Question 1

Which of the following is true about a company's culture?

Accepted Answer

A)  A company's culture is relatively easy to change 
B)  As a company grows, it is common for the culture to evolve 
C)  More team members will fit your company's culture over time 
D)  Problems with the team do not arise in companies with strong culture 
E)  All elements of a company's culture constantly change 
A)  A company's culture is relatively easy to change 
B)  As a company grows, it is common for the culture to evolve 
C)  More team members will fit your company's culture over time 
D)  Problems with the team do not arise in companies with strong culture 
E)  All elements of a company's culture constantly change

Question 2

Individuals that possess which of the following traits are most likely to launch their own businesses?

Accepted Answer

A)  Overly conscious of their own weaknesses 
B)  An aptitude for benchmarking their competitors' strengths 
C)  Can objectively evaluate his strengths and weaknesses 
D)  Emphasizes his or her strengths 
E)  Oblivious to his or her own weaknesses 
A)  Overly conscious of their own weaknesses 
B)  An aptitude for benchmarking their competitors' strengths 
C)  Can objectively evaluate his strengths and weaknesses 
D)  Emphasizes his or her strengths 
E)  Oblivious to his or her own weaknesses

Question 3

A business superstar is unlikely to possess all the business skills needed for long term success.

Accepted Answer

A) True 
 B)False

Question 4

Certain personalities are better suited for entrepreneurship than others.

Accepted Answer

A) True 
 B)False

Question 5

After you have started a business, it is a bad idea to combine your new job with working fulltime elsewhere.

Accepted Answer

A) True 
 B)False

Question 6

You can't build a successful team unless you understand your own strengths and weaknesses and the best place for you at the company.

Accepted Answer

A) True 
 B)False

Question 7

In the early years, it is critical for firms to focus on revenue-generating employees, instead of support staff.

Accepted Answer

A) True 
 B)False

Question 8

In general, founder shares should be granted to at least 10 people.

Accepted Answer

A) True 
 B)False

Question 9

Entrepreneurship is hard work but most entrepreneurs become millionaires in five years.

Accepted Answer

A) True 
 B)False

Question 10

Which factor should you consider when choosing a lawyer:

Accepted Answer

A)  Size of the firm 
B)  Billing rates 
C)  A lawyer that has a deep knowledge of the industry 
D)  If you get along 
E)  All of the above 
A)  Size of the firm 
B)  Billing rates 
C)  A lawyer that has a deep knowledge of the industry 
D)  If you get along 
E)  All of the above

Question 11

It is more common for teams to self-destruct because of personal conflicts than for lack of funding.

Accepted Answer

A) True 
 B)False

Question 12

You are least likely to resolve an interpersonal conflict in your team by:

Accepted Answer

A)  Firing one of the parties 
B)  Hiring an outside expert who is perceived as a neutral party 
C)  Explaining to the parties involved that their arguments reduce the team's efficiency 
D)  Mediating between the parties 
E)  Transferring one of the parties to another team 
A)  Firing one of the parties 
B)  Hiring an outside expert who is perceived as a neutral party 
C)  Explaining to the parties involved that their arguments reduce the team's efficiency 
D)  Mediating between the parties 
E)  Transferring one of the parties to another team

Question 13

Board members should be encouraged to act in the best interest of the principal owner exclusively.

Accepted Answer

A) True 
 B)False

Question 14

What does the movie, Startup.com, demonstrate?

Accepted Answer

A)  How outside financing contributes to equity 
B)  How expensive lawyers can be 
C)  How working together can affect the relationship of two lifelong friends 
D)  How much the government is willing to help young entrepreneurs 
E)  None of the above 
A)  How outside financing contributes to equity 
B)  How expensive lawyers can be 
C)  How working together can affect the relationship of two lifelong friends 
D)  How much the government is willing to help young entrepreneurs 
E)  None of the above

Question 15

Analysis of your resume will help you decide what other team members your firm needs.

Accepted Answer

A) True 
 B)False

Question 16

You may find an angel investor who will guide you at the early stages of your venture.

Accepted Answer

A) True 
 B)False

Question 17

How much equity is commonly set aside for employee options?

Accepted Answer

A)  15-20% 
B)  20-25% 
C)  25-30% 
D)  35-40% 
E)  45-50% 
A)  15-20% 
B)  20-25% 
C)  25-30% 
D)  35-40% 
E)  45-50%

Question 18

Hiring a salesperson is more attractive than increasing support staff in regards to revenue generated.

