Question 1

All of the following are part of an entrepreneur's extended network EXCEPT

Accepted Answer

A)  government agencies. 
B)  personal advisors. 
C)  manufacturing support. 
D)  sales support. 
E)  customers. 
A)  government agencies. 
B)  personal advisors. 
C)  manufacturing support. 
D)  sales support. 
E)  customers.

Question 2

_____ are parties who own their own businesses and are hired by entrepreneurs to do a specific job.

Accepted Answer

A)  Labor unions 
B)  Independent contractors 
C)  Co-operatives 
D)  Venture capitalists 
E)  Distributors 
A)  Labor unions 
B)  Independent contractors 
C)  Co-operatives 
D)  Venture capitalists 
E)  Distributors

Question 3

Research shows that fewer than 25 percent of founders are still the CEO when their company goes public.

Accepted Answer

A) True 
 B)False

Question 4

In general, founders who bring the idea or seed capital to the venture will receive a premium on the share of stock they receive, typically between _____ and _____ percent.

Accepted Answer

A)  1; 2 
B)  3; 5 
C)  5; 10 
D)  10; 15 
E)  20; 25 
A)  1; 2 
B)  3; 5 
C)  5; 10 
D)  10; 15 
E)  20; 25

Question 5

Which of the following is a service that consultants do NOT provide?

Accepted Answer

A)  Training the sales staff and/or management 
B)  Conducting market research 
C)  Acting as temporary key management 
D)  Representing the entrepreneur in any legal actions 
E)  Conducting research and development 
A)  Training the sales staff and/or management 
B)  Conducting market research 
C)  Acting as temporary key management 
D)  Representing the entrepreneur in any legal actions 
E)  Conducting research and development

Question 6

The entrepreneurial team owns all or the majority of the stock in a

Accepted Answer

A)  publicly held company. 
B)  privately owned corporation. 
C)  limited liability company. 
D)  publicly traded corporation. 
E)  strategic partnership. 
A)  publicly held company. 
B)  privately owned corporation. 
C)  limited liability company. 
D)  publicly traded corporation. 
E)  strategic partnership.

Question 7

For his new startup business venture, Amal has hired StaffRight to hire his employees and assume the payroll and human resources functions for his business for a fee. StaffRight is a(n)

Accepted Answer

A)  professional employer organization (PEO). 
B)  venture capitalist. 
C)  mentor board. 
D)  consulting firm. 
E)  advisory board. 
A)  professional employer organization (PEO). 
B)  venture capitalist. 
C)  mentor board. 
D)  consulting firm. 
E)  advisory board.

Question 8

How can consultants provide services for a new venture?

Accepted Answer

Consultants can:Train the sales staff an

Question 9

Which of the following is NOT a characteristic of communication in an effective team?

Accepted Answer

A)  Each team member spends about the same amount of time talking and listening . 
B)  Although conversations occur among all the members, the leader should dominate a majority of the discussions . 
C)  The conversations take place face to face and tend to be energetic and alive . 
D)  Back-channel or sidebar conversations are typical . 
E)  Team members often go outside the team to seek information and bring it back to share with the team . 
A)  Each team member spends about the same amount of time talking and listening . 
B)  Although conversations occur among all the members, the leader should dominate a majority of the discussions . 
C)  The conversations take place face to face and tend to be energetic and alive . 
D)  Back-channel or sidebar conversations are typical . 
E)  Team members often go outside the team to seek information and bring it back to share with the team .

Question 10

All of the following are factors that are significant in team composition EXCEPT

Accepted Answer

A)  ecological constraints. 
B)  functionality. 
C)  reward structure. 
D)  homophily. 
E)  network constraints. 
A)  ecological constraints. 
B)  functionality. 
C)  reward structure. 
D)  homophily. 
E)  network constraints.

Question 11

The general recommendation is to have no fewer than _____ and no more than _____ board members.

Accepted Answer

A)  5; 10 
B)  5; 15 
C)  10; 15 
D)  10; 20 
E)  15; 20 
A)  5; 10 
B)  5; 15 
C)  10; 15 
D)  10; 20 
E)  15; 20

Question 12

Is there such a thing as a perfect founding team? Describe some characteristics of effective founding teams.

Accepted Answer

Although there are no perfect founding t

Question 13

To ensure compliance with IRS regulations while hiring independent contractors, an entrepreneur should do all of the following EXCEPT

Accepted Answer

A)  indicate the methods of accomplishing the work. 
B)  indicate the desired result of the work. 
C)  dr aw up a contract with each independent contractor. 
D)  verify that the independent contractor possesses the necessary licenses. 
E)  verify that the independent contractor carries workers' compensation insurance. 
A)  indicate the methods of accomplishing the work. 
B)  indicate the desired result of the work. 
C)  dr aw up a contract with each independent contractor. 
D)  verify that the independent contractor possesses the necessary licenses. 
E)  verify that the independent contractor carries workers' compensation insurance.

Question 14

A(n) _____ consists of individuals who serve as a sounding board for ideas, act as coaches to raise your spirits, and warn you when you are heading down a wrong path.

Accepted Answer

A)  advisory board 
B)  board of directors 
C)  founding team 
D)  personal mentor board 
E)  professional employer organization (PEO) 
A)  advisory board 
B)  board of directors 
C)  founding team 
D)  personal mentor board 
E)  professional employer organization (PEO)

Question 15

A(n) _____ is an informal panel of experts and other people who are interested in seeing a new venture succeed.

