Question 1

Most boards of advisers have between 3 and 5 members.

Accepted Answer

A) True 
 B)False

Question 2

Homogeneous teams are diverse in terms of their abilities and experiences.

Accepted Answer

A) True 
 B)False

Question 3

Savanna Combs opened a clothing boutique two years ago. Unfortunately, the boutique failed after 18 months. Savanna attributes the failure of her boutique to the fact that her employees couldn't adjust quickly enough to their new roles and that her boutique lacked a "track record" with outside buyers and sellers, which made it difficult to form partnerships and make sales. Savanna suffered from what research calls the ________.

Accepted Answer

A)  burden of novelty 
B)  millstone of innovation 
C)  liability of newness 
D)  liability of preparedness 
E)  burden of newness 
A)  burden of novelty 
B)  millstone of innovation 
C)  liability of newness 
D)  liability of preparedness 
E)  burden of newness

Question 4

Shelly Cook recently launched a social network for chefs. One thing Shelly is thinking about creating is a panel of experts who can provide her ongoing direction and advice regarding the future of her business. Shelly is thinking about creating a(n) ________.

Accepted Answer

A)  analysis panel 
B)  discussion board 
C)  advisory board 
D)  suggestion panel 
E)  accountability panel 
A)  analysis panel 
B)  discussion board 
C)  advisory board 
D)  suggestion panel 
E)  accountability panel

Question 5

What is the difference between a heterogeneous and a homogeneous founding team? Which type of team has the advantage?

Accepted Answer

Heterogeneous founding teams are diverse

Question 6

According to the textbook, prior entrepreneurial experience ________.

Accepted Answer

A)  is one of the poorest predictors of future entrepreneurial performance 
B)  is one of the most consistent predictors of future entrepreneurial performance for entrepreneurs under 50 years of age, but not for entrepreneurs over 50 years of age 
C)  is one of the most consistent predictors of future entrepreneurial performance 
D)  is one of the most consistent predictors of future entrepreneurial performance in service firms, but not in manufacturing firms 
E)  has no relationship to future entrepreneurial performance 
A)  is one of the poorest predictors of future entrepreneurial performance 
B)  is one of the most consistent predictors of future entrepreneurial performance for entrepreneurs under 50 years of age, but not for entrepreneurs over 50 years of age 
C)  is one of the most consistent predictors of future entrepreneurial performance 
D)  is one of the most consistent predictors of future entrepreneurial performance in service firms, but not in manufacturing firms 
E)  has no relationship to future entrepreneurial performance

Question 7

Networking is building and maintaining relationships with people whose interests are similar or whose relationship could bring advantages to a firm.

Accepted Answer

A) True 
 B)False

Question 8

In the context of boards of directors, a(n) ________ director is someone who is not employed by the firm.

Accepted Answer

A)  outside 
B)  inside 
C)  external 
D)  impartial 
E)  peripheral 
A)  outside 
B)  inside 
C)  external 
D)  impartial 
E)  peripheral

Question 9

James Williams is the Chief Operating Officer of a startup in the health food industry. He is also a member of his firm's board of directors. In board of directors terminology, James is a(n) ________ director.

Accepted Answer

A)  inside 
B)  outside 
C)  expert 
D)  junior 
E)  senior 
A)  inside 
B)  outside 
C)  expert 
D)  junior 
E)  senior

Question 10

Melissa Jones just launched a firm in the wireless communications industry. Shortly after the company was launched, Melissa announced that a prominent Silicon Valley venture capitalist had agreed to serve on her board of directors. Melissa knows that such a high quality appointment will send an important message to her potential business partners and clientele. This phenomenon is referred to as ________.

Accepted Answer

A)  trumping 
B)  championing 
C)  profiling 
D)  signaling 
E)  indicating 
A)  trumping 
B)  championing 
C)  profiling 
D)  signaling 
E)  indicating

Question 11

The members of homogeneous teams are ________ in terms of their ________.

Accepted Answer

A)  diverse; abilities and experiences 
B)  diverse; abilities, but very similar in terms of their experiences 
C)  similar; abilities and experiences 
D)  diverse; experiences, but very similar in terms of their abilities 
E)  sometimes diverse; abilities and experiences and sometimes similar along the same dimensions 
A)  diverse; abilities and experiences 
B)  diverse; abilities, but very similar in terms of their experiences 
C)  similar; abilities and experiences 
D)  diverse; experiences, but very similar in terms of their abilities 
E)  sometimes diverse; abilities and experiences and sometimes similar along the same dimensions

Question 12

A(n) ________ is a chart that depicts the most important skills that are needed in a new venture and where skills gaps exist.

Accepted Answer

A)  expertise report 
B)  talent profile 
C)  abilities summary 
D)  skills profile 
E)  talent summary 
A)  expertise report 
B)  talent profile 
C)  abilities summary 
D)  skills profile 
E)  talent summary

Question 13

A skills profile is a chart that depicts the ________.

Accepted Answer

A)  preferable skills and abilities of the members of a firm's board of advisors 
B)  preferable skills and abilities of the members of a firm's board of directors 
C)  most important skills that are needed in a business startup and where skills gaps exist 
D)  skills and abilities that will be needed for a firm to maintain an aggressive growth strategy 
E)  skills of a company's customers and how those skills impact the products and services a company provides 
A)  preferable skills and abilities of the members of a firm's board of advisors 
B)  preferable skills and abilities of the members of a firm's board of directors 
C)  most important skills that are needed in a business startup and where skills gaps exist 
D)  skills and abilities that will be needed for a firm to maintain an aggressive growth strategy 
E)  skills of a company's customers and how those skills impact the products and services a company provides

Question 14

Jason Andersen just finished writing a business plan for a new type of office supply store. One thing Jason included in the "Management Team & Company Structure" section of his business plan is a chart that depicts the most important skills that are needed for his business and where skills gaps exist. Jason included a(n)________ in his business plan.

