IJMB Journal – Abstracts
International Journal of Management and Business
IJMB Volume VIII, Issue 1
Application of Thinking Process Tools of Theory of Constraints to Initiate a Business
Abhishek Jaysingh Shinde, P Padmavathy Dhillon, Dileep More
Entrepreneurial process primarily consists of three stages namely opportunity identification, opportunity evaluation and opportunity exploitation (Shane & Venkataraman, 2000). Extensive work has been done in all the three areas in the form of processes, models, strategies etc. However, the literature is lacking in a conceptual framework that helps an entrepreneur in decision making while exploiting an opportunity. The purpose of this paper is to demonstrate the first application of ‘thinking process’ (TP) tools of ‘theory of constraints’ (TOC), which is normally used in the realm of operations management, in exploiting the entrepreneurial opportunity if she has already discovered and evaluated an entrepreneurial opportunity. In order to explain the application of TP tools in entrepreneurship, we considered a case where the entrepreneur is willing to start an e-commerce business of ‘Kolhapuri Chappals’ (traditional footwear produced in the city named Kolhapur, India). This tool helps to exploit entrepreneurial opportunity by prioritizing issues, identifying and evaluating conflicts, seeing the future of business if a solution is implemented, identifying, and overcoming obstacles, and developing a structural roadmap for executing the start-up business.
Keywords: Entrepreneurship, Start-up Business, Thinking Processes, Theory of Constraints, Opportunity exploitation.