MNGT141Session6.pdf - Know How Management Concepts Relate 1...

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Know How Management Concepts Relate 1. Opportunity identification is the process in which the entrepreneur identifies the opportunity. There are four factors that affect the ability of entrepreneur to identify the opportunity and these are ability to establish mean end relationships, social networks, information and alertness of entrepreneur. Entrepreneur has to be alert in order to identify the opportunity, and idea could also be gained by social contacts of the person. There could be the asymmetry in the information provided by two different individuals, and entrepreneur should be able to understand the new technology. Opportunity exploitation is defined as the process in which the entrepreneur considers the investments and activities is he or she sees that there will be growth in the future. Entrepreneur decides to exploit the opportunity if management team is capable enough, stakeholders are ready to support the venture and new product or service is being valued by the customer. There would also be the financial exploitation which means that the funds can be received from angel investors, banks, and venture capitalists. 2. The main components of social entrepreneurship are social impact, sustainability, measurement, and social innovation. Social impact is the key element because it is the recognition of determining what is the business being set up for and how it is going to make its impact. Sustainability is determining if a business can keep a certain value. Measurement is measuring and evaluating if the business is doing good or not. Lastly, social innovation is if the
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