Question 1

Gatherings of experts in a particular field or industry who discuss trends and tease out ideas that might be pursued by value-adding enterprises are sometimes called "idea baths."

Accepted Answer

A) True 
 B)False  True

Question 2

Timmons and Spinelli describe the key characteristics of a business opportunity as: adding value for the customer; adding value by solving a customer problem or fulfilling a need; capturing a market and generating profits; and being compatible with the skill set of the entrepreneurs.

Accepted Answer

A) True 
 B)False  True

Question 3

Which two competing schools of thought about the nature of a mission statement can be distinguished?

Accepted Answer

• The one that calls for a short, concise statement of purpose
• The one that holds that missions statements should be longer and convey a complete message about the venture's purpose

Question 4

The Social Opportunity Assessment Tool measures the overall potential from "strong opportunity" to "weak opportunity" for four general categories. Which of the following is not one of these four categories?

Accepted Answer

A)   Mission potential
B)   Market potential
C)   Sustainability potential
D)   Social value potential

Question 5

Kitzi provides an opportunity assessment model for nonprofit social ventures that has which of the following characteristics?

Accepted Answer

A)   It is basically a version of the Outside-In/Inside-Out Analysis
B)   It evaluates social ideas on four broad dimensions: social value potential, market potential, return on investment and sustainability
C)   It is a version of Bygrave's model that has been substantially stripped down
D)   It is useful for assessing opportunities for social ventures with a nonprofit structure because it longer reflects the rapidly changing nature of social entrepreneurship

Question 6

Identify the five criteria of Competitive Advantage Potential.

Accepted Answer

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Question 7

Identify the five criteria of Social Value Potential.

Accepted Answer

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Question 8

Which of the following statements accurately describes the work of entrepreneurship researcher W. D. Bygrave?

Accepted Answer

A)   He established a single, core criterion to be evaluated relative to attractiveness of an idea
B)   He created a spectrum within which to assess each criterion within a comprehensive evaluation of an idea
C)   He identified three major areas for assessment
D)   He used a simple SWOT analysis as the basis of his assessment ideas

Question 9

A compelling mission statement is essential for a social venture for all of the following reasons except which one?

Accepted Answer

A)   It can act as a guiding light for the social entrepreneur
B)   It keeps the focus on the venture and what it is designed to do
C)   It is standard operating procedure
D)   It can attract customers and resources

Question 10

There are four major areas of society to monitor when looking for trends and patterns to help predict needs to be addressed. These areas have been given the acronym PEST (Bryson, 1995) which stands for which of the following?

Accepted Answer

A)   Population, economics, social and technology
B)   Political, environmental, social and technology
C)   Political, economic, social and technology
D)   Population, economic, social and technology

Question 11

Which five types of innovation were distinguished by the Austrian economist Joseph Schumpeter?

Accepted Answer

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Question 12

Which seven major areas for the assessment of an opportunity did Bygrave identify?

Accepted Answer

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Question 13

On which broad dimension does the Kitzi model evaluate social ideas?

Accepted Answer

A)   Social value potential
B)   Market potential
C)   Sustainability potential
D)   All of these three

Question 14

Identify the four types of potential to the Social Opportunity Assessment Tool.

Accepted Answer

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Question 15

To be successful, social entrepreneurs must assess their initial idea's potential as a viable opportunity to address a social or environmental need, a process known in the entrepreneurship field as opportunity recognition.

Accepted Answer

A) True 
 B)False

Question 16

According to Timmons and Spinelli there are four key characteristics of a business opportunity. What are they?

Accepted Answer

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Question 17

One competitive advantage potential of an opportunity is seen in the management team of the social venture. A strong team should reflect a complete skill set to effectively operate the venture. Which of the following are important attributes of the management team?

Accepted Answer

A)   Technical, managerial and creative
B)   Entrepreneurial, enthusiastic and possessing personal maturity
C)   Technical, managerial, creative and entrepreneurial
D)   Technical, managerial, entrepreneurial, and possessing personal maturity

Question 18

Which two types of innovation that are specific to social entrepreneurship were added to Joseph Schumpeter's five types of innovation by Dees et al.?

Accepted Answer

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Question 19

In these days, we observe discussions about the working of the economy, especially what should be left to the government, to business enterprises and to social enterprises. Write an essay about the optimum equilibrium between the three.

Accepted Answer

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Question 20

What are the five general sources of ideas that apply to both business and social entrepreneurs?

Accepted Answer

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Exam 3: Recognizing Social Opportunities