Formation of an Entrepreneurial Project Strategy

These days the world is striving for innovations, consequently more and more startups are on their way of embodiment, the level of competition is growing along with the growth of the market. The reason for writing this article is the lack of specific steps for selecting a strategy for entering a new product on the market. Moreover, the existing project development literature accentuates the importance of choosing the proper strategy for future growth of the company. This study investigates the critical aspects of choosing a development strategy for a particular project thereby testing the hypothesis of the importance of these aspects. A careful examination of NPD (New Product Development) literature indicates the gap in the implementation of strategy in specific entrepreneurial projects. This research could be useful for companies that are new to the market. Moreover, it will significantly reduce the time of selection of a development strategy for a particular product in the future, and this is one of the main recommendations mentioned by a wide range of authors. The paper is based on a comparative analysis of the previous studies identifying the basic theoretical aspects of NPD and then practical application of the method to real project. Key Words: New Product Development, new product management, strategy implementation