built in reality based on: Aspirations that the firm would like to have Competencies that the firm builds Emotions that bind the founders The perceptions of investors

The value chain of a start-up firm is built based on several factors:

1. Aspirations: These are the goals and objectives that the firm would like to achieve. They form the foundation of the firm's strategic planning and decision-making processes. The aspirations could be related to market share, revenue, customer satisfaction, etc.

2. Competencies: These are the skills, knowledge, and abilities that the firm builds over time. They are the firm's core strengths that give it a competitive advantage in the market. Competencies could be in areas like technology, marketing, customer service, etc.

3. Emotions: These are the feelings and emotions that bind the founders and the team together. They play a crucial role in shaping the firm's culture and work environment. Positive emotions like trust, respect, and camarity can significantly enhance the firm's performance and productivity.

4. Perceptions of Investors: These are the views and opinions of investors about the firm. They can significantly influence the firm's value chain, especially in terms of funding and resources. Positive perceptions can attract more investment, while negative perceptions can make it difficult for the firm to raise funds.

In reality, the value chain of a start-up firm is built based on a combination of these factors. The exact mix and importance of each factor can vary depending on the specific circumstances and context of the firm.