What is the difference between project planning from entrepreneurship

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Not every project manager is an entrepreneur, but all entrepreneurs need to be project managers if they want their business to succeed. Whether it’s developing a new product or securing investment, where the process involves a series of steps, it should be managed like any other project.

A project plan defines project goals and objectives, specifies tasks, and how goals will be achieved, and identify what resources will be needed and associated budgets and timelines for completion. A project plan defines all work in a project and identifies who will do it. A typical project plan consists of A statement of work, a resource list, a work breakdown structure, a project schedule, and a risk plan.

Having a well-developed project plan is one of the critical success factors for projects. A project plan is the Project Manager’s communications and control tool for use throughout the lifecycle of the project. Project plans are living documents, which provide project direction. Project plans contain all of the planning documents that are part of the entire process. Components of the project plan include baselines, baseline management plans, risk management, quality, procurement, resourcing and communications.

The project plan identifies the roles and responsibilities of stakeholders. The project manager gets clarity and agreement on what will be done, by whom, as well as which decisions each stakeholder will make. The scope of work statement is one of the most important documents in the project plan. The scope includes the business need and business problem, the project objectives, deliverables, and key milestones.

Project baselines are established in the project plan. These baselines include scope, schedule and cost baselines. The scope baseline will include all of the deliverables produced on the project. The deliverables can be developed into a work breakdown structure. Schedule and cost baselines will include estimates of the time to complete each task and the cost of each task. Task dependency is identified in order to develop the critical path.

The project plan will also include a scope change plan, a process for issue escalation, a risk management plan and most importantly a communications plan. Project managers spend a lot of time developing clear project plans. A well thought out project plan leads to smooth execution and successful completion.

entrepreneurship as a concept first appeared in the French dictionary in 1943, defining an individual as an active person that gets things done; the term entrepreneur had been used in Europe since the feudal political system. It was during the Middle Ages when emerging cities created the ground for an entrepreneur to market their productions from raw material, which being an entrepreneur was usually seen as someone tough and willing to risk life for a fortune. (Cornelius 2006).

In the 18th century, the French economist Jean Baptiste Say, describes the entrepreneurial activities and the location of the entrepreneur in the economy. He sees the entrepreneur as a negotiator between the manufacture and the knowledge, i.e. the reason for creating various ways of producing a product or service. Furthermore Say states that entrepreneurs are creators and doers that possess the ability to match knowledge and resources with the people.

Mutual Relations of Innovation, Entrepreneurship and Project Management. |  Download Scientific Diagram

The nature of the entrepreneurial decision making process.

 Intuition is a tool for decision making, but managers should only use it selectively and base decisions on facts rather than “gut feeling”. When deciding, it is mandatory to consider the risks of the actions being taken as well as the potential future situations. The value of intuition is embraced when detailed information and a conscious review of the course that could be taken are considered. Entrepreneurs can use intuition as an effective approach to important decisions when planning or adjusting, but in order to have a correct decision made; facts and a quantitative analysis must be obtained and considered. When the facts are gathered and analyzed, intuition presents the path for obtaining the best outcome of the situation. On the other hand intuition is a useful tool and especially adequate when a decision requires a rapid response, a fast paced change. It is also tolerable to rely only on intuition when there is no precedent or possibility of analysis. Furthermore, when the environment is hard to analyze due to rapid change or when the problem is poorly structured because of conflicting or ambiguous information; intuition is the advisable way of decision-making