MODULE 2

Question 1

the process through which founders establish a team to start a new
venture—has important implications for team performance and entrepreneurial success

Answer 1

Entrepreneurial team formation

Question 2

A ______ put your talents, time, and energy to their best use, taking on an overwhelming challenge and
using your wits (and a little trickery) to overcome every obstacle that crosses your path. T

Answer 2

team

Question 3

To pull it off, you need the right team. You shouldn’t need a pickpocket, but you will need a _____ and a set of
diverse skills.

Answer 3

leader

Question 4

To build the perfect sprint team, first you’re going to need someone with authority to make decisions.
That person is the _____ , a role so important we went ahead and capitalized it

Answer 4

Decider

Question 5

The _______ is the
official decision-maker for the project. At many startups, it’s a _______ or ______. At bigger companies,
it might be a ______.

Answer 5

Decider, founder or CEO, VP, a product manager, or another team leader.

Question 6

These _______ generally understand the
problem in depth, and they often have strong opinions and criteria to help find the right solution

Answer 6

Deciders

Question 7

The main reasons why startups fail is because they don’t have the ______ on their team. It’s very
important that startup founders have the right mix of qualities, characteristics and expertise so they’ll
be able to achieve what goals they have set for the startup.

Answer 7

right people

Question 8

The Decider must be involved in the sprint. If you are the Decider, clear your schedule and get in the
room. If you’re not, you must convince the Decider to join. You might feel nervous; after all, it’s a big
time commitment for a new process. If your Decider is reluctant, try one or more of these arguments:

Answer 8

Get a Decider (or two)

Question 9

Emphasize the amount of progress you’ll make in your sprint: In just one week, you’ll have a realistic
prototype. Some Deciders are not excited about customer tests (at least, until they see one firsthand),
but almost everyone loves fast results.

Answer 9

Rapid Progress

Question 10

Consider your first sprint an experiment. When it’s over, the Decider can help evaluate how effective
it was. We’ve found that many people who are hesitant to change the way they work are open to a
onetime experiment.

Answer 10

It’s an Experiment

Question 11

Show the Decider a list of big meetings and work items you and your team will miss during the sprint
week. Tell which items you will skip and which you will postpone, and why.

Answer 11

Explain the Tradeoffs

Question 12

Be honest about your motivations. If the quality of your work is suffering because your team’s regular
work schedule is too scattered, say so. Tell the Decider that instead of doing an okay job on everything,
you’ll do an excellent job on one thing.
If the Decider agrees to the sprint but can’t spare a full week, invite him/her to join you at a few key
points. On Monday, he/she can share her perspective on the problem. On Wednesday, he/she can help
choose the right idea to test. And on Friday, he/she should stop by to see how customers react to the
prototype.
If the Decider only going to make cameo appearances, your he/she needs to have an official delegate
in the room. In many sprints with startups, the CEO appoints one or two people from the sprint team
to act as Deciders when he’s/she’s not there. In one sprint, the CEO sent the design director an email
that read, “I hereby grant you all decision-making authority for this project.” Absurd? Yes. Effective?
Absolutely.
And if your Decider doesn’t believe the sprint to be worthwhile? If he/she won’t even stop by for a
cameo? Hold up! That’s a giant red flag. You might have the wrong project. Take your time, talk with
the Decider, and figure out which big challenge would be better.
Once you’ve got a Decider (or two) committed to the sprint, it’s time to assemble your sprint team.
These are the people who will be in the room with you, all day, every day during the sprint. On
Monday, they’ll work with you to understand the problem and choose which part to focus on.
Throughout the week, they’ll be the ones sketching solutions, critiquing ideas, building the prototype,
and watching the customer interviews.

Answer 12

It’s About Focus

Question 13

suggests co-founders select each other because they share
similar interests, possess admirable qualities, and return the sentiment of liking. This strategy
emphasized supplementary fit, namely co-founding with members of the same kind and resemblance
between co-founders. In essence, this strategy follows the principle of ‘birds of a feather flock
together’. As co-founding relations stem from the need to work with similar others with whom one
can initiate a rich and fruitful connection. Studies documenting this strategy have identified linkages
among co-founders based on friendship, family ties, and ethnicity.

Answer 13

interpersonal-attraction strategy

Question 14

strategy suggests co-founders are selected based on the resources required for
new venture creation. This strategy emphasizes complementary fit, as the focus is on individuals’
human capital-their knowledge, skills and capabilities-and access to relevant resources and asset

Answer 14

resource seeking

Question 15

Studies documenting the _______ strategy showed evidence consistent with the selection of
co-founders based on the quest for complementary capabilities, higher education and experience, and
related industry knowledge

Answer 15

resource seeking

Question 16

The two strategies need not operate in isolation, and a few studies have documented entrepreneurial
team formation with attention to both strategies, either ________

Answer 16

concurrently or sequentially

Question 17

In answering the question of “what are the consequences of entrepreneurial team formation for team
characteristics?”, studies have examined four inter-related characteristics. These include founding _____, _______,______,______.

Answer 17

team diversity, equity distribution, leadership, and structural boundaries.

