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Strategic Foresight and Innovation

Many businesses challenged by the need to change have embraced creativity as a change medium. Creativity as a tool that endeavors to identify new opportunities is a little too generic. To become a creative entrepreneur, one should have innovative and foresight characteristics within him. This shows him a way to achieve success. Much of the thinking about innovation focuses on coping with unpredictability. Entrepreneur innovation process revolves around a structured play program that brings together best-in-class methodologies and tools to create new products, services or processes that drive customer value and alter the economics or market power of a business.

Innovation is ever more important in today’s increasingly global, increasingly knowledge-based economy. Competitiveness depends, to a far larger extent today than in the past, on the ability of manufacturing and service sectors to meet fast changing market needs quickly and efficiently through the application of new technology.

Innovation is best defined as “change that adds value” and this is a call to action. This definition is founded on two important principles:

  1. Changing something that is already well accepted in the market place and making it even better is a sure way of almost risk free new business. Simply find any product, process or service that is in widespread use and make it better. In doing so, you can almost guarantee that you will have removed the single biggest risk in business, that of market failure.
  2. Everything can be changed in some way to add value, whether it is a product, process or a service, or simply the way you do business.

The principles of innovation are extremely simple. All that is needed are some simple tools and few people willing to explore anything you perceive to be in widespread demand. The outcome will be a clear winner in all, baring a few cases.

Foresight is an action-oriented systematic process that should integrate all types of foresight (research, technology, competitive, consumers’ foresight) at a corporate level. This process is not only about the study of the past or current plans and future predictions within a company. These are the only related processes that can help to integrate strategic business processes through consecutive systematic actions in different areas. But these systematic efforts must create anticipative intelligence and functional networks that will enable a company to benefit from the future.

Strategy of foresight will provide a sound theoretical and practical foundation for the successful practice of foresight in many fields. The master program will primarily appeal to those people who are already high achievers part-way through a career path and wish to develop proactive approaches to their work, or perhaps change direction. The program provides the necessary grounding in future studies and foresight work as well as a range of applied implementation options.

A CEO needs to have certain intuition and judgmental powers. There are many things that happen in our everyday life about which we usually have an intuition. An executive often anticipates situations that may arise. A skillful CEO needs to know the requirements of his customers much before and well in advance. The best executive makes customer understanding as their first priority once they are appointed as the executive of the company.

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