Project Management is not only important but the most important thing an entrepreneur has to know. In my opinion, it is more important than the knowledge of sales, marketing, finance etc. I am not saying that you should neglect all these areas but that you should learn the tricks of project management first. Let me explain to you why is it so.
Project Management is the subject that teaches you to complete a given project in a specified time line, within budget and scope. A project management is essentially helpful when you want to have a step by step methodology to complete whatever project you have taken up.
As per official definition of Project Management, a project has following characteristics
- It has a start and an end date
- It is progressive elaboration- which means that you learn more about the project as you reach the end.
- The end product is unique: No two end products will ever be same.
The elements above are perfectly applicable to an entrepreneurial venture.