Exam 9: Building a New-Venture Team

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

It is generally believed that new ventures started by an individual have an advantage over those started by a team.

Shelly Cook recently launched a social network for chefs. One thing Shelly is thinking about is 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) ________.

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 ________.

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

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

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

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

Most boards of advisers have between 3 and 5 members.

Sam Simpson is a four time business owner. One thing that has served Sam well throughout his entrepreneurial career is his ability to build and maintain relationships with people whose interests are similar or whose relationships could bring advantages to his new ventures. According to the textbook, Sam is a good ________.

According to the textbook, most boards of advisers have between ________ and ________ members.

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?

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

Consultants fall into two categories-paid consultants and consultants who are made available for free or at a reduced rate through a nonprofit or government agency.

A virtual assistant is a freelancer who provides administrative, technical, or creative assistance to clients remotely from a home office.

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 ________.

The Savvy Entrepreneurial Firm feature in Chapter 9 focuses on how business founders overcome a lack of business experience. Which of the following was not mentioned as a practical way for a new business founder to overcome a lack of business experience?

According to the textbook, which of the following statements is inaccurate regarding the size and composition of the founding team of a firm?

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

Which of the following is incorrect regarding the typical role of consultants in business startups?