ENT Chapter 9.3

He must build a workplace where employees are motivated and rewarded for good work. The desired culture must match the business strategy outlined in the business plan.

Stephen, an entrepreneur, plans to recruit an effective team for his new venture. Identify the factors he should consider when recruiting and assembling the team. (Check all that apply.)

finds solutions to conflicts among owners or shareholders

A function served by a board of directors in an organization is that it

Organization structure

Explains members' jobs and the communication and relationship these jobs have with each other

It lacks a legal status.

Identify a true statement about a board of advisors in an organization.

Creating a network of information sources for the entrepreneurs Building longer-term strategic plans for growth and expansion Examining operating and capital budgets

Identify the functions served by a board of directors in an organization. (Check all that apply.)

Rewarding

Provides member with promotions, bonuses, praise, and so on

Execution of the organization's business plan Recognition of the basic changes in the business as they occur Maintenance of profitability by making adjustments to the organization's plan based on changes in the environment and market

What are the functions the management team of an organization must accomplish? (Check all that apply.)

Maintenance of profitability by making adjustments to the organization's plan based on changes in the environment and market Recognition of the basic changes in the business as they occur Execution of the organization's business plan

What are the functions the management team of an organization must accomplish? (Check all that apply.)

The entrepreneur should develop a culture that matches the business strategy outlined in his or her business plan. The entrepreneur should be willing to spend extra time in the hiring process.

Which of the following are important considerations and strategies that an entrepreneur should follow in recruiting and assembling an effective team and in creating an effective and positive organization culture? (Check all that apply.)

Sarbanes-Oxley Act

Which of the following is an act passed due to irregularities in accounting, fraud, bankruptcy, insider trading, excessive management compensation, and other illegal or unethical practices that have become newsworthy in the years leading up to 2002?

Selection Criteria

Defines a set of guidelines for choosing individuals for each position

True

True or false: An entrepreneur should be able to assign responsibility to people in order to create a vibrant organizational culture.

False

True or false: In an organization, a board of advisors is more closely tied to the organization than its board of directors.

True

True or false: The relationship of an entrepreneur of a new venture and external advisors can be enhanced by seeking out the best advisors and involving them thoroughly and at an early stage of the development of the venture.