Social Enterprise
The three objectives of social enterprises: economic, social and environmental
What is a triple bottom line?
Sending goods/services to another country.
What is an export?
Innovation, commitment and self-motivation, multi skilled, leadership skills, self-confidence and an ability to bounce back, risk taking
What are characteristics of successful entrepreneurs?
New business having a rivalry with old businesses who have more resources.
What is the competition key challenge?
Resources needed by a business to produce goods or services
What is land, labour, capital, and enterprise?
Social enterprises are charities. (true or false)
What is false?
Employment creation.
What is a job?
Entrepreneur's ability to carve a new niche in the market, attract customers by developing original ideas, present their business from being different from others in the same market.
What is innovation?
New competitors, legal changes, economic changes, and technological advances.
What are external environment business failures?
They directly produce goods or provides services, they have social aims and use ethical ways of achieving them, and they need to make a surplus or profit to survive as they can't reply on donations as charities do.
What are the most common features of a social enterprise?
A real estate company that increases the growth domestic product of it's country.
What is economic growth?
A wood-cutting business uses machines and commercial vehicles.
What are capital goods?
- Lack of sufficient own finance
- Lack of awareness of financial support/grants available
- Poorly produced business plan
What is the key challenge of securing finance?
Factor of production: The person mining for emeralds. (not elon)
What is labour?
Entrepreneurs who are just profit-motivated would have social enterprises. (true or false)
What is false?
A business is going through tough times but the founder/CEO is positive the business situation will improve.
What is drive innovation?
Increasing the difference between the price of purchasing bough-in materials and the price the finished goods are sold for
What is creating value?
The reason(s) this business might fail: Bob works at a bookstore and realizes a certain book is out of stock. He reorders this only to realize Sally had ordered it too.
What is poor planning?
Includes renewable and non-renewable resources of nature.
What is land?
Ben & Jerry's is a social enterprise. (true or false)
What is true?
A jewelry-making business.
What is secondary sector?
Goods sold to the general public that are:
- physical
- non-tangible
The reason(s) this business might fail: Sally's boss yells at her for the financial records being wrong because they don't have enough money to redo them.
What is inaccurate records, limited working capital, and poor management?
Factor of production: CEO, CFO, Manager, COO
What is enterprise?