Business Is the Art of Predicting the Future (Essay Sample)

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Business Is the Art of Predicting the Future and Getting Benefit from It
“Business shall remain business, while art remains an art, and never shall the two meet." This is one of the many explicit teachings from our conventional business education. Just like marriage being only between two people and red wine not going with meat, sometimes one is tempted to ask why? Or more precisely, “says who?” A business is an organization or a firm that deals with the trade of services and goods to consumers. A company may be owned privately by state or individual or for community purposes. A business owned by multiple partners is known as a corporation. An art is an orderly and connected habit of making, doing or thinking that shows a systematic discipline based on approved principles. It is not a random behavior, rather a habit acquired unconsciously. Anything can be art, this explains why the precise definition of the term has remained controversial as it continues to evolve with time. This research paper pens down a case for business as an art of predicting the future and getting benefit from it.
Knowing what the future holds is the only way to ensure an enterprise thrives and survives (Abarbanel 2013). However, the knowledge only is not enough; therefore must make sure that the business makes profits from the experience. The art of predicting the future involves being able to tell the expected features of one’s competitive environment, and the resources needed (whether material and human) to succeed (Wessel 2015). For instance, how far can the business do this or that without getting into price wars with the competitors? The answer could be less than five months. This period will allow the latter to craft strategy and change the direction of operations of the business. Consequently, business will be able to gather a massive wealth of profits within the predicted time and adjust appropriately henceforth. However, the question of how far we can look into the future remains uncertain. What factors shall a business factor in while predicting the future? How sure can they be that the prediction will come to pass successfully? This brings us to the idea that, for any business to thrive successfully, it must master the art of predicting the future. It is a skill that is not learned but acquired unconsciously without any training.
Most of the business gurus apply predictions based on certainty, facts, and giving answers to stated questions (Wessel 2015). This strategy is safer; although its effectiveness is limited to uncertainties of the future in the long run. The art of predicting the future quantifies opportunities, risks and informs critical investment decisions that can fuel profits making. It also involves identification of areas of intervention, education needs and appropriated adjustment that can fit to present and future trends.
Lastly, information gathering is one of the most crucial aspects that shapes the art of predicting the future of a firm. While gathering the information, an intensive focus should be narrowed to the issues of interests, not just mere generalization (Wessel 2015). For instance, we cannot just ask “what does the future of our business looks like?” rather, we should be very specific: “what does the future market for our mobile phone products look like in 2018?” or “what shall be the transport cost requirements for our personal computers to remote areas be in 2030?” After identifying such areas, the business should embark on identifying a detailed information that could answer such question. After that, an appropriate future prediction is made, and an undoubtedly huge profits will be realized.
In conclusion, if educators taught business as an art, we could be seeing diverse beauty and creativity in the services, goods, and products sold. Also, a little more consideration would be factored in on how the products fit in the business environment. In doing so, it would be easier to predict the likely trends to prevail in future and adjust the present so as to maximize the profits. Also, it would be easier to predict how well the products play with other business artifacts and assess the impact of the current and future trends and how profits are affected.
Bibliography
Abarbanel, H D I . 2013. Predicting the Future. New York: Springer,.
Wessel, Maxwell. 2015. "Predict the Future of Your Business." Predict the Future of Your Business. April 13. Accessed July 23, 2015. https://hbr.org/2015/04/predict-the-future-of-your-business.