Question 1

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

Accepted Answer

• The creation of new products and servi...

Question 2

Identify the five criteria of Competitive Advantage Potential.

Accepted Answer

• Barriers to entry
• Prospect...

Question 3

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

Accepted Answer

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 entrepreneurshipE) All of the above
F) A) and B)

Question 4

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

Accepted Answer

• Industry and Market
• Econom...

Question 5

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.

Accepted Answer

A) True 
 B)False  True

Question 6

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."

Accepted Answer

A) True 
 B)False  True

Question 7

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.

Accepted Answer

A) True 
 B)False

Question 8

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.?

Accepted Answer

• Implementing new ways of eng...

Question 9

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?

Accepted Answer

A)   Mission potential
B)   Market potential
C)   Sustainability potential
D)   Social value potentialE) All of the above
F) None of the above

Question 10

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.

Accepted Answer

The optimum equilibrium between governme...

Question 11

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

Accepted Answer

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 ideasE) All of the above
F) C) and D)

Question 12

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

Accepted Answer

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 resourcesE) A) and B)
F) A) and C)

Question 13

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?

Accepted Answer

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 maturityE) A) and D)
F) A) and C)

Question 14

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

Accepted Answer

• The ability to add value for the custo...

Question 15

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

Accepted Answer

• Social Value Potential
• Mar...

Question 16

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?

Accepted Answer

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

Question 17

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

Accepted Answer

• The one that calls for a short, concise statement of purpose
• The one that holds that missions statements should be longer and convey a complete message about the venture's purpose

Question 18

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

Accepted Answer

A)   Social value potential
B)   Market potential
C)   Sustainability potential
D)   All of these threeE) C) and D)
F) B) and D)

Question 19

Identify the five criteria of Social Value Potential.

Accepted Answer

• Social need
• Mission alignm...

Question 20

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

Accepted Answer

• Personal experiences; these may includ...

Exam 3: Recognizing Social Opportunities

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

Correct Answerverified• The creation of new products and servi...View AnswerShow Answer

Identify the five criteria of Competitive Advantage Potential.

Correct Answerverified• Barriers to entry• Prospect...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct Answerverified• Industry and Market• Econom...View AnswerShow Answer

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.

Correct AnswerverifiedTrue

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."

Correct AnswerverifiedTrue

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.

Correct AnswerverifiedShow Answer

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.?

Correct Answerverified• Implementing new ways of eng...View AnswerShow Answer

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?

Correct AnswerverifiedShow Answer

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.

Correct AnswerAnswered by ExamLex AIThe optimum equilibrium between governme...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedShow Answer

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

Correct Answerverified• The ability to add value for the custo...View AnswerShow Answer

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

Correct Answerverified• Social Value Potential• Mar...View AnswerShow Answer

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?

Correct AnswerverifiedShow Answer

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

Correct Answerverified• The one that calls for a short, concise statement of purpose • The one that holds that missions statements should be longer and convey a complete message about the venture's purpose

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

Correct AnswerverifiedShow Answer

Identify the five criteria of Social Value Potential.

Correct Answerverified• Social need• Mission alignm...View AnswerShow Answer

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

Correct Answerverified• Personal experiences; these may includ...View AnswerShow Answer

Correct Answer
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• The creation of new products and servi...
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Correct Answer
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• Barriers to entry
• Prospect...
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Correct Answer
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Correct Answer
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• Industry and Market
• Econom...
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Correct Answer
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True

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True

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Correct Answer
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• Implementing new ways of eng...
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Correct Answer
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Correct Answer
Answered by ExamLex AI
The optimum equilibrium between governme...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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• The ability to add value for the custo...
View Answer

Correct Answer
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• Social Value Potential
• Mar...
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Correct Answer
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Correct Answer
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• The one that calls for a short, concise statement of purpose • The one that holds that missions statements should be longer and convey a complete message about the venture's purpose

Correct Answer
verified

Correct Answer
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• Social need
• Mission alignm...
View Answer

Correct Answer
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• Personal experiences; these may includ...
View Answer