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PRESENTATION OUTLINE
Introduction
Literature Reviews
Conceptual Framework
Competence and Entrepreneurship Competence
Areas of Project management
The role of project evaluation and management
competence in successful entrepreneurship
Conclusion
INTRODUCTION
Alh. Alinko Dangote is one of the most famous entrepreneur and business mogul in Nigeria. His business conglomerate “Dangote Group” has over the years contributed to economic development of Nigeria. He has with hs creativity and entrepreneurial foresightedness diversified his investments in Nigeria and around the African countries with sugar refining factory, cement manufacturing plants, stock market hauling and logistics.
INTRODUCTION
Donald J. Trump may have of recently turned to be a politician; he is the largest real estate developer in US.With his wealth, “The Donald” as he is often called has contributed to charity organizations, contributed same to political campagn fund raising of some prominent US politicians.
INTRODUCTION
Wale Adenuga is one among few Nigerian business tycoon contributing to the economic development of the country. His business investment is mainly in telecommunication (Globacom) and entertainment with “Wale Adenuga Production” the producer of the popular “Super Story” television series.
INTRODUCTION
Bill Gate is not only and investor, he is an entrepreneur and the co-founder of Microsoft Incorporation which concerned with software development.Bill Gate with his wife have like many successful entrepreneur contributed to the development of the countries and the world at large. Together they own the Bill and Melinda foundation which has been doing a lot of work in US and around the globe.
INTRODUCTION The pivotal position occupied by entrepreneurship as a sustainable tool for rapid
economic growth and development in any country cannot be over emphasized.
Entrepreneurship though have played and can play more positive role in achieving
sustainable economic growth and development in the countries of the world, is not
an easy vocation as it does not always guarantee a hundred percent success. .
Project and Evaluation Competence is a can-not –do-without prerequisite
competence for any successful entrepreneurship.
LITERATURE REVIEWS Entrepreneurial activities are mostly composed of Small and Medium Scale Enterprises
(SMEs)are known to have contributed significantly to economic development, job creation
and sustainable livelihood (NIPC, 2003).
Inyang and Enuoh, (2009) further outlined similar agencies to include Niger Delta
Development Commission Skills Acquisition Centers Programme which is concerned with
building the capacity of various technical and productive centers in order to enable them
absorb and train youths in their areas of operations.
Rosária de Fatima Segger Macri Russo and Roberto Sbragia, (2010) the operational
responsibilities of a project manager (planning and controlling) are in stark contrast to the
characteristics of an entrepreneur.
Most of the entrepreneurial competencies have been studied in isolation and with little effort in
recognizing their mutual relationships (Edgar, Dirk and Danny, 2005; Markman, 2007; Mitchelmore and
Rowley, 2010).
For example, Entrepreneurs on one hand considered decision making the most important competency
while scholars in their different writings are in support of identifying business opportunities
competency as the most important when embarking on an entrepreneurial venture (Edgar, Dirk and
Danny, 2005).
According to Laguna, Wiechetek, and Talik, (2013) , general and specific managerial competency is
significant predictor of success in running a business. They further stated that specific managerial
competency demonstrated to be a mediator between general competencies and Small and Medium
Scale Enterprises (SMEs) success.
LITERATURES REVIEW
CONCEPTUAL FRAME WORK Entrepreneurship may be defined as the process through which something new and valuable
is created through the dedication and effort of someone who takes on financial,
psychological, and social risks and seeks personal satisfaction and monetary rewards (Hisrich
& Peters 1986).
European Commission, (2006) defined Entrepreneurship as a dynamic and social process
where individuals, alone or in collaboration, identify opportunities for innovation and act
upon these by transforming ideas into practical and targeted activities, whether in a social,
cultural or economic context.
Entrepreneurship is the process of creating something new or adding value to the economy
through taking risk and rewards associated with the process (Eneji,2014)
Every career draws on the competencies of an individual; for every task one needs certain competencies.
CONCEPTUAL FRAME WORK
Every career draws on the competencies of an individual; for every task one needs certain competencies.
ENTREPRENEURIAL COMPETENCETime Management skillCommunication skillHuman Resources Management skillMarketing Management skill
Adherence to Business EthicsSocial Responsibilities skill
Financial Management skillLeadership skills
Decision making skill
WHAT IS A PROJECT?o Project can be defined as any activity that has to be executed with sets of orderly actions
undertaken for creation of a unique product, service, or result.o Project is an action oriented options for investment having a specific beginning and an end;
project in other words is an action taking process.
CHARACTERISTICS OF PROJECT Objective: Every project has a well-defined set of objective; the objective of the
project is implicitly submerged in the scope of the project concerned. Life Span: A project has a limited and specified life span. The life span of a project
cannot be fixed in term of specific space of time. Single Entity: A project as an action oriented and constituting of multiple sets of
orderly execution of activities are jointly identified as one whole single programme.
Team work: Despite diversity of work, a project is characterized by team work. Life Cycle: As said earlier, a project work comprises of several distinct activities.
These sets of activities are broadly categorized into different stages commonly referred to collectively as the project cycle.
WHAT IS PROJECT EVALUATION?• OECD/DAC (2002) defined evaluation as an assessment as systematic and objective as
possible, of an ongoing or completed project, programme or policy, its design, implementation and results.
