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CMI Unit: 711 Entrepreneurial Practice

The primary focus of CMI Unit 711: Entrepreneurial Practice is to develop a profound understanding of entrepreneurship in strategic contexts and the fundamental principles governing entrepreneurial practice. This unit is designed to equip learners with the essential skills, knowledge, and competencies required to navigate entrepreneurial challenges effectively. It delves into various theoretical concepts, contemporary entrepreneurial thinking, and leadership attributes that drive innovation and sustainable business growth.

Learners will gain insights into the different forms and contexts of entrepreneurship, including start-ups, corporate entrepreneurship, and social enterprises. The unit also emphasizes the multidimensional issues affecting entrepreneurial activities and how strategic decision-making can foster business success. By critically evaluating barriers to entrepreneurial practice, learners will develop robust approaches to overcoming challenges, ensuring long-term sustainability and competitive advantage.

This unit is particularly significant for aspiring entrepreneurs, business leaders, and managers looking to integrate entrepreneurial principles within their organizational frameworks. It enhances learners’ strategic thinking abilities, problem-solving skills, and adaptability to market trends. By applying practical and evidence-based solutions, learners will contribute to fostering an innovative, growth-oriented, and resilient business environment.

Unit Objectives

The key learning objectives of CMI Unit 711: Entrepreneurial Practice are:

  • To equip learners with a strategic understanding of entrepreneurship and its diverse applications in different business environments.
  • To enable learners to critically evaluate entrepreneurial principles and their impact on business success and sustainability.
  • To develop the ability to recognize and overcome barriers to entrepreneurial practice through innovative and evidence-based strategies.
  • To foster leadership capabilities that align with entrepreneurial thinking, adaptability, and strategic growth initiatives.
  • To enhance decision-making skills and practical approaches for achieving entrepreneurial aims effectively.

Learning Outcomes

LO1: Understand entrepreneurship in strategic contexts

This learning outcome focuses on the evaluation of various entrepreneurial forms and their relevance in different strategic settings. Learners will critically analyze theoretical frameworks, contemporary entrepreneurial trends, and their implications in real-world scenarios. Additionally, they will assess the multidimensional challenges that impact entrepreneurial practices and propose effective strategies to mitigate them. The key areas of focus include economic influences, market dynamics, regulatory challenges, and technological advancements. By mastering these concepts, learners will be well-positioned to formulate robust entrepreneurial strategies that drive success and sustainability.

LO2: Understand the principles of entrepreneurial practice

This outcome emphasizes the core characteristics and attributes of entrepreneurial leadership. Learners will explore essential skills such as risk-taking, resilience, innovation, and strategic foresight. By evaluating different leadership styles in an entrepreneurial context, learners will identify best practices for fostering business growth. Additionally, this learning outcome enables learners to devise strategic courses of action for achieving entrepreneurial goals using evidence-based justifications. The integration of market research, financial planning, and operational efficiency will be critical in shaping entrepreneurial success.

Assessment Criteria

LO1: Understand entrepreneurship in strategic contexts

1.1 Critically appraise the forms and contexts of entrepreneurship with reference to theoretical concepts and contemporary thinking. 1.2 Assess multi-dimensional issues which impact on entrepreneurial practice in different contexts. 1.3 Formulate approaches to removing barriers to entrepreneurial practice using an evidence-based justification.

LO2: Understand the principles of entrepreneurial practice

2.1 Critically appraise the characteristics and attributes of entrepreneurial leadership. 2.2 Propose a course of action to achieve an entrepreneurial aim using an evidence-based justification.

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