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49. What two questions does the text recommend be asked when considering founding
team members?
a. Can I build the company without them? Can I find someone else like them?
b. How loyal will they be to me? What conflicts would they have in joining the team?
c. How well will they support my vision of the company? How many people have similar
skills?
d. How strong is their loyalty to the company? How loyal will they be to me?
50. What is the natural consequence of the fact that the founding team is usually in the
entrepreneur’s network?
a. the team will be strongly united from the start
b. the team has a lot in common and may miss the insight of those not in the network
c. the founding team have a lead entrepreneur who creates the vision and inspires other
team members
d. the founders will experience conflict, as all feel they have primary ownership of the
idea
51. Which set of characteristics is associated with a great founding team?
a. wealth, technical skills, intelligence, ability to cope with pressure
b. ability to cope with pressure, social and technical skills, ability to overcome complex
obstacles
c. financial backing, large social networks, business-related skillsets
d. ability to cope with pressure, social skill, financial stability
52. What is the recommended first step to determining who has the right skills for your
founding team?
a. review the resumes and successes of potential team members
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b. determine the top three to five business operations that will be required over the next
3 years
c. focus on building a balanced team that complements your personality
d. focus on building a balanced team that complements your skillsets
53. To judge the extent to which someone has a big ego, what should you look for?
a. determine how much of the conversation that person controls
b. look for a tendency to say I instead of we when the person talks about team
successes
c. look for signs of humility when they talk about themselves
d. look for nonverbal cues such as voice volume, high-end dressing, and personal
possessions
54. What is Jenn Houser’s advice for aligning team goals and values?
a. select a team that already shares the goals and values of the company
b. invest several days with your founders hashing out how the partnership will work
before you commit
c. clearly describe your goals and values up front before selecting the team
d. let your goals and values evolve as the company forms
55. What statement generally sums up the importance of passion in your founding
team?
a. Passion and skills will compensate for experience.
b. Passion needs to play a secondary role to experience.
c. Passion can interfere with rational judgment.
d. Enthusiasm cannot help reduce the risk of starting a business.
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56. According to the text, what type of relationship is most similar to the nature of the
cofounders’ relationship?
a. the emotional and financial commitment of marriage
b. a strong peer-to-peer working relationship
c. a sports team with specific roles and complementary skills
d. a family setting with mutual support for all family members
57. Lonny’s founding company is composed of young men with whom he attended
college. How would you describe the team?
a. homogeneous
b. heterogeneous
c. collegial
d. standardized
58. Which of the following would best describe the term cognitive comprehensiveness?
a. the team process of examining issues and formulating strategies that considers
different approaches, decision criteria, and courses of action
b. the team process that encourages all members to contribute based on their cognitive
skills
c. the team process that makes sure everyone feels that they have contributed to the
decision and have made their opinions clear
d. the team process that encourages different perspectives so that everyone can see
the complete picture
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59. Which of the following describes Patrick Lencioni’s opinion about team conflict?
a. Team conflict is disruptive to productivity and should be avoided as much a possible.
b. Disagreement may feel uncomfortable but can help clarify problems and solutions.
c. Team conflict is unavoidable, so it is better to learn how to handle it when it arises.
d. Team conflict is the result of heterogeneous teams.
60. Which of the following would NOT be true of a homogeneous team compared to
heterogeneous groups?
a. members are more likely to feel included
b. there are fewer misunderstandings because of the way things are communicated
c. they may have less creativity
d. they do not have conflicts due to common values and backgrounds
61. Which of the following would NOT be true of a heterogeneous team compared to
homogeneous groups?
a. there is a greater mix of characteristics that aid decision making
b. the group’s set of possible solutions and ideas helps the team see things in different
ways
c. there is a higher level of cognitive comprehensiveness
d. there is a higher degree of creativity
62. What is the value of the Myers-Briggs Type Indicator?
a. It makes sure that you select the right personality type for your team.
b. It allows people to have different rights and roles in a team forum.
c. It gives team members insights into their own communication styles and the styles of
others.
d. It makes it possible to select the right balance of personalities.
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63. What would best describe the concept of Groupthink?
a. a desired state where everyone looks at a problem the same way and reaches quick
consensus
b. an unfavorable condition of having too similar a mindset, making it harder to spot a
problem
c. a brainstorming session where everyone in the group is inspired to think creatively
d. a final commitment the team makes to fully support the decision of the team
64. What is the role of the devil’s advocate?
a. to interject conflict into the team
b. to prevent the team from being too positive
c. to ask the right questions and challenge assumptions
d. to guide the team to the correct answer or solution to a problem
65. What is the downfall of the devil’s advocate?
a. solutions from a team with a devil’s advocate rarely come to a conclusion
b. solutions from a team with a devil’s advocate never produce superior outcomes
c. people tend to eliminate the devil’s advocate because he or she makes them feel
uncomfortable
d. the devil’s advocate encourages people to take sides in team discussions
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66. At meetings, Peter is very direct with his statements. Because the group is familiar
with Peter’s Myers-Briggs scores, his directness does not cause conflicts. Why is the
conflict avoided?
a. People have become used to Peter’s direct style.
b. People recognize his directness as a personality style and know that it is not
personal.
c. Others like hearing direct comments and opinions.
d. They know that Peter is getting help with his directness.
