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Entrepreneurship And Project Management
Entrepreneurship And Project Management
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Joined: 2022-09-26
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There has been quite a lot of emphasis on entrepreneurship and the necessity for more and more entrepreneurs in the region to help create jobs for the way forward for the region. There is also lots of enthusiasm and encouragement for new entrepreneurs - but are we forgetting something? It's nice to have the "spirit" however is spirit sufficient? Do our prospective entrepreneurs know the way to take their desires from the idea into effective operation? Is enterprise 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 is missing. It's the creator's opinion that Project Administration is the missing link that would make the crucial difference between success, challenge, and even failure.





The Want for Entrepreneurs





Various sources and global studies show that small & medium organizations/enterprises (SMO/SME) have huge contributions to economies world wide in term of gross national product and employment. Research in the Middle East show that SME contributions in our area are lower than developed countries. Nevertheless, many in government and private sector leadership acknowledge the need to change this as a way to deal with the large problem of the wants for job creation throughout the Arab World.





All of private or authorities initiatives share in playing a role to promote the "spirit of entrepreneurship," but is spirit the only thing that we need? What's missing? Let us say somebody quit his/her job to change into an entrepreneur, then what?





There are too many challenges dealing with an entrepreneur today - a few of it is legal construction and regulations. Different challenges are related to the fear of failure and the stigma associated with that. Even when we overcome the fear of failure we will encounter the problem of availability of capital. With capital resolved or not less than considerably resolved, do we have now the right infrastructure to help the entrepreneur launch the business? Do now we have the mandatory assist? How about beyond the launch? The assist that's available (enterprise / money / logistics / administration / etc.) is available for someone following a dream, but only to realize that realizing the dream is much more difficult than expected. How will we assist the entrepreneur or the small enterprise owner maintain and develop?





Business Planning





Most, if not all, venture capital, basis, and other sources for funds --- in addition to enterprise schools and MBA programs give attention to a marketing strategy as an essential deliverable / requirement to seek funds or start a business. Here we ask as soon as once more: Is the marketing strategy enough? It is our view that a 'traditional' business plan just isn't enough. Quite just a few business plans, that we call 'traditional', concentrate on the business points with a heavier concentrate on operation of the business. The query is: Do these traditional enterprise plans provide a proper give attention to the venture (most call a "project") from thought to launch of the business?





The Missing Link





It's interesting to level out that many call a new venture a "project", as we talked about within the earlier section. We like the word "project," but most definitions of the word "project" mean something that is temporary. So is the venture momentary? We hope not! So is the word 'project' the unsuitable one to use? Sure and No. The enterprise just isn't a project; it is a enterprise, a venture. So to be academic, the word "project" is not the proper one to make use of for the new business. Let us call it venture or business. But to launch the business is precisely what we call a project - the launch project is to take the venture from the idea to operations. Our objective here is to not get into an English lesson; fairly we goal to define the proper use of words so as to have the proper context and totally understand the lacking link. So what is this missing link? Well if launching the business is a project, then how can we handle it? Where is Project Administration in managing the launch? The following section will provide a strategy to observe in launching the business.





A Proposed Sequence





Our proposed model will concentrate on the venture launch from concept to initial operation, using the missing link - Project Management. Future articles may deal with using Organizational Project Administration to help 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.





Business Concept





The enterprise idea is a vital section of the project that spans a interval from the concept for the venture till an initial decision 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 could possibly be a passion, an earnings opportunity, filling a need, fixing a problem, amongst other drivers for the business.





This is the time for dreaming, however one has to be careful that the dream is realistic and it is feasible to achieve. It's highly risky for somebody to launch a new venture without proper understanding of the challenges and opportunities, although one might argue in rare cases that spontaneous action might also end in good profit.





Subsequently, the entrepreneur (small business owner to be) has to check the feasibility of his thought, and for this we think that present enterprise planning methods are crucial to use at this stage. However, in addition to the concentrate on the financials, competition, market demand, operation and other factors, the entrepreneur must also think about Project Administration including proper Project Administration planning. Proper Project





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





Development of the Business Concept





The sooner part emphasizes the feasibility research and the requirement for business planning. With the enterprise fundamentals in place, Project Management will become more necessary and the entrepreneur becomes a project manager.





So what do we do now? The project manager/entrepreneur must think and act per aspects, two sides of the same coin. On one side he needs to think concerning the project from thought to initial operations, but he can't ignore publish project completion, which could be leading and sustaining the business (operations).





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Michelin VP Katelyn
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