What Every Entrepreneur Needs to Know
My CEO always told me that to be a good project manager, you must be an entrepreneur.
I took that seriously and started my own part-time business.
And I discovered that to be a good entrepreneur requires a lot of project management experience.
For instance, project management skills help me efficiently manage and track my resources. I don't spend more than one or two hours a day on my business, but I have clear visibility about the inventory, orders and payments. the salespeople input their data in a custom-made Excel tool and I get a daily summary report.
I also rely on my project management skills for handling vendors and suppliers. They do not over-commit, but rather rely on a well-defined scope of work and regular follow-ups for tracking. As a result, the vendors feel more pressure because if there's a delay, they know I will notice and get in touch with their superiors.
Even a small business requires project management skills and if the entrepreneur is a Project Management Professional (PMP)® he or she will rock the market.
Have you started your own business? Please share your experience.
I agree that PMP is not a MUST requirement for running a business but it is really helpful to have it. PMP certification along with the project management experience helps us in thinking differently, mitigating risks, identifying the contractual obligation, tracking the Earned Value etc. Also been an IT manager I prefers to use tools for management and tracking rather than doing the paper work.
Kiry;, I am in mobile handsets distribution network and spend 1-2 hours daily on it.
If I had to identify the four mandatory skills for an entrepreneur it would go somewhat like this:
* ability to identify, frame, and explore an idea (aka strategic management)
* ability to turn an idea into reality (aka project management)
* ability to identify, recruit and build a team (aka team building)
* understanding and respect for the elements of a business and how those elements work together
Project management is the lynchpin between strategy and operations. It's the element that allows ideas to come to fruition. Plus it is the only form of the three managements that deals with the full life cycle of team building. Doing project management well is crucial to an entrepreneur.
Having a formal and practical understanding of the elements of project management can only help the entrepreneur who seeks to succeed.
Glen Ford, PMP
|Lawrence, New Jersey|
I have found all of the above are also required to be an effective project manager.
If you have a marketable idea, service or product, then my experience would suggest project management skills and techniques would only benefit the business.
|Alberto G. Sirvent|
Someone could give me some other input about this kind of approach for cultural change ?
|Sushil Gupta, PMP|
If I look around in my network, I see many examples where PM/PgM in MNCs quit the job, started own work and became successful entrepreneur. However creating side business along with full time working in a company is very complicated scenario from the professional and personal front. In fact, in all govt/public sector services and most of the private firm/MNC it's against the company law.
I have seen the instances where employer has terminated the service of the employee after finding the employee indulged in part time (side) business. So, I suggest entrepreneur aspirants, who are working full time in any organization, to ensure before starting side business that it's not against their company rule or ethics.
In personal front, I can imagine, itâ€™s much more challenging than what you can think of before getting into it.
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