Product lifecycle management- What Are the Main Objectives of Project Management?

Product lifecycle management- What Are the Main Objectives of Project Management?

Project management is an extremely powerful discipline and skill-set that can make significant improvements to a business. It achieves this  through creating new products and services, improving how businesses do things and More »

Basics of Product Lifecycle Management

Basics of Product Lifecycle Management

Production Lifecycle Management (PLM) is a strategic approach to business that uses a consistent set of solutions to facilitate the creation, distribution and management of the product development process. PLM integrates all More »

 

5 Tips to Make This the Year You Become a Successful Entrepreneur

product lifecycle management

In a 2016 address from the Kauffman Foundation, President and CEO Tom McDonnell announced that his organization plans to focus on the challenges that today’s entrepreneurs face in America. Named “America’s New Entrepreneurial Growth Initiative,” the goal is to “devise the proper policy framework that can stimulate an era of renewed entrepreneurial growth.”

Over the past several years, while many entrepreneurs entered business as part of a life plan, others became self-employed by default. They lost their jobs and because of the downturn in employment, found it easier to open their own business than search for a non-existent job.

 

Regardless of your reasons for starting your small business, to make it successful means you need to devise your own plan for entrepreneurial success and growth. This requires certain qualities and skills. Here are five that could make this the year you become a successful entrepreneur.

 

Be Driven

good product lifecycle management

No entrepreneur can ever hope to be successful without the proper amount of motivation. Not just the everyday variety, it takes killer instinct. Being an entrepreneur takes someone who doesn’t want to wait for things to happen. They want to make things happen. They have a dream – a passion – they feel compelled to follow.

 

Develop Your Intuition

 

Some people call this gut instinct. It’s more. It’s a highly developed sense of what works. It may be innate. It may come from years of experience and practice. Likely, it’s a combination of both. It includes an understanding of what you are and are not capable of handling on your own. Knowing when you should find an accountant, contract with a web consultant, or hire your first employee.

 

Product Lifecycle Management

 

Tolerance is vital for successful entrepreneurs. Along with being risk tolerant, you need to be able to tolerate challenges, obstacles, and ambiguity. So much is beyond your control. The funding you need might not materialize. The customers you target may not embrace your product lifecycle. Entrepreneurs need to be tenacious with a constant sense of optimism. The SWOT (strengths, weaknesses, opportunities, threats) analysis just may become your best friend.

lifecycle management

Gain a Keen Business Sense

 

Running a successful business is all about attracting customers in order to keep a sufficient flow of income coming into the business and protecting against natural customer attrition. This allows you to continue to develop and grow your business. It’s the normal product lifecycle management. You might not have an expertise in sales, cash flow, business development, and finances. However, you need to know how to manage these areas and identify people who can support you.

 

Bathe Yourself in Innovation

 

Begin with a unique business concept. Create an interesting and attention-grabbing method of marketing it. Surround yourself with creative people who will help you run the business. You could be well on your way to becoming a successful entrepreneur.

 

It takes more than just a great idea to become a successful entrepreneur. You need to not only be the driving force behind it you need the talent to keep it operational for many years to come.

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