Entrepreneurship and Project Management

There has been a substantial amount of emphasis on entrepreneurship and the need for more and more entrepreneurs in the region to assist create jobs for the future of the region. There is also a variety of enthusiasm and encouragement for new entrepreneurs – but are we forgetting something? It’s great to have the “spirit” but is spirit sufficient? Do our prospective entrepreneurs know learn how to take their goals from the idea into effective operation? Is business planning over emphasized or is it enough? This article will offer an opinion and attempt to answer these questions and offer a suggestion on what’s missing. It is the creator’s opinion that Project Management is the missing link that could make the crucial distinction between success, challenge, and even failure.

The Need for Entrepreneurs

Numerous sources and global research show that small & medium organizations/enterprises (SMO/SME) have enormous contributions to economies world wide in time period of gross nationwide product and employment. Studies in the Center East show that SME contributions in our area are lower than developed countries. Nevertheless, many in government and private sector leadership acknowledge the necessity to change this to be able to deal with the large problem of the needs for job creation across the Arab World.

All of private or government initiatives share in playing a task to promote the “spirit of entrepreneurship,” but is spirit the only thing that we need? What’s missing? Allow us to say someone quit his/her job to develop into an entrepreneur, then what?

There are too many challenges facing an entrepreneur as we speak – some of it is authorized construction and regulations. Different challenges are related to the fear of failure and the stigma related with that. Even if we overcome the worry of failure we will encounter the problem of availability of capital. With capital resolved or at the least considerably resolved, do we’ve got the suitable infrastructure to assist the entrepreneur launch the enterprise? Do we have now the mandatory support? How about beyond the launch? The assist that’s available (business / money / logistics / management / etc.) is available for someone following a dream, but only to realize that realizing the dream is far more difficult than expected. How can we assist the entrepreneur or the small enterprise owner maintain and develop?

Enterprise Planning

Most, if not all, venture capital, foundation, and different sources for funds — in addition to enterprise schools and MBA programs focus on a marketing strategy as an essential deliverable / requirement to seek funds or start a business. Here we ask once again: Is the business plan enough? It is our view that a ‘traditional’ marketing strategy is just not enough. Quite a few enterprise plans, that we call ‘traditional’, deal with the enterprise points with a heavier give attention to operation of the business. The question is: Do these traditional business plans provide a proper give attention to the venture (most call a “project”) from thought to launch of the enterprise?

The Missing Link

It is interesting to level out that many call a new venture a “project”, as we talked about in the earlier section. We like the word “project,” however most definitions of the word “project” imply something that is temporary. So is the venture non permanent? We hope not! So is the word ‘project’ the wrong one to make use of? Sure and No. The enterprise isn’t a project; it is a business, a venture. So to be academic, the word “project” isn’t the proper one to make use of for the new business. Let us call it venture or business. But to launch the enterprise is strictly what we call a project – the launch project is to take the venture from the thought to operations. Our goal here is to not get into an English lesson; relatively we purpose to define the proper use of words with the intention to have the proper context and fully understand the missing link. So what is this missing link? Well if launching the enterprise is a project, then how can we handle it? Where is Project Administration in managing the launch? The subsequent part will provide a strategy to follow in launching the business.

A Proposed Sequence

Our proposed model will deal with the venture launch from idea to initial operation, utilizing the missing link – Project Management. Future articles could concentrate on the usage of Organizational Project Management to assist build and maintain a small business and grow it.

The proposed model, which is derived from Customizable and Adaptable Methodology for Managing Projects™ it isa project life span model that divides the project life span into three distinct phases; which we clarify here.

Enterprise Concept

The business concept is an important phase of the project that spans a period from the thought for the venture till an initial determination to go ahead and encompass a feasibility study. The thought owner is likely to be the entrepreneur who has an concept for a enterprise that may very well be a passion, an earnings opportunity, filling a need, fixing a problem, among different drivers for the business.

This is the time for dreaming, however one has to be careful that the dream is realistic and it is possible to achieve. It’s highly risky for somebody to launch a new venture without proper understanding of the challenges and opportunities, although one may argue in uncommon cases that spontaneous action may additionally lead to good profit.

Therefore, the entrepreneur (small enterprise owner to be) has to study the feasibility of his idea, and for this we think that current business planning strategies are crucial to make use of at this stage. Nonetheless, in addition to the concentrate on the financials, competition, market demand, operation and other factors, the entrepreneur must also think about Project Administration together with proper Project Management planning. Proper Project

Administration planning includes understanding of the stakeholders and their expectations and necessities, setting realistic time and price targets, have a fair understanding of the project and venture risks (threats and opportunities), in addition to different factors.

Development of the Business Idea

The sooner phase emphasizes the feasibility research and the requirement for enterprise planning. With the enterprise fundamentals in place, Project Administration will turn out to be more vital and the entrepreneur turns into a project manager.

So what will we do now? The project manager/entrepreneur needs to think and act per two elements, two sides of the identical coin. On one side he must think concerning the project from idea to initial operations, however he cannot ignore post project completion, which could be leading and sustaining the business (operations).

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