In a rapidly evolving construction landscape, the ability to manage entrepreneurial risks effectively can make or break investment projects, particularly in residential building. A recent study by Miglena Staneva-Todorova from the Economic University of Varna sheds light on this critical aspect through the development of a conceptual model for a web-based platform aimed at evaluating entrepreneurial risks in investment projects.
As competition intensifies within the Bulgarian construction sector, the need for innovative solutions that streamline risk assessment is paramount. “Successful management of entrepreneurial risks is crucial for achieving sustainable success in projects,” Staneva-Todorova emphasizes, highlighting the urgency of this research. The platform she developed not only provides an interactive calculator for risk assessment but also offers invaluable resources such as advice and guidelines tailored for construction entrepreneurs.
The research involved a comprehensive analysis of existing online resources and an exploration of user needs and preferences, leading to the creation of detailed functional specifications for the platform. This approach ensures that the tool is not only user-friendly but also highly relevant to the stakeholders in the construction industry. By facilitating a deeper understanding of potential risks, the platform empowers construction entrepreneurs to make informed decisions, ultimately contributing to the successful execution of residential investment projects.
The implications of this research extend beyond individual projects; they could reshape the construction sector’s approach to risk management. With the integration of such a platform, companies can expect improved project outcomes, enhanced financial stability, and a stronger competitive edge in the market. Staneva-Todorova’s work represents a significant step forward in leveraging technology to mitigate risks, fostering a culture of proactive management in an industry often characterized by uncertainty.
This innovative web-based platform is a testament to the potential of digital solutions in addressing traditional challenges within the construction sector. As the industry continues to embrace technology, tools like this will likely become indispensable for entrepreneurs aiming to navigate the complexities of investment projects successfully.
For those interested in exploring this groundbreaking research further, it was published in “Construction Entrepreneurship and Real Estate,” a journal that focuses on the intersection of construction management and economic development. You can find more about the lead author and her work at the Economic University of Varna by visiting lead_author_affiliation.
