PROCESS MANAGEMENT

PROCESS MANAGEMENT

Definitions:

• Transition management: ability to manage the transitions from the creation to the growth of the new venture, e.g., role transitions of the entrepreneur (skills adaptation and identity change) and role transitions of the members of the teams. • Redirection power: entrepreneurs’ agency over the entrepreneurial process, especially in relation to new information, failures and surprises (Mansoori & Lackéus, 2020).

Hint:

Descriptors:

• Establish mechanisms to monitor progress of the new venture. • Adapt to changes and be able to decide whether to persevere or redirect the strategy. • Manage transitions of the new venture. • Work agile to adapt to changes of the new venture.

Thread FOUNDATION Discover – Explore Relying on support from others INTERMEDIATE Experiment-Dare Building independence ADVANCED Improve-Reinforce Taking responsibility EXPERT Expand-Transform Driving transformation, innovation and growth

Monitor progress Monitor my own progress in a task in an objective way. Understand the difference between time invested and progress made towards the achievement of a given goal. Set measurable indicators that are relevant to monitor the progress of my value-creating activity. Define and implement

systematic data collection procedures

to measure the defined indicators to monitor how effective my valuecreating activities are. Able to make sense of data in relation to the measurable indicators and extract meaningful insights that inform about the progress made on the creating-value activity.

Be flexible and adapt to changes. Be open to changes. Confront and deal with changes in a constructive way.

Redirect your strategy Understand the importance of making changes to the new venture according to the learning acquired along the process in information gathering activities.

Manage transitions

Ownership of the process Explain the life cycle of a new venture and the different transitions in my role and my team members’ role, as well as the different competences that are required in each phase.

Work agile Explain the difference between classical management and agile management methodologies. Explain the basics of agile management of work: small increments, fast cycles, etc. Change my plans to achieve goals in light of changes that are outside my control.

Understand the need to be able to assertively follow through on my chosen strategy at times, and may need to be receptive of other stakeholders’ expectations at other times. Able to use and

develop different

competences as they are required along the different phases of the new venture.

Use agile methodologies to work in short cycles and get feedback from stakeholders that help validate the value creating idea along the process. Be able to accept change as a fundamental element of the valuecreating activity. Anticipate and include change along the valuecreating process. Be able to accept new directions of the value creating activity as new stakeholders get on board of the value creating activity (effectuation).

Able to manage the role transitions of myself (and my team’s) as the new venture develops. Identify the need for training, mentoring or coaching to manage the transition between roles to effectively manage the new venture and achieve the intended goals. Design agile methodologies that are appropriate to new challenges in the venture’s development. When changes present themselves, I am able to either capture the opportunity in it, mitigating negative impacts, or know when not to adapt.

Redirection power: Revise the assumptions of the newventure based on information gathered from repeated testing. Be able to balance the need of persevere versus the need of changing the orientation of the value-creating idea

Help my team members transition through their respective roles in relation to the different requirements of the new venture and to the others’ role transitions.

Be aware of the expectations of different stakeholders at each stage of the business life-cycle.

Be able to balance the need for analysis and the need for quick decision making and quick action to respond fast to the changes of the environment.