Entrepreneurship And Project Management - The Missing Link

There was a substantial amount of emphasis on entrepreneurship and the necessity for more and more entrepreneurs in the region to assist create jobs for the future of the region. There's additionally quite a lot of enthusiasm and encouragement for new entrepreneurs - but are we forgetting something? It is nice to have the "spirit" but is spirit sufficient? Do our potential entrepreneurs know how to take their desires from the concept into efficient operation? Is business planning over emphasized or is it sufficient? This article will supply an opinion and try to answer these questions and provide a suggestion on what is 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

Various sources and international studies show that small & medium organizations/enterprises (SMO/SME) have big contributions to economies around the world in term of gross national product and employment. Research in the Center East show that SME contributions in our region are lower than developed countries. Nevertheless, many in authorities and private sector leadership recognize the need to change this in an effort to take care of the tremendous problem of the wants for job creation throughout the Arab World.

All of private or authorities initiatives share in taking part in a role to promote the "spirit of entrepreneurship," however is spirit the only thing that we want? What is missing? Allow us to say someone give up his/her job to turn into an entrepreneur, then what?

There are too many challenges going through an entrepreneur at this time - a few of it is legal construction and regulations. Other challenges are associated to the concern of failure and the stigma associated with that. Even when we overcome the concern of failure we are going to encounter the challenge of availability of capital. With capital resolved or not less than somewhat resolved, do we have the suitable infrastructure to http://www.dystech.com/UserProfile/tabid/57/userId/285846/Default.aspx assist the entrepreneur launch the enterprise? Do we've got the required help? How about beyond the launch? The support that is available (enterprise / money / logistics / administration / etc.) is available for somebody following a dream, but solely to realize that realizing the dream is far more challenging than expected. How will we assist the entrepreneur or the small enterprise owner maintain and grow?

Enterprise Planning

Most, if not all, venture capital, foundation, and other sources for funds --- in addition to enterprise schools and MBA programs focus on a marketing strategy as a necessary deliverable / requirement to hunt funds or begin a business. Right here we ask once again: Is the business plan enough? It's our view that a 'traditional' business plan isn't enough. Quite a few business plans, that we call 'traditional', deal with the enterprise features with a heavier give attention to operation of the business. The query is: Do these traditional enterprise plans present a proper focus on the enterprise (most call a "project") from concept to launch of the enterprise?

The Lacking Link

It is attention-grabbing to level out that many call a new enterprise a "project", as we mentioned in the earlier section. We just like the word "project," but most definitions of the word "project" imply something that's temporary. So is the enterprise non permanent? We hope not! So is the word 'project' the mistaken one to use? Sure and No. The enterprise will not be a project; it's a business, a venture. So to be academic, the word "project" is not the proper one to use for the new business. Let us call it enterprise or business. But to launch the enterprise is strictly what we call a project - the launch project is to take the enterprise from the concept to operations. Our objective here is not to get into an English lesson; slightly we goal to define the correct use of words so as to have the right context and absolutely understand the lacking link. So what is this lacking link? Effectively if launching the enterprise is a project, then how will we handle it? The place is Project Management in managing the launch? The next section will provide a methodology to follow in launching the business.