Sustainable entrepreneurship Flashcards
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Define sustainable entrepreneurship
Focused on preservation of nature, life support and communities, while generating opportunities for existence future products, services and processes.
As a sustainable entrepreneur, what is their main goal.
they have deep commitment to social and environmental sustainability, also seek to address global challenges through innovative solutions.
True or false, sustainable entrepreneurs only create business adventures for economic value?
false, they prioritize their people and planet as well.
How is success measured?
not only is it measured by financial performance, also by positive social and environmental outcomes and carefully consider the actions of their stakeholders.
what are the qualities of sustainable entrepreneurs?
employ creative thinking, resilience, adaptability.
How do sustainable entrepreneurs create positive change?
By integrating economic, social, and environmental considerations into decision making.
Define stakeholders.
They are individuals, groups, and entities that have direct or indirect interest, influence or involvement.
True or false, stakeholders don’t have any influence with company decisions or actions?
False. they play a crucial role in sustainable entrepreneurship, they can be affected or be affected heavily by decisions or actions made by organizations.
Why is important for companies to engage with their stakeholders?
recognizing and engaging with stakeholders allows for a great understanding of perspectives and needs, leading to success.
What does SDG stand for, what is its significance?
Sustainable development goals, adopted by united nations and serves as a roadmap for addressing the worlds most major challenges.
Stakeholders and SDG’s go hand and hand True or False.
true, by engaging with stakeholders, you can understand their concerns, needs, allowing for product or service development and address their concerns
List 7 SDGs and explain their meaning?
No poverty - End poverty in all its forms
Good Health and Well Being - Ensure everyone lives a healthy life style
Clean water and sanitation - Ensure availability of water, keeping water clean
Life below water - conserve and sustainably use our oceans (limit plastic pollution)
Life on land - protect, restore, promote sustainable use
affordable clean energy - ensure access to affordable and clean energy
Climate action - urgent action to combat climate change impact
What is the main goal of aligning a business with specific sdg.
have sense of purpose and impact.
Describe the term systems thinking.
its an approach that focuses on the interconnections and interdependencies of various components.
what are components of systems thinking?
-considering the system as a whole rather than individual parts
-recognizing changes in our part can have affect on others
-emphasizes examinations of relationships, feedback loops
How do sustainable entrepreneurs tackle wicked problems?
break them down into manageable parts, approach challenges with a unique mindset and strategy, and understanding the root causes, conduct in depth-research, identify issues and underlying factors that contribute to overall complexity.
What are they able to do by analyzing the problem?
prioritize efforts in certain areas, what issue will have the greatest impact.
What analytical tools do sustainable entrepreneurs employ and how do they help?
SWOT analysis, stakeholder mapping, and looping diagrams.
helps uncover connections, feedback loops, potential interventions.
What is a multidisciplinary approach.
it is an approach sustainable entrepreneurs use to draw insights from different fields and explore problems from different angles.
Define wicked problem.
They are complex, hard to define, and interconnected societal issues that have no definitive solution.
True or false, wicked problems are typically defined by clear boundaries and definitive solutions.
false, they lack clear boundaries, and have no definitive solutions.
What are wicked problems known for?
They are known for their complexity, uncertainty, difficulty understanding root causes.
What are the 10 properties of a wicked problem?
- “no stopping rule”
- solutions are not right/wrong but
better/worse - no immediate or ultimate test to solutions
- “one shot” solutions have consequences
- no final end to solutions
- unique
- every problem is a symptom of another
- solutions limited by “world view”
- no “right to be wrong”
- no clear definition
how do sustainable entrepreneurs effectively navigate a wicked problem?
by applying critical thinking, creativity and collaboration.
how are challenges approached
with an open-minded, seek new perspectives, and innovative solutions
Define mission.
core purpose or reason for the existence of an individual or organization, and provides fundamental aspirations, values and goals.
What is the main purpose of a mission?
discovering purpose and aligning it with business challenges. they make meaningful impact, driven by passion, values and desire.
How do they find their mission?
By reflecting on their own strengths, interests, and areas of expertise.
Collaboration plays a significant role, True or false.
True, sustainable entrepreneurs listen attentively to the needs and expectations of communities who are affected
What is a Business pitch?
It known for being the hook or quick sentence that will strike consumers interest in the item you have to offer.
What makes a pitch successful?
By clearly underlining, applying their value proposition, and communicating the problem to individuals and addressing the cause, unique solution they offer.
Define storytelling.
plays a major role by engaging the audience, provides audience with a well prepared narrative, showing the bigger picture.
Define visual aids.
powerful tools, they use as leverage to enhance their pitch. helps clarify complex information by using eye catching images.
Authenticity and passion
key factors, show their confidence and engage their audience through a passionate mindset, creating positive change.
What is the role in storytelling.
to engage emotions and convey impact.
list and describe the three main concepts with impactful entrepreneurship?
Responsible innovation, sustainable business, social crowdfunding.
Responsible innovation - way organizing research and innovation for it to be ethical and creates positive societal impact.
Sustainable business - business models supports sustainability by describing, analyzing, managing and communicating a value proposition to consumers, other stakeholders.
Social crowdfunding - form of fundraising where businesses ask the public for compensation to help contribute to funding.
How do sustainable entrepreneurs measure success?
by achieving balance between financial profitability, positive social impact, environmental stewardship.
What are the several aspects that shape financial and impact dimensions of a venture.
Cost structure, revenue streams, subsidization, eco-social costs, and eco-social benefits.
What is cost structure?
relates to the types and relative proportions of fixed costs and variable costs a business acquires. (sourcing materials)
What are revenue streams?
sources of revenue or incomes for a company or business, includes projects, sales of services, and products
Two types: Recurring and Non-recurring revenue.
Recurring: source of income that is an ongoing process, set up as predictable and healthy working capital. (netflix)
Non-recurring- occasional and cannot easily be predicted (video service providers during large events)
types: services, project revenue, leasing, transactions, and copyright and licensing.
What is subsidization?
its a benefit given to an individual, business, or institution, can be direct or indirect. (involves accessing funds from external sources)
What are eco-social costs/benefits?
Eco-social costs and Benefits - both social and environmental. Beneficial impacts on people which results from companies activities
by purchasing automated machine it creates a social benefit for the supplier, will reduce social benefit for the buyer, won’t need as many employees.
Environmental Benefits/costs - are beneficial or harmful impacts on the natural environment. (creating solar energy benefits the environment, but generates a cost when producing and transporting materials.
Define a Business Pitch?
presentation full of business ideas, action of business plans to potential clients, to persuade them your company is the right choice. (written, face-to-face, presentation)
Why is effective communication important when pitching an idea?
its important to convey mission, values, and impact of their ventures. use several strategies to engage their stakeholders and audience.
What are the benefits of using visuals in presentation?
help simplify complex information, make points more memorable, help tell a story, add some personality to the pitch.
