The present paper presents an exploratory research report on the way in which private housing promoters in Venezuela approach the initial stage of project management, comparing their pragmatic perspective to the practical theoretical one of the Project Management Institute (PMI). The method of the research will be a qualitative approach, which, as the information gathered through interviews is analysed, will yield meaningful elements that will allow us to know the promoters’ perspective based on their own experiences. Based on the analysis of the information provided by the interviewed promoters it will be shown that these actors acknowledge the importance of this stage, and strengths and weaknesses in its management will be commented on. Future efforts should therefore be focused on increasing positive aspects and minimising negative ones, acknowledging the natural degree of uncertainty of the project.