How Viewing Your Business as a Short-Term Project Can Improve Your Success

In business, I suggest changing the way of thinking from the traditional story of persistence and struggle to a more rational way. Entrepreneurs often praise their ability to endure challenges and overcome obstacles, but I believe that entrepreneurship should be viewed as project management.

In this view, business endeavors are short-term, goal-oriented projects with defined start and “end” dates. Emphasis should be on both project consistency and having a pre-determined exit strategy. Entrepreneurs should focus on efficiency and results rather than long-term struggles, acting as creative project managers rather than heroes.

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Every entrepreneurial endeavor is really a job

Entrepreneurs need to start thinking of their business endeavors as projects. A project is a short-term 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 “finish” part of the project. Entrepreneurs often fall into the trap of thinking that once they start a business, they must continue with it forever without looking at a clear end. I suggest that entrepreneurs should change their way of managing their business by setting a date to finish their work and plan to exit on that day.

This approach encourages entrepreneurs to be strategic and goal-oriented. By managing their businesses like projects, they can define clear goals, allocate resources effectively and focus on solving specific problems within a defined time frame. This mindset also helps avoid the common pitfall of emotional attachment to a business, which can lead to irrational decision-making and protracted struggles that drain valuable resources.

SMART attributes

An important aspect of project management is the business case. A project is a short-term effort that exists to solve a specific problem, and this problem is defined in a basic business case. The business case justifies the existence of the project by describing its objectives, expected benefits and the resources needed to achieve those benefits. In business, success depends on the SMART aspects of the business case, which will be driven by the project.

SMART attributes ensure that the business case is specific, measurable, achievable, relevant and timely. These criteria provide a clear framework for entrepreneurs to follow, helping them create focused and actionable plans that can lead to success. By ensuring that the business case is consistent with these qualities, entrepreneurs can avoid vague or ambitious goals that are difficult to achieve. Instead, they can focus on creating realistic, well-defined strategies 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?

Focusing on deadlines and consistency

Among the SMART attributes, focus on punctuality and consistency are the most important for entrepreneurs. The time-bound attribute means that entrepreneurs need a predetermined exit date for their business endeavors. Business formation should not be viewed as an open-ended commitment that continues until external circumstances force an exit. Instead, entrepreneurs should plan an exit from the beginning, set a clear timeline for when they intend to finish their project and move on to the next opportunity.

At the same time, compliance requires continuous monitoring to ensure that the business case remains operational within the prescribed time frame. Just because a business case is important during implementation does not mean it will remain so throughout the project’s life cycle.

Entrepreneurs should monitor to check whether their projects are able to deliver the intended benefits according to the exit time. This continuous evaluation helps entrepreneurs avoid making efforts that have lost their value due to changing circumstances, in line with their exit time.

Coping with changing circumstances

In business, changing conditions are inevitable. Both internal and external factors can continuously influence the relevance of the business and the ability of the entrepreneur to achieve the intended benefits during the exit period. These factors may include changing market conditions, technological advances, regulatory changes or unforeseen events that disrupt the original plan. Businesses must remain vigilant and flexible, ready to respond to these changes as they arise.

Sometimes, these changing conditions may cause the need to leave early. In such situations, it is important for entrepreneurs to avoid the temptation to struggle, trying to keep the business running by all means. I suggest that entrepreneurs remember that they are not heroes; they are effective project managers. The aim is to exit the business with recoverable losses and contain the leakage of valuable resources in time, rather than allowing the situation to deteriorate further.

This approach emphasizes the importance of making strategic decisions based on current factors rather than clinging to outdated systems. By being willing to exit early when necessary, entrepreneurs can conserve their resources and focus on new opportunities that may offer a better chance of success. This concept also helps entrepreneurs avoid the emotional trauma and financial stress that can result from long-term problems in a failing business.

Related: Planning Your Exit Should Start When You Launch

In conclusion, I suggest that entrepreneurs change their thinking from heroic individuals who endure endless struggles to active project managers who view their business endeavors as short-term projects with specific goals. By focusing on the time-bound and relevant aspects of their business, entrepreneurs can ensure that their efforts are always aligned with the intended benefits. When conditions change, entrepreneurs must be ready to exit early if necessary, prioritizing the preservation of resources over a long struggle.

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