Midterm Module 7

Question 1

It is defined simply as way of creating business that emphasizes a greater care for the people and natural resources employed. (Nichols and Thompson 2008)

Answer 1

SOCIAL ENTREPRENEURSHIP

Question 2

is a cause-driven business whose primary reason is to improve socio-economic objectives in the promotion of public welfare. (Seth Godin, What is a social enterprise)

Answer 2

Social Enterprise:

Question 3

: is a person who pursues novel applications that have the potential to solve community-based problems. These individuals are willing to take on the risk and effort to create positive changes in society through their initiatives.

Answer 3

Social Entrepreneur

Question 4

ENTREPRENEUR

Answer 4

-Motivated by financial gain…
-Seeks personal or shareholder gain
-Higher levels of self-interest.
-Lower levels of social conscience
-Higher level of drive & determination

Question 5

SOCIAL ENTREPRENEUR

Answer 5

-Motivated by social gain
-Highly innovative & creative
-Lower levels of self-interest
-Higher levels of social conscience
-Higher levels of risk taking

Question 6

Elements of Social Enterprise
Three core elements:

Answer 6

I. Created to provide benefits for a community.
II. Creates opportunities so people can help themselves as well as others.
III. Utilises sound commercial business practices to ensure its sustainability i.e. the business will naturally uphold and encourage environmental sustainability as well as ethical considerations.

Question 7

CREATION OF SOCIAL ENTREPRENUERSHIP
The Process of Social Entrepreneurship

Answer 7

1. Find an opportunity
2. Develop a business concept
3. Figure out what success means and how to measure it
4. Acquire the right resources
5. Launch and grow
6. Attain goals

Question 8

QUALITIES NEEDED TO SUCCEED IN A SOCIAL ENTREPRENEURIAL ENVIRONMENT

Answer 8

-Adaptability
-Positivity
-Resourcefulness
-Team Player
-Effective and competent
-Willingness to learn

Question 9

is solely based on a framework for businesses to find their own success in the pursuit of helping others. It’s a constant source of motivation for employees, especially for Generation Y, X, and so on, which is increasingly sceptical about the traditional corporate work environment.

Answer 9

SOCIAL ENTREPRENEURSHIP