What happened first, was that the wealthy gentlemen of London bought a part in The Virginia Company, to start and supply a colony, and hoped that the colony would return a profit.
The King James I granted The Virginia Company a royal charter for the colonial search in 1606, with which the Company had the power to appoint a Council of leaders of the colony, a Governor and other officials.
The company's plan was to identify profitable commodities, such as gold and silver in Virginia, to reimburse investors in England.