Chapter 9: Building a New-Venture Team (L9)

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

• A) new venture panel

• B) startup team

• C) new venture team

• D) new project team

• E) startup cadre

2) Which of the following statements is incorrect regarding founding teams?

• A) The members of heterogeneous teams are diverse in terms of their abilities and experiences.

• B) Teams that are working together for the first time have an advantage over teams that have worked together before.

• C) The psychological support that cofounders of a new business can offer one another is an important element of a firm's success.

• D) The members of homogeneous teams are very similar in terms of their abilities and experiences.

• E) Studies show that more than one individual starts 50 to 70 percent of all new teams.

3) The members of heterogeneous teams are ________.

• 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

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

• 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

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

• A) linking

• B) socializing

• C) networking

• D) associating

• E) connecting

6) A skills profile is a chart that depicts the ________.

• 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