Accepted Answer

A)  skills profile 
B)  talent report 
C)  abilities profile 
D)  expertise report 
E)  talent summary 
A)  skills profile 
B)  talent report 
C)  abilities profile 
D)  expertise report 
E)  talent summary

Question 15

Studies show that more than one individual starts 50 to 70 percent of all new firms.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following statements is NOT true regarding the attributes of the founder(s) of a firm?

Accepted Answer

A)  Evidence suggests that important entrepreneurial skills are enhanced through higher education. 
B)  Founders with prior entrepreneurial experience are more likely to avoid costly mistakes. 
C)  Founders with experience in the same industry as their new ventures will typically have "blinders" on and are typically not as effective as founders new to the industry. 
D)  Founders with broad social and professional networks have an advantage. 
E)  New ventures that are started by a team rather than an individual have an advantage. 
A)  Evidence suggests that important entrepreneurial skills are enhanced through higher education. 
B)  Founders with prior entrepreneurial experience are more likely to avoid costly mistakes. 
C)  Founders with experience in the same industry as their new ventures will typically have "blinders" on and are typically not as effective as founders new to the industry. 
D)  Founders with broad social and professional networks have an advantage. 
E)  New ventures that are started by a team rather than an individual have an advantage.

Question 17

Prior entrepreneurial experience is a poor predictor of future entrepreneurial performance.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following qualities was NOT identified in the textbook as a preferred attribute of the founder(s) of a firm?

Accepted Answer

A)  Prior entrepreneurial experience 
B)  Firm started by a team 
C)  Relevant industry experience 
D)  Prior experience working in a government or university position 
E)  Higher education 
A)  Prior entrepreneurial experience 
B)  Firm started by a team 
C)  Relevant industry experience 
D)  Prior experience working in a government or university position 
E)  Higher education

Question 19

In the context of boards of directors, a(n) ________ director is a person who is also an officer of the firm.

Accepted Answer

A)  outside 
B)  junior 
C)  inside 
D)  expert 
E)  senior 
A)  outside 
B)  junior 
C)  inside 
D)  expert 
E)  senior

Question 20

What is a skills profile and what is it used for?

Accepted Answer

A skills profile is a chart that depicts

Most boards of advisers have between 3 and 5 members.

Homogeneous teams are diverse in terms of their abilities and experiences.

Shelly Cook recently launched a social network for chefs. One thing Shelly is thinking about creating is a panel of experts who can provide her ongoing direction and advice regarding the future of her business. Shelly is thinking about creating a(n) ________.

What is the difference between a heterogeneous and a homogeneous founding team? Which type of team has the advantage?

According to the textbook, prior entrepreneurial experience ________.

Networking is building and maintaining relationships with people whose interests are similar or whose relationship could bring advantages to a firm.

In the context of boards of directors, a(n) ________ director is someone who is not employed by the firm.

James Williams is the Chief Operating Officer of a startup in the health food industry. He is also a member of his firm's board of directors. In board of directors terminology, James is a(n) ________ director.

The members of homogeneous teams are in terms of their .

A(n) ________ is a chart that depicts the most important skills that are needed in a new venture and where skills gaps exist.

A skills profile is a chart that depicts the ________.

Studies show that more than one individual starts 50 to 70 percent of all new firms.

Which of the following statements is NOT true regarding the attributes of the founder(s) of a firm?

Prior entrepreneurial experience is a poor predictor of future entrepreneurial performance.

Which of the following qualities was NOT identified in the textbook as a preferred attribute of the founder(s) of a firm?

In the context of boards of directors, a(n) ________ director is a person who is also an officer of the firm.

What is a skills profile and what is it used for?

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Developing an Effective Business Model

Industry and Competitor Analysis

Writing a Business Plan

Preparing the Proper Ethical and Legal Foundation

Assessing a New Ventures Financial Strength and Viability

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters

Exam 9: Building a New-Venture Team

Most boards of advisers have between 3 and 5 members.

Homogeneous teams are diverse in terms of their abilities and experiences.

Shelly Cook recently launched a social network for chefs. One thing Shelly is thinking about creating is a panel of experts who can provide her ongoing direction and advice regarding the future of her business. Shelly is thinking about creating a(n) ________.

What is the difference between a heterogeneous and a homogeneous founding team? Which type of team has the advantage?

According to the textbook, prior entrepreneurial experience ________.

Networking is building and maintaining relationships with people whose interests are similar or whose relationship could bring advantages to a firm.

In the context of boards of directors, a(n) ________ director is someone who is not employed by the firm.

James Williams is the Chief Operating Officer of a startup in the health food industry. He is also a member of his firm's board of directors. In board of directors terminology, James is a(n) ________ director.

The members of homogeneous teams are ________ in terms of their ________.

A(n) ________ is a chart that depicts the most important skills that are needed in a new venture and where skills gaps exist.

A skills profile is a chart that depicts the ________.

Studies show that more than one individual starts 50 to 70 percent of all new firms.

Which of the following statements is NOT true regarding the attributes of the founder(s) of a firm?

Prior entrepreneurial experience is a poor predictor of future entrepreneurial performance.

Which of the following qualities was NOT identified in the textbook as a preferred attribute of the founder(s) of a firm?

In the context of boards of directors, a(n) ________ director is a person who is also an officer of the firm.

What is a skills profile and what is it used for?

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Developing an Effective Business Model

Industry and Competitor Analysis

Writing a Business Plan

Preparing the Proper Ethical and Legal Foundation

Assessing a New Ventures Financial Strength and Viability

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters

The members of homogeneous teams are in terms of their .