Projacct: Enterprise project accounting

Idea

Project accounting for capital projects. Make it easier for project managers to keep track of their budget

Background

I started my career at P&G as a Project Engineer managing $1MM+ capital projects

One of the problems I saw was assigning costs from contractors and suppliers to particular budgets.

P&G (as well as other Fortune 500 ) funded projects with specific line items and categories called WBS elements so that the ERP (SAP) would recognize them.

As a project manager, the accounting WBS line items didn’t help me manage the project, I wanted software for me to organize the budgets and costs in a way for me to better organize and manage the project.

Industry

Enterprise software

Dates

Early 2011

How did it work out?

I never created a company or tried to sell it to a company. It ended before it really began but it was a good way to test the waters of a side project.

I talked to a few other project managers about it, they felt the same pain, but they felt they just had to follow the existing tools given to them (making it a hard sale for me)

I wireframed the solution but didn’t fully design of code anything.

It was a short lived idea.

What did you learn

Cold emails work, other entrepreneurs are willing to help / give advice without anything in return, and how arrogant I could be.

Jun Loayza was an entrepreneur I was following and I wrote a cold email message to him on LinkedIn. To my surprise, he responded, and that blew me away. He was the CEO and he took a cold email. Turns out, he didn’t like the name of my idea and I wasn’t good at taking critical feedback and all he said was that it was hard to remember and hard to spell — a light criticism at best, but the comment showed my arrogance.

A LinkedIn message I sent after he connected. I tried hard to credential myself. It's strange to read this almost a decade later. 
His response.

I thought i was right, I respected this person and they didn’t like my idea. I spent way too much energy concerned what someone else thought ... and I was just arrogant. I worked at a big company with an engineering degree and getting my MBA - doing all the things I was told were the right things to do as an adult, and non of that mattered in the world of entrepreneurship.

Entrepreneurs play by a different set of rules. It’s a world of are you solving a problem, can you sell your solution and will people pay for it and use it.

And I loved it. I was bitten by the entrepreneurial bug of this whole new perspective on the world.

I was humbled by the experience, stopped this idea, and began to explore a path to choosing a career as an entrepreneur.

Side note:
You really never know the impact you will have when you respond to a stranger. Jun had a big impact on my career choice (and he was kind) and he probably didn’t even know it. Thanks Jun.

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