Exam 9: Building a New Venture Team

More people are willing to serve on a company's board of directors than board of advisors.

A(n) ________ is a panel of experts who are asked by a firm's managers to provide counsel and advice on an ongoing basis.

The Partnering for Success feature in Chapter 9 focuses on iConclude, a company that set up a customer advisory board. The main point of the feature is:

If a new venture organizes as a corporation, it is legally required to have a(n) ________, which is a panel of individuals who are elected by a corporation's shareholders to oversee the management of the firm.

Which of the following statements is untrue regarding founding teams?

A ________ is the group of founders, key employees, and advisers that move a new venture from an idea to a fully functioning firm.

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

Which of the following was not identified in the textbook as an attribute of an effective board of directors?

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

The term "liability of newness" refers to the fact that companies often falter because the people who start the firms can't adjust quickly enough to their new roles and because the firms lack "track records" with outside buyers and suppliers.

The What Went Wrong feature in Chapter 9 focuses on Deever, a 2008 startup that helped software developers use cloud-based services to "test" their code in an expedient manner. According to the feature, one of the primary reasons Deever failed was:

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

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

Describe the term "liability of newness" and suggest several ways that a new venture can overcome this handicap.

Which of the following was not identified in the textbook as an element of a new venture team?