Team Formation - Module 2

Question 1

the process through which founders establish a team to start a new venture

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.

Answer 2

team, the RIGHT team

Question 3

someone with authority to make decisions

Answer 3

Decider

Question 4

is the official decision-maker for the project

Answer 4

Decider

Question 5

Name some “Deciders” in a startup companies

Answer 5

founder or CEO

Question 6

Name some “Deciders” in bigger companies

Answer 6

a VP, a product manager, or another team leader.

Question 7

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

Answer 7

Deciders

Question 8

A predefined span of time in which a team will work to accomplish specific goals and a decider (or two) must always be involved.

Answer 8

Sprint

Question 9

If your Decider is reluctant, name arguments to be used as a strategy

Answer 9

-Rapid progress
-It’s an experiment
-Explain the Tradeoffs
-It’s about focus

Question 10

Deciders are not excited about customer tests but everyone loves fast results

Answer 10

Rapid progress

Question 11

Decider can help evaluate how effective a sprint was when it is over.

Answer 11

It’s an experiment

Question 12

Show the Decider a list of big meetings and work items you and your team will miss during the sprint week.

Answer 12

Explain the tradeoffs

Question 13

Instead of doing an okay job on everything, you’ll do an excellent job on one thing.

Answer 13

It’s about focus

Question 14

It suggests co-founders select each other because they share similar interests, possess admirable qualities, and return the sentiment of liking

Answer 14

interpersonal-attraction strategy

Question 15

This strategy emphasized supplementary fit, namely co-founding with members of the same kind and resemblance between co-founders.

Answer 15

interpersonal-attraction strategy

Question 16

this strategy follows the principle of ‘birds of a feather flock together’.

Answer 16

interpersonal-attraction strategy

Question 17

A strategy that suggests co-founders are selected based on the resources required for new venture creation.

Answer 17

resource-seeking strategy

Question 18

This strategy emphasizes complementary fit, as the focus is on individuals’ human capital-their knowledge, skills and capabilities-and access to relevant resources and assets.

Answer 18

Resource-seeking strategy

Question 19

selection of co-founders based on the quest for complementary capabilities, higher education and experience, and related industry knowledge

Answer 19

resource-seeking strategy

Question 20

this strategy have identified linkages among co-founders based on friendship, family ties, and ethnicity

Answer 20

interpersonal-attraction strategy

Question 21

Four inter-related team characteristics

Answer 21

team diversity, equity distribution, leadership, and structural boundaries

Question 22

The immediate result of entrepreneurial team formation

Answer 22

team configuration (or composition)

Question 23

referring to the collective characteristics of the founding team

Answer 23

team configuration (or composition)

Question 24

It 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 24

Demographic-personal diversity

Question 25

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

Answer 25

Functional-informational diversity

Question 26

the equal or unequal distribution among co-founders

Answer 26

equity-distribution

Question 27

The division of equity and leadership is often characterized by...

Answer 27

‘throne versus kingdom’ paradox

Question 28

lead entrepreneurs may desire possession of major shares and leadership authority

Answer 28

Owning the throne

Question 29

even though it may undermine venture survival and financial performance

Answer 29

the kingdom

Question 30

it distinguishes between members considered core of peripheral in the founding team

Answer 30

Structural boundaries

Question 31

are enduringly involved and significantly committed to the new venture activity

Answer 31

core members

Question 32

have a more temporary and sporadic involvement, addressing specific needs during limited time-periods

Answer 32

peripheral members

Question 33

those who provide their own capital or reputation but are barely involved in the venture activity.

Answer 33

sleeping partners

Question 34

the presence of junior sub-teams to pursue specific opportunities, while senior members oversee activities alongside broader venture management

Answer 34

multi-tier structural boundaries

Question 35

encompass external agents, such as consultants or surrogates who provide critical knowledge and management skills

Answer 35

blurred boundaries

Question 36

In team formation, they often join the team during later stages

Answer 36

blurred boundaries; external agents or surrogates

Question 37

an outcome of team characteristics

Answer 37

team processes

Question 38

include alignment of values and vision as well as cohesion in the form of interpersonal-emotional bonds within a close-knit unit

Answer 38

coordination-related processes

Question 39

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 39

Specialization-related processes

Question 40

performance indicators of successful efforts at entrepreneurial team formation

Answer 40

milestones and markers

Question 41

Venture performance has also been measured by ... (3)

Answer 41

financial, growth, and survival indicators

Question 42

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 42

Idea generation

Question 43

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

Answer 43

Project Management

Question 44

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

Answer 44

Design the product

Question 45

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

Answer 45

Develop the product

Question 46

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

Answer 46

Product marketing

Question 47

They should be able to identify who their customers are and create a persona of their customers

Answer 47

Customer qualification

Question 48

what motivates customers to buy a product or do certain tasks.

