Podcast
Questions and Answers
What is the primary goal of social enterprises?
What is the primary goal of social enterprises?
Creating positive social and environmental impacts.
What is the triple bottom line concept used to describe?
What is the triple bottom line concept used to describe?
The three main objectives of social enterprises: economic (financial), social, and environmental targets.
What is the overarching aim of social enterprises?
What is the overarching aim of social enterprises?
To create positive impacts by balancing economic sustainability, social equity, and environmental responsibility.
What are the qualities of an entrepreneur?
What are the qualities of an entrepreneur?
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What is the concept of added value crucial for in the Nigerian business environment?
What is the concept of added value crucial for in the Nigerian business environment?
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What is the purpose of setting corporate goals and objectives?
What is the purpose of setting corporate goals and objectives?
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How do corporate goals and objectives benefit businesses?
How do corporate goals and objectives benefit businesses?
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What is the concept of added value and why is it crucial for businesses?
What is the concept of added value and why is it crucial for businesses?
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What are some factors that can impact the creation of added value in the Nigerian business environment?
What are some factors that can impact the creation of added value in the Nigerian business environment?
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Why do many businesses in Nigeria fail?
Why do many businesses in Nigeria fail?
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Study Notes
Social Enterprises
- Primary goal is to generate social impact and improve society while being financially sustainable.
- Triple bottom line concept describes the three pillars of sustainability: social, environmental, and economic.
Entrepreneurs and Business Strategy
- Overarching aim of social enterprises is to achieve social impact alongside financial success.
- Entrepreneurs possess qualities such as creativity, risk-taking, problem-solving, adaptability, leadership, and resilience.
- Concept of added value is crucial for creating competitive advantage in the Nigerian business environment.
Corporate Goals and Objectives
- Purpose of setting corporate goals and objectives is to provide direction, focus, and motivation for achieving business ambitions.
- Benefits of corporate goals and objectives:
- Clear direction for business operations
- Alignment of efforts by employees
- Measurable progress towards targets
- Improved accountability and performance
- Enhanced motivation and engagement
Added Value
- Concept of added value refers to the increase in worth or utility of a product or service during the production process.
- Crucial for businesses to differentiate themselves in the market, attract customers, and enhance profitability.
Nigerian Business Environment
- Factors impacting added value creation:
- Economic instability
- Competition
- Lack of infrastructure
- Corruption
- Limited access to finance
- Low levels of innovation
- Skills gap
- Failure of many businesses in Nigeria is often attributed to lack of proper planning, inadequate funding, market research gaps, poor management practices, and the challenging business environment.
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Description
Explore the fundamental concepts of corporate goals and objectives in the context of business, including types of objectives and criteria for setting them. Understand how these goals and objectives shape organizational strategies and decision-making.
