Often a new business such as a start-up begins at a smaller scale with little funds to invest in highly qualified and expert professionals. In such cases, it is the entrepreneurs that take up the roles of experts, mostly, the role of the project manager.
While there are no second thoughts about that fact that a start-up can survive with someone from top management acting as a project manager, competence is still the key. The question here is, how an entrepreneur can become competent enough to be the project manager and what is the course of action he/she might want take for to successful project management.
In this guide for entrepreneurs’ to become successful project managers, we will take you through some nuances of project management and how you can excel in them to take your business to new heights.
Before proceeding, you need to understand- what are the duties of a Project Manager. A project manager is responsible for the execution of every project the company takes up. Ideally, the role of the project manager in the organisation is to
- Planning the course of the project ranging from the design, execution, direction, control, and final results.
- Directs and motivates the team to work in the same direction to achieve organisational goals.
- Devise the best possible strategies and working out who is to accomplish which task according to the capabilities of each team member.
As an entrepreneur, if you want to take up the above roles and walk into the business world as a professional project manager, here are some expert tips for you:
- Do a Setback Analysis Prior to Starting the Project
As a good project manager would do, you need to begin with estimating the anticipated setbacks- difficulties in meeting the deadlines, complaints from the stakeholders, the difference of opinions in the team, and budget issues. When you know what setbacks could take place, you can viable solutions in place to turn setbacks into opportunities.
- Set Milestones and Achieve Them
A project manager is also a good leader who can keep the team together and work with everyone to create milestones in a project. Once a milestone is achieved in the given timeline, set sail for the new one. By setting smaller goals, the team with stay focused and work with more efficiency.
- Communication is the Key
When you are leading a team as a project manager, you are no longer the CEO or the Founder who will only communicate with upper management. As a project manager, you need to establish clear communication channels between the team and be very clear and precise to avoid misunderstandings.
- Allocate Resource, Budget, and Time with Care
Start-ups are often boot-strapping and have restraints related to time, budget, and other resources such as manpower. As a project manager, you need to make sure that none of the resources are getting wasted. To meet the deadlines, make sure that the timelines are met in time. And to ensure that the project doesn’t go over-budget and you are able to make enough profits, assign restricted funds to each department and make sure none of it goes into the bin.
- Obtain PMP Certification
When you are advancing towards starting your own business, there is no reason why you should waste your struggling years doing nothing but pitching. Yes, you can use your time to pass the PMP® Certification Exam, which will give you a professional certificate in project management.
What does PMP Stand for & what do you mean by PMP designation?
Stepping into the game professionally is the best you can do for you and your business’s growth. And, by obtaining a Project Management Professional (PMP) Certification, the Project Management Institute (PMI) certifies you to practice project management as an internationally recognized expert. It is a common standard that is accepted across industries.
How many PMP certified people are there in the world?
As per PMI’s data, 833,025 PMP professionals got certified before March 2018. It is a widely known and accepted certification amongst all certifications provided by PMI, reaching up to almost 93.5 percent. United States is the country with the highest number of PMP certified professionals and with the increasing demand for project managers in the country, the stats are expected to rise higher.
What are the eligibility requirements to take the PMP exam?
PMP is no cakewalk and requires you to work hard on your skills. Here are a few pre-requisites for taking the PMP Certification Test:
- Educational qualifications: A 4-Year degree with 4500 hours of leading and directing projects or a secondary degree with 7500 hours leading and directing projects.
- 35 hours of project management education
- An optional PMI Membership
- Application for the exam along with the fees ($405 for members and $555 for non-members)
- Appear for the exam and pass it.
To become a PMI Member, visit pmi.org and pay the one-time application fees ($10) along with annual membership fees ($129).
How can I get PMP designation?
Once you have applied for taking the PMP examination, you need to study the PMBOK® Guide and other resources to understand the niche that is project management. Once you have cleared the exam, you become a certified project management professional, giving you an upper hand over your competitors when you apply for project management jobs and gain global recognition.
What is the PMP exam?
A PMP exam is a structured test for those who want to obtain a certification in Project Management containing 200 multiple-choice questions, each with 4 alternatives. They are divided into 6 types:
- Formula-based questions
- The situational questions
- The knowledge-based PMP exam questions
- The interpretational questions
- The specific technique questions
- The PMBOK® Guide knowledge questions.
PMP Examination is a difficult exam so that only the best candidates are able to obtain the certification. Therefore, you need to work hard, go through the PMBOK® Guide as well as other third-party resources such as Rita Mulcahy and Andy Crowe, become a part of PMO workshops, give online PMP online simulators a shot, join study groups and forums, and take practice questions.
If you are wondering what is the PMBOK® Guide in project management, it is a manual that pertains to the best practices, terminologies, processes, and acceptable guidelines in the field.
Now that you know what are some steps you can follow to strengthen your project management game and ultimately that of your business, you can get away from hiring a Project Manager for the time being.
Posts by SpeakBindas Editorial Team.