Social Entrepreneurship

Vocabulary flashcards covering core concepts from the Social Entrepreneurship lecture notes.

Social Enterprise

A business set up to tackle a social and/or environmental need or positive impact, operating under the Triple Bottom Line (People, Planet, Profit).

Triple Bottom Line

A framework for evaluating a business's performance across social, environmental, and financial dimensions.

People (in TBL)

The social dimension focusing on people and communities affected by the business.

Planet (in TBL)

The environmental dimension focusing on sustainability and ecological impact.

Profit (in TBL)

The economic dimension representing financial viability and profitability.

Revenue

Income earned by a business; determined by the number of items sold and selling price; also called sales or turnover.

Costs

Money going out of a business; total costs consist of fixed costs and variable costs.

Variable costs

Costs that vary with output (e.g., raw materials).

Fixed costs

Costs that stay constant regardless of output (e.g., rent, insurance, salaries).

Profit

Profit equals total revenue minus total costs; the 'bloodline' of a business.

Break-even point

The point at which total revenue equals total costs; no profit or loss; beyond this point, a firm can profit.

Revenue = Price × Quantity

Revenue is computed as price times quantity; example: 2,000 items at $40 each equals $80,000.

Break-even graph

A graph showing Total Revenue and Total Costs to identify the break-even point.

Tom’s One for One

A social enterprise model where a purchase results in a corresponding benefit (e.g., a donation).

Customer

The core of any business; great customer service supports success; customers and employees share essential values.

Employees

People employed by the business; alignment of values with the enterprise is important.

Quality of life

Impact of business on well-being, including healthcare, employability, education, and communities.

Air pollution

Pollution of air caused by harmful emissions; a key planet problem.

Deforestation

Cutting down trees without replanting, causing ecological damage.

Wasted food

Food that is produced but not consumed and is discarded.

Endangered animals

Animal species at risk of extinction; environmental harm includes testing or hunting.

Climate change

Long-term changes in climate that lead to extreme weather events.

Rising sea levels

Increase in sea level due to climate change, threatening communities and habitats.

Lifecycle thinking

Considering the entire lifecycle of a product or action to minimize environmental impact.

Renewable energy

Energy from sources that replenish naturally and reduce environmental harm.

Ethos of a Social Enterprise

Philosophy focusing on reducing environmental impact, energy efficiency, safe waste disposal, and non-harmful products.