A new project is like a child, and children need care. Innovative actions, particularly those aimed at developing enterprises, products, or services, must be directly controlled by a dedicated project manager who is responsible for implementing innovations, rather than by line managers responsible for current operations. Unfortunately, the latter is a very common mistake. A new project remains a child for a period of time, and children need care. Current operations or product managers lack the time and expertise required for the development of a new project. The most notable examples of the correct approach are three American companies: Procter & Gamble (a producer of soap, detergents, and food), Johnson & Johnson (a manufacturer of sanitary and medical supplies), and 3M (the largest producer of industrial and consumer goods). The activities of these three companies differ in details but are fundamentally similar in policy. They create new projects as separate businesses from the very beginning and appoint a responsible manager. ADVICE OF THE DAY: Care for your new venture.
Managing New Ventures
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