Question 18

The immediate result of
entrepreneurial team formation is the ________ (or composition), referring to the collective
characteristics of the founding team.

Answer 18

team configuration

Question 19

This particularly relates to team _____ along demographic -personal and functional-informational dimensions.

Answer 19

diversity

Question 20

_______ has been studied
in terms of both surface attributes such as age, tenure, gender, and race, and deep-level aspects such
as personality traits and values.

Answer 20

Demographic-personal diversity

Question 21

_______ has been measured through
founders’ education, professional background, and prior experience.

Answer 21

Functional-informational diversity

Question 22

Research has also explored the _______ in founding teams, particularly the equal or unequal
distribution among co-founders.

Answer 22

equity- distribution

Question 23

Often, equity distribution among co-founders depends on the
______ structure defined as whether the _______, such as the responsibility for the new venture
vision, goals, and strategy, is concentrated in a single founder or shared across several founders

Answer 23

leadership

Question 24

. The
division of equity and leadership is often characterized by the _______ lead
entrepreneurs may desire possession of major shares and leadership authority (i.e., owning the throne),
even though it may undermine venture survival and financial performance (i.e., the kingdom).

Answer 24

‘throne versus kingdom’ paradox:

Question 25

represent another important founding team characteristics. First, it distinguishes between members considered core of peripheral in the founding team.

Answer 25

Structural boundaries

Question 26

____ are enduringly involved and significantly committed to the new venture activity, while peripheral members have a more temporary and sporadic involvement, addressing specific needs during limited time-periods.

Answer 26

Core members

Question 27

Such distinctions may occur in ______, could be correlated with above equity distributions, or indicate the presence of ‘sleeping partners’ who provide their own capital or reputation but are barely involved in the venture activity.

Answer 27

virtual-teams

Question 28

Second, some ______ have blurred boundaries that encompass external agents, such as consultants or surrogates who provide critical knowledge and management skills.

Answer 28

new ventures teams

Question 29

_______ is the fact that external supporters or surrogate entrepreneurs often join the team during later stages.

Answer 29

Notable

Question 30

A ________ relates to occurrence of double-tier formation of new venture teams, such as the presence of junior sub-teams to pursue specific opportunities, while senior members oversee activities alongside broader venture management. These multi-tier structural boundaries are mostly observed in family settings or portfolio entrepreneurship.

Answer 30

final structural boundary

Question 31

While team processes have long been studied as an outcome of team characteristics, a key question is “what are the consequences of entrepreneurial team formation for team processes?”. In line with recent organizational behavior models of team research, a review illuminates the direct consequences of team formation on team processes, and particularly the inter-related ________ and ________ .

Answer 31

Coordination and specialization team

Question 32

The relational fit between co-founders may facilitate or impair effective communication, mutual trust and smooth coordination of knowledge and perspective. These ________ also include alignment of values and vision as well as cohesion in the form of interpersonalemotional bonds within a close-knit unit. In some settings, better coordination process have been associated with superior performance outcomes.

Answer 32

coordination-related processes

Question 33

may enable co-founders to rely on others’ diverse knowledge bases, gain deeper expertise in different specialized domains, and improve venture capabilities and access to a larger pool of resources

Answer 33

Specialization-related processes

Question 34

Similar to coordination processes, ________ have been linked to higher performance due to a sustained ability to leverage expertise, as well as absorb and apply deep knowledge from a large team knowledge-base.

Answer 34

specialization processes

Question 35

Successful efforts at __________ were associated with desirable performances outcomes. Some of these performance indicators have been associated with the milestones and markers including whether the team was successfully incorporated, raised seed capital, shipped the first product/made the first sale, and hired a first full-time employee.

Answer 35

entrepreneurial team formation

Question 36

Other interim performance measures have been related to the ability to create demonstrations and minimum viable products, the evaluation of pitches, and successful transitions across developmental phases. ___________ has also been measured by financial, growth, and survival indicators.

Answer 36

Venture performance

Question 37

Tasks of Startup Founders Before creating a team, we must first understand the key activities that most startups do. Startup founders have a list of tasks to accomplish. Listed below are some of those vital tasks.

Answer 37

1. Idea generation 2. Project Management 3. Design the product 4. Develop the product 5. Project Marketing 6. Customer qualification 7. Business and revenue modeling. 8. Competitive analysis 9. Product Sales 10. Product Deployment 11. Accounting and finance 12. Public Speaking 13. Fund Raising

Question 38

Given a specific problem or challenge, they must be able to brainstorm and collaborate and contribute to what different kinds of ideas they have to solve the problem

Answer 38

Idea generation

Question 39

Establishing a startup is like conducting a project. They should be able to identify the scope of the project, cost of the project and time needed to execute a certain task.

Answer 39

Project Management

Question 40

They should be able to translate customer needs into a product design with better user experience.

Answer 40

Design the product

Question 41

They should be able to build the solution that they propose.

Answer 41

Develop the Product

Question 42

They must be able to market the product and communicate the value proposition of your product to your target market.

Answer 42

Product Marketing

Question 43

They should be able to identify who their customers are and create a persona of their customers--what motivates customers to buy a product or do certain tasks.

