Futures Thinking as a Path for Entrepreneurs to Become Futurepreneurs

Abstract

The intersection of futures studies and entrepreneurship is a growing research area. Despite this interest, the linkage between futures thinking and entrepreneurship remains underexplored. This thesis aims to address that gap through an emerging concept of futurepreneurs, which has not yet been integrated into academic discourse. Additionally, the study aims to explore entrepreneurs’ preferred images of the future in relation to their ventures and the futures thinking practices that they utilize. To achieve these aims, a qualitative research design was adopted, involving semi-structured interviews with 10 entrepreneurs who are based in Finland. Both qualitative content analysis and Causal Layered Analysis were used to uncover emerging themes from the collected data and to create distinct preferred images of the future. Based on the findings, the study created four preferred images of the future. The first image, North Star, reflects the entrepreneurs who desire to build a lasting business, viewing internalization as a measure of success. The second image, Asterism, depicts the entrepreneurs who wish to build a business for their survival, maintaining a minimalist lifestyle. The third image, Wandering Star, signifies those who wish to explore various ventures through entrepreneurship, viewing each venture as a learning experience for their future aspirations. The entrepreneurs represented by the fourth image, Aurora, pursue entrepreneurship to achieve freedom, autonomy, and meaningful work. They view success through business diversification and prioritize moral responsibilities and sustainability. The distinct preferred images of the future reflect the idea that images of the future can be deeply personal based on various entrepreneurs' beliefs, expectations, creativity, opinions, and assumptions. Another notable finding was that none of the entrepreneurs were deliberately or strategically engaged in futures thinking, and they relied heavily on informal future planning tools, as well as trend and environmental scanning. The key conclusions of this research indicate that the entrepreneurs’ preferred image of the future serves as a valuable tool for understanding how access to entrepreneurial finance, the impact of AI, and sustainability factors shape the future of their ventures. Additionally, these distinct preferred futures also demonstrate how entrepreneurs see their role in contributing to a better society beyond just the future of their own ventures. The study also recommends enhancing existing cognitive capacities through intentional and strategic futures thinking practices, which can help entrepreneurs evolve into futurepreneurs.