Importance of project mangament for an entrepreneur

by Ashvini on August 3, 2010 · 4 comments

in Entrepreneurship

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

  1. It has a start and an end date
  2. It is  progressive elaboration- which means that you learn more about the project as you reach the end.
  3. The end product is unique: No two end products will ever be same.

The elements above are perfectly applicable to an entrepreneurial venture.

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{ 3 comments }

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Ashish Pathak August 18, 2010 at 11:55 am

Guruji….I had bookmarked all your posts on FB to ensure that i do read them. Today i could manage to catch up and read few of them.

good blogs….can u elaborate a bit more on project mgmt? i thought, entrepreneur doesnt need to be one-man army — there should be a core team of 2-3 people with one person with Sales/BD touch, 2nd one with operations expert and 3rd one — for technical expert.

thoda aur prakaash daaliye !

Ashvini Kumar Saxena August 18, 2010 at 2:51 pm

Ashish ji,
i thought you were the ‘real’ guruji. Anyways I am flattered;).
You can read in one of my post that project management is essential to starting up a company. It helps to manage cost, time and scope. And PM talks about so many things such as risk management, quality assurance, execution,closing. Once you are done with the closing, your project becomes operational. At that time you can file your lessons learned or blog them as I am doing ;). Once it is operational you continue as planned ( serving your customers) till you decide to make changes to the processes or products. Once you decide to make the changes you will have to do them again as project ( small or large does not matter) and the same cycle follows. The more changes you have the more project management should be followed because it helps to know your mistakes from the past and do the next project wisely.
I hope this satisfies your question. I will keep writing on this so stay tuned.

and second question, yes team is important and its great if you have number of committed people(better with different skills).

Keep commenting.
Thanks
Ashvini

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