The art of entrepreneurial foresight

Abstract

PurposeThis paper aims to present an analysis of entrepreneurial activities that emphasises anticipation and the art of future exploration; in so doing, it identifies important aspects of entrepreneurship as aesthetic or creative activities.Design/methodology/approachAfter a short synthesis of the main entrepreneurial functions in terms of decision making in the financial sphere, the managerial sphere, and the “booster” sphere, the paper concentrates on the qualities required for a successful “booster” function (motivation, ambition, innovation, cooperation, proactiveness). Because proactiveness and innovation both require futures thinking and creativity, the paper presents relevant material from the literature on long‐term foresight to establish the artistic aspects of these important components of entrepreneurial activities.FindingsThe paper's linking of entrepreneurial functions to the capacity for anticipation establishes the need for entrepreneurs to acquire competencies (in the area of forecasting) that are usually associated with artistic endeavours.Practical implicationsThere is an urgent need for university curricula to include material that is oriented towards the training of entrepreneurs. This should include specific courses on creativity and forecasting.Originality/valueThe recognition that key entrepreneurial functions (proactiveness and innovation) are more art than science, and that they therefore require a set of operational tools, is relatively novel in the current literature on entrepreneurial (and managerial) functions, and opens a research field in business decision making.