The development and practical implementation of a project management model for enhancing new venture creation success

Abstract

Research by the Global Entrepreneurship Monitor (GEM) continuously indicate that new venture creation success rate in South Africa is disturbingly low. This situation arises despite numerous support mechanisms in place to encourage citizens to establish their own businesses. This is an indication that current approaches to encourage new venture creation are not working. New approaches must therefore be found.

The goal of this study was to combine the processes of project management and entrepreneurship, two seemingly diametrically opposed management philosophies into an integrated process model that will contribute to enhancing the new venture creation process. So, at the heart of this study is the wish to assist prospective entrepreneurs in their new venture creation journey.

To achieve this objective, action research design, an emerging approach to qualitative research was adopted. Specifically, the canonical action research was used. Holistically, the study can be described as applied, cross-sectional, descriptive and exploratory in nature.

Through a series of iterative canonical action research cycles, a model was developed. The results suggest that despite their seemingly diametrically opposed management philosophies, an integrated project management model for new venture creation is achievable.