As an entrepreneur or small business owner, you’ve likely poured your heart and soul into a project, only to watch it crash and burn. It’s a painful experience, but the truth is, project failure is all too common. So, what goes wrong?

In this episode of the Real World Entrepreneurship Podcast, hosts Bhairav Patel and Alan Clarke share their insights on why projects fail and what you can do to avoid these pitfalls. Drawing from their years of experience in the business and tech worlds, they highlight some crucial lessons that every entrepreneur needs to know.

First and foremost, planning is key. Many entrepreneurs are eager to dive into execution mode, but without a clear roadmap, you’re setting yourself up for failure. Take the time to properly define your requirements, scope out the work, and set realistic milestones. A little extra effort upfront can save you a world of pain down the line.

Communication is another critical factor. When you’re working with clients, vendors, or team members, it’s essential to maintain open, honest dialogue throughout the project. If expectations or business needs change, everyone needs to be in the loop. Poor communication is a sure fire way to derail a project.

The podcast hosts also emphasize the importance of having the right people on board. You want team members who are invested in the project’s success and empowered to make decisions. Watch out for ego-driven agendas that can hijack the process and keep everyone focused on the ultimate goal.

Regular oversight is another must-have. While micromanaging is never a good idea, you need to keep an eye on progress and make sure you’re staying on track. The podcast suggests having someone a bit removed from the day-to-day who can provide an objective perspective and course-correct as needed.

Finally, Bhairav and Alan summed up their advice with the acronym “CPOP,” which stands for:

• Communication
• People
• Oversight
• Planning

They stress that these principles shouldn’t be a one-time checklist, but rather an ongoing focus throughout the project lifecycle.

So, if you want to avoid becoming another statistic in the project failure hall of fame, keep these lessons in mind:

• Invest time in thorough planning and requirements gathering
• Prioritize open, honest communication with all stakeholders
• Assemble a team of invested, empowered individuals
• Provide regular oversight to stay on track
• Apply the “CPOP” principles at every stage of the project

By following this advice from the Real World Entrepreneurship Podcast, you’ll be well on your way to project success. Remember, every failure is an opportunity to learn and grow. So, don’t let setbacks discourage you – use them as fuel to drive your next project to the finish line!