According to the textbook, most boards of advisers have between ________ and ________ members.

8.Peter Watson is thinking about launching a small business consulting company. To get advice onhow to proceed, he stopped by his local Small Business Administration (SBA) office. The SBAadvisor told Peter that one of the first things he needs to do is to sit down and write a 25 to 35page narrative that describes what his new business plans to accomplish and how it plans toaccomplish it. The SBA advisor is telling Peter to write a(n) ________.a.tactical planb.marketing planc.operations pland.business plane.feasibility analysis

9.Which of the following statements about advisory boards is incorrect?

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10.Which of the following was not identified in the textbook as an attribute of an effective board ofdirectors?

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11.A board of directors' three formal responsibilities are to appoint the officers of the firm, declaredividends, and ________.

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12.erating Officer of a startup in the health food industry. He is also a member of his firm's board ofdirectors. In board of directors terminology, James is a(n) ________ director.a.insideb.outsidec.expertd.juniore.senior

Final Exam MGT3302 Entrepreneurship Spring 2020 Rinehart2

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Chapter 9

Chapter Quiz

This activity contains 22 questions.

	_____ is the group of founders, key employees, and advisers that move a venture from an idea to a fully functioning firm.   A venture capitalist team A board of directors An executive committee A new venture team

	Attending entrepreneurship-focused workshops, speaker series, and entrepreneurship boot camps is a way to overcome what is referred to as the ________.   liability of newness entrepreneurial fear factor poor quality of founders lack of networking opportunities

	A founding team comprised of executives who all worked together in pharmaceutical sales since graduating from college, where they each majored in human biology, would best be described as________.   heterogeneous homogenous versatile diverse

	Which of the following is MOST suggested as a consistent predictor of future entrepreneurial performance?   prior entrepreneurial experience relevant industry experience networking a lot of money

	Which of the following is NOT a formal responsibility of a board of directors?   appoint the firm's officers manage the firm's day-to-day transactions declare dividends oversee the affairs of the corporation

	Well-known and respected board members bring instant credibility to the firm; this phenomenon is referred to as ________.   publicity signaling networking an advisory board

	_____ is a panel of experts who are asked by a firm's managers to provide counsel and advice on an ongoing basis.   A board of directors An executive committee An advisory board A founders council

	The following are guidelines to organizing a board of advisers EXCEPT:   a board of advisers should not be organized just so a company can boast of it. a firm should look for advisory board members who are compatible and complement one another in terms of experience and expertise. when inviting a person to serve on its board of advisers, a company should carefully spell out to the individual the rules in terms of access to confidential information. a firm should ask their advisors to spread, anonymously, as many positive comments as possible about its products on blogs, and Internet chat rooms and message forums.

	The following are ways investors and lenders add value to an entrepreneurial venture EXCEPT:   certify the financial statements. help identify and recruit key personnel. recruit customers. serve as a sounding board for new ideas.

	Which of the following is comprised of retired business owners who provide free consulting services to small businesses?   SBA SBDC SCORE KPMG

	Studies show that the majority of new ventures are started by more than one individual.    True  False

	It is generally believed that new ventures started by a team have an advantage over those started by an individual.    True  False

	The Chief Executive Officer (CEO) of a new venture always is chosen from among the firm's founders.    True  False

	If a new venture organizes as a corporation, it is legally required to have a board of directors.    True  False

	An outside director is an employee of the firm.    True  False

	Because the board members of large firms are more likely to be well-compensated executives of other firms, large firms do not typically pay their board members.    True  False

	If a firm has a board of directors (because it is a corporation), it will not have an advisory board.    True  False

	A lender with a well-secured loan may spend very little time with a client.    True  False

	Investors are precluded by SEC regulations from having a seat on the board of directors.    True  False

	Expert advice to new ventures from consultants can be obtained for free or reduced rates from nonprofit agencies.    True  False

	When is a firm required to have a board of directors, and what are the board's formal responsibilities?   To create paragraphs in your essay response, type <p> at the beginning of the paragraph, and </p> at the end.

	Discuss three groups other than the board of directors that may be a source of assistance and support for the firm.   To create paragraphs in your essay response, type <p> at the beginning of the paragraph, and </p> at the end.

Is the group of founders key employees and advisers?

What are the primary elements of a new venture team?

Is a chart that depicts the most important skills that are needed and where skills gaps exist?

Is one of the most important consistent predictors of future entrepreneurial performance?