Entrepreneurial Practice: From Ideation to Delivery and Risk Analysis

This report provides a critical appraisal of entrepreneurial practice, examining the phases from ideation to delivery, including idea generation, opportunity evaluation, planning, company launch, and growth. It also explores strategies for addressing and managing risk within entrepreneurial business ventures, such as understanding risk, abiding by legal laws, planning methods to overcome risk, transferring risk through insurance, and formulating partnerships. Furthermore, the report highlights essential entrepreneurial traits and characteristics for strategic positioning, emphasizing the importance of business vision, adaptability, decision-making, and risk management. The conclusion underscores the significance of these phases and strategies for achieving business objectives and long-term growth in external environments. Desklib provides access to similar solved assignments and resources for students.

PROFESSIONAL DEVELOPMENT:
ENTREPRENEURIAL PRACTICE

TABLE OF CONTENT
Introduction
 Critical appraisal of phases in entrepreneur practice from ideation to
delivery
 Strategies for addressing or managing risk within entrepreneurial business
venture
Conclusion
References

INTRODUCTION
• Entrepreneur is starting and managing business through undertaking sufficient amount
of risk to earn significant profit margin by making customer's happy and satisfied.
• They have special characteristic to start and run business for earning high
profitability.
• This presentation has include critical appraisal of phases in context of entrepreneur
practice starting from ideation to delivery.
• Moreover, it has depict information related to strategies that are used to address and
manage risk in entrepreneurial business venture.
• At last it has explained about entrepreneurial traits and characteristics for strategic
positioning of the business venture

A) CRITICAL APPRAISAL OF PHASES IN ENTREPRENEUR
PRACTICE FROM IDEATION TO DELIVERY
Entrepreneur to promote smooth operation of business perform number of phases starting
from idea generation to delivery of services to customer's for fulfilment of their requirement in
effective manner. Likewise, idea generation, opportunities evaluation, planning, company
launch and growth are different phases that are being used by entrepreneur to grow and
succeed. Such as:
• Idea generation: The first and foremost phase that is taken by entrepreneur in its practice is
generating the idea that could be used by it to attract maximum number of customer's in the
firm. Likewise, in the case, Coventry University has find out idea to expand business
internationally to attract more student and earn high profit margin.

CONT.
• Opportunity evaluation: After generation of idea, entrepreneur reach second phases
in which it evaluate whether the idea acts as opportunities for the company or not.
Along with it, the firm also find out associated risk with the project to find alternative
method for overcoming the same.
• Planning: The third phase is planning in which actually the entrepreneur plan method
that could be used by the firm to utilize the available opportunities.

CONT
• Company formulation or launch: Furthermore, it is phase of entrepreneur in
which steps are taken by individuals to actually expand its business in different
parts of the world. So that Coventry University can have more market share, add
new and existing student to be part of university for getting better education and
enhancing their existing skills.
• Growth: This is the growth phase in which entrepreneur find more and more
innovative ideas, strategy and set of action that could be undertaken by the
company to grow and expand its businesses.

B) STRATEGIES FOR ADDRESSING OR MANAGING RISK
WITHIN ENTREPRENEURIAL BUSINESS VENTURE
• Entrepreneur while taking steps for new business venture, focus on understanding
the taste and preference of customer's and associated risk presented in the
external environment. Therefore, the key strategies that are used to manage and
eradicate risk within entrepreneurial venture can be illustrated in detailed as
follows:
• Understanding risk: For entrepreneurial businesses venture, the strategy of
reducing risk is firstly efforts need to be made to understanding the risk
associated with the expansion of firm.

CONT
• Abiding to legal law: Another risk that is
associated with business venture is legal law, as
both of the countries have different laws and
regulations.
• Planning method to overcome risk: Moreover, in
order to manage the risk with entrepreneurial
businesses venture, manager need to plan in
advance related to the method that could be used
by firm.

CONT
• Transfer the risk: It can be stated that to mitigate risk associated with
business venture, it can transfer the risk through taking insurance. As it will
contribute company in protecting from financial loss as it is transferred to the
insurance company.
• Formulating partnership: At last it can be stated that company through
formulating partnership with other local firm can easily enter into new
market with minimum amount of associated risk.

THE ENTREPRENEURIAL TRAITS AND
CHARACTERISTICS FOR STRATEGIC
POSITIONING
• Business visionaries have interest that permit them to persistently look for freedoms. Rather than
agreeing to they know, inquisitive business visionary pose testing inquiries and consider various
roads. Alongside interest comes constraint for organized testing. With each new chance that
emerges, business person should run decide whether its advantageous seek after. For instance,
assuming thought for another item or government that satisfies an underserved request, need to
guarantee clients will pay. It could be need to direct intensive statistical survey and run important
tests to endorse thought and decide potential. The idea of business always presentation signs of
change. Business is an iterative cycle, and new difficulties and openings introduce themselves
every step way. Business visionaries need to assess situation and adjust so their commerce can
carry on to push ahead when unforeseen changes happen.

• Business person needs to settle on difficult choices and remain by them. They're liable for directing of business, including each
angle subsidizing and system to asset designation. Assuming need to business person, it implies having the certainty settle testing
choices and own them. Assuming the result ends up being exactly good, the choice to make a remedial move comparably
significant. An surprising business person knows about their qualities and shortcomings. Rather than allowing deficiencies to keep
them down, they balanced groups supplement their capacity. It's the innovative group, that drives an endeavour toward progress.
When going into commerce, its basic to encircle yourself with partners who have and add to a shared objective.
• Business venture is frequently linked with hazard. While its actual that starting requires a business person to face challenges, they
additionally need find ways limit it. While numerous things can turn badly when dispatch another numerous things can go right. As
per entrepreneurship essentials, business people to effectively deal with connection among hazard and position their organizations
to profit from potential gain. Effective business people are alright with experiencing some degree receive benefits their danger
resistance is firmly identified with their endeavours to alleviate it. While numerous effective business people are alright with chance
of fizzle, it mean they surrender without any problem. All through the pioneering system, numerous speculations end up being
incorrectly, and endeavours flop out. Some portion what makes business person fruitful is their readiness to gain from botches, and
endure until they arrive at their objective.

CONCLUSION
• From the above presentation it can be concluded that there are range of phases
through which an entrepreneur goes through in order to find out idea that could be
used to make customer's happy and satisfied.
• Furthermore, it has helped in understand that entrepreneur can easily manage and
address the risk associated with entrepreneurial business venture through conducting
effective market research, abiding to all legal law made by government and many.
• Therefore, all these will helps company in achieving its end objectives or growing
and expanding business in external environment for longer time frame.