Questions and Answers on Resource Requirements Essay

3567 Words Feb 8th, 2015 15 Pages
Chapter 11 - Resource Requirements
Student: ___________________________________________________________________________
1. Whenever possible, effective entrepreneurs seek to own the resources they need.
True False

2. One advantage of owning resources during the startup is that it puts the team in a better position to commit and decommit quickly.
True False

3. Entrepreneurs in high-potential startups seek to have not only enough committed resources for the task at hand but also a cushion against adversity.
True False

4. When seeking out advisors and specialists, entrepreneurs should involve them at an early stage, and be skeptical of their credentials and advice.
True False

5. Extending accounts receivable is one of
…show more content…
the footwear industry
C. the software industry
D. the finance industry

28. One of the most valuable, though often underappreciated, resources that successful entrepreneurs can draw upon is:
A. a diverse network of expert advisors
B. a diverse network of people
C. a diverse network of industry officials
D. a diverse network of expert financiers

29. Using other people's resources, particularly in the startup and early growth stages of a venture, is:
A. a matter of luck
B. immaterial
C. important
D. irrelevant

30. Which of the following is one of the most important 'outside' people resources?
A. Directors or advisors
B. Directors or relatives
C. Directors or staff
D. Advisors or managers

31. People who would make good directors are becoming cautious about becoming directors. Why?
A. It takes up too much time
B. It is of no interest to them
C. They are exposed to potential liabilities
D. They don't have the necessary knowledge

32. The way in which lawyers are used by entrepreneurial ventures depends upon:
A. how much they cost
B. how much they know
C. what stage the venture is at
D. what kind of relationship they have

33. Lawyers do not usually make:
A. good decisions
B. business judgments
C. well-informed decisions
D. good directors

34. The banker or other lender needs to be:
A. partner
B. shareholder
C. independent
D. minority shareholder

35. An important consideration in the selection of an accountant is:
A. cost
B. chemistry
C. what current…