An organizational, social, and personal practice that allows us to create functional and operational Capability as an Enabler of Management and Innovation in Organizations and Role of the Entrepreneurs

1. Dr.Nagaraju Velde, Assistant Professor Dr.Anu Vij2, Associate Professor Dr. Bohra 3, Assistant Professor School of Business Administration, Al Dar University College, Dubai, United Arab Emirates

Abstract

The study investigates how to do entrepreneurs and innovators engage the future, and it reflects on how strategic foresight also called futures studies can contribute to innovation and to the entrepreneurship. The literature emphasizes the importance of planning for the future, but not much attention has been given to how entrepreneurs view, the forecasting and incorporate to the future, and how this influences in to their innovation and creativity in the organizations. For the innovations investigate strategic foresight capability and its role in enabling the process of the management innovation. The research follows a narrative literature review, divided into three phases, during which the key topics strategic foresight, management innovation and managerial cognition are researched for their potential interaction.

Each and every individual has an innate capability for foresight. In organizations, strategic foresight capability is developed to be sustained by both managers and employees. Managerial cognition is the basis for developing strategic foresight capability; therefore, it is vital for it to be addressed prior to reviewing the application of strategic foresight. Well-developed strategic foresight capability acts as an enabler for management innovation, which, in turn, ensures an organization’s sustainability. This research paper identified a connection between strategic foresight capability and management innovation. This conceptual paper investigates strategic foresight capability and its role in the process of delivering management innovation. This study has set a basis for further research towards defining strategic foresight capability in the context of managerial dynamic capability. In particular, this is true for organizations that have a long history and are thus exposed to the challenges of upcoming business environment changes

Keywords

The Entrepreneurship, strategic foresight capabilities, management innovations, managerial cognition, dynamic managerial capabilities.