argue that its limitations in time, cost and quality result in inadequate success

measurements. One should note that while the criteria defined by the iron triangle is still
relevant to project success, it is not the only criteria which should be taken into
consideration (Pheng & Chuan, 2006, p. 24-25). Having a set of extended criteria would
allow the measurement of project success against the project’s overall objectives. Yet,
creating a transferable list of success criteria that are applicable to all organizational sizes
and industries has proved to be challenging rendering the need for more specific
frameworks.
On the other hand, CSFs have been defined as the independent criteria which influence
the components of a project but do not determine the project’s success or failure (Lim &
Mohamed, 1999, p. 244). Adequate management of the CSFs can increase the probability
of project success, while the literature in the field stresses the fact that they are able to be
influenced (Pinto & Slevin, 1987, p. 22). Considering their influential role, CSFs can been
seen as an evaluation instrument that serves in increasing the effectiveness and efficiency
of the project throughout its duration. Despite a general understanding of the definition
of CSFs, a definitive list or framework applicable to any type of project has yet to be
identified.
When it comes to the applicability of project success factors, it has been suggested that
the context in terms of the size, age and industry of the organization, has an impact on the
CSFs which influence project success (Turner, Ledwith & Kelly, 2012, p. 955). In
accordance, Turner et al., (2012, p. 954) argue that practices differ among large
companies when compared to less established companies such as such start-ups;
therefore, that better results will be obtained if the PM procedures and structures are
tailored to the nature and size of the project. Following this line of thought, the assumption
in this study is that due to the very different organizational structures and practices in
start-ups, success criteria and CSF are different from those applicable in companies which
are better established and larger in size.
Start-ups represent the process of new venture creation through the cross-fertilization of
innovation and entrepreneurship (Sahut & Peris-Ortiz, 2014, p. 665). Even though
attempts have been made in defining the concept of start-ups, a consensus in its definition
has not yet been reached. Nevertheless, throughout the extant literature, start-ups are
viewed as small and young entities which have an informal system of communication
(Lester et al, 2003, p. 11). Accumulation of new knowledge and a trial error style seem
to portray a start-up. Miller and Fiesen (1984) stress the risk-taking element; thus, closely
examining the effect of risk-taking with the degree of innovation displayed. In more
recent studies, a project-based view has been adopted for start-ups, where the start-up
phase of a new venture can be viewed as a temporary endeavor, or project. Regardless of
their definition, start-ups play a crucial role in the economic development of a country,
society and even larger firms (Ireland et al., 2001, p. 51), yet the efforts in researching
PM and its applicability to start-ups is rather limited. Start-ups face many challenges in
the process of establishing themselves as a company and moving beyond the start-up
phase, leading to very low survival rates. Therefore, the need for improvement in
developing PM methods is of paramount importance.
1.2 Practical and Theoretical Contribution
From the practical perspective, the concept of project success within the start-up context
is of high relevance for internal stakeholders, such as founders, CEOs, managers and team
members, but also for external stakeholders, such as incubators, accelerators and

