4 reasons entrepreneurs should consider studying Project Management
It can be extremely beneficial to have a project manager at the helm of a business, with many needing a project managers to succeed. But why? Let’s discuss 4 of the most important reasons entrepreneurs could benefit from studying project management:
1. Learning the best methods for building teams
Despite a lot of talk about artificial intelligence, it’s teams of people that are still at the heart of successful businesses. This may change in the far distant future — but in the present, if you hope to enjoy success in your company’s mission you need to understand how to organise and build a team. The team members need to trust each other, cooperate with each other, complement each other’s strengths, compensate for each other’s weaknesses and accomplish all the tasks that will make your company profitable.
Project management training is not the only way to accomplish this goal – but it is one of the easiest, most straightforward and fastest ways to gain team building expertise.
2. Perfect your problem-solving skills
No business ever operates in a trouble-free environment – and the same sorts of problems can plague all kinds of businesses. Well-trained project managers have developed a keen understanding of the likeliest potential trouble spots that can arise in business situations. They’ve also mastered the art of proactively fixing the problems that arise.
You can either pay someone to be your top troubleshooter, or you can do it yourself. It’s your choice. Either way, someone will need to assume this role; it cannot be neglected.
3. Determining a company’s means of achieving success
What products or services will your company offer to the public? How will your team determine if there is a market for the products or services you plan to sell – and how will you reach the market that exists for your offerings? Who will create the products or perform the labour? How will your team ensure that you can fulfill the orders your customers place for your goods? How will you ensure that payment is actually collected for the goods you sell or the services you perform?
All businesses must answer these questions. The problem is, a wrong answer to any of these critical questions can lead to failure of the businesses. One of the key differences between businesses that succeed and businesses that fail: the ability to continually refine the answers to these questions to arrive at a workable plan. When any aspect of the plan needs to be adjusted, the company’s leadership must acknowledge and address the necessity of pivoting to a different strategy.
Most entrepreneurs do not inherently possess the knowledge-base or the skill set to accomplish this unless project managers have influenced their thinking. One of the fundamental concepts project managers learn during their training is known as progressive elaboration, which is basically a strategy for refining the business plan until it works.
It’s essential for a company’s leadership to understand when to pivot versus when to keep going with a plan that hasn’t yet succeeded, but will in the long-term. Amazon.com is a perfect example; the company was notoriously unprofitable in its first few years of existence, yet the company’s business plan turned out to be solid and hugely profitable in the long-term.
4. Impress a company’s prospective clients with the right project management credentials
Clients choose to use the services of one business over another for a broad variety of reasons. Many gravitate to businesses because of the brand the business has cultivated — or even because of the entrepreneur’s personal brand. As the leader of your company, your academic credentials can contribute significantly to the value of your company’s brand.
Because your company’s customers will be likely to want verifiable assurance that your company can fulfill their needs, project management credentials can help to strengthen your company’s brand. Consider the impact it will make on a potential customer when your salesperson says to her, “Our founder holds a master’s degree in project management”. If your business operates in a space where skillful project management is expected, statements like this can help your sales staff to close deals.
Keep in mind that the reputation of the conferring academic institution can also make a difference in the way customers perceive your company. It’s far more impressive to earn your project management degree from a top-tier university than it is to study at an unknown institution.
So there you have it, four of the most important reasons entrepreneurs should consider studying project management. These are not the only excellent reasons you might find a project management degree beneficial, but they’re some of the most compelling reasons an entrepreneur might want to obtain the degree. For those who are time-poor, consider opting for a project management course online.
Whether or not you decide to become a project manager yourself, do give some thought to whether your team needs project managers. The answer to that question is probably YES. If it is, you’ll want to consider either hiring or becoming a project manager.