Accepted Answer

A) True 
 B)False

Question 19

Inappropriate sources of members for Board of Advisors include:

Accepted Answer

A)  Shareholders' representatives 
B)  Entrepreneurs 
C)  Individual with insights about your target customer 
D)  Your professors 
E)  Venture capitalists 
A)  Shareholders' representatives 
B)  Entrepreneurs 
C)  Individual with insights about your target customer 
D)  Your professors 
E)  Venture capitalists

Question 20

Startups should negotiate employee salaries below market levels.

Accepted Answer

A) True 
 B)False

Which of the following is true about a company's culture?

Individuals that possess which of the following traits are most likely to launch their own businesses?

A business superstar is unlikely to possess all the business skills needed for long term success.

Certain personalities are better suited for entrepreneurship than others.

After you have started a business, it is a bad idea to combine your new job with working fulltime elsewhere.

You can't build a successful team unless you understand your own strengths and weaknesses and the best place for you at the company.

In the early years, it is critical for firms to focus on revenue-generating employees, instead of support staff.

In general, founder shares should be granted to at least 10 people.

Entrepreneurship is hard work but most entrepreneurs become millionaires in five years.

Which factor should you consider when choosing a lawyer:

It is more common for teams to self-destruct because of personal conflicts than for lack of funding.

You are least likely to resolve an interpersonal conflict in your team by:

Board members should be encouraged to act in the best interest of the principal owner exclusively.

What does the movie, Startup.com, demonstrate?

Analysis of your resume will help you decide what other team members your firm needs.

You may find an angel investor who will guide you at the early stages of your venture.

How much equity is commonly set aside for employee options?

Hiring a salesperson is more attractive than increasing support staff in regards to revenue generated.

Inappropriate sources of members for Board of Advisors include:

Startups should negotiate employee salaries below market levels.

The Power of Entrepreneurship

The Entrepreneurial Process

Opportunity Recognition, Shaping, and Reshaping

Prototyping Your Ideas

Understanding Your Business Model and Developing Your Strategy

Entrepreneurial Marketing

The Business Planning Process

Building Your Pro Forma Financial Statements

Financing Entrepreneurial Ventures Worldwide

Raising Money for Starting and Growing Businesses

Debt and Other Forms of Financing

Legal and Tax Issues, Including Intellectual Property

Entrepreneurial Growth

Social Entrepreneurship

Filters

Exam 7: Building the Founding Team

Which of the following is true about a company's culture?

Individuals that possess which of the following traits are most likely to launch their own businesses?

A business superstar is unlikely to possess all the business skills needed for long term success.

Certain personalities are better suited for entrepreneurship than others.

After you have started a business, it is a bad idea to combine your new job with working fulltime elsewhere.

You can't build a successful team unless you understand your own strengths and weaknesses and the best place for you at the company.

In the early years, it is critical for firms to focus on revenue-generating employees, instead of support staff.

In general, founder shares should be granted to at least 10 people.

Entrepreneurship is hard work but most entrepreneurs become millionaires in five years.

Which factor should you consider when choosing a lawyer:

It is more common for teams to self-destruct because of personal conflicts than for lack of funding.

You are least likely to resolve an interpersonal conflict in your team by:

Board members should be encouraged to act in the best interest of the principal owner exclusively.

What does the movie, Startup.com, demonstrate?

Analysis of your resume will help you decide what other team members your firm needs.

You may find an angel investor who will guide you at the early stages of your venture.

How much equity is commonly set aside for employee options?

Hiring a salesperson is more attractive than increasing support staff in regards to revenue generated.

Inappropriate sources of members for Board of Advisors include:

Startups should negotiate employee salaries below market levels.

The Power of Entrepreneurship

The Entrepreneurial Process

Opportunity Recognition, Shaping, and Reshaping

Prototyping Your Ideas

Understanding Your Business Model and Developing Your Strategy

Entrepreneurial Marketing

The Business Planning Process

Building Your Pro Forma Financial Statements

Financing Entrepreneurial Ventures Worldwide

Raising Money for Starting and Growing Businesses

Debt and Other Forms of Financing

Legal and Tax Issues, Including Intellectual Property

Entrepreneurial Growth

Social Entrepreneurship

Filters