MANAGMNT 491A Study Guide - Midterm Guide: Internal Resistance, Venture Philanthropy, Opportunity Cost
18 Feb 2015
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These include innovativeness, achievement orientation, independence, sense of control over one"s destiny, relatively low risk aversion, and tolerance for ambiguity. Social entrepreneurship also requires a sense of community or social need. Key terms: entrepreneurship- managerial skill and the willingness to take risks for a venture, involving opportunity recognition, innovation, and a quest for results. Summary: successfully recognizing a social opportunity is probably the most important part of the social entrepreneurship process. A good opportunity is the seed from which a successful enterprise will grow or will fail to grow. Stocks of knowledge and innate cognitive abilities combine to facilitate the utilization of information: using information, the social entrepreneur generates ideas, which may involve an adaptation or an innovation. Ideas are often generated using brainstorming sessions, focus groups, and surveys: an idea is not an opportunity. An opportunity signifies an idea that meets real or latent demand for a particular good or service.
