Social Entrepreneurship Overview

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Questions and Answers

What is the main goal of social entrepreneurship?

Creating a business that solely focuses on personal success

Maximizing profits above all else

Implementing traditional business strategies without innovation

Becoming an agent of change for societal and environmental issues (correct)

Which of the following describes a SWOT analysis?

A technique solely for evaluating marketing trends

A strategy to eliminate competition in the market

A tool for assessing both internal and external factors of a business (correct)

A method to increase personal wealth

Which of the following is typically NOT a focus area for social entrepreneurship?

Developing luxury consumer goods (correct)

Promoting education access

Poverty alleviation

Providing healthcare solutions

What types of business models can social entrepreneurship adopt?

Either non-profit, for-profit, or hybrid models Signup and view all the answers

What is often a secondary priority for social entrepreneurs?

Profit generation Signup and view all the answers

Which business is recognized as the Philippines' first bean to bar chocolate maker?

Theo & Philo Signup and view all the answers

What type of products does Bayani Brew primarily offer?

Healthy flavored teas Signup and view all the answers

Which of the following is identified as a potential weakness that could hinder a business's success?

Outdated technology Signup and view all the answers

Which area is mentioned as a possible factor for improvement in a business?

Customer service Signup and view all the answers

What is a primary internal weakness that could affect a business's performance?

Limited financial resources Signup and view all the answers

What does the SMART acronym stand for in relation to business objectives?

Specific, measurable, achievable, relevant, time-bound Signup and view all the answers

Which of the following is NOT part of the marketing mix?

Profit margin Signup and view all the answers

Conducting market research primarily serves to:

Gather information about consumers and competitors Signup and view all the answers

What is the primary benefit of understanding your target audience?

Creating tailored marketing campaigns Signup and view all the answers

Which of the following is a marketing strategy focused on leveraging user-generated content?

Influencer marketing Signup and view all the answers

Which factor is essential when determining product pricing?

Retail mark-up and customer perceptions Signup and view all the answers

Effective resource allocation in marketing helps to:

Measure success and prioritize efforts Signup and view all the answers

What is the main goal of content marketing?

Attract and engage an audience Signup and view all the answers

What is a key aspect of developing a market plan?

Outlining strategy, target market analysis, and competition assessment Signup and view all the answers

Which element of the marketing mix deals with how a product is displayed and sold?

Place Signup and view all the answers

What aspect of customer service can contribute to increased sales?

Excellent customer service that encourages referrals Signup and view all the answers

What is a primary focus of community social entrepreneurs?

Helping groups in small geographical locations Signup and view all the answers

What is incorporated within the physical evidence of a brand?

Proof that a purchase took place Signup and view all the answers

How do global social entrepreneurs typically operate?

By addressing and solving global issues Signup and view all the answers

What kind of social entrepreneurship is classified as non-profit?

Organizations that focus on social missions Signup and view all the answers

What is a significant benefit of having a reliable delivery process?

Increased efficiency and alignment with brand values Signup and view all the answers

What is one primary goal of non-profit social entrepreneurs?

Sustain their advocacy Signup and view all the answers

What does a financial plan provide for a company?

A roadmap for the finance team Signup and view all the answers

How do transformational social entrepreneurs typically operate?

By creating businesses to address national issues Signup and view all the answers

What does an income statement primarily show?

Revenue and expenses for a specific period Signup and view all the answers

Which aspect is typically included in a financial plan?

Future financial performance projections Signup and view all the answers

How can a financial plan help businesses regarding risks?

By identifying potential risks and opportunities Signup and view all the answers

What role does a financial plan play in resource allocation?

It assists in allocating resources effectively Signup and view all the answers

What is a common characteristic of businesses established by transformational social entrepreneurs?

They often partner with government agencies Signup and view all the answers

Study Notes

Social entrepreneurs focus on addressing social and environmental problems through business ventures.
They aim to aid marginalized sectors, potentially with non-profit, for-profit, or hybrid models.
Their primary goal is to drive positive change through funding and supporting programs that benefit a cause.
While profit may be secondary, their main focus is on philanthropic impact.
Social entrepreneurs often bring innovative solutions to challenges like poverty, education, and healthcare.

