Exam 3: Recognizing Social Opportunities

No investor in a business invests with the idea of breaking even or of losing money, but the same is not true for social investments because they may not "pay off" by producing social gains that exceed the value of the initial investment.

Adding value for the customer is the only crucial criterion that must be satisfied in order to judge an idea to be a true opportunity.

Compare the two general approaches to create a mission statement and explain why it is essential for a social venture to have a written mission statement.

What is common to all mentioned definitions of an opportunity?

Which five forms of innovation did the Austrian economist Joseph Schumpeter identify?

Porter's five competitive factors include all of the following except which one?

What could be the source of an idea to start a social venture?

Provide three examples of formal assessment tools.

Tools for the purpose of assessing ideas to determine their potential as an opportunity tend to fall into two broad categories. Explain each of these categories.

Which three major opportunity assessment areas are identified in the QuickScreen?

Which of the following types of innovation are, according to Dees et al., considered to be specific to social entrepreneurship?

The environmental scan, more commonly referred to as the SWOT analysis, from strategic planning is a common tool for evaluating ideas and is frequently suggested as a way of offering a rationale for a business concept. What does SWOT stand for?

Ideas are the "commodities" of the entrepreneurship process in that they have value as the raw materials from which opportunities are made and ventures are launched.