Deck 3: Recognizing Social Opportunities

Question 1

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

A) Personal experiences
B) A hobby
C) Intentional search
D) All of these three

Answer 1

D

Question 2

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?

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

Answer 2

C

Question 3

According to Longenecker, ideas used by entrepreneurs can be classified as belonging to one of three different categories. Which of the following is not one of these categories?

A) Ideas that involve identifying a new market for an existing product or service
B) Ideas that involve identifying an existing market for an existing product or service
C) Ideas that represent the creation of an entirely new product or service, often through a technological breakthrough
D) Ideas that involve creating new processes for producing and/or delivering existing products or services

Answer 3

B

Question 4

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

A) New products or services, processes, markets, inputs and political systems
B) New products or services, processes, markets, inputs and brands
C) New products or services, processes, markets, inputs and organizations
D) New products or services, processes, markets, inputs and behaviors

Question 5

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

A) Implementing new ways of engaging target beneficiaries and using new funding models
B) Creating new products or services and creating new processes to produce an existing product or service
C) Delivering an existing product or service to a new or underserved market and creating new processes to produce an existing product or service
D) Implementing a new organizational or industrial structure and implementing new ways of engaging target beneficiaries

Question 6

Which of the following is not a key characteristic of a business opportunity?

A) The ability to add value for the customer
B) The ability to capture a market and generate profit
C) The ability to destroy a competitor
D) Compatibility with the skill set of the entrepreneur

Question 7

What is common to all mentioned definitions of an opportunity?

A) Adding value for the employee
B) Adding value for the customer
C) Adding value for the supplier
D) Nothing

Question 8

What is a "window of opportunity" for social opportunities?

A) The time period within which the social entrepreneur can provide minimum benefit to her or his customer before circumstances change, diminishing the value of the service
B) The time period within which the social entrepreneur can provide maximum benefit to her or his customer before circumstances change, increasing the value of the service
C) The time period within which the social entrepreneur can provide minimum benefit to her or his customer before circumstances change, increasing the value of the service
D) The time period within which the social entrepreneur can provide maximum benefit to her or his customer before circumstances change, diminishing the value of the service

Question 9

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?

A) Strengths, weaknesses, opportunities and technology
B) Strengths, workers, opportunities and technology
C) Strengths, weaknesses, opposition and threats
D) Strengths, weaknesses, opportunities and threats

Question 10

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

A) New competitors in the industry
B) The influence of buyers
C) The current state of the economy
D) Rivalry among competitors

Question 11

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

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 12

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

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 13

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

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

Question 14

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?

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

Question 15

For an idea to be a viable social opportunity, it must have the potential to create social value for the customers, or target beneficiaries. Which of the following are considered criteria for assessing the social value potential of an idea?

A) Social need, mission alignment and achievable impact
B) Achievable impact, social return on investment and social need
C) Community support
D) All of the above

Question 16

Market potential in the Social Opportunity Assessment Tool considers which of the following criteria?

A) Community support
B) Market size
C) Barriers to entry
D) Achievable impact

Question 17

Robinson identified five types of barriers to entry or obstacles that make it difficult for both new business and social entrepreneur ventures to enter a market. Which of the following are included in Robinson's barriers?

A) Economic and political
B) Political and institutional
C) Cultural and social
D) Economic and technical

Question 18

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?

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 19

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

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 20

Which of the following is not one of the four learning principles of the Computer Clubhouse learning model?

A) Focus on a learning experience that features learning through listening carefully to peer and adult experts explaining how to create and design
B) Let youth work on projects that are of personal interest to them, which will cause them to truly immerse themselves in those projects
C) Create a diverse learning community that includes individuals of different ages, gender, cultures, and experiences in which the technology can be mastered in a collaborative way
D) Foster trust and respect among the members of the community, which enables creativity and innovation in a safe environment

Question 21

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.

Question 22

Ideas represent unrealized potential value in their original state and they are considered the finished product of the entrepreneurship process.

Question 23

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.

Question 24

Personal experiences are rarely a source of entrepreneurial ideas.

Question 25

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."

Question 26

A "sea change" is a nautical reference going back to the days when sailors did not have elaborate navigational systems at their disposal and had to rely on the diligent monitoring of changes in wind patterns and velocity, the color of the sky, wave action, etc. to keep their ship from sinking.

Question 27

Innovation is the development of original ideas, or inventions and creativity is the implementation of those inventions.

Question 28

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.

Question 29

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.

Question 30

Unlike business opportunities, social opportunities have a "window of opportunity" or time period within which the social entrepreneur can provide maximum benefit to the customer before circumstances change, diminishing the value of the service.

Question 31

Tools for the purpose of assessing ideas to determine their potential as an opportunity fall into one of two categories: tools that evaluate the internal contexts within which the enterprise pursuing the opportunity operates; or tools that evaluate the external contexts within which the enterprise pursuing the opportunity operates.

Question 32

The five criteria for assessing the social value potential of an idea are social need, mission alignment, achievable impact, social return on investment, and community support.

Question 33

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.

Question 34

Being "first to market" is a highly sought-after position among ventures serving a given customer segment because the early entrants to a market have the ability to overcome existing market barriers and to use those barriers as a weapon to thwart competition.

Question 35

Existing social ventures already have a mission and will assess opportunities in light of this mission; however, new, start-up social ventures need an initial opportunity with which to work before they can understand what their mission is.

Question 36

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

Question 37

Describe the relationship between creativity, inventions and innovation?

Question 38

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

Question 39

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.?

Question 40

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

Question 41

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.

Question 42

Provide three examples of formal assessment tools.

Question 43

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

Question 44

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

Question 45

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

Question 46

Identify the five criteria of Social Value Potential.

Question 47

Identify the five criteria of Market Potential.

Question 48

Identify the five criteria of Competitive Advantage Potential.

Question 49

Identify the five criteria of Sustainability Potential.

Question 50

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

Question 51

The Social Opportunity Assessment Tool captures both the pursuit of social value and the market-driven aspects of business opportunities. It consists of four types of potential or major assessment categories. Which of the four is most important? Explain your answer.

Question 52

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.

Question 53

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.