Please No handwriting, no copying. Use your own words to explain it. What aspect
ID: 433556 • Letter: P
Question
Please No handwriting, no copying. Use your own words to explain it.
What aspect of social entrepreneurship aligns with the commercial approach of "business-like approach"?
Describe each component of a SWOT analysis and explain why it is important for an entrepreneur to conduct?
Trade journals, industry-related publications, government statistics, and competitors' Web sites are examples of:
Select one:
a. secondary research
b. action research
c. principal research
d. legacy research
e. vertical research
Apple Inc. is a firm that is proactive, innovative and risk-taking. From this description, we can most accurately conclude that Apple has a high level of:
Select one:
a. enterprise focus
b. innovative intensity
c. entrepreneurial intensity
d. creative intensity
e. innovative concentration
Explanation / Answer
1. Social entrepreneurship, in basic terms, is an attempt to do business aiming to fulfill a social cause. This type of business combines commercial operations and social issues with the objective to make the lives better of the involved people. Some of the characteristics of social entrepreneurship are:
Social entrepreneurs are considered as the flag-bearers of reform in the society. They are fully aware of their social responsibility and their leadership is designed in a way to achieve the same. They take all kinds of initiatives that help in answering social needs and challenges, and thus the process is termed as social innovation. This entrepreneurship is quite famous and prevalent in US and Europe but needs a kick-start in other countries. The whole value proposition of this kind of business is to create social value.
One of the greatest examples of social entrepreneurship is Amul – a milk and dairy products company of India. This company was launched as a reaction to the unfair milk practices prevalent in India in early 1900. This company had brought the white revolution in Indian market.
Achieving the social value while maintain the commercial value is one aspect that social entrepreneurships have in common with that of a commercial company. Amul achieved the social objective of establishing fair milk practices, while maintaining the distribution channels of the milk business across the country.
2. SWOT Analysis is one of the most powerful strategic models used in both business and practical life. It is the acronym for Strengths, Weaknesses, Opportunities and Threats. For any kind of scenario in personal or professional life, SWOT Analysis can be used to understand the problem and consider the way out. The SWOT Analysis probes into both internal and external factors. Strengths and weaknesses form the internal factors while opportunities and threats form the external factors. This model helps in identifying the areas in which an individual is performing well. The implementation of this model also highlights the areas of improvement and opportunities.
For any career aspiration or business goal, an individual as well as an organization can use this model to understand the strengths, the areas of weakness, the opportunities that can be grabbed and the threats that should be taken care of.
Lets take an example of a company to illustrate the advantages of using SWOT Analysis:
SWOT Analysis of Netflix
Based on the above strengths and opportunities, the company can develop its competitive advantage in the market. The company needs to work on the weaknesses and threats identified to facilitate its market hold.
Competitive Advantage of Netflix maintained using the strengths and opportunities available to them:
Ways in which company can work on its weaknesses and threats to improve them:
3. Trade journals, industry-related publications, government statistics, and competitors' Web sites are examples of secondary research
Answer: Option a
4. Apple Inc. is a firm that is proactive, innovative and risk-taking. From this description, we can most accurately conclude that Apple has a high level of entrepreneurial intensity.
Answer: Option c