It is very important for an entrepreneur to be able to predict the events and trends in the future as their ideas need to be aligned to the needs of the upcoming generation. By studying the past and current trends, some entrepreneurs have successfully been able to do so as their ideas cater to the future generation which is why they still thrive in the market.
Why is predicting the future is a necessity?
The world has over 7 billion people and it is possible that your idea has been thought of by someone else as well. In that case, how you develop and work on it matters more than the idea itself. Your idea might be a brilliant one but if it doesn’t suffice any societal desires or needs in the future, there are high chances of it failing.
How do successful entrepreneurs think about the future?
Most successful entrepreneurs develop on the idea based on the current needs and also keep in mind how the trends might change in the future. They have a back up plan as to how they will modify/add to the product in the future. The future you need to think of is roughly two generations ahead and a generation is considered to be of approximately 15 years.
Entrepreneurs also make use of the following to analyse and interpret trends better:
• Publicly available data
• Google trends
• Data visualisation tools like Tableau
• Research done by the company itself
• Past trends
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Some entrepreneurs who successfully visualised the future:
• Vijay Shekhar Sharma, Founder and CEO of Paytm
Vijay Shekhar Sharma successfully predicted that there would be a shift from hard cash to mobile wallets at some point in the future when he started building up on the idea of Paytm. With the demonetization scheme, Paytm has caught on like wildfire in the Indian society and everyone is using the mobile wallet for transfers and making payments these days.
• Mark Zuckerberg, Founder and CEO of Facebook
Mark Zuckerberg successfully predicted that the virtual world would be a boon to people wanting to know about others’ lives. Apart from that, Facebook solved two major issues which added to its popularity: communication problems of introverts and people unable to connect globally.
With necessary changes and updates almost every year, Facebook is still the leading social media platform today.