How to verify if entrepreneurial firms harness foresightedness- The tool kit

The big question: Globally, entrepreneurship is becoming more and more popular as a subject of scholarly inquiry. The literature currently in publication does not provide a clear definition for an entrepreneurial firm, despite being a fundamental component of entrepreneurship. Researchers from all around the world have tried to define it in a way that makes sense for their study. As a result, there is still a lack of agreement over the definition of entrepreneurial firms. It is clear from identifying the key traits of entrepreneurial enterprises in the body of literature that these businesses require foresight to thrive in the volatile, uncertain, and complex (VUCA) business environment. The question is how to verify if entrepreneurial firms harness foresightedness- The tool kit?

After analysing the body of research on entrepreneurship, entrepreneurial businesses, VUCA, and foresight, it was discovered that the study that integrates and unifies the aforementioned domains is not discussed as in existing literature but finds a place in the current framework of discussions amongst a few intellectuals. Thus, for the author, it became of perennial interest to capture how these entrepreneurial firms, their CEOs and founders engage in crafting and harnessing foresight.

How to introspect if you are connecting foresight? 

We identify select enquiry that you must engage in:

1. What is the nature of your business?
2. What kind of business do you wish to be?
3. What is the nature of business you must be in future?

Hence, most importantly frame your plan and strategy, how do you reach there?

For this crafting and developing foresight is mandatory, especially knowing the complexities associated with the business in a highly turbulent and hyper-competitive world. In our previous articles, we intended to draw the attention of readers to start thinking strategically, if their entrepreneurial firm is ready with the leader’s foresight. How do their entrepreneurial firm/s engage like the business they are and should be?

The next step 

Based on our interactive sessions with leading CEOs, business leaders, industry experts and even policymakers across the globe the primary concerns we have addressed are:

1. What is the level of readiness for the leader, the organisation and certainly the entrepreneurial firm they are engaged with?
2. A concern is to evaluate the forward-thinking that they must possess, seated on the pilot’s set manoeuvring the VUCA context.

Perhaps, discussions with a few industry leaders reflect that the outset of the COVID-19 pandemic, the dilemma to existence it forced into, has led to several enterprises preparing themselves for the VUCA times. With them, the new ones have become wiser and have started integrating as forward-thinking visionaries.

Researchers paradise  

The curiosity of how to engage in this elated thinking, considering the time value for money, constrained with balancing resources and capabilities, left over for optimisation.

1. Hunt for people with different backgrounds spanning from their education profile, industry expertise, trainers and consultants etc within your reach both inside the organisation and outside and ask them the three questions mentioned previously.
2. Enquire what kind of foresight is required to sustain in a volatile, uncertain, and complex environment.
3. Encourage storytelling, capture keywords and specifically the participant- subjective experiences that offer insights on the nature of business of the organisation, the dimensions it plays and the environment it might exist in future.

You, with an investigator’s perspective with presumptions, may hence, arrive at several data points worth introspecting into. You are now ready to craft the foresight one must engage in.

Key points to remember 

Each organisation hereby in discussion an entrepreneurial firm has to pass several phases of its business life cycle. Of these, those with a modicum of foresight and comprehension of the intricacies of the volatile, uncertain, complex, and ambiguous (VUCA) business environment transition into becoming a successful enterprise are larger. Integrate inductive reasoning into your enterprise in the new socio-economic order that is rapidly evolving, you have better chances of evincing with a grand strategy.

Watch for patterns, observe the blind spots, and the areas where skewness exists and frame your matrix point of operation in the current and future scenario. To lessen bias and increase the reliability, transferability, and credibility of the data gathered, triangulation of the data is a must that should be processed for better results. Try, this could turn out to be your AWCS: The early warning control system integrated with your nature of business.

Written by Dr. Manoj Joshi.

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