TITLE:
Developing a Framework for Entrepreneurs to Transform Their Ideas into Businesses: A Case Study in the Food Sector
AUTHORS:
Rami H. Alamoudi, Basim A. Alandijany
KEYWORDS:
Enreperneuship, Blue Ocean Strategy, Balanced Scorecard
JOURNAL NAME:
American Journal of Industrial and Business Management,
Vol.7 No.4,
April
26,
2017
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.