12 Entrepreneurship Traits of Project Managers. Are More Starting Their Own Businesses?

September 17, 2024

I was reading an article in Business Insider which talks about how Glass Door said middle managers are stressed more than ever. It got me thinking more about this, and I thought middle managers and project managers might be similar. So what are the top traits of project managers that make them suited for entrepreneurship.

“To some degree, middle managers are historically the glue that translates high-level strategy to individual actions that frontline workers execute on,” Aaron Terrazas, chief economist at Glassdoor, told Business Insider. “But that glue is becoming a little bit undone in recent months just because there is so much pressure pulling in both opposite directions for that group.”

Maybe some of these managers want to leave their day jobs and be business owners.

The skills and experiences gained in project management can provide a solid foundation for success in starting and running a business.

1. Leadership Skills

Project managers are often the captains of their teams, steering projects to successful completion. This leadership experience is invaluable in entrepreneurship, where the ability to inspire and guide others is crucial. As entrepreneurs, former project managers can:

  • Build and lead effective teams

  • Set a clear vision and direction for the company

  • Motivate employees to achieve common goals

  • Make tough decisions when necessary

2. Communication Prowess

Effective communication is at the heart of successful project management and entrepreneurship alike. Project managers are adept at:

  • Articulating ideas clearly and concisely

  • Tailoring communication to different audiences (team members, stakeholders, clients)

  • Active listening and gathering feedback

  • Negotiating and resolving conflicts

These skills are essential for entrepreneurs when pitching to investors, networking, managing teams, and dealing with customers.

3. Problem-Solving Abilities

Project managers face challenges daily and are trained to find solutions quickly and efficiently. This problem-solving mindset is crucial for entrepreneurs who often need to:

  • Identify market gaps and opportunities

  • Overcome obstacles in product development or service delivery

  • Adapt to changing market conditions

  • Find creative solutions with limited resources

4. Adaptability and Flexibility

In project management, plans often change, and managers must be ready to pivot. This adaptability is a hallmark of successful entrepreneurs who need to:

  • Respond to market feedback and adjust their business model

  • Navigate unexpected challenges or crises

  • Embrace new technologies and methodologies

  • Stay agile in a fast-paced business environment

5. Time Management and Organization

Project managers are masters of juggling multiple tasks, deadlines, and priorities. As entrepreneurs, they can apply these skills to:

  • Efficiently manage their time and resources

  • Prioritize tasks to focus on high-impact activities

  • Meet important deadlines and milestones

  • Balance multiple aspects of the business simultaneously

6. Strategic Thinking

Successful project managers always keep the big picture in mind while managing day-to-day tasks. This strategic mindset is crucial for entrepreneurs who need to:

  • Develop long-term business strategies

  • Anticipate market trends and plan accordingly

  • Make decisions that align with overall business goals

  • Balance short-term needs with long-term vision

7. Risk Management

Project managers are trained to identify, assess, and mitigate risks. This skill is particularly valuable in entrepreneurship, where risks are abundant. Entrepreneurs need to:

  • Evaluate potential risks in business decisions

  • Develop contingency plans

  • Make informed choices about which risks to take

  • Protect their business from potential threats

8. Decision-Making Under Pressure

Project managers often make crucial decisions with limited time and information. This ability translates well to entrepreneurship, where quick, informed decision-making can make or break a business. Entrepreneurs must:

  • Make tough choices about resource allocation

  • Decide on strategic directions for the company

  • Choose between different opportunities or partnerships

  • Make rapid decisions in response to market changes

9. Networking and Relationship Building

Successful project managers excel at building and maintaining relationships with team members, stakeholders, and clients. As entrepreneurs, they can leverage this skill to:

  • Build a strong professional network

  • Forge partnerships and collaborations

  • Attract investors and mentors

  • Develop a loyal customer base

10. Financial Acumen

While not all project managers are financial experts, they typically have experience with budgets and resource allocation. This foundation can help entrepreneurs:

  • Manage company finances effectively

  • Understand and control costs

  • Make informed investment decisions

  • Develop realistic financial projections

11. Resilience and Perseverance

Project managers often face setbacks and challenges, teaching them resilience. This trait is crucial for entrepreneurs who must:

  • Persist through early failures and rejections

  • Maintain motivation during difficult times

  • Learn from mistakes and bounce back stronger

  • Stay committed to their vision despite obstacles

12. Customer Focus

Project managers are accustomed to meeting stakeholder needs and expectations. This customer-centric approach is vital for entrepreneurs who need to:

  • Understand and address market needs

  • Develop products or services that solve real problems

  • Prioritize customer satisfaction and loyalty

  • Gather and act on customer feedback

Conclusion

The skills and traits developed through project management provide a robust toolkit for aspiring entrepreneurs. However, it’s important to note that entrepreneurship also requires additional competencies such as innovation, higher risk tolerance, and the ability to secure funding.

For project managers considering the leap into entrepreneurship, your experience has likely equipped you with many of the necessary skills to succeed. By leveraging these traits and continuing to learn and adapt, you can position yourself for success in the exciting world of entrepreneurship.

Remember, every great business starts with a project, and who better to lead that project than an experienced project manager turned entrepreneur?

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