EEE2023 Ch 9
If a new venture organizes as a corporation, it is legally required to have _________.
A board of directors
The board at Nuance Opticals offers help in providing direction and advice to the company, but it possesses no legal responsibility for the firm and gives nonbinding advice. The board at Nuance Opticals is a(n) ________.
Advisory board
______ refers to the fact that companies often falter because the people who start themaren't able to adjust quickly enough to their new roles and because the firm lacks a "track record" with outside buyers and suppliers.
Liability of newness
Warby Parker is an innovative new eyewear brand sold exclusively online. The key to success of a new business often is dependent on assembling a team that can execute the business concept. Which of the following is NOT a potential member of a new ventureteam?
Customers
Many CEOs interact with their board members frequently and obtain important input. To make the company successful, it is important to pick strong board members with needed skills and useful experiences who are willing to give advice and ask insightful and probing questions. Which of the following is NOT an attribute of a strong board of directors?
Disrespected in their field
Prior entrepreneurial experience, relevant industry experience, and ____ are the attributes that strengthen the chances of afounder's success.
Networking
If the _____ of a firm have similar areas ofexpertise, it can be problematic.
Founders
Billy Stamos is self-employed, works on his own time with his own tools and equipment, and performs computer services for a number of clients. Billy Stamos is a(n) _________.
Freelancer
The three-member founding team at OnTime Cleaning Services consists of Tom, who has 14 years of operations experience, Billy, an accountant with 2 years of experience andJane, a marketer with 22 years of work experience. The founding team at OnTime Cleaning Services is ________.
Heterogeneous
There is a common set of mistakes to avoid when putting together a new venture team; these raise red flags when a potential investor, employee, or business partner evaluates a new venture. Which of the following is NOT a common mistake that is made in putting together a new venture team?
Hiring general consultants as hourly employees
Many CEOs interact with their board members frequently and obtain important input. To make the company successful, it is important to pick board members with needed skills and useful experiences who are willing to give advice and ask insightful and probing questions. Which of the following is NOT one of the attributes of an effective board of directors?
Indecisiveness
Freelancers and virtual assistants are considered _______.
Independent contractors
To save money, increase flexibility, and mitigate the difficulty in finding goodemployees, new ventures often use four different sources of labor to get their work done. Which of the following is NOT one of the sources of labor?
Personal assistant
The results of research studies somewhat consistently suggest that _______ is one of the most consistent predictors of future entrepreneurial performance.
Prior entrepreneurial experience
Various people or groups form part of a new-venture team; however, _____ are(is) not one of them.
Suppliers
