Entrepreneurial project analysis, project analysis, entrepreneurial project. The 2 most famous entrepreneurial project analysis tools. Learn about them in detail.

In the current era of openness, the world has become accepting of any new idea and achieves great success, so transforming your idea into a project has become possible, but you must first analyze the entrepreneurial project that you are planning to implement, which will reduce the failure rates of the project and increase the percentage of profits, which will make you stand on the right path to build your entrepreneurial project. Implementing any new idea or even creating a project with a familiar idea must be according to the correct steps, starting with planning and good analysis before starting implementation, so today we present to you the correct strategies that you can rely on, as a first step towards your path in the world of entrepreneurs. We are pleased to inform you of this article’s 30 steps to make you a successful entrepreneur – a new vision for better work.

Stages of launching a pioneering project

Having a good idea is a good thing, and starting to implement this idea is a great thing, but this is not enough for the success of the project, as the beginning of success begins with good planning, and not taking random steps, as people may have unique and wonderful ideas, but they do not see the light due to not planning the project well and studying it well before implementation, so we will walk with you step by step in the steps of building your project according to an approved practical methodology. See What is the difference between an entrepreneurial project and a small business? .

First: Study the idea

In the modern era, the world has become more receptive to any new idea, and the world has become, as they say, like a small village, which increases the percentage of investors for your product, as you may target customers from outside your country, and therefore there has been a revolution in new ideas. So the beginning lies in having an idea as a basis before engaging in the process of analyzing the entrepreneurial project, and then you create a business model for the idea to see it better. Learn about the establishment and operating expenses of the entrepreneurial project and sales expectations at a rate close to 100%.

Not a mirage for an imaginary project, but a reality for a future project where you will develop a plan for how much you need to implement? Also, in this step, you have to identify the target customers, and it also helps you to identify all the resources and materials you need in the project, meaning that this step will make you see with your own eyes the possibility of implementing the idea on the ground, and the extent to which the implementation is compatible with your capabilities, as well as the success rate of the idea as a profitable commercial project.

Second: Experiment and testing

After completing the business model stage, you must prepare to go down to the ground and work on implementing the project seriously, but the entrepreneurial project differs from the traditional project, in that the entrepreneurial project has a new idea, so you must conduct a questionnaire, go down yourself to promote your idea, identify your customers, and ensure the extent of the success and effectiveness of the idea, that is, this step can be done as follows:

• 1- Knowing a problem your customers have. You must make sure that your idea is based on a problem that already exists among the target audience. The absence of a problem eliminates the need for the idea. First, you must make sure that the problem exists.

• 2- Ensure that your idea represents a real solution to this problem. This is done through a questionnaire that you conduct for a group of targeted people, either to identify the problem or to ensure that the project can solve this problem.

• 3- Conduct a questionnaire while creating a pilot model for the project, and create an illustration of the idea. By asking some of the targeted people, you can confirm the extent to which they welcome the project and the extent to which they benefit from it.

Third: Preparing and building the plan

After confirming the effectiveness of the idea, you now have to prepare for your project, and you can follow the following plan, as it will save you a lot of costs, and guarantee you an initial profit:

• Don’t launch your product with all its features at first, but work on launching it at the lowest possible cost with limited features, and then start adding additional features and improving it.

• You then have to work on publishing the product, promoting it, and urging customers to try the idea. You may initially rely on yourself in this step to reduce the cost.

• The most important point in this step is to set an appropriate price because an exaggerated price makes you lose customers, and a low price makes you lose profits; therefore, you must set an appropriate price.

• Then you need to set a set of metrics that you track periodically to measure the success of the project, for example, calculating the number of visitors or subscribers.

• Finally, you need to make sure that the project is profitable, by reviewing the financial model.

Fourth: Searching for investors and working on expanding the project

It is unfortunate to tell you that in the entrepreneurial project, launching the product or project does not mean the end and success of the idea, but it is only the first step, as you may be surprised by the presence of many problems and errors in the beginning, and here lies the importance of analyzing the entrepreneurial project, so you must make a growth plan:

• First, you have to meet customers, ask about problems, work on creating features that benefit customers, and eliminate the features that are not useful.

• If there is a problem using the product by some customers, which is very likely, you should explain in detail to the customer how to use it.

• You should use a set of metrics to track product growth and market fit.

• After making sure that the product is successful on the ground and that it is highly compatible with the labor market, you have to look for an investor, so that the idea is not stolen and implemented more widely, and after that, you cannot even compete.

• Finally, after the success of the experimental version of the idea, you have to work on expanding the project and spreading it more widely. The main reliance in this step is on money, in order to create a marketing campaign for the project. You have to start hiring people and work on developing your project.

Entrepreneurial project analysis

Implementing the project on the ground does not mean that you are finished and you have to sit and reap the profits, but you must always analyze the project and competitors, know the strengths and exploit them, and work on improving the weaknesses of your project. This process is carried out with a systematic strategy; you have two types of analysis:

• The first type: is analyzing the idea before implementing the project.
• The second type: is analyzing the project after it has already been implemented and succeeded.

