7050 CRB - Entrepreneurial Practice: Idea to Growth, Risk & Key Traits

This report provides an overview of entrepreneurial practice, beginning with the phases of venture creation, including idea generation, development, and growth. It emphasizes the importance of idea generation, highlighting brainstorming and innovative thinking techniques. The report discusses strategies for managing risks in uncertain markets, advocating for a proactive mindset that views risk as an opportunity. Key entrepreneurial traits and characteristics, such as creativity, passion, motivation, risk-taking ability, flexibility, and persuasiveness, are explored as essential for overcoming challenges and driving business success. The conclusion reinforces the cyclical nature of entrepreneurial practice and the significance of effective risk management and continuous development of entrepreneurial skills. Desklib offers students access to a wealth of resources, including past papers and solved assignments, to support their academic and professional growth.

TASK 2
7050 CRB Entrepreneurial practice

INTRODUCTION
 Entrepreneurs are the individuals responsible for identifying and acting
upon the idea and problem that no one else will.
 It includes recognizing the opportunities while working on something
new.
 Entrepreneur venture includes building activities that will set the
business and create response within the society.

Phases in entrepreneurial practice
 This stage is related with the process of exploring ideas that are
documented in the business plan. Idea generation is a creative process
that includes finding out various solutions to the challenges that are
faced in the entrepreneurial venture.
 It includes coming up with ideas with the help of group discussion and
selecting the best ideas that will help in developing a plan.
 This plan will lead to implement the ideas in real time and putting it in
practice.

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 This is done when the brain of n individual will flash promising ideas
generated from passing papers and ideas that can be written while
adding physical value within group thinking.
 There is a modified approach that will allow ideas to attain opposite of
what is desired and allows thinking out of the box thinking.
 Another thinking includes saving discussion for later, here, the
members of the team will present solution to the problem regarding the
work.

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 It includes the training process and enhancing innovative skills that is
applied in the idea behind business venture.
 Here, opportunity is evaluated leading to address questions regarding
the opportunity being worth to invest or not.
 Investment is the capital that is required along with time and energy of
working individuals from the company.

Strategies to manage the risks
 Managing the risk is important as to mitigate its consequences and
work well in the uncertain markets.
 It includes preventing risks by managing the same and being beneficial
in a long run.
 It is important for an entrepreneur to develop the mindset of risk
management. This is done by:
 Understanding the risk as an opportunity, as in the initial stages, risk
and opportunity are linked.

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 Another strategy is to trust the process, where the entrepreneur will
gain the vision of grasping risk management.
 Here, the entrepreneurs have to gain more tolerance regarding the risks.
 Every decision made will result in offering valuable experience.

Entrepreneurial traits and characteristics
 Being entrepreneur requires certain skills and abilities that can be
developed with the help of careful practice.
 These characteristics and traits will help in building innovative ideas
and actions that will help getting through the challenges.
 Creativity: Entrepreneur requires starting with an idea and identifying
opportunities that will bring various ways to do things and obtain
solutions.

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 It includes focusing on giving meaning to the work.
 Passion will contribute to find solutions that will help individuals
working in the company.
 It includes making commitment that will put impact on the driving the
need to continue the business.

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 Motivation helps in keeping the mindset positive and focusing on
various aspects that are important to attain.
 Risk taking skills: This deals with taking risks by calculating the
decisions that looks profitable for the business.
 These skills will lead to consider the learning process in the business
journey that will include possible failures.

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 Therefore, flexibility is important to think and grow in even in
challenging situations.
 It is important to have an open mind that will make one ready to
change in every possible way along with trying new methods that will
allows settling in new trends as well as fostering the ability to adapt.
 Persuasiveness: These skills helps in adapting to personality and reach
out to the individuals on emotional level along with showing passion

CONCLUSION
 It can be concluded that there are phases involved in entrepreneurial
practice.
 These include, idea phase, development phase and lastly, the growth
phase.
 It is important to manage the risks and encouraging the same in order
to mitigate its consequences.

REFERENCES
 Leonelli, S., Masciarelli, F. and Fontana, F., 2019. The impact of
personality traits and abilities on entrepreneurial orientation in
SMEs. Journal of Small Business & Entrepreneurship, pp.1-26.
 Ndofirepi, T.M., 2020. Relationship between entrepreneurship
education and entrepreneurial goal intentions: psychological traits as
mediators. Journal of Innovation and Entrepreneurship, 9(1), pp.1-20.