Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

Are more firms started by individuals or founding teams? What are the advantages to founding a firm as a team rather than as an individual?

Accepted Answer

Studies show that more than one individu

Question 3

A board of directors is typically made up of both:

Accepted Answer

A)  junior and senior directors 
B)  inside and outside directors 
C)  experienced and inexperienced directors 
D)  novice and expert directors 
E)  paid and unpaid directors 
A)  junior and senior directors 
B)  inside and outside directors 
C)  experienced and inexperienced directors 
D)  novice and expert directors 
E)  paid and unpaid directors

Question 4

SCORE is a for-profit organization that provides consulting services to small businesses.

Accepted Answer

A) True 
 B)False

Question 5

The members of homogeneous teams are:

Accepted Answer

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

Question 6

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

Accepted Answer

A)  board of advisors 
B)  suppliers and vendors 
C)  key employees 
D)  lenders and investors 
E)  management team 
A)  board of advisors 
B)  suppliers and vendors 
C)  key employees 
D)  lenders and investors 
E)  management team

Question 7

Most boards of advisers have between 5 and 15 members.

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A)  consultation board 
B)  idea panel 
C)  counseling panel 
D)  advisory board 
E)  suggestion panel 
A)  consultation board 
B)  idea panel 
C)  counseling panel 
D)  advisory board 
E)  suggestion panel

Question 9

The process of building and maintaining relationships with people whose interests are similar or whose relationship could bring advantages to the firm is called:

Accepted Answer

A)  linking 
B)  socializing 
C)  networking 
D)  associating 
E)  connecting 
A)  linking 
B)  socializing 
C)  networking 
D)  associating 
E)  connecting

Question 10

The term liability of entrepreneurship 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 firm lacks a "track record" with outside buyers and suppliers.

Accepted Answer

A) True 
 B)False

Question 11

The panel of individuals who are elected by a corporation's shareholders to oversee the management of the firm are called the:

Accepted Answer

A)  board of advisors 
B)  accountability panel 
C)  advisory team 
D)  panel of directors 
E)  board of directors 
A)  board of advisors 
B)  accountability panel 
C)  advisory team 
D)  panel of directors 
E)  board of directors

Question 12

A skills profile is a chart that depicts the most important skills that are needed and where skills gaps exist.

Accepted Answer

A) True 
 B)False

Question 13

William Woods recently launched a printing company. One thing William is thinking about creating is a panel of experts who can provide him ongoing direction and advice regarding the future of his business. William is thinking about creating an:

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 14

The members of heterogeneous teams are:

Accepted Answer

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

Question 15

Savanna Combs opened a clothing boutique two years ago. Unfortunately, the boutique failed after 18 months. Savanna attributes the failure of her boutique to that fact that her employees couldn't adjust quickly enough to their new roles and because 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 call 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

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

Are more firms started by individuals or founding teams? What are the advantages to founding a firm as a team rather than as an individual?

A board of directors is typically made up of both:

SCORE is a for-profit organization that provides consulting services to small businesses.

The members of homogeneous teams are:

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

Most boards of advisers have between 5 and 15 members.

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

The process of building and maintaining relationships with people whose interests are similar or whose relationship could bring advantages to the firm is called:

The term liability of entrepreneurship 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 firm lacks a "track record" with outside buyers and suppliers.

The panel of individuals who are elected by a corporation's shareholders to oversee the management of the firm are called the:

A skills profile is a chart that depicts the most important skills that are needed and where skills gaps exist.

William Woods recently launched a printing company. One thing William is thinking about creating is a panel of experts who can provide him ongoing direction and advice regarding the future of his business. William is thinking about creating an:

The members of heterogeneous teams are:

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Writing a Business Plan

Industry and Competitor Analysis

Developing an Effective Business Model

Preparing the Proper Ethical and Legal Foundation

Assessing a New Venture's 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

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

Are more firms started by individuals or founding teams? What are the advantages to founding a firm as a team rather than as an individual?

A board of directors is typically made up of both:

SCORE is a for-profit organization that provides consulting services to small businesses.

The members of homogeneous teams are:

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

Most boards of advisers have between 5 and 15 members.

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

The process of building and maintaining relationships with people whose interests are similar or whose relationship could bring advantages to the firm is called:

The term liability of entrepreneurship 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 firm lacks a "track record" with outside buyers and suppliers.

The panel of individuals who are elected by a corporation's shareholders to oversee the management of the firm are called the:

A skills profile is a chart that depicts the most important skills that are needed and where skills gaps exist.

William Woods recently launched a printing company. One thing William is thinking about creating is a panel of experts who can provide him ongoing direction and advice regarding the future of his business. William is thinking about creating an:

The members of heterogeneous teams are:

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Writing a Business Plan

Industry and Competitor Analysis

Developing an Effective Business Model

Preparing the Proper Ethical and Legal Foundation

Assessing a New Venture's 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