Lit 6: Value-added Businesses and Entrepreneurship
18 important questions on Lit 6: Value-added Businesses and Entrepreneurship
What is a value-added venture?
What is the main goal of social entrepreneurship?
What are the 2 phases to becoming a value-added venture?
2. Envision pathway
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How can you create internal social value?
How can you create external social value?
What are the 3 perspectives of social entrepreneurship?
2. Social mission and value proposition emphasis - a company's value proposition is put into practice and measured for social impact. This mission is defined in terms of achieving social transformation
3. Socialised ownership and control - creates democratic decision-making model that emphasises democratic principles and inclusion of major stakeholder groups. Promotes mutuality and reciprocity
What is the socialisation perspective?
What is the social purpose perspective?
What is Pearce's Three Systems of the Economy model?
1. First system: Private and profit oriented
2. Second system: Public service and planned provision
3. Third system: Non-profit, includes organisations based on reciprocity that engage in a form of social activity
What are the partnerships that can be formed between the 3 sectors of the economy?
2. PPnPP - public-private non-profit partnerships (2 and 3)
3. PnPP - profit non-profit partnerships (1 and 3)
What are the 2 perspectives on social enterprises as they're positioned in the 3rd system (Pearce)?
2. Pearce's: social enterprises are a subsector sitting between voluntary and charity organisations (that engage in redistribution and reciprocal relationships and the private sector (that promotes market exchange)
What are the 4 types of project priorities in the Wei-Skillern model?
2. Disposable (low, low)
3. Integral (high, high)
4. Sustaining (low, high)
What are the 4 steps in moving from the private sector to the social economy?
2. Participative management such as introduction of soft HRM practices
3. Cooperative management and use of social councils to supervise management practice
4. Cooperative ownership and the establishment of a cooperative legal entity
What is new public management?
What are the broad and narrow definitions of a fiduciary duty?
Broad: relationship between society and the manager
What are the different forms of leadership?
Laissez faire
Management by exception
Contigent reward
Transformational
Individualised consideration
Intellectual stimulation
Inspirational motivation
Idealised influence
Why is authenticity necessary in leadership?
2. If public and private morals are not in sync, ethical leaders prove very ineffective
3. Carrying out messages of sustainability while actually only caring about profits may lead to claims of greenwashing
How can you become an authentic leader?
2. Practice your values and principles
3. Balance extrinsic and intrinsic motivations
4. Build support team
5. Integrate life by staying grounded
6. Empower others to lead
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