Answer 43

Customer qualification

Question 44

. The team must be able to identify what kind of revenue models are suitable for their product or service.

Answer 44

Business and revenue modeling

Question 45

Team also must be able to identify who their competitors are and what products are already existing in the market. Understanding your competitor would help you strategize on how you can be unique apart from the existing competitors.

Answer 45

Competitive Analysis

Question 46

They should be able to sell the product to target customers.

Answer 46

Product Sales

Question 47

They should also know how to deploy and bring the products to the market

Answer 47

Product Deployment

Question 48

They should also be able to manage their finances efficiently, especially during this initial stage of their business.

Answer 48

Accounting and finance

Question 49

Founders must have the abilities to speak in front of a live audience during pitch competitions.

Answer 49

Public Speaking

Question 50

Founders must have the abilities to speak in front of a live audience during pitch competitions.

Answer 50

Fund Raising

Question 51

Given those tasks that startups must accomplish, a team must have the needed experience, network, knowledge and skills to execute those tasks

Answer 51

Experience, network, knowledge, skills or Strength

Question 52

The team must have the experience or the ability to learn technical skills to design and build products

Answer 52

Experience

Question 53

They need to have a vast network of connections who are possible partners, mentors or investors. They need their network to build a market for their product and support from investors to fund their startup.

Answer 53

Network

Question 54

Theyneedtohaveknowledgeorbackgroundabouttheindustryorthe market that they are entering into because they need to know who the market is, where the market is, how big the market is, and who competitors in the market are.

Answer 54

Knowledge

Question 55

These are other qualities that a team member can have together with any of the above mentioned qualities.

Answer 55

Skills or Strength a. Leadership b. Team Player c. Project Management d. Strategy e. Execution f. UI/U Design g. Public Speaking h. Influence

Question 56

It is the ability to lead the team towards a certain goal.

Answer 56

Leadership

Question 57

It is the ability to work harmoniously with your team mates.

Answer 57

Team Player

Question 58

The ability to identify project scope, project cost and project schedule to achieve a goal.

Answer 58

Project Management

Question 59

The ability to create plans or strategize to achieve a goal.

Question 60

The ability to execute the plans

Answer 60

Execution

Question 61

The ability to translate customer needs into user interface and/or user experience design.

Answer 61

UI/UX Design

Question 62

The ability to speak in a live audience

Answer 62

Public Speaking

Question 63

The ability to translate customer needs into user interface and/or user experience design.

Answer 63

Influence

Question 64

There are three ways three ways to form a team, according to UC Berkeley:

Answer 64

Team-centric Startup Formation, Research-centric Startup Formation and Market Opportunity-centric Startup Formation.

Question 65

you build your team from your existing network. You invite people you highly trust to join you on this endeavor. You look for people in your network who have the experience and knowledge you need to start a business.

Answer 65

Team-centric Startup Formation

Question 66

In this type of team building, you encourage your co-researchers to establish a startup and bring your research outputs to the market. Initially, this team is highly technical in experience.

Answer 66

Research- centric Startup Formation

Question 67

Formation where teams are formed or created during a hackathon or a competition. People of the same interest gather in one place, meet each other and realize that they have a lot of things in common. They usually have the same passion about things that they would want to solve.

Answer 67

Market Opportunity-centric Startup

Question 68

Whichever team formation was used, what is really important is that your team must be diverse in terms of ____,____, ____ and ___.

Answer 68

technical experience, network, knowledge and skills

Question 69

There are three sides of team diversity that was coined during an entrepreneurship seminar by UC Berkeley:

Answer 69

: Business Function, Roles and the Silicon Valley Triptych.

Question 70

In the ________, the team needs: 1. A Strategist who knows how to create a business plan and analyze the market, 2. A Designer who designs user experience and user interfaces, 3. A Builder or an Engineer who develops prototypes, 4. A Sales/Marketing expert who knows how to attract engage customers, 5. And lastly, a Project Manager that assigns tasks to each member and oversees all of the activities inside the startup

Answer 70

business function side of diversity

Question 71

Another side of team diversity are ____ to play: 1. The Idea Guy who always have fresh ideas in mind, 2. The Communicator who has special facilitation skills in the team, 3. The Peacemaker who maintains harmonious relationship of the members, 4. The Problem-finder who can spot challenges or problems before they occur, 5. the Problem-solver who is always eager to take on any challenge and solve problems, 6. and an Executor who can swiftly finish any assigned tasks.

Answer 71

Roles

Question 72

Lastly, we have the _______ . This is very common in Silicon Valley. Here we need: 1. a Hustler who sells the product or seeks investment, 2. a Hacker who builds the product, 3. And a Hipster who designs the product. Sometimes, a fourth member is added: 4. A Hound who initially talks to customers and does market research.

Answer 72

Silicon Valley Triptych

Question 73

When you are trying to build a team or join a team, make sure that you already know what you're bringing into the team. So before engaging with anyone, try to answer these questions to help you evaluate yourself.

Answer 73

1.What are your strongest skills? 2. What are your weaknesses? 3. What are your key interests? 4. What are your personality quirks? 5. What is your risk profile?