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Applications of thinking process tools of theory of constraints to initiate a business

Track: Entrepreneurship

Keywords: Entrepreneurship, Entrepreneur, Start-up Business, Thinking Processes, Theory of Constraints

Entrepreneurial opportunities come in a variety of forms in the product market, however the discovery, evaluation, and exploitation of an opportunity is always a necessary condition for entrepreneurship. In entrepreneurship research, a number of researchers have emphasized on developments in and of methodologies, models, longitudinal studies, and theoretical frameworks. This paper explains how an individual can exploit an entrepreneurial opportunity to create value. If he has already discovered and evaluated an entrepreneurial opportunity using ‘Thinking Process’ tools of Theory of Constraints (TOC). 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.

Author(s):

P PADMAVATHY DHILLON - padmavathyd11@email.iimcal.ac.in
INDIAN INSTITUTE OF MANAGEMENT CALCUTTA

ABHISHEK SHINDE - 
INDIAN INSTITUTE OF MANAGEMENT CALCUTTA

 

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