Change Management: Challenges before Young Entrepreneurs

Abstract

In today’s fast-paced world, every organization can benefit from a better way to manage change. Leading corporations, governmental entities, institutions, entrepreneurs and non-profits are adopting change management as an organizational competency, viewing it as a competitive advantage in our ever-changing business world. Change management increases the success of organizational change and project initiatives by applying a structured framework of methods, tools and processes managing the change from a current state to a future state. Regardless of the scale of change, applying a change management framework increases the probability of staying on schedule and budget, resulting in higher benefit realization and ROI. Change management plays an important role in any organization since the task of managing change is not an easy one. When we say managing change we mean to say that making changes in a planned and systemic fashion. With reference to the IT projects we can say the change in the versions of a project and managing these versions properly. Changes in the organization or a project can be initiated from within the organization or externally. For example a product that is popular among the customers may undergo a change in design based on the triggering factor like a competitive product from some other manufacturer. This is an example of external factor that triggers a change within the organization. How the entrepreneurs respond to these changes is what that is more concerned. Managing these changes come under change management. Reactive and proactive responses to these changes are possible from an entrepreneur.