Accepted Answer

A)  mentor board 
B)  startup team 
C)  virtual team 
D)  advisory board 
E)  consulting firm 
A)  mentor board 
B)  startup team 
C)  virtual team 
D)  advisory board 
E)  consulting firm

Question 16

All of the following are independent contractors that entrepreneurs use on a regular basis EXCEPT

Accepted Answer

A)  consultants. 
B)  employee leasing firms. 
C)  manufacturers. 
D)  distributors. 
E)  advisory boards. 
A)  consultants. 
B)  employee leasing firms. 
C)  manufacturers. 
D)  distributors. 
E)  advisory boards.

Question 17

An accountant is an advocate, but a lawyer is bound by rules and ethics that do not permit advocacy.

Accepted Answer

A) True 
 B)False

Question 18

In startups, being chief executive officer (CEO) is arguably the best job of all.

Accepted Answer

A) True 
 B)False

Question 19

Briefly discuss how attorneys can supply a wealth of support for a new venture.

Accepted Answer

Within their particular area of expertis

Question 20

Which of the following is NOT a professional advisor to an entrepreneur?

Accepted Answer

A)  An attorney 
B)  A mentor 
C)  An accountant 
D)  A banker 
E)  An insurance agent 
A)  An attorney 
B)  A mentor 
C)  An accountant 
D)  A banker 
E)  An insurance agent

All of the following are part of an entrepreneur's extended network EXCEPT

_____ are parties who own their own businesses and are hired by entrepreneurs to do a specific job.

Research shows that fewer than 25 percent of founders are still the CEO when their company goes public.

In general, founders who bring the idea or seed capital to the venture will receive a premium on the share of stock they receive, typically between _ and _ percent.

Which of the following is a service that consultants do NOT provide?

The entrepreneurial team owns all or the majority of the stock in a

For his new startup business venture, Amal has hired StaffRight to hire his employees and assume the payroll and human resources functions for his business for a fee. StaffRight is a(n)

How can consultants provide services for a new venture?

Which of the following is NOT a characteristic of communication in an effective team?

All of the following are factors that are significant in team composition EXCEPT

The general recommendation is to have no fewer than _ and no more than _ board members.

Is there such a thing as a perfect founding team? Describe some characteristics of effective founding teams.

To ensure compliance with IRS regulations while hiring independent contractors, an entrepreneur should do all of the following EXCEPT

A(n) _____ consists of individuals who serve as a sounding board for ideas, act as coaches to raise your spirits, and warn you when you are heading down a wrong path.

A(n) _____ is an informal panel of experts and other people who are interested in seeing a new venture succeed.

All of the following are independent contractors that entrepreneurs use on a regular basis EXCEPT

An accountant is an advocate, but a lawyer is bound by rules and ethics that do not permit advocacy.

In startups, being chief executive officer (CEO) is arguably the best job of all.

Briefly discuss how attorneys can supply a wealth of support for a new venture.

Which of the following is NOT a professional advisor to an entrepreneur?

Understanding Entrepreneurship

Preparing for the Entrepreneurial Journey

Creating Opportunity

Analyzing the Industry and Market

Developing and Testing a Business Model

Prototyping and Validating a Solution

Protecting the Startups Assets

Calculating Startup Capital Requirements

Preparing a Business Plan

Designing an Entrepreneurial Organization

Planning Startup Operations

Choosing the Legal Form of Organization

Developing a Startup Marketing Plan

Incorporating Ethics and Social Responsibility Into the Business

Funding Startup and Growth

Planning for Growth and Change

Filters

Exam 8: Building the Founding Team

All of the following are part of an entrepreneur's extended network EXCEPT

_____ are parties who own their own businesses and are hired by entrepreneurs to do a specific job.

Research shows that fewer than 25 percent of founders are still the CEO when their company goes public.

In general, founders who bring the idea or seed capital to the venture will receive a premium on the share of stock they receive, typically between _____ and _____ percent.

Which of the following is a service that consultants do NOT provide?

The entrepreneurial team owns all or the majority of the stock in a

For his new startup business venture, Amal has hired StaffRight to hire his employees and assume the payroll and human resources functions for his business for a fee. StaffRight is a(n)

How can consultants provide services for a new venture?

Which of the following is NOT a characteristic of communication in an effective team?

All of the following are factors that are significant in team composition EXCEPT

The general recommendation is to have no fewer than _____ and no more than _____ board members.

Is there such a thing as a perfect founding team? Describe some characteristics of effective founding teams.

To ensure compliance with IRS regulations while hiring independent contractors, an entrepreneur should do all of the following EXCEPT

A(n) _____ consists of individuals who serve as a sounding board for ideas, act as coaches to raise your spirits, and warn you when you are heading down a wrong path.

A(n) _____ is an informal panel of experts and other people who are interested in seeing a new venture succeed.

All of the following are independent contractors that entrepreneurs use on a regular basis EXCEPT

An accountant is an advocate, but a lawyer is bound by rules and ethics that do not permit advocacy.

In startups, being chief executive officer (CEO) is arguably the best job of all.

Briefly discuss how attorneys can supply a wealth of support for a new venture.

Which of the following is NOT a professional advisor to an entrepreneur?

Understanding Entrepreneurship

Preparing for the Entrepreneurial Journey

Creating Opportunity

Analyzing the Industry and Market

Developing and Testing a Business Model

Prototyping and Validating a Solution

Protecting the Startups Assets

Calculating Startup Capital Requirements

Preparing a Business Plan

Designing an Entrepreneurial Organization

Planning Startup Operations

Choosing the Legal Form of Organization

Developing a Startup Marketing Plan

Incorporating Ethics and Social Responsibility Into the Business

Funding Startup and Growth

Planning for Growth and Change

Filters

In general, founders who bring the idea or seed capital to the venture will receive a premium on the share of stock they receive, typically between _ and _ percent.

The general recommendation is to have no fewer than _ and no more than _ board members.