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consulting companies. The benefit in exploring project success lies in understanding how
start-ups define and measure success. In order to gain a complete picture of the process,
it is of major importance to recognize the nature of the CSFs which can be influenced so
that their input leads to increased chances of success. This study lays the groundwork and
serves as a guideline for individuals aiming to establish a start-up, letting them know
where to place focus.
From the theoretical perspective, the field of Entrepreneurial Project Management (EPM)
is a relatively new concept, therefore, still in need of studies which would contribute to
the extant research. On the one hand, the concept of project success has been studied
throughout the years, but mostly within the context of large scale companies. On the other
hand, research is scarce when it comes to the exploration of project success and CSFs
within start-ups. This study aims to fill this gap by providing answers to how start-ups
define project success and through what means they measure it. Furthermore, based on
empirical findings the study will identify and present the most common outlined
succescriteria and CSFs which influence the success of the start-up. To the best of our
knowledge, there is no study that illustrates the co-existence and interaction of both
concepts in the process of achieving start-up success. As a result, this study combines
literature streams from the field of PM and entrepreneurship. Last but not least, the
findings will provide a good basis for researches who are aiming to develop and suggest
new frameworks for “lite” versions of PM which could be used by start-ups
1.3 Research Questions
Although extensive research has been conducted when it comes to the applicability of PM
and its role in large scale companies, the role of PM within start-ups has not been
researched sufficiently. Consequently, the study aims to define project success within the
entrepreneurial ecosystem, namely within start-ups. In order to gain an inclusive picture
of project success within the setup of start-ups, the research question aims at identifying
two main components of project success: critical success criteria and CSFs. Identifying
the aforementioned criteria will lead to the creation of a conceptual framework which will
serve as a baseline in increasing project success in start-ups. At the same time, the findings
will contribute to the theories of project success. On the basis of the highlighted practical
and theoretical motivations, this study seeks to answer the following research question:
“What success criteria and critical success factors are most
relevant for project-based start-ups?”
In order to provide a full answer, the analysis of the question has been divided into two
blocks. The first set deals solely with the CSFs, whereas, the second looks into detail the
set of success criteria.
1.4 Research Objective
The rising tide of start-ups throughout the world is resulting in the re-imagination of every
single industry (Startupmanifesto, 2012, p. 1). Accordingly, the potential contribution of
new venture creation and start-ups to the economy has solidified their importance as an
economic actor, but it has also led to the conclusion that start-ups need to increase their
quality. The increase in quality and improvements in start-up operation have been
identified as necessary in combatting the high failure rates of start-ups (Turner et al.,
2009, p. 283). Thereupon, this study has been undertaken to identify success criteria and
CSFs which are most relevant for start-ups when a project based view is taken. The output
of the study will contribute to opposing the challenges typically faced by start-ups.

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Furthermore, the findings will enhance and broaden the knowledge on how start-ups
function internally, by looking at their formality and decision-making process. A
framework which encompasses the most relevant success criteria contributing to the short
and long term success, as well as the most relevant CSFs which translate operational
activities into strategic concepts will be developed. The framework will serve as an
illustration of how all the concepts co-exist and interact in the process of achieving start-
up success.
The study will elaborate on the existing research and theories related to project success
in overall terms since the research which looks specifically at project success in start-ups
is scarce. The closest field that one can use as a benchmark for comparison is project
success within SMEs (Thibault, 2012, p. 4). As such, the study aims at contributing to the
extant research by presenting the framework, inclusive of both elements, success criteria
and CSFs. The success criteria and CSFs will be developed through empirical research
conducted within the entrepreneurial ecosystem. One should note that even though the
current state of literature is heavily based on studies carried in larger organizations, it will
serve as a baseline for comparisons in the process of assessing project success and factors
in young companies.
In brief, the following objectives can be defined as:
1. Identify most relevant CSFs for start-ups when a project based view is taken;
2. Identify most relevant project success criteria for start-ups when a project based
view is taken;
3. Develop a framework which encompasses the most relevant success criteria which
contribute to the short and long term success, as well as the most relevant CSFs
which translate operational activities into strategic concepts will be developed
4. Provide recommendations for start-ups on how to increase project success through
the applicability of the presented conceptual framework.
1.5 Relevant Concepts
The following chapter provides an overview of the relevant concepts which are repeatedly
referenced throughout the study. For further reference, please note that a thorough
interpretation of each concept is provided under the theoretical background chapter.
Project – “A project is a temporary endeavor undertaken to create a unique product,
service or result by progressive elaboration”. Among others, a project is temporary
considering that it has a defined beginning and ending, and therefore it is defined in terms
of the scope and resources (PM Institute, 2013, p. 3).
Project Management (abbrev. PM) – “The application of knowledge, skills, tools and
techniques to project activities to meet project requirements”. PM in its own terms
systematically integrates technical, human, and financial resources to achieve goals and
objectives. PM processes fall into five groups: initiating, planning, executing, monitoring
and controlling and closing (PM Institute, 2013, p. 5).
Strategic Project Management (abbrev. SPM) – SPM provides an overview of the bigger
picture whereby the project serves to deliver the strategy of the organization (Green, 2005,
p. 61; Kenny, 2003, p. 43). The concept of strategic PM calls for strategic alignment
between the project and organization objectives.
Project Success Criteria - Project success criteria is defined as the dependent variables
used to measure a project’s success or failure (Muller & Jugdev, 2012, p. 758). Numerous

