Micro Business Venture and Social Entrepreneurship Flashcards

Vocabulary flashcards covering business planning stages, plan components, planning principles, and key social entrepreneurship concepts and challenges.

Unplanned Stage

The stage of business planning characterized by operating without formal plans, having no written marketing or production plans, keeping only basic expense tracking, and relying on reactive decision-making.

Budgeting System Stage

The stage of business planning focused on basic financial planning, estimating monthly expenses, maintaining some financial controls, and demonstrating limited strategic thinking.

Annual Planning Stage

The stage of business planning that involves creating a one-year comprehensive plan with written goals, sales targets, production schedules, and marketing activities.

Strategic Planning Stage

The stage of business planning defined by long-term, adaptive planning with forward-looking goals, flexible adjustments, and regular updates based on trends and competitors.

Objectives Component

The component of a business plan focused on goals and targets, answering the questions 'What to do?' and 'What to expect in the future?'.

Strategies Component

The component of a business plan focused on the methods used to achieve goals, answering the question 'How to do it?'.

Marketing Component

The component of a business plan focused on market analysis, answering the questions 'Who are competitors?' and 'Who are target customers?'.

Time Frame Component

The component of a business plan focused on scheduling, answering the question 'When to do it?'.

Measurable Objective

A characteristic of a good objective stating that it can be quantified, such as 'Increase sales by 20% within six months'.

Specific Objective

A characteristic of a good objective stating that it must be clear and precise.

Time-bound Objective

A characteristic of a good objective stating that it has a defined deadline.

Realistic Objective

A characteristic of a good objective stating that it is achievable given available resources.

Based on Felt Needs

A planning principle stating that businesses should launch products or services that customers have actually requested, rather than simply copying competitors or selling what is cheapest.

Realistic Planning

A planning principle stating that businesses should start with what is achievable, beginning small (such as an online shop) before expanding.

Flexible Planning

A planning principle stating that businesses should adapt to customer feedback, such as changing delivery methods when requested.

Start with Simple Projects

A planning principle stating that entrepreneurs should begin with manageable ventures before taking on complex ones.

Implementation Challenge

A major challenge in social entrepreneurship defined by the failure to execute well-planned ideas despite having a good plan.

Strategic Selection Challenge

A major challenge in social entrepreneurship that involves choosing which project to prioritize when faced with many ideas but limited funds and resources.

Innovation Strategy Challenge

A major challenge in social entrepreneurship focused on developing new models and approaches with unknown outcomes despite uncertainty.

Rich Linkages Challenge

A major challenge in social entrepreneurship involving building partnerships and networks despite a lack of support from organizations or funders.

Search for Opportunities

A challenge in social entrepreneurship involving the thorough studying of community problems and potential support before launching a venture.

Balancing Social Impact and Financial Viability

A core challenge in social entrepreneurship focused on maintaining financial stability while continuing to help the community.

Social Enterprise

An organization that earns income through products or services to create long-term, sustainable solutions to community problems and foster community self-reliance.

Charity

An organization model that depends on donations to provide short-term support and temporary relief for immediate community needs.

Partnership with the Community

A relationship model in social entrepreneurship that encourages local residents to become suppliers and business partners.

Customer-Seller Relationship

A basic transaction relationship between a business and members of the community.

Helper-Receiver Relationship

A one-way assistance relationship commonly associated with traditional charity models.

Empowerment

An approach that enables people to help themselves in the long term through livelihood training, employment, business partnerships, and sustainable income-generating activities.

Relief

An approach that addresses immediate needs through short-term support, such as giving free clothing or food, without solving root community problems.

Long-term Community Self-reliance

The primary achievement and outcome of a successful social enterprise, enabling communities to become independent rather than dependent on aid.