Developing a Framework for Entrepreneurs to Transform Their Ideas into Businesses: A Case Study in the Food Sector
- 1 Department of Industrial Engineering, King Abdulaziz University, Jeddah, Saudi Arabia
- 2 Department of Industrial Engineering, King Abdulaziz University, Jeddah, Saudi Arabia
Abstract
The term “entrepreneurship” refers to qualities and actions of individuals that involve taking the risks of venturing into new and unknown areas of work. It generally involves creating or setting up new enterprises that engage in activities that are significantly different from other enterprises around it. However, entrepreneurs face many obstacles, and a non-trivial number of ventures have sought to establish new businesses that could not come to fruition. In today’s competitive markets, various kinds of planning techniques have become a crucial element for both new and established businesses. This study covers some outstanding strategies, namely, the Blue Ocean Strategy (BOS), Balanced Scorecard (BSC) and Continuous Improvement (KAIZEN), which have proven their effectiveness in several global industries. Furthermore, the study provides an integrated framework that aligns these strategies to serve as guidance for entrepreneurs to transform their ideas into successful enterprises. Moreover, the study demonstrates a practical implementation of the framework in Talah Aljood Company, which was ranked first by Forbes Middle East in 2014 in the food and beverage sector. It is concluded that the gist of today’s successful enterprises is value innovation, planning and continuous improvement. Therefore, the developed framework covers these three pillars in an integrated manner to avoid any possible gaps that may occur during these phases.
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