Business Entrepreneurs Vs. Social Entrepreneurs
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Questions and Answers

What motivates business entrepreneurs to involve in business activities?

  • To serve the unserved markets only
  • To propose solutions to social problems
  • To earn profits (correct)
  • To create social change

    • What is the primary purpose of social entrepreneurs?

  • To create wealth for themselves
  • To find gaps in the market and create a venture
  • To create social change and solve social problems (correct)
  • To build a business and earn profits

    • Which of the following is a characteristic common to both business and social entrepreneurs?

  • Creating social change
  • Finding gaps and creating a venture (correct)
  • Being driven by self-interest
  • Focus on earning profits

    • What is the importance of being 'profitable' for social entrepreneurs?

    <p>It helps in self-sustainability of the venture</p> Signup and view all the answers

    What do business entrepreneurs consider as 'wealth'?

    <p>Earning profits</p> Signup and view all the answers

    Who is an example of a social entrepreneur?

    <p>Mahatma Gandhi</p> Signup and view all the answers

    What do social entrepreneurs attempt to do?

    <p>Transform the society by proposing solutions to social problems</p> Signup and view all the answers

    What is the focus of social entrepreneurs' efforts?

    <p>Creating social change and serving the unserved markets</p> Signup and view all the answers

    What is an additional aspect of wealth considered by a social entrepreneur?

    <p>Social and environmental capital</p> Signup and view all the answers

    What is a key requirement for a social entrepreneurship venture to be viable?

    <p>Positive Social and/or Environmental ROI</p> Signup and view all the answers

    Which of the following is NOT a characteristic of an entrepreneur?

    <p>Conservatism</p> Signup and view all the answers

    What is a way to improve creativity in people?

    <p>Showing an interest to think, see and act differently</p> Signup and view all the answers

    What is the outcome of creativity in entrepreneurship?

    <p>Either a success or a failure</p> Signup and view all the answers

    What is an essential aspect of an entrepreneur's vision?

    <p>Future vision</p> Signup and view all the answers

    Why is it important for an entrepreneur to accept failures?

    <p>To learn from mistakes and improve</p> Signup and view all the answers

    What is a characteristic of an entrepreneur that helps them achieve difficult objectives?

    <p>Tendency towards achieving difficult objectives</p> Signup and view all the answers

    What is the main mission of Facebook according to Mark Zuckerberg?

    <p>To give people the power to share and make the world more open and connected</p> Signup and view all the answers

    Which of the following entrepreneurs is known for co-founding Apple Computer?

    <p>Steve Jobs</p> Signup and view all the answers

    What is the primary goal of social entrepreneurship?

    <p>To create a social impact</p> Signup and view all the answers

    Which of the following characteristics is often associated with entrepreneurs?

    <p>Learning by doing</p> Signup and view all the answers

    What is the primary purpose of an entrepreneur's mission statement?

    <p>To guide the organization's goals and values</p> Signup and view all the answers

    Which of the following entrepreneurs is known for his philanthropic efforts in Sri Lanka?

    <p>H.K.Dharmadasa (Nawaloka Mudalali)</p> Signup and view all the answers

    What is the main focus of a social impact measurement?

    <p>Assessing the social impact of an organization's activities</p> Signup and view all the answers

    Which type of entrepreneur is primarily focused on creating social value?

    <p>Social entrepreneur</p> Signup and view all the answers

    Study Notes

    Business Entrepreneurs Vs. Social Entrepreneurs

    • Business entrepreneurs are traders or businessmen who involve in business activities with the motive of earning profits.

    • Example of a business entrepreneur: Retail trading businessman.

    • Social entrepreneurs are those who submit or show creative solutions for social problems.

    • They attempt to transform the society by proposing various solutions to these social issues.

    • Examples of social entrepreneurs: Mahatma Gandhi, Marie Curie, Prof. Mohomad Yoonus, and Dr. C.W.W. Kannangara.

    Similarities and Differences between Business and Social Entrepreneurs

    • Both business and social entrepreneurs find gaps and create a venture to serve the un-served 'markets'.
    • The purpose of setting up a venture is different for business and social entrepreneurs.
      • Business entrepreneurs focus on building a business and earning profits.
      • Social entrepreneurs focus on creating social change.
    • Profitability is important for social entrepreneurs, but not for profit-making.
    • Wealth creation is also different for both.
      • For business entrepreneurs, wealth is same as profits.
      • For social entrepreneurs, wealth also encompasses creation/sustenance of the social and environmental capital.

    Characteristics of an Entrepreneur

    • Creativity: the ability to develop new ideas and discover new ways to solve problems and issues using available opportunities.
    • Innovations
    • Taking risks
    • Future vision
    • Sensitivity towards the environment and identifying opportunities
    • Being optimistic
    • Possesses the confidence that success depends on their own ability
    • Tendency towards achieving difficult objectives
    • Independence
    • Flexibility

    Improving Creativity

    • Ways to improve creativity:
      • Absorbing diversity
      • Showing an interest to think, see, and act differently
      • Accepting failures
    • Examples of famous entrepreneurs who showcased creativity:
      • Mark Zuckerberg, CEO and co-founder of Facebook
      • Steve Jobs, co-founder of Apple Computer, Inc.
      • Bill Gates, co-founder of Microsoft Corp.
      • Richard Branson, founder of Virgin Group, Virgin Atlantic, and more
      • H.K. Dharmadasa, founder of Nawaloka Group of companies in Sri Lanka

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    Description

    Learn about the key differences between business entrepreneurs and social entrepreneurs, their motives and examples.

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