Unknown Unknowns: An entrepreneurial strategic thinking

Personal experiences in college, work, interactions with friends and relatives, and some challenges play the most influential role in enriching a personal experience. Although it is well recognized that predicting the future is difficult, people frequently reflect on their past experiences when making a decision. The challenging experiences stay with you and serve as a guide. Suppose the next challenge is unfamiliar and has never been faced before. In that case, it is natural for a proactive personality to begin asking the right questions and comparing the outcomes to previous experiences.

The real issue is not here. In most cases, you may need several answers to solve a problem, but none of them occurs to you inside your brain map while searching for the correct answer or solution. It is simply because you are unaware that you need this answer. We frequently encounter this scenario when interacting with teams at work. Typically, people focus on completing the mission, regardless of the details required to reach an answer or result. Consequently, only a portion of the knowledge is conveyed, resulting in limitations and the demise of creativity.

Aside from being responsible, what distinguishes entrepreneurs from others is their attention to meticulous detail and desire to continue learning by interacting with experts in the field. They concentrate on broadening their experience in the area, gaining knowledge from local and international experts, and learning from global markets. After all, what was regarded yesterday as a norm might change today.

The best proof is experience. I met some experienced people in the local sector while delivering consultations and innovative solutions to the lighting and tourist attraction sectors right after my return from China. Most of them complained about fierce competition and the inability to expand. After I discussed and analyzed some of the challenges with them, we found that most of them sold traditional products.

I noticed that those who claimed to be creatively focused on the shape and size of lighting products rather than the materials. Over the years, the lighting industry has seen significant changes worldwide, and digitalization and artificial intelligence (AI) has been used in lighting. AI is being used to help with crowd management and the transportation sector. Digitalized lighting has become the language of civilized communication in smart cities, reflecting the beauty of the world’s metropolitan cities. This diverse market remains “a blue ocean in our local markets.” Who will catch up to the market before it’s too late?

With the Industrial Revolution, CEOs of start-ups and SMEs must realize that technology and consumer behavior constantly and exponentially change. This requires CEOs to keep abreast with such changes and continue to innovate. They should stay close to the creative, get rid of traditional behavior, and always seek knowledge. You should always think seriously about the things you do not know in your field, for perhaps there is a new roadmap to

Fahad Alarjani

PhD Scholar in Sustainable Entrepreneurship, Xi’an Jiaotong University

Head of Entrepreneurship Committee and Board Executive Member 

Saudi Chinese Business Council