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difficulties have been encountered in providing an inclusive definition for the criteria used
to measure project success. Its definition is subjective, highly depending on the way how
it is conceptualized in literature and the scope within which the researcher/manager opts
to consider it.
Critical Success Factor (abbrev. CSF) - CSFs can be defined as the independent
variables which can be influenced so that their input leads to increases chances of success.
Their influence can be direct or indirect (Cooke-Davies, 2002, p. 185; Muller & Jugdev,
2012, p. 758).
Entrepreneurship – The field of entrepreneurship has been defined as a study of
opportunities; processes of discovery, evaluation and exploitation of opportunities (Shane
& Venkataraman, 2000, p. 218). Following this line of thought, the concept provides an
inclusive perspective by taking into considering the human factor. In this interpretation
three important factors are elaborated: i) the existence, discovery and exploitation of
opportunities; ii) influence of human factor; and iii) entrepreneurship is broader than just
the creation of the firm.
Start-up – “Creation of a new enterprise which did not formerly exist in the form of an
organization”. Key to the process of new organization creation is the accumulation of
knowledge through collaborative activities (Keeble and Nachum, 2001, p. 17).
Throughout time, criteria such as: independence, informal and risk taking have been
added as the main characteristics of start-ups.
1.6 Research Disposition Outline
In order to provide the reader with a better understanding on the content of the study, an
outline of the disposition of the study is given in the following section.
Chapter 1: Introduction – This chapters aims to familiarize the reader with the main
concepts elaborated throughout the study. It provides an introduction on the general
concept of EPM, specifically looking at the critical success criteria and factors which
could lead to the success of a start-up. Furthermore, it specifies the research questions
and objectives of the study.
Chapter 2: Theoretical Methodology – This chapter provides an explanation on the
choices of literature as well as the philosophical stances in terms of ontology,
epistemology, and axiology. Further on, a detailed reasoning on the research approach,
preconceptions, researcher’s motivation and literature selection approach is presented.
Chapter 3: Theoretical Background – The theoretical background tends to demonstrate
the understanding of the researcher on the theories and concepts relevant to research topic.
For the purpose of this study, theory was reviewed based on its appropriateness and
explanatory power. First the concept of projects was explored, simultaneously providing
insights on the development of PM as a field throughout time and SPM as a concept.
Furthermore, the current state of research and developed frameworks is discussed in terms
of critical success criteria and CSFs which could lead to the success of a project in overall
terms; thus, determining the relationship between the two. In order to fully answer our
research question, the concepts of entrepreneurship as a field and start-ups as entities were
introduced and elaborated. Finally, PM in entrepreneurship, specifically the development
of EPM was coined and discussed. The compilation of the theory led to the formation of
our own framework of the concept for this study.

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Chapter 4: Research Methodology - This chapter outlines the chosen research strategy,
including the selected qualitative research method and the data collection process.
Simultaneously, all the corresponding interview methods, case selection criteria and
interview guides are discussed. Furthermore, the value of the thesis in terms of the truth,
objectivity, trustworthiness and authenticity are justified. Last but not least, principles on
ethical considerations are highlighted.
Chapter 5: Empirical Findings – This chapter presents the empirical findings derived
from the case studies, namely semi-structured interviews and questionnaires. In
accordance with the structure of our study, characteristics of the start-up are discussed
first, followed by project success criteria and CSFs.
Chapter 6: Discussion and Analysis – This chapter provides a discussion and analysis of
the empirical findings presented in chapter five. The results are discussed and analyzed
in accordance to the existing theories and context of the study; therefore, serving as a
baseline for conclusions.
Chapter 7: Conclusion – The final chapter summons the concluding remarks.
Conclusions on the project success criteria and CSFs portrayed through the interviewed
companies are drawn. The study’s theoretical and practical significance and contributions
are discussed, followed by implications of the study and suggestions for further research.