67. Janell is always asking for the source of comments or research to back up
assumptions made at team meetings. Ultimately, the team creates better solutions
because of this. What role is Janell playing as a team member?
a. the team mediator
b. the facilitator
c. the devil’s advocate
d. the dissenter
68. Which of the following is NOT part of reading a room?
a. determining where most of the activity is taking place
b. determining which groups express body language that indicates your inclusion would
be welcomed
c. identifying where the most influential person in the room is located
d. noticing if the room is crowded or empty
69. “Weak ties” in an individual’s network consist of all of the following except:
a. potential investors
b. people at trade shows and exhibitions
c. family and friends
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d. banks
70. According to the text, a combination of ______ is the best way of building a diverse
and productive network.
a. social bonds, bridges, and linkages
b. fellow entrepreneurs, business partners, and mentors
c. family, friends, and acquaintances
d. investors, employees, and business partners
71. According to the text, the first step to finding self-selected stakeholders is to:
a. think about the people you already know.
b. contact people in positions of power.
c. network with individuals who have succeeded in similar markets.
d. contact investors who you hope will contribute to your business
72. The key to building a network is to:
a. convince someone to do something that he or she may not ordinarily do.
b. be able to ask for favors.
c. get people to enroll in your vision due your enthusiasm or idea.
d. line up potential employees, contractors, suppliers, and customers.
73. Which of the following describes Patrick Lencioni’s opinion about team conflict?
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a. Conflict happens, and it is best to let people vent.
b. Some dysfunction is part of being a team.
c. Commitment is not possible without conflict.
d. People who disagree with one another make the best teams.
True/False
1. People today are more likely to interact with others to build their social capital due to
more time spent at the workplace and the use of online networks.
2. Strong ties to family and friends can be restrictive to the entrepreneur because they
are less likely to challenge our ideas.
3. Mentors come from outside an entrepreneur’s network.
4. A good way of disengaging from a networking conversation is to look the person in
the eye, shake his or her hand, and say, “It has been great talking to you.”
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5. Quid pro quo should be avoided in networking as it may be perceived as
manipulative.
6. Facebook and LinkedIn make it easy to find out which face–to-face conferences
the people in your network are attending.
7. Research has found that most fast-growth ventures have been founded by sole
entrepreneurs with strong financial backing
8. When working with a founding team, it is important to keep a “hands off” approach,
keeping the lines of responsibility clear.
9. The best way to read a room is to look where the highest ranking people in the room
are so you can get into that group.
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10. You should be wary of connecting with competitors on social networking sites such
as Twitter or LinkedIn.
11. Studies have shown that a lack of diversity in homogeneous teams can stifle
creativity and information processing.
12. According to research, a heterogeneous group will have greater problem-solving
and creative options but have greater challenges in communications.
13. According to the text, social capital is less tangible than physical and even human
capital because its value can be easily assessed and measured.
14. In the United States today, people are more likely to interact socially than they were
in the past due to an increased prevalence of community networks.
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15. According to the text, many of the most successful ventures are built on forging
relationships at the university level.
16. According to the text, the amount of possible referrals and leads one could obtain in
a networking group of 20 to 40 people is almost incalculable.
17. According to the text, teams should discourage someone from taking on the role of
“devil’s advocate” in meetings to prevent the team from becoming too critical.
18. When working as a team, groupthink inhibits the team’s ability to test or challenge
assumptions.
Essay
1. Identify four members of your social network and assess the type of classifications
they would represent.
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2. Two of your employees return from a conference. Price has a stack of business cards
and is delighted that he met so many people. Marie sheepishly says that she really only
met four people. She has set up a follow-up meeting with one of them. She said the
others are not interested in your product at the moment. She discloses that she helped
one business owner with a school for her daughter and shared a recipe for rhubarb pie
with another. Discuss who may have done the better job of networking, and support
your conclusion.
3. Chris develops his company plan alone. He is now ready to launch and is looking for
a founding team. Since his business is in petrochemicals, he assumes that the best
team will be from his former university classmates who studied the subject with him.
Discuss the pros and cons of Chris’s assumptions.
4. Jorge felt it was his role to point out flaws in his team’s plans and ideas. He was
always polite, and the team had to admit that the group came up with better ideas than
they originally had. However, they recently approached their manager with a request to
have Jorge removed from the team. What advice would you, as manager, give the
group?
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5. Two members of the founding team are interviewing candidates to be a third
member. One of their questions is to see how an applicant responded to a problem he
or she encountered in the past. The applicant responded with an answer that revealed a
great deal of industry knowledge. Later, one of the interviewers noted to the other that
his statements used “I” instead of “we.” Interpret the founder’s concern in light of a
startup’s needs.
6. Francesca is building her founding team. She knows that fundraising will be important
over the next year and thus is looking for someone with strong fundraising skills. She
hopes to be financially self-sufficient at the end of the year. Later, she hopes to be able
to build a strong sales, marketing, and operations teams with representation across the
nation. What strategy should Francesca use in building her team?
7. Allen doesn’t mind getting his hands dirty. As the co-owner of a small 10-person
brewery, he is frequently seen scrubbing out containers, sweeping the floor, and
ordering sandwiches for meetings. Recently, he was advised that he should not be
doing these things, as doing so would lower his perceived image with the employees,
who need to feel that he is in a special role. Discuss what Allen’s response should be.
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8. Erik and Janessa are considering a member for the founding team who has superior
programming skills for their new software-related product. His successful programs are
numerous and well known. They know that they want to expand to other products, and
his experience would be valuable. In a networking discussion, the programmer stated
that he was good at what he did and that working on Erik and Janessa’s software would
be “as good as any.” Erik and Janessa felt that that was a sign that he was willing to be
a founder. Discuss the advantages and disadvantages of adding him to the team.
9. Sue and Chris have just started a waste recycling company and would like to engage
in virtual networking. Discuss some of the ways that Sue and Chris might start.