0:01 [Music] welcome back to our ja company program Series today we're going to dive into an essential skill for any entrepreneur project management project management is an approach that is followed to help ensure that all Project work that must be done to create a product service or result is understood planned and completed within the constraints of time the schedule cost the budget and quality a project is a tempor AR Endeavor with a definite beginning and end and creates or produces a unique product service or result in the CP Journey mastering project management is key to turning your innovative ideas into a successful business it's about organizing leading and ensuring that your project your company comes to life in the most
0:47 efficient and effective way possible your final Business Report will be the last deliverable however there will be multiple deliverables throughout your journey to ultimately create the final Business Report understanding the big picture project management helps you see how every small task contributes to the larger goal of your company's success all projects no matter the size go through these steps project management is typically broken down into five phases each playing a crucial role in the development of your company which includes initiating planning executing monitoring and controlling closing initiating this is where you define your project at a high level and begin to gather your initial team and resources feasibility is about asking can we make
1:32 this happen we consider everything from costs technology needed and whether the business idea is possible with what we have for example let's consider the solar panel project it means ensuring we can actually design build and install them where they're needed most even if all resources aren't available from the start having a well researched plan can pave the way this can include building community support and attracting financial investments to turn an idea into a tangible prototype and eventually launch it on the market however the foundation of this process is ensuring the idea's feasibility can we make this idea happen next up impact it's about understanding the difference we want to make for our solar panels it's not just about generating energy it's about lighting up homes affordably reducing
2:17 pollution and maybe even inspiring others to go green we're asking what positive changes will come from our project in Phase One the business idea begins to take shape by assessing feasibility we map out a path to success ensuring our project can soar from idea to reality and by considering its impact we aim to create a legacy of social entrepreneurship creating change that resonates not just in the marketplace but also in communities and ecosystems across the globe next up in the project management process there is planning here you'll develop a road map for your project detailing the tasks timelines and resources needed let's think back to the design thinking principles mentioned in video one empathize understand the needs and challenges of your target
3:03 audience Define clearly Define the problem you want to solve ideate generate a wide range of ideas without limitations prototype create basic versions of your ideas to explore their potential test try out your prototypes and learn from the feedback it is important to remember that a project can only be initiated through empathizing followed by identifying a feasible Market Gap through this hybrid approach combining design thinking principles and project management principles you are able to iterate while continuing to move forward to create a viable Business Solution that will solve a key problem in your community step three is all about executing this phase is all about turning your plans into action where the actual work of developing your company happens once you decide on your business solution it is important to consider
3:49 your company's identity it's like the distinct style and personality of a well-known musician just as each musician's work carries a unique signature style your company's identity sets you apart and tells the world who you are and what you do a company's identity consists of values vision mission company name Logo branding company culture product Services once a company has a clear and viable idea they are ready to select draft the company values vision and Mission values are the guiding principles that underpin the company and steer Its Behavior every team member is expected to adopt these values ensuring they are all on the same path the values are often made explicit in the company's Mission which is shared with the company members the
4:35 stakeholders and anyone interested in the company so what is the mission in one or two sentences the mission clearly communicates the company values purpose and product service it is an accurate statement of how the vision will be achieved by the company and the vision that's our Dream for where we want the company to be in the future guiding the path to success by describing what the company must achieve to be successful now let's let look at how to create a company mission and vision using our solar panel company as an illustration imagine you're the founders of the solar panel company and you're crafting your mission and vision first there's the mission this is the why behind what you do for our solar panel company the mission could be something like to bring clean and affordable solar energy to every home reducing our carbon footprint
5:22 and creating a sustainable future now the vision think of it as your North Star guiding you to where you want to be in in the future for our solar panel company the vision could be a world where solar energy powers communities where clean skies and renewable energy are the norm not the exception creating a mission and vision is like setting your company's purpose and destination it keeps you focused on your goals and inspires others to support your journey once your business idea is in action the next phase is focused on monitoring and controlling as your project progresses this phase ensures everything aligns with your plan and allows you to make necessary adjustments monitoring and controlling project progress are vital to keeping your project on track finally
6:07 all good things must come to an end the Final Phase in the ja company program journey is closing out your project in this case your business venture this phase involves wrapping up the project ensuring all objectives have been met and learning from the experience in the case of the ja company program you will walk through the liquidation process and have the opportunity to share your work during competitions as we conclude today's session remember that effective project management is like navigating a shipit requires a Clear Vision a well planned route and the ability to adjust your course as needed by understanding and implementing these project management steps you'll be well equipped to steer your CP project towards success so take charge prepare thoroughly and lead your project with confi den and FL exibility
6:53 we're excited to see how you apply these project management skills to bring your entrepreneurial Visions to life in the J company program this is your opportunity to stand out as a future business leader Adept at managing projects and driving them to successful completion
