In this chapter, we have illustrated that the business cycle for a new venture involves several development points, mostly under control of the entrepreneur. The key takeaways include the following:
- Project management is the primary tool for executing the business plan, installing the businesses processes, and achieving the strategic ambitions of the entrepreneur.
- Project management helps to detail what tasks will be accomplished, who will be involved in completing the tasks, and when tasks should start and finish.
- Typically, projects progress in steps or incremental stages; however, other approaches for rapid, interactive project management are also widely used.
- Several tools can be used to manage the project and communicate timing and status, including task diaries, WBSs, and Gantt charts.
- Projects fail for many reasons. It is management’s responsibility to determine whether the inherent risks in the project can be accepted and the project can be launched, or whether the project be delayed.
Project management is not a panacea, but rather a critical tool in the never-ending process of growth and renewal of the business. It allows the entrepreneur to minimize and mitigate inherent risks and increase the potential for success of the launch and the ongoing operations.