Foresight, innovation strategies, and technological guideline for turning a small business into a corporation

Abstract

The purpose of this study is to better understand how innovation strategies, technological adoption, and foresight can help small businesses grow into corporations.: An online survey, case studies, and semi-structured interviews were used in a mixed-methods approach. While the survey collected information from a wider sample of businesses across a range of industries, interviews and case studies examined the experiences of small businesses striving for corporate status. The study found that although small businesses recognize the value of innovation, foresight, and technology adoption, a number of obstacles stand in their way. The main obstacles were found to be a lack of resources, ignorance of foresight methodologies, challenges in cultivating an innovative culture, and the high price of cuttingedge technologies. The results also demonstrated how these obstacles may be overcome and growth spurred by implementing targeted technology adoption, employee innovation engagement, and strategic foresight practices. The study admits its shortcomings in terms of industry specificity and sample size. Prospects for future research encompass more extensive quantitative analyses and in-depth investigation within particular industry domains. The study provides useful advice for small enterprises, stressing the significance of creating a long-term vision, utilizing foresight strategies, encouraging innovation, strategically implementing technology, and looking for available resources and assistance. The understanding of how small businesses can use innovation, foresight, and technology adoption to become corporate entities is enhanced by this research. The results offer significant perspectives for policymakers and small business owners who aim to facilitate sustainable expansion and prosperity in the cutthroat industry.