Entrepreneurship And Project Administration - The Missing Link

There was quite a lot of emphasis on entrepreneurship and the necessity for more and more entrepreneurs within the area to assist create jobs for the way forward for the region. There may be also a number of enthusiasm and encouragement for new entrepreneurs - but are we forgetting something? It's nice to have the "spirit" but is spirit enough? Do our prospective entrepreneurs know how to take their dreams from the idea into effective operation? Is enterprise planning over emphasised or is it enough? This article will provide an opinion and attempt to answer these questions and provide a suggestion on what is missing. It is the creator's opinion that Project Administration is the lacking link that would make the essential difference between success, problem, and even failure.

The Need for Entrepreneurs

Various sources and global studies show that small & medium organizations/enterprises (SMO/SME) have large contributions to economies around the world in time period of gross nationwide product and employment. Research in the Middle East show that SME contributions in our area are lower than developed countries. However, many in government and private sector leadership recognize the necessity to change this with the intention to deal with the tremendous challenge of the needs for job creation throughout the Arab World.

All of private or authorities initiatives share in enjoying a role to promote the "spirit of entrepreneurship," but is spirit the one thing that we'd like? What's missing? Let us say someone give up his/her job to become an entrepreneur, then what?

There are too many challenges going through an entrepreneur as we speak - a few of it's legal structure and regulations. Different challenges are related to the fear of failure and the stigma related to that. Even when we overcome the fear of failure we will encounter the challenge of availability of capital. With capital resolved or not less than considerably resolved, do we've got the appropriate infrastructure to assist the entrepreneur launch the business? Do now we have the necessary assist? How about past the launch? The support that is available (business / money / logistics / administration / etc.) is available for somebody following a dream, but only to realize that realizing the dream is much more difficult than expected. How can we help the entrepreneur or the small business owner maintain and develop?

Enterprise Planning

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

The Missing Link

It is interesting to point out that many call a new enterprise a "project", as we mentioned 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 momentary? We hope not! So is the word http://corp.pouchtag.com/index.php/component/k2/itemlist/user/439019 'project' the incorrect one to use? Sure and No. The business just isn't a project; it is a business, a venture. So to be academic, the word "project" shouldn't be the correct 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 enterprise from the concept to operations. Our objective right here is to not get into an English lesson; fairly we aim to outline the right use of words as a way to have the proper context and fully understand the lacking link. So what is this lacking link? Well if launching the enterprise is a project, then how can we manage it? Where is Project Administration in managing the launch? The subsequent section will present a technique to observe in launching the business.