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Explain why measuring social entrepreneurship is difficult; provide some figures/ evidence from
initiatives you know of.

Identify and characterize socially entrepreneurial initiatives in terms of definitions, drivers, size
and key challenges.

1.2. Principles of Entrepreneurship

Entrepreneurs need to follow some basic principles to guide them to success. Bill Murphy
summarises the opinion of 150 entrepreneurs, interviewed over a period of three years in a book
published by Harvard Business School. These are based on the conventional definition of
entrepreneurship. They also carry implications on any training programme in Entrepreneurship, its
content and the teaching and learning methods. There are variants of such principles/ combination
of principles though centered on the same ideas. The principles put forward by Bill Murphy are
structured in five parts.

Profit/money making should not be the main goal of the entrepreneurs

The entrepreneurs’ preparation for the launch a new venture and profit-making, eventually, is
important. The entrepreneurs, however, have other motives in starting a business: they are
innovators and in business for the long haul.

It is always better to find the right opportunity even if it takes time instead of chasing mirages;
ready to capitalize on an opportunity

The entrepreneurs wait for the right opportunity and are ready to seize the opportunity the moment
it arises. This implies that they have to be ready with an idea, a business model, knowledge and
skills.

Invest in people and build successful teams

Entrepreneurs are ready with the right team in place before starting a venture. This also means a
team of committed, loyal, creative people and who share the vision and mission of the founders.

It is always not enough to have everything in place. Execution and Delivery are what matters

Еntrepreneurs have to be ready to deliver on their promises in addition to having a game changing
idea and a great team in place. The art of execution has to be learned and lived. This means that
the knowledge, skills and leadership qualities of the entrepreneur are essential. Leadership,
notably, means not being afraid of failure and able to turn adversity into a steppingstone to success.

Project 2019-1-BG01-KA204_062299
The content of this material does not necessary reflect the official position of the European Union.