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Learning Objectives

After studying this chapter you should be ready to:

  1. Identify the primary elements of a new-venture team.
  2. Explain the term liability of newness.
  3. Discuss the difference between heterogeneous and homogeneous founding teams.
  4. Identify the personal attributes that strengthen a founder’s chances of successfully launching an entrepreneurial venture.
  5. Describe how to construct a “skills profile” and explain how it helps a start-up identify gaps in its new-venture team.
  6. Describe a board of directors and explain the difference between inside directors and outside directors.
  7. Identify the two primary ways in which the non-employee members of a start-up’s new- venture team help the firm.
  8. Describe the concept of signaling and explain its importance.
  9. Discuss the purpose of forming an advisory board.
  10. Explain why new ventures use consultants for help and advice.

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