by Staff reporter

ROADMAP FOR SUCCESS

Planning and implementing the entrepreneurial project

Roadmap for success.png

All entrepreneurs should be competent in applying conceptual, technical and business managerial skills when establishing a new business venture. To prevent failure it is imperative that correct decisions are made in response to opportunities in the economic environment. For opportunities to be successfully transformed into flourishing businesses demand the clever utilisation of project management principles and techniques in establishing the venture.

To be successful an entrepreneur should focus on the following:

Firstly, the entrepreneurial skills to identify opportunities in the economic environment and creatively investigate the feasibility of a business idea must be secured. The skills to analyse the market environment and determine a possible market share are important.

Importantly, new business ventures cannot be successful unless the entrepreneur applies project management skills and techniques to plan, develop, schedule and successfully implement strategies, processes and tasks for the new venture.

The project approach guarantees the delivery of a workable business plan and project implementation plan that can serve as a roadmap for starting up the business and running it in an effective and efficient way. Entrepreneurs must fully understand that starting a business is risky, and risks should be mitigated by applying quality management principles at all times.

During the entrepreneurial project conceptualisation phase an analysis should be done to determine consumer needs to be satisfied and identify the main competitors in the market in which the new business will operate. Legislative requirements to comply with business regulations regarding the establishment and running of the new venture must be fully understood.

Following a project management approach is of utmost importance. The approach means establishing the new business by first conceptualising it effectively, then designing the business plan to cover finances, marketing, operations and resources, including human resources, and finally, implementing the business plan effectively and efficiently.

When the new business becomes operational emergent change in the external environment must be identified and managed diligently to maintain a competitive advantage and reap profits. Proficiency in project management also supports the management of change.

When the new business becomes operational emergent change in the external environment must be identified and managed diligently to maintain a competitive advantage and reap profits. Proficiency in project management also supports the management of change.

The Cranefield Academy of Knowledge Media Team, Cranefield College

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