Archive - July 18, 2016

Changing Entrepreneurial Insight to Foresight

Changing Entrepreneurial Insight to Foresight

Entrepreneurial Insight Identifies What’s Going on Now, but Foresight Will Tell the Future

entrepreneurial insight

Many entrepreneurs believe that knowing what’s going on right here and now will help their business reach success, but entrepreneurial insight can only take a business so far.“Business, more than any other occupation, is a continual dealing with the future; it is a continual calculation, an instinctive exercise in foresight” said Henry R. Luce, American magazine magnate. How can a business owner forecast the upcoming years? Leveraging entrepreneurial insight to help indicate where trends will be in the coming years, using accurate charts, graphs, and tables made from nationally available information, is the key to creating foresight; therefore maximizing the future success of a business.

Putting in the Entrepreneurial Work to Gain Insight

Foresight is available to any entrepreneur; it just takes some research and analysis to put together. Nick Weber, 4i Principal, equates foresight with budgeting. He says, “If you don’t have any budget, I guarantee that you can just Google ‘how to budget,’ and greatly improve your financial situation. The same thing is true with foresight analytics. If you can download data and use some simple analysis to identify

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