711 Entrepreneurial Practice

Unit Overview

711 Entrepreneurial Practice is a unit within the CMI Level 7 module that helps leaders to build entrepreneurial capabilities. The leaders are required to effectively identify opportunities and exploit them by deciding on effective approaches that could help to maximise the opportunities. This includes being able to identify the viability of a business project as well as identifying the resources that are required for the leaders to ensure that the business can benefit from exploiting these opportunities. In the process of developing entrepreneurial skills.

The leaders need to build both innovative solutions, creative thinking, and logical approaches to the chances within the markets. These approaches contribute to identifying the right balance of resources that can be used to ensure that the opportunities are optimally exploited to benefit the organisation. Leaders, therefore, need to develop necessary and relevant skills that contribute towards establishing the required standards of profitability within the organisations. Entrepreneurial skills also require the leaders to have market research abilities, organisation skills, and financial management abilities, which contribute towards identifying and maximising entrepreneurial opportunities within the workplace. 

711 Entrepreneurial Practice is a unit that is designed to develop the capabilities of the leaders within the workplace in maximising such opportunities. The unit provides new and aspiring leaders with training on the theoretical and practical approaches to entrepreneurship. They are guided to develop the market research, organisational, and financial management skills that help them to achieve the desired levels of performance amidst the new opportunities that have been identified within their organisations. This unit also helps to understand the principles and concepts of entrepreneurship, which ensures the practice is evidence-based ad contributes towards achieving organisational goals and objectives. The unit is taught in 32 hours of guided learning and contributes 9 credit values towards the completion of the CMI Level 7 module.

Suitability of the Unit

The increasing competition within the markets creates the need for leaders to identify new opportunities that can provide additional revenue streams to the organisation. Thesis where the entrepreneurial practice comes into place as it helps to identify potential opportunities for such teams and maximising them. The leaders within the workplace must therefore show the capability of developing and managing entrepreneurial practice within the workplace. This involves ensuring that they embrace innovative ideas and solutions to various challenges within the workplace. As such, 711 Entrepreneurial Practice becomes a critical unit for leaders since the content of the unit suits the practice and responsibilities of the leaders.

The unit is designed with a focus on the learning needs of senior managers within the workplace. It helps them to understand the role that strategic decisions making has in improving the ability of the leaders to effectively achieve the learning goals and objectives within the workplace. The unit is also suited to other leaders within the workplace. Middle managers and junior leader can use the content of this unit to improve their ability to effectively set up the principles and practices within their areas of learning that gives opportunities for the employees to effectively set up approaches and strategies that provide new approaches towards completing the various organisational goals and objectives.

Learning Outcomes

Upon completion of the unit, the learners should be able to:

• evaluate the forms and contexts of entrepreneurship with a reference to theoretical concepts and contemporary thinking toward entrepreneurial practice

• Assess the multidimensional issues that could affect entrepreneurial practice, including the legal, organisational, and ethical requirements set

• Formulate approaches that are aimed at identifying ad eliminating barriers that may exist to entrepreneurial practice using evidence-based rationales and approaches

• Appraise the characteristics and attributes of effective entrepreneurial leaders, which involve understanding the skills that the leaders must have

• Make a recommendation on the courses of action that can be used to achieve an entrepreneurial aim using evidence-based rationale

Key Learning Areas

This unit aims at developing the capabilities of the leaders to effectively develop entrepreneurial practice within their areas of responsibility. The learners are guided to effectively develop their capabilities as leaders in different areas of responsibility. The main areas of learning covered include:

Entrepreneurship Within a Strategic Context

This area of learning helps the learners to identify the different roles of entrepreneurs within organisations. This process involves understanding the concept of entrepreneurship and why it is important within t eh organisational context. They are also guided to understand the different forms of entrepreneurship that they can pursue within the organisation, including being able to develop customer journey mapping and motivation of the employees within the workplace. The learners are taught about different requirements and factors that influence the development of entrepreneurship practice. They are guided to sharpen their leadership capabilities in overseeing specific entrepreneurial practices and activities.

Principles of Entrepreneurship

The learners are guided to understand the different activities involved in the entrepreneurship process, which involves identifying a gap in the market, understanding the needs of the customers within this gap, developing innovative solutions based on research for exploiting the gap, and providing the relevant services and products to the customer. The learners are also guided to understand the different capabilities and skills that leaders must develop in developing entrepreneurship practice within their areas of responsibility.

They are guided to effectively develop desirable behaviours and strategies aligned with their entrepreneurial roles and practices in the workplace. Learners are also guided to understand principles that they can use to evaluate their performance as leaders in entrepreneurial practice. This involves conducting reflective practice and self-assessment to ensure they identify their strengths and weaknesses in such practices.

Wrap up

The unit uses both theoretical learning and interactive programs to ensure that the learners develop the desired practices and capabilities. On competing of these approaches. The assessors are required to evaluate the accomplishment of the desired learning needs and standards. A written assessment is used to evaluate these elements of the learner’s practice. Supervised practice and simulated exercise are also used to ensure that the learner is able to use the theoretical concept that has been learned within a practical organisational setting.