24 Questions
What motivates business entrepreneurs to involve in business activities?
To earn profits
What is the primary purpose of social entrepreneurs?
To create social change and solve social problems
Which of the following is a characteristic common to both business and social entrepreneurs?
Finding gaps and creating a venture
What is the importance of being 'profitable' for social entrepreneurs?
It helps in self-sustainability of the venture
What do business entrepreneurs consider as 'wealth'?
Earning profits
Who is an example of a social entrepreneur?
Mahatma Gandhi
What do social entrepreneurs attempt to do?
Transform the society by proposing solutions to social problems
What is the focus of social entrepreneurs' efforts?
Creating social change and serving the unserved markets
What is an additional aspect of wealth considered by a social entrepreneur?
Social and environmental capital
What is a key requirement for a social entrepreneurship venture to be viable?
Positive Social and/or Environmental ROI
Which of the following is NOT a characteristic of an entrepreneur?
Conservatism
What is a way to improve creativity in people?
Showing an interest to think, see and act differently
What is the outcome of creativity in entrepreneurship?
Either a success or a failure
What is an essential aspect of an entrepreneur's vision?
Future vision
Why is it important for an entrepreneur to accept failures?
To learn from mistakes and improve
What is a characteristic of an entrepreneur that helps them achieve difficult objectives?
Tendency towards achieving difficult objectives
What is the main mission of Facebook according to Mark Zuckerberg?
To give people the power to share and make the world more open and connected
Which of the following entrepreneurs is known for co-founding Apple Computer?
Steve Jobs
What is the primary goal of social entrepreneurship?
To create a social impact
Which of the following characteristics is often associated with entrepreneurs?
Learning by doing
What is the primary purpose of an entrepreneur's mission statement?
To guide the organization's goals and values
Which of the following entrepreneurs is known for his philanthropic efforts in Sri Lanka?
H.K.Dharmadasa (Nawaloka Mudalali)
What is the main focus of a social impact measurement?
Assessing the social impact of an organization's activities
Which type of entrepreneur is primarily focused on creating social value?
Social entrepreneur
Study Notes
Business Entrepreneurs Vs. Social Entrepreneurs
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Business entrepreneurs are traders or businessmen who involve in business activities with the motive of earning profits.
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Example of a business entrepreneur: Retail trading businessman.
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Social entrepreneurs are those who submit or show creative solutions for social problems.
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They attempt to transform the society by proposing various solutions to these social issues.
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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
Learn about the key differences between business entrepreneurs and social entrepreneurs, their motives and examples.
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