PROJECT MANAGEMENT AND ROLE OF PROJECT MANAGER

This part introduces the fundamentals of project management and its importance in business planning and execution. A project is a temporary and goal-oriented activity undertaken to create a unique product, service, or result within a specified time and budget. It involves careful planning, resource allocation, and coordination to achieve defined objectives. Projects can be categorized based on size, purpose, industry, technology, and investment, ranging from small business projects to large industrial and infrastructure projects.

The concept of the project life cycle is essential in project management, as it explains the different phases through which a project progresses—from initiation and planning to execution, monitoring, and closure. Each phase has defined tasks and deliverables, helping in systematic project handling and control. A project has specific characteristics such as uniqueness, risk, time-bound execution, resource limitation, and interdependent activities.

Project identification is the initial step in the project formulation process where feasible and profitable business opportunities are recognized. After selecting a suitable project, a detailed project report is prepared, which includes information like project objectives, market analysis, technical feasibility, financial estimates, production plan, organizational structure, and risk evaluation. This report serves as a blueprint for project implementation and is also used to seek approval or financial assistance from institutions.

The role of the project manager is crucial in ensuring the successful completion of a project. The project manager is responsible for planning, organizing, coordinating, and controlling project activities. Key responsibilities include defining project scope, assigning tasks, managing resources, maintaining schedules, handling communication, and solving problems. Effective leadership, decision-making ability, and teamwork are essential traits of a successful project manager. This section emphasizes structured project planning as an important tool for business success and sustainability.

1. ENTREPRENEURSHIP PROJECT MANAGEMENT UNIT III

2. MEANING OF A PROJECT IN ENTREPRENEURSHIP In the context of entrepreneurship, a project refers to a temporary and goal-specific initiative undertaken by an entrepreneur to develop a new product, service, or business venture .

3. Examples of Entrepreneurial Projects New Venture Creation : Developing a complete business from idea to launch (e.g., a tech startup). Product Development : Designing and launching a new product to meet an identified market gap. Market Expansion : Entering a new geographic or demographic market segment. Franchise Setup : Establishing a franchise outlet as a strategic growth move. Digital Transformation Project : Implementing e-commerce or digital marketing solutions for an existing small business.

4. The Role of Projects in Entrepreneurial Success 1. Validate ideas before full-scale launch (pilot projects) 2. Control risk and manage limited resources 3. Align team efforts toward short-term and long-term business goals 4. Demonstrate progress to investors and stakeholders

5. The Project Triangle Scope , Time, and Cost

6. 1 . Scope Scope defines what the project will deliver. It includes the features of the product, the service framework, or the business goals. For example, in a startup building a mobile app, the scope might initially include only core features like login and ordering.

7. 2 . Time Time refers to the schedule for completing the project. It includes deadlines, phases, and key milestones like testing and launch. For instance, a food truck business might plan to launch before a city festival, making the timeline tight.

8. 3 . Cost Cost refers to the budget allocated for the project. It includes spending on materials, marketing, manpower, and other operational needs.

9. CATEGORIES OF PROJECTS Manufacturing Ventures Service-Based Ventures 3 . R&D Projects 4. Construction and IT Projects 5. Public vs. Private Projects

10. PROJECT LIFE CYCLE The Project Life Cycle refers to the structured process through which an entrepreneurial project progresses from idea generation to closure. It helps entrepreneurs manage tasks systematically, allocate resources effectively, and improve the chances of success.

11. Project Life Cycle The Project Life Cycle refers to the structured process through which an entrepreneurial project progresses from idea generation to closure.

12. Key Stages of the Project Life Cycle: Idea Stage – The project starts with a new idea or opportunity. Planning Stage – A clear plan is made, including goals, tasks, and resources. Execution Stage – The actual work is done as per the plan. Monitoring Stage – Progress is tracked to ensure everything is on time and within budget. Closure Stage – The project is completed, reviewed, and officially closed.

13. Importance of Following a Project Life Cycle Ensures Clarity and Structure Minimizes Risks and Mistakes Improves Resource Utilization Enhances Communication and Team Coordination Boosts Project Success and Investor Confidence

14. PHASES OF A PROJECT (Meaning) Phases of a project refer to the major sequential stages an entrepreneurial project goes through from conception to completion. While similar to the life cycle, “phases” emphasize practical steps entrepreneurs follow in real-time.

15. Phases 1 . Idea Generation 2 . Feasibility Analysis 3 . Planning and Approval 4 . Execution and Control 5 . Completion and Review

16. Importance of Following Project Phases 1. Clear Direction and Focus 2. Better Resource Allocation 3. Improved Risk Management 4. Easier Monitoring and Evaluation 5. Enhances Team Coordination

17. Tools Used in Different Phases 1. Tools for Idea Generation Miro , Jamboard , Google Forms, and Mind Maps help visualize ideas and gather feedback to build a strong foundation. 2. Tools for Planning Gantt charts, Business Model Canvas, and Excel sheets help in scheduling, budgeting, and identifying risks and dependencies. 3. Tools for Execution Trello , Asana, Slack, and Google Workspace enable task management, communication, and collaboration during implementation. 4. Tools for Monitoring and Review Google Data Studio, Clockify , feedback forms, and performance sheets track progress, ensure accountability, and guide future action.

18. Characteristics of Entrepreneurial Projects 1. Unique and Goal-Oriented 2. Time-Bound 3. Involves Risk and Resources 4. Interdisciplinary and Structured 5. Customer-Centric and Value-Driven 6. Progressive Elaboration 7. Change-Oriented and Transformational 8. Measurable and Performance-Based

19. PROJECT IDENTIFICATION Project identification is the process of generating, evaluating, and selecting business ideas that have the potential to become successful ventures.

20. Steps in the Project Identification Process 1. Idea Generation 2. Preliminary Screening 3. Detailed Analysis 4. Feasibility Study 5. Final Selection

21. Factors Influencing Project Identification Entrepreneur’s background (skills, experience, interest) Market conditions (demand, competition, customer needs) Economic environment (inflation, policy, funding availability) Technological developments (disruptive innovations) Legal and social environment (rules, cultural factors)

22. PROJECT REPORT A project report is a detailed document that explains the business idea and how it will be executed. It serves as a blueprint for the venture and includes all relevant analyses, plans, and projections.

23. CONTENTS OF A PROJECT REPORT Executive Summary Market and Technical Analysis Financial Planning Legal, Environmental, and Risk Analysis Implementation Plan and Timeline

24. PROJECT MANAGER In the context of entrepreneurship, the project manager is often the entrepreneur or startup founder. Their main role is to convert the business idea into a real, functioning enterprise. This means they take charge of the planning, execution, monitoring, and closing of the project.

25. Key characteristics and functional roles 1. Visionary 2. Planner 3. Leader 4. Communicator 5. Executor

26. Core Responsibilities of a Project Manager Defining Objectives and Success Criteria Planning Tasks and Allocating Resources Monitoring Team Activities, Quality, and Expenses Engaging with Stakeholders (Customers, Investors, Vendors) Documentation and Reporting Closing or Scaling the Project