While taking courses for the IB management masters programme, I ran into something that intrigued me. This thing is called a futures wheel. The idea is that you take a trend that is likely to affect your business/life/whatever and you stick it in the middle. See the picture on the right. Then you try to brain storm and think of all of the things that might happen because this trend or event happens. The first layer of circles (red) are what happens due to the trend. The third (green) level is what has happened due to the second level changes.
Let’s take rising gas prices as an example. If gas prices rise the following things might happen:
- People might walk more
- Because they walk more they may want new shoes
- They buy socks too
- People buy smaller more fuel-efficient cars
- Trade in older cars
- More junk old cars
- price of large cars drops
- Niche revival of old cars
The list can go on and on and you can go as deep as you want. It’s like the “tree falls in the woods” thing. I found this so intriguing! It gives you a great way to think about the future and how you might change your strategy when possible change is coming. Give it a try and apply it to your own business and life.