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There was an excessive amount of emphasis on entrepreneurship and the need for more and more entrepreneurs within the area to help create jobs for the future of the region. There's also a variety of enthusiasm and encouragement for new entrepreneurs - however are we forgetting something? It's nice to have the "spirit" however is spirit sufficient? Do our prospective entrepreneurs know how one can take their desires from the idea into effective operation? Is enterprise planning over emphasized or is it sufficient? This article will provide an opinion and try to answer these questions and supply a suggestion on what's missing. It's the author's opinion that Project Administration is the missing link that might make the crucial difference between success, challenge, and even failure.

The Need for Entrepreneurs

Various sources and international research show that small & medium organizations/enterprises (SMO/SME) have big contributions to economies around the globe in term of gross nationwide product and employment. Research within the Center East show that SME contributions in our area are lower than developed countries. However, many in authorities and private sector leadership recognize the necessity to change this as a way to deal with the great problem of the wants for job creation throughout the Arab World.

All of private or authorities initiatives share in playing a role to promote the "spirit of entrepreneurship," however is spirit the only thing that we'd like? What's lacking? Allow us to say somebody quit his/her job to change into an entrepreneur, then what?

There are too many challenges facing an entrepreneur as we speak - some of it is legal construction and regulations. Different challenges are related to the worry of failure and the stigma associated with that. Even when we overcome the worry of failure we will encounter the challenge of availability of capital. With capital resolved or not less than somewhat resolved, do we've the right infrastructure to help the entrepreneur launch the business? Do we've the required support? How about past the launch? The help that's available (business / cash / logistics / administration / etc.) is available for somebody following a dream, but only to realize that realizing the dream is way more challenging than expected. How can we help the entrepreneur or the small enterprise owner maintain and develop?

Enterprise Planning

Most, if not all, venture capital, foundation, and different sources for funds --- in addition to business schools and MBA programs concentrate on a marketing strategy as an essential deliverable / requirement to seek funds or start a business. Right here we ask once once more: Is the business plan sufficient? It is our view that a 'traditional' marketing strategy is not enough. Quite a number of business plans, that we call 'traditional', focus on the business facets with a heavier deal with operation of the business. The question is: Do these traditional enterprise plans provide a proper give attention to the venture (most call a "project") from concept to launch of the business?

The Missing Link

It's interesting to point out that many call a new venture a "project", as we mentioned within the earlier section. We like the word "project," but most definitions of the word "project" mean something that is temporary. So is the venture temporary? We hope not! So is the word 'project' the incorrect one to make use of? Yes and No. The business shouldn't be a project; it is a enterprise, a venture. So to be academic, the word "project" will not be the proper one to make use of for the new business. Allow us to call it venture or business. Yet to launch the business is exactly what we call a project - the launch project is to take the venture from the concept to operations. Our goal here is not to get into an English lesson; rather we goal to define the proper use of words in an effort to have the proper context and totally understand the missing link. So what is this lacking link? Well if launching the business is a project, then how will we handle it? Where is Project Management in managing the launch? The subsequent section will provide a methodology to comply with in launching the business.

A Proposed Sequence

Our proposed model will concentrate on the venture launch from idea to initial operation, utilizing the lacking link - Project Management. Future articles could focus on the use of Organizational Project Management to assist build and sustain a small business and grow it.

The proposed model, which is derived from Customizable and Adaptable Methodology for Managing Projects™ it isa project life span model that divides the project life span into three distinct phases; which we explain here.

Enterprise Idea

The business concept is a crucial section of the project that spans a period from the concept for the venture until an initial decision to go ahead and encompass a feasibility study. The concept owner is likely to be the entrepreneur who has an thought for a enterprise that may very well be a passion, an earnings opportunity, filling a need, fixing a problem, among other drivers for the business.

This is the time for dreaming, but one has to be careful that the dream is realistic and it is possible to achieve. It's highly risky for somebody to launch a new venture without proper understanding of the challenges and opportunities, although one may argue in rare cases that spontaneous action may additionally lead to good profit.

Therefore, the entrepreneur (small business owner to be) has to review the feasibility of his idea, and for this we think that current business planning techniques are essential to make use of at this stage. However, in addition to the give attention to the financials, competition, market demand, operation and different factors, the entrepreneur needs to additionally think about Project Administration including proper Project Administration planning. Proper Project

Management planning consists of understanding of the stakeholders and their expectations and requirements, setting realistic time and price targets, have a fair understanding of the project and venture risks (threats and opportunities), in addition to different factors.

Development of the Enterprise Idea

The earlier section emphasizes the feasibility examine and the requirement for enterprise planning. With the business basics in place, Project Management will turn into more vital and the entrepreneur becomes a project manager.

So what will we do now? The project manager/entrepreneur needs to think and act per two features, sides of the identical coin. On one side he must think in regards to the project from idea to initial operations, however he can not ignore publish project completion, which would be leading and sustaining the enterprise (operations).

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