Abstract
This study investigates how entrepreneurs and innovators engage the future, and it reflects on how strategic foresight (also called futures studies) can contribute to innovation and entrepreneurship. The literature emphasizes the importance of planning for the future, but not much attention has been given to how entrepreneurs view, forecast and incorporate the future, and how this influences their innovation and creativity. The study found that entrepreneurs are disconnected from the future, and do not take it seriously. The future is mostly left to unfold, and it appears as a surprise. Entrepreneurs use simple methods to engage the future, and their understanding of it is vague. There is a lack of leadership and coordination around the future, and very little intervention around the future. Entrepreneurs recognize a general connection between the future and innovation, but they fail to see the relationship between innovation and futures studies. Futures studies are central to innovation, especially radical innovation, but entrepreneurs do not exploit it. Incremental innovation is predominant, and this leads to the conclusion that entrepreneurship is dysfunctional, to the extent that radical innovation is an important part of entrepreneurship and futures shaping. The study essentially surfaces a number of obscure philosophical positions regarding the relationship between entrepreneurship, innovation and the future.
Highlights
Organizations studied historical information to forecast and develop strategies for the future (Dator, 1996)
The literature review shows how engaging the future can have an impact on innovation, and entrepreneurship
The literature is generally silent on how entrepreneurs view and approach the future, and what they are actively doing in preparation for and anticipation of the future
Summary
Organizations studied historical information to forecast and develop strategies for the future (Dator, 1996). As mentioned by Godet (2008), in today’s rapidly changing and uncertain business environments the future is no longer forecasted, it is prepared. Article History: Received 6 December 2018 | Accepted 3 February 2019 | Available Online 11 February 2019. Cite Reference: Brown, A. and Barnard, B., 2019. Entrepreneurship, Innovation and Strategic Foresight: How Entrepreneurs Engage the Future as Opportunity. Expert Journal of Business and Management, 7(1), pp.. This paper has previously been included in an open access repository – SSRN
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