Bambike: A company that makes bicycles from bamboo, located in Intramuros, Philippines.
Theo & Philo: The first bean-to-bar chocolate maker in the Philippines, using Philippine cacao beans.
Bayani Brew: Offers healthy flavored teas made from locally harvested leaves and root crops by Filipino farmers.

SWOT Analysis:
- Stands for Strengths, Weaknesses, Opportunities, and Threats, a crucial tool for informed decision-making.
- Helps evaluate internal factors (strengths and weaknesses) and external factors (opportunities and threats).
- Provides a framework for understanding business advantages, disadvantages, potential growth avenues, and potential risks.

Defining Business Objectives (SMART Goals):

Specific, Measurable, Achievable, Relevant, and Time-bound goals.
Objectives align with the company's mission and vision.
May vary based on industry, target audience, and resources.
Examples: increasing revenue, expanding into new markets, improving customer satisfaction, and reducing costs.

Market Research:

Collects data about:
- Target audience: their needs, wants, and preferences.
- Competitors: their strengths, weaknesses, and market positions.
- Industry trends: current and future industry changes.

Target Audience:

Understanding the target audience is crucial for success.
Helps:
- Tailor products and services.
- Develop effective marketing campaigns.
- Enhance customer engagement.
- Identify new market opportunities.

Developing A Market Plan:

A strategy outlining:
- Target market analysis: understanding the needs and preferences of the target audience.
- Product description: detailing the features and benefits of the product or service.
- Competitor assessment: evaluating the competition within the target market.
- Marketing plans: outlining strategies to achieve marketing objectives.

Marketing Mix (7 Ps):

A combination of factors that companies control to influence consumer purchasing decisions.
The seven Ps encompass the elements of:
- Product: The core service or good being offered.
- Price: Setting a price that aligns with customer willingness to pay, costs, and other factors.
- Promotion: Strategies used to communicate the product's value and benefits to customers.
- Place: How and where the products are made available to customers.
- People: The quality and effectiveness of customer service provided.
- Process: The steps involved in delivering the product or service to the customer.
- Physical Evidence: Tangible cues that reflect the brand and purchase experience.

Non-profit Social Entrepreneur:
- A tax-exempt individual or organization that invests funds in charitable or developmental causes.
- Focuses on preserving and using resources to sustain their advocacy.
- Example: Kariton Klasrum.
Transformational Social Entrepreneur:
- Establishes businesses to address national issues, often those not addressed by government entities.
- Focuses on creating broader societal change and impacting an entire nation.
- Example: GK Enchanted Farm.
Community Social Entrepreneur:
- Focuses on addressing the needs of specific geographical communities.
- Creates jobs, offers financial assistance, or provides essential goods and services to residents.
- Example: Kariton Klasrum, Bayani Brew, and Theo & Philo.
Global Social Entrepreneur:
- Addresses global issues and works to solve them.
- Often part of companies committed to social missions as part of their core operations.
- Strives to create systemic change on a worldwide scale.
- Examples: Kariton Klasrum, Bambike.

Creating a Financial Plan:

A roadmap outlining:
- Financial Goals: Objectives that the business aims to achieve.
- Financial Objectives: Specific milestones related to financial targets.
- Financial Strategies: Actions taken to achieve the financial objectives.
Components Include:
- Financial Situation Analysis: Describes the current financial health of the business.
- Revenue and Expense Projections: Forecasts income and expenses for the future.
- Risk and Opportunity Assessment: Identifies potential threats and growth opportunities.
Benefits of a Financial Plan:
- Effective Resource Allocation: Helps ensure resources are used strategically.
- Financial Performance Measurement: Provides a framework for tracking success.
- Alignment with Company Objectives: Ensures financial activities support overall business goals.

Income Statement (Profit And Loss Statement)

Shows a company’s financial performance over a specific period, typically a month or year.
Reports the company's revenue and expenses.
The difference between revenue and expenses is called profit (net income) or loss (net loss).

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Description

This quiz covers the essential concepts of social entrepreneurship, focusing on how entrepreneurs tackle social and environmental issues through innovative business models. Explore real-world examples and understand the importance of creating positive change while balancing profit and philanthropy.