Answer 48

Customer qualification

Question 48

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

Answer 48

Business and revenue modeling

Question 49

Team also must be able to identify who their competitors are and what products are already existing in the market.

Answer 49

Competitive analysis

Question 50

Understanding your competitor would help you strategize on how you can be unique apart from the existing competitors.

Answer 50

Competitive analysis

Question 51

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

Answer 51

Product sales

Question 52

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

Answer 52

Product Deployment

Question 53

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

Answer 53

Accounting and finance

Question 54

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

Answer 54

Public Speaking

Question 55

They should also be able to seek external funding from potential investors

Answer 55

Fund Raising

Question 56

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

Answer 56

Experience

Question 57

They need to have a vast network of connections who are possible partners, mentors or investors.

Answer 57

Network

Question 58

Startups need ___ to build a market for their product and support from investors to fund their startup.

Answer 58

Network

Question 59

They need to have background about the industry or the 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 59

Knowledge

Question 60

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

Answer 60

Skills or Strengths

Question 61

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

Answer 61

Leadership.

Question 62

It is the ability to work harmoniously with your team mates

Answer 62

Team player.

Question 63

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

Answer 63

Project Management

Question 64

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

Answer 64

Strategy.

Question 65

The ability to execute the plans.

Answer 65

Execution

Question 66

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

Answer 66

UI/UX Design

Question 67

The ability to speak in a live audience.

Answer 67

Public Speaking

Question 68

The ability to convince people to buy your products, join your team or invest in your startup.

Answer 68

Influence

Question 69

three ways three ways to form a team, according to UC Berkeley

Answer 69

Team-centric Startup Formation Research-centric Startup Formation Market Opportunity-centric Startup Formation

Question 70

you build your team from your existing network

Answer 70

Team-centric Startup Formation

Question 71

You invite people you highly trust to join you on this endeavor

Answer 71

Team-centric Startup Formation

Question 72

You look for people in your network who have the experience and knowledge you need to start a business.

Answer 72

Team-centric Startup Formation

Question 73

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

Answer 73

Research-centric Startup Formation.

Question 74

this team is highly technical in experience.

Answer 74

Research-centric Startup Formation.

Question 75

teams are formed or created during a hackathon or a competition.

Answer 75

Market Opportunity-centric Startup Formation

Question 76

People of the same interest gather in one place, meet each other and realize that they have a lot of things in common.

Answer 76

Market Opportunity-centric Startup Formation

Question 77

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

Answer 77

Business Function, Roles and the Silicon Valley Triptych.

Question 78

In the business function side of diversity, the team needs:

Answer 78

strategist designer builder/engineer sales/marketing expert project manager

Question 79

who knows how to create a business plan and analyze the market,

Answer 79

Strategist

Question 80

who designs user experience and user interfaces,

Answer 80

Designer

Question 81

who develops prototypes

Answer 81

Builder or an Engineer

Question 82

who knows how to attract engage customers

Answer 82

Sales/Marketing expert

Question 83

assigns tasks to each member and oversees all of the activities inside the startup

Answer 83

Project Manager

Question 84

Another side of team diversity are Roles to play:

Answer 84

Idea Guy Communicator Peacemaker Problem-finder Problem-solver Executor

Question 85

who always have fresh ideas in mind,

Answer 85

Idea Guy

Question 86

who has special facilitation skills in the team

Answer 86

Communicator

Question 87

who maintains harmonious relationship of the members

Answer 87

Peacemaker

Question 88

who can spot challenges or problems before they occur

Answer 88

Problem-finder

Question 89

who is always eager to take on any challenge and solve problems

Answer 89

Problem-solver

Question 90

who can swiftly finish any assigned tasks.

Answer 90

Executor

Question 91

Silicon Valley Triptych. This is very common in Silicon Valley. Here we need:

Answer 91

Hustler Hacker Hipster Hound (sometimes added)

Question 92

who sells the product or seeks investment, (silicon valley triptych)

Answer 92

Hustler

Question 93

who designs the product. (silicon valley triptych)

Answer 93

Hipster

Question 94

who builds the product (silicon valley triptych)

Answer 94

Hacker

Question 95

who initially talks to customers and does market research. (silicon valley triptych)

Answer 95

Hound