The Task Was To Write A Short Essay On Business Description (Essay Sample)

BUSINESS IS THE ART OF PREDICTING THE FUTURE AND GETTING BENEFIT FROM IT. DISCUSS.
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Successful business persons often identify prediction and strategic forecasting as the key to their outstanding performance in their ventures. Specifically, they argue that business is about making strategic anticipations about different trends within a particular market and mobilizing appropriate resources that will transform those trends into profits. This paper examines the concept of prediction in business and how entrepreneurs use this strategy to guarantee success in their ventures.
Prediction is the starting point for any entrepreneur. It is an essential discipline in planning and running a business. In any undertaking, individuals must evaluate the possible outcomes of the action, in order to formulate the best approach for success. This is the crux of business, whereby any individual seeking to start a business must evaluate the possible results of the venture based on the available market information, in order to determine the best strategy for success. Consequently, prediction and forecasting are the cornerstones of business since, without this process, individuals cannot identify opportunities and successfully leverage those opportunities. Notably, in business, individuals are constantly required to make decisions, which drive them to make predictions about the future and how those decisions will affect their status quo. Individuals must be able to envision the future in order to become successful entrepreneurs.
Essentially, prediction is also linked to innovation that is a key component of the business process. In its most basic sense, innovation arises out of predictions about certain behaviors within the market or among consumers. Used in conjunction, both innovation and prediction allow individuals to make discoveries of existing and future opportunities and turn those opportunities into profitable ventures A good example can be observed in the story of Apple Inc., and its founders whereby Steve Jobs and his friends leveraged their forecasts about the technology industry and used innovation to create a leading global enterprise.
Prediction is also a key component among existing businesses since it is what distinguishes successful entities and non-performers. According toBotha, Kourie and Snyman (2014)the twenty-first century marketplace and the business environment are constantly changing and are characterized by great uncertainty. Therefore, for any business to thrive and succeed in this dynamic marketplace, it must be able to make an accurate forecast of future trends. This way the business can use existing market and management information as well as past market data to calculate the amount of resources, both material and human required for future success, and to conceptualize the key characteristics of the competitive environme...