The paper "Business Start-up and Future Planning" is a good example of business coursework. According to Furman (2011), a project is considered a temporary and unique work effort that has a specific date that it begins and date that it ends which develops a result, product or service. In any project, a team is assembled and is committed to working towards particular goals. Project management refers to the application of skill, knowledge as well as techniques so that projects can be executed efficiently and effectively. Project management is a strategic competency for organizations, this enables organizations to tie the project results to the expected business goals, and therefore this helps ineffective competition in the market.
Project management is undertaken by project managers who ensure that there are adequate planning, supervision and organization of the project and works proactively to ensure that the project is successful (Pmp & Knapp, 2010). The project management process can be divided into five broad groups: initiating, planning, executing, monitoring, controlling, and closing. Often project managers use full-time employees or consultants in executing the project. Usually, there is a project manager on the side of the client and client’ s project manager running the project. There is a myriad of factors that contribute to the success of failure of any business, nonetheless the main factor that warranty failure is lack of detailed and realistic action plan.
The first step before any small business is opened is that the manager should have realistic as well as specific goals (Smith, 2012). Experience can be instrumental in determining whether the goals set are specific and realistic. In businesses that are established past history can be pertinent in providing a clue regarding the suitability of the set goals.
In the case of a franchise business, the franchisor can help in developing realistic as well as specific goals basing on the long experience he has in the industry. On the other hand, for an independent startup, it necessitates significant research. In this case, the proprietor can talk to other business owners in the area that is considered for the new business. It is also pertinent to talk to other business owners in the line of business that the new entrepreneur intends to venture.
Some of the questions that the new entrepreneur can ask include costs, customer traffic and revenues. Upon gathering this information the new entrepreneur can go ahead to set his goals. The second step is identifying resources, activities as well as responsibilities. The new entrepreneur has to ensure that he informs customers regarding what you are offering and when they can patronize you. Most startups have to entice their first customers using special events as well as couponing. The new entrepreneur has to identify specific marketing as well as sales activities, which will bring him, customers.
It is important to have a list that contains all the resources that are available in your area, for instance, public relations, media and signage. It is important for the entrepreneur to outsource when he can and can also hire in case it necessary. The entrepreneur can also do everything by himself if he must do it. It is prudent to have a list of responsibilities for all the activities and the staff and contractors ought to be held accountable for everything that is taking place.
Thirdly, it is important for the new entrepreneur to define his table. Often the timetable has a close relationship with the capitalization. Different sectors have different time-tested standards for profitability. For instance, a restaurant can take 4 years before it becomes profitable, but a house painter can be profitable after 5 months (Reuvid, 2011).
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