In entrepreneurship, I suggest a shift in mindset from the traditional narrative of perseverance and struggle to a more pragmatic approach. Entrepreneurs often praise their ability to endure challenges and overcome obstacles, but I believe that entrepreneurship should be seen more as project management.

In this view, business endeavors are temporary, goal-oriented projects with defined start and “finish” dates. Emphasis should be on both the importance of the project and a predetermined exit strategy. Entrepreneurs should focus on efficiency and results rather than protracted battles, acting as pragmatic project managers rather than heroes.

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Every entrepreneurial endeavor is really a project

Entrepreneurs should start thinking of their business endeavors as projects. A project is a temporary endeavor with a specific start and end date, aimed at achieving a specific goal or solving a specific problem. In this context, the main focus is on the “completion” part of the project. Entrepreneurs often fall into the trap of thinking that once they start a business, they must continue it indefinitely without a clear end point in mind. I suggest that entrepreneurs should change their approach to business administration by setting an end date for their efforts and planning to go out until that date.

This approach encourages entrepreneurs to be more strategic and goal-oriented. By treating their businesses as projects, they can set clear objectives, allocate resources effectively, and focus on solving specific problems within a defined timeframe. This mindset also helps avoid the common pitfall of becoming emotionally attached to a business, which can lead to irrational decision-making and protracted battles that waste valuable resources.

SMART Attributes

A key aspect of project management is the business case. A project is a temporary effort that exists to solve a specific problem, and that problem is defined in the underlying business case. The business case justifies the existence of the project by describing its objectives, expected benefits and the resources needed to achieve these benefits. In business, success depends on SMART attributes of the business case, which will be driven by the project.

SMART attributes ensure that the business case is specific, measurable, achievable, relevant and time-bound. These criteria provide a clear framework for entrepreneurs to follow, helping them create focused, actionable plans that are more likely to lead to success. By ensuring that the business case adheres to these attributes, entrepreneurs can avoid ambiguity or overly ambitious goals which are difficult to achieve. Instead, they can focus on creating realistic, well-defined plans that guide their efforts and increase the likelihood of delivering the intended benefits.

Related: What are SMART goals and how can you set and achieve them?

Focus on time and importance

Among the SMART attributes, focusing on time and importance is particularly crucial for entrepreneurs. The time-bound attribute means that entrepreneurs must have a predetermined exit date for their business endeavors. Business creation should not be seen as an endless commitment that continues until external circumstances force an exit. Instead, entrepreneurs should actively plan for an exit since the beginningsetting a clear timeline for when they intend to complete their project and move on to the next opportunity.

At the same time, relevance requires constant monitoring to ensure that the business case remains valid within the defined time frame. Just because a business case is important at the time of initiation does not mean that it will remain so throughout the life cycle of the project.

Entrepreneurs must be vigilant in assessing whether their projects are able to deliver the intended benefits in accordance with the timing of the exit. This constant evaluation helps entrepreneurs avoid efforts that have lost their relevance due to changing circumstances, in accordance with their exit time.

Dealing with changing circumstances

In business, change of circumstances are inevitable. Both internal and external factors can continuously affect the importance of a business case and the entrepreneur's ability to achieve the intended benefits within the exit time frame. These factors may include changes in market conditions, technological advances, regulatory changes, or unforeseen events that disrupt the original plan. Entrepreneurs must remain alert and adaptable, ready to respond to these changes as they arise.

Sometimes, these changing circumstances may even trigger the need for an early exit. In such cases, it is essential that entrepreneurs avoid the temptation to struggle, trying to keep the business afloat at all costs. I suggest that entrepreneurs remember that they are not heroes; they are pragmatic project managers. The goal is to exit the venture with a recoverable loss and stem the flow of valuable resources at the right time, rather than allowing the situation to deteriorate further.

This approach emphasizes the importance of doing strategic decisions based on current realities and not clinging to outdated plans. By being willing to leave early when necessary, entrepreneurs can conserve their resources and focus on new opportunities that may offer a better chance of success. This mindset also helps entrepreneurs avoid the emotional strain and financial strain that can result from prolonged struggles in a failing business.

Related: Planning your exit should start when you leave

In conclusion, I suggest that entrepreneurs shift their mindset from being heroic figures who endure endless struggles to pragmatic project managers who see their business endeavors as temporary projects with specific goals. By focusing on the time-constrained and important aspects of their business case, entrepreneurs can ensure that their efforts remain aligned with the intended benefits. When circumstances change, entrepreneurs must be prepared to exit early if necessary, prioritizing conservation of resources over protracted struggles.

After all, success in entrepreneurship comes from strategic decision-making and adaptability, not from being a hero. Entrepreneurs who adopt this pragmatic approach will be better equipped to navigate the challenges of business ownership and achieve their goals more efficiently and effectively.