Time plays a crucial role in entrepreneurial tasks such as acquiring resources, anticipating market trends, and projecting cash flows. But an entrepreneur still needs the right perspective to gauge the next opportunity
Time perspective is important for an entrepreneur. Image: Shutterstock
“Envisioned future—the second primary component of the vision framework—consists of two parts: a ten- to thirty-year “Big Hairy Audacious Goal” and vivid descriptions of what it will be like when the organisation achieves the BHAG. We selected the phrase “envisioned future,” recognising that it contains a paradox. On the one hand, it conveys a sense of concreteness—something vivid and real; you can see it, touch it, feel it. On the other hand, it portrays a time yet unrealised—a dream, hope, or aspiration”
- Built to Last: Successful Habits of Visionary Companies by Jim Collins and Jerry I. Porras
Having the ability to see the future and pursue futuristic activities and discover profitable business opportunities, are the important qualities successful entrepreneurs need to possess. Prior entrepreneurship research has put a strong emphasis on opportunity discovery and pursuit and the important role many thinking processes—including alertness play in discovering and pursuing business opportunities. Recently, entrepreneurship research has emphasised the importance of time in entrepreneurial thinking and action. This is an important topic given that time plays a crucial role in entrepreneurial tasks such as acquiring resources, anticipating market trends, and projecting cash flows. We, herein, contend that the (positive and negative) experiences and thoughts entrepreneurs have regarding their past, present, and future (i.e., entrepreneurs’ time perspective or TP) play an important role and we elaborate on this topic by investigating the interconnection between entrepreneurs’ TP and their alertness to new business opportunities.
Prior TP research has notably highlighted that TP comprises five perspectives. Specifically, individuals with a past-positive TP have a positive image of their past in mind and individuals with a past-negative TP have a negative image of their past in mind. Moreover, present hedonists tend to live the present moment to the fullest without really thinking about tomorrow whereas, present fatalists tend to have helpless and hopeless outlook of the present and future. Last, individuals with a future-positive TP are more oriented—and work more—towards achieving future goals.
Moreover, prior entrepreneurship research has notably highlighted that entrepreneurial alertness comprises the following subsequent dimensions:
[This article has been published with permission from IIM Bangalore. www.iimb.ac.in Views expressed are personal.]