How To Fast Track Your Business- The Power Of Foresight

A few months back, the world was stunned by the incredible news of the acquisition of Yahoo by Verizon. Verizon, a US telecom giant, bought Yahoo for $4.83billion after it earlier acquired AOL. Beyond the sensationalism of the news, there are lots of lessons that can be drawn from the story of Yahoo.

In 1994, Yahoo was founded. It is an acronym for Yet Another Hierarchically Organized Oracle.
In year 2000, Yahoo was valued at a whooping $125bn at the height of dot.com boom.
In 2002, Yahoo made a bid of $3bn to buy Google but it was rejected.
In 2008, Microsoft offered $44.6bn to buy Yahoo, but the offer was turned down.
In 2015, Yahoo made a net loss of $4.4bn.
A few months ago, Yahoo was bought over for less than $5billion

So what went wrong? How did the Mighty Yahoo fall? The answer is Lack of Foresight.

Foresight is the ability to predict and plan for the future. Yahoo lacked this; and they paid severely for it. They failed to foresee the future and take necessary steps to make sure that they remained relevant. The same fate also befell Nokia. The CEO of Nokia said at the end of his speech during the takeover by Microsoft, “We didn’t do anything wrong”; I must say that what they did wrong was that they didn’t do anything. Not doing anything in itself is wrong, and it is as a result of lack of foresight.

Foresight is the ability to take a forward view, it enables action to be taken today with reference to, and within the context of the future.In business, career and even any other areas of our lives, Foresight is undeniably important. For success and happiness, it is important to have  to have some idea and plan for the future. The better our foresight is, the more we can act accordingly today so that we find ourselves better off tomorrow. But how often do you really look into your own future? Do you have any idea where you see yourself in 5 or 10 years? Any long-term goals, aspirations, or passions? Where would you theoretically want to be in 5 or 10 years if you had a choice? What types of things do you need to start doing to get there?

When we you are able to forecast, It makes it easier to be creative in a fast changing business world. So, even when the prevailing trend does not bear any resemblance to what you may have foreseen, you will still be prepared, knowing full well that in a matter of time, the trend will change.

Take advantage of the power of Foresight today,and see yourself gain relevance in whatever you do.

 



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