• The concept of project evaluation can be understood as the basement of assessment of the level of expected or actual success and progress recorded from an investment project.
FEASIBILITY ANALYSISi. Legal indicators ii. Marketing indicatorsiii. Technology indicators iv. Physical indicatorsv. Environmental indicators
VIABILITY ANALYSISi. Cost of the projectii. Source of cost of the projectiii. Return on salesiv. Time and rewardv. Net Present Valuevi. Internal Rate of Return
WHAT IS PROJECT MANAGEMENT?
Project management is the process of applying knowledge, skills, tools, and techniques to executing project activities in other to meet project objective requirements.
The nucleus of the project management is to coordinate and guarantee the quality of the project work and thus the success of the project objective.
Project management is an interrelated group of processes that enables the project team to achieve a successful project goal.
AREAS OF PROJECT KNOWLEDGE/MANAGEMENT
1. Scope management: The scope of the project defined everything that needed to be done, how are they to be done, when at the course of project implementation are they supposed to be done and where are the appropriate places for the execution of tasks making up the project so that intended product or result can be achieved and nothing more.
2. Time management: Time management in fact goes beyond knowing what time is, it includes scheduling, prioritizing, avoiding procrastinations by doing the right task at the right time as scheduled (Dan-Abu, 2015).
3. Cost management: Once we have figured out our project objectives, activities, schedule, needed manpower and other inputs we can estimate what the project will cost.
4. Quality management: The essence of every project encompasses the delivery of quality results; this is true of every project being it for the purpose of rendering services, products production or selling of products.
5. Risk management: Risk was defined as the variability of possible outcomes from that which was expected (Van Horne, 1998).
6. Human Resources management: The effective management of the human resources in a project determines the success or failure of the enterprise undertaking the project because all other resources (inanimate) depend on the human element. To successfully manage human resources and consequently a project, project manager need to fully comprehend what is a team and how team operates?
7. Communication management: Every successful project implementation begins with reckoning and communicating with all of those people who are to be carried on board for successful realization of the project objectives; these include executives, customers, team members, and stakeholders.
8. Procurement Management: Every project need resources for it implementation. Procurement involves the sourcing and purchasing of inputs required for executing a project and making arrangement for their delivering at appropriate time when needed.
9. Project Integration Management: The role of project integration management is keeping all other areas of project management together. Project management areas integration skill is imperative for the successful implementation of project; to fully comprehend its significance in project management, it will be necessary to elaborate with an illustration.
THE ROLE OF PROJECT EVALUATION AND MANAGEMENT COMPETENCE
IN SUCCESSFUL ENTREPRENEURSHIP
A strong entrepreneurship commitment to developing and acquiring project evaluation and management competency can lead to better results and long-term business value. The benefits derivable from developing project evaluation and management competency in successful entrepreneurship can be summarized under :
• Lower costs benefit• Greater efficiencies benefits• Greater competitive advantage benefit• Opportunities identification benefits • Superior venture strategies and visions benefit • Venture growth/expansion benefit.
1. Lower Costs Benefit: Every project has a cost with a budget constraint; one of the objectives of every project and project success criteria (e.g cost-benefit analysis), therefore, is to minimize cost of project in relation to its benefits.
2. Greater Efficiencies Benefits: The core objective of project evaluation and management is of course, the judicious, efficient and optimal use of scarce resources, avoidance of wastages and ensuring project are delivered on scheduled completion date.
3. Greater Competitive Advantage Benefits: Economist Intelligence Unit, (2009) in survey result indicated that ninety percent of global senior executives ranked project management methods as either critical or somewhat important to their ability to deliver successful projects and remain competitive in their various businesses.
4. Opportunities Identification Benefits: Good project evaluation and management discipline stops entrepreneur from pursuing and spending money on projects with likelihood of failure. It helps also in reducing the chances of project failure after successful identification of venture opportunity. More competent entrepreneurs choose to exploit better entrepreneurial venture opportunities in terms of quality and fit.
5. Superior Venture Strategies and Visions Benefit: The strategies and visions of any business enterprise are linked to the execution of their projects. The more competent an entrepreneur is, the more likely he/she is able to formulate superior strategies that fit their business model.
6. Venture Growth/Expansion Benefit: Essentially, all enterprises realize their long range growth strategies through the creation, planning, and execution of unique efforts that we call projects. A survey by consulting giant McKinsey & Co., (2010) found that nearly 60 percent of senior executives said building a strong project management discipline is a top-three priority for their companies as they look to the future.
CONCLUSIONProject evaluation and management competence as seen is an important competence
required for any successful entrepreneurial activities. This is because; it encompasses
the effective combinations of other necessary entrepreneurial competencies at the
course of executing business projects. It is thus, suggested that potential and current
entrepreneurs who lack adequate knowledge in project evaluation and management
should be trained and retrained to be able to keep up with the dynamics of daily
business project execution to reduce the high rate of business crash landing to enable
entrepreneurship play it full role as a sustainable tool for rapid economic growth and
development in Nigeria.
Thank you for listeningBy: Dan-Abu Michael Ngbede
Economics Department University of Jos
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