BUSINESS IS THE ART OF PREDICTING THE FUTURE AND GETTING BENEFIT FROM IT.
19th October, 2015
Business has been basically described as the activity of buying and selling goods and services. It may have several descriptions depending on the context. Business can be an activity or an entity. The ultimate goal of a business is to make profit. An art is constituted by a technique where it has to be learnt and absorbed. Business as an art best describes why some businesses perform exemplary while others stagnate or fail (Wang 2012).
Art can be described as a skill at doing a specified thing, typically acquired through consistent practice Art is never created from a void, we have the past to consider, and how it could be made pertinent to the present, and with an eye to the future, it can take us to new places. Studying the past is crucial since it’s used to lay a foundation. Dealing with the current business trends may help in progress rather than stagnation. Planning while still considering the present and the past may keep the business sustainable (Trump 2014).
The most difficult skill is predicting business risks. Risks involved may include social impact and reputational risks, technological risks, increased competition, high staff turnover may be the major risks to be experienced by most businesses. Businesses need to account for this risks to be sustainable and make profit. Handling and accounting for risks is the only way to guarantee future growth and long term benefit from the business (Mansharamani 2014).
A business should have a multi-disciplinary team which should effectively tackle each sector to minimize risks. It has been observed that also non-experts are able to predict business skills better than the experts. This is the task of predicting possible deviations from expectation. In order to accomplish this; experts, the supply chain and consumers are all involved.
In a counter-intuitive finding, academic work has...