First, PEST analysis is an analysis of the external and surrounding environment.

PEST analysis represents the first type of entrepreneurial project analysis, i.e. it is a tool for analyzing the project idea before implementing it and studying the environment surrounding the implementation, where:

• The first letter of the PEST analysis tool stands for Political, which means studying the political situation in the region where you want to implement the project, reviewing the country’s laws, and ensuring the validity of your idea and its non-contradiction with the laws in force in the country.

• The second letter E of the tool refers to studying the economic conditions of the place (Economic), and knowing the economic situation of the target group so that your product does not exceed their economic capacity, and thus you do not find customers for the product.

• The letter S refers to studying the social status of individuals, meaning knowing the clients closely by learning about customs and traditions to ensure the extent of their welcome of the project idea, and that it does not conflict with their beliefs and customs.

• The last letter T of the tool refers to studying the extent to which the surrounding community accepts modern technological techniques, and how you can exploit these techniques in implementing and spreading the idea.

By applying this tool, you will learn about the possibility of implementing your project in a specific place after studying all aspects of this place and the extent to which your target customers are receptive to the idea.

Second, a SWOT analysis of the entrepreneurial project

SWOT analysis is widely used in the world of entrepreneurs, as this analysis is based on revealing the strengths and weaknesses of the project while exploiting opportunities to increase strengths. One of the most famous models that relied on this analysis recently is the famous Coca-Cola Company, which was in 2005 when The company identified its strengths as a global brand with a well-known name in its field, but its weaknesses are that it is an unhealthy product with a threat of the spread of healthy drinks during this period, and the attraction of many customers to this new type. Therefore, the company took advantage of opportunities to improve the situation and maintain its high profit rates. Learn about the main activities of the entrepreneurial project (3 stages with a detailed explanation of each stage).

SWOT Analysis Definition

• This analysis is four-dimensional because it addresses four important dimensions of any project: strengths, weaknesses, opportunities, and threats.

• Studying strengths means looking into what distinguishes your project from competitors; it makes you excel over them. An example of this is the WhatsApp application. The strengths of the idea are that it is free and easy to use for customers.

• The weakness here means what the competitor has that your project or product lacks. As an illustration of the same previous example, the WhatsApp application cannot hold a group meeting and record this meeting, which is why people resort to Zoom and other applications for this feature.

• Opportunities are what you can exploit to outperform your competitors and increase your strengths. You should always work on improving the project over your competitor and exploit any opportunity to outperform it. For example, many people resort to using WhatsApp for its ease of use and low internet consumption. Therefore, you will find WhatsApp developers exploiting this and always working on adding services and features that are in line with new technologies that are easy to use and low in internet consumption.

• Threats Any project faces many threats such as the high price of raw materials used, and the attraction of customers to a new product; the project owner must try to limit these threats, and always be prepared for them so that they do not cause the project to fail. In our same example, we find that the threats facing the WhatsApp application are the spread of new applications with more features and have attracted a large number of WhatsApp users. Learn about the article Competitor analysis for your business. .

Entrepreneur Models

Leadership in the business world and implementing a new or innovative idea is not related to age as much as it depends on analysis and good planning, as we see the most famous models of entrepreneurs in the world of technology not exceeding 25 years of age when implementing their projects.

• Mark Zuckerberg launched Facebook in 2004 when he was nineteen years old, and we notice the continued success of Facebook, due to the ideal exploitation of the project’s strengths and working to enhance them.

• One of the most famous models in the field of entrepreneurship is Bill Gates, the owner of the famous Microsoft company. The company began in 1975 and faced many threats such as hackers stealing the programs it creates and creating loopholes in them, but Bill was able to overcome the threats and constantly develop the company until it became the global company Microsoft.

There are many models of entrepreneurs in this era that cannot be limited. We are in the era of the information and business revolution, and every person with an idea must exploit it well. As brief examples:

• Jan Koum, founder of WhatsApp.
• Peter Thiel, founder of PayPal.
• Reid Hoffman, founder of LinkedIn.
• Andrew Carnegie, founder of the Minerals Company.
• Harland Sanders, founder of the KFC chain.

Analyzing a pioneering project does not require a high cost, but it requires using a scientific strategy and working with it. In the end, the analysis process is the basic step to maintain the success of your project, continue profit, and maintain your position among your competitors. Hurry now to book your appointment with our experts Khutana to learn more about how to launch your pioneering project and get the necessary support to achieve your ambition.

Discover more articles:
Establishment and operating expenses for a pioneering project and sales expectations of close to 100%
Economic feasibility study, its importance, standards, and characteristics – 5 steps to implement it
The success of pioneering projects and 7 steps towards making glory and reaching the top

Questions about the article The 2 most famous tools for analyzing entrepreneurial projects. Learn about them in detail.