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Opinions are described Entrepreneur their contributors.
In the run-up to the COVID-19 crisis, business owners had to make difficult decisions that they never thought they would – often in a short time with minimal preparation time. In a matter of weeks and even days, they were faced with critical business decisions, such as whether to apply or change revenue streams, whether employees would work or even close.
A lot decision making based on empirical data. Numbers presented by lies, despite looking at revenue, product success, employee performance or something else. But something just as important when making difficult decisions is your instincts.
How do you know if you trust your gut? Bad is not an exact science. However, there are times and places when, relying on your intuition, you can be guided to places that are bigger and better than if you rely only on data – and your instincts can even help you achieve a significant breakthrough.
See the whole picture.
Often people try to apply rational logic and data to make the most optimal option when making a decision. When you do this, look for patterns – using what you’ve seen before, to predict the outcome
However, this approach always remains effective.
For entrepreneurs and startups that create new pathways may not have enough data to report a better solution. Historical patterns — the causes and consequences of earlier decisions, either by yourself or by the companies that inspire you — may not be the same as before. This is especially true in today’s economic environment; The COVID-19 pandemic has changed the present and future of both existing companies and entrepreneurs. The past can be a bad indicator of coming.
Similar: 7 methods to maximize your decision
This uncertainty makes your instincts and vision critical for decision making. Even with historical data on the driver’s seat, we need to grab the wheel and apply logic and intuition to avoid potholes.
Look at the payout.
When should you trust your gut? In some cases, when there is enough information to guide you, you just have to. And even with data, your gut can push you to make other factors before making a decision. You should often pay attention to this feeling, especially if you are hoping for a big payoff.
For example, enter a new product. If preceded by precedents of how people will respond to this, your instincts should become an important component of decision making. Even with all the data in the world you know how people will react to something new.
The most innovative entrepreneurs define their categories by trusting their instincts. Imagine if Jack Dorsey, Noah Glass, Biz Stone and Evan Williams ruled against the construction Twitter based on the information available to them at the time. Of course, now a multibillion-dollar service company, many imagine life without.
When BlueVine introduced the product line of credit, I initially received a rollback. Whether it was necessary, I was asked. But I saw a gap in the market and read between the lines what I heard from both our customers and our partners. Confidence in my gut was the right move: the BlueVine credit line was very successful.
Of course, not every gut solution turns into Tesla, Uber or even your best product. Fr. risk sticking to your guts rather than data, sometimes instincts can knock you down. Something happened to me too.
Making instinctive choices in an uncertain economy can be risky, so make sure your business is willing to take the risk. But if the risk is great, the reward can also be.
Find instinctive leaders.
You may not be such a leader with strong instincts, or you may be too nervous about trusting intuition. There is nothing wrong with that.
If you like it, ask your team to find a person naturally gifted with strong instincts because they can add a piece to a puzzle that may be missing. Leadership important decisions can come from an unexpected person or place. But if you want to create an incredible product, identify the offense in your team.
Remember that choosing the right path for your company requires a formal one. You walk with your gut all the time, but you can’t always trust the data alone. The right decisions are usually a combination of data and instincts. But in times of uncertainty, as today, in which many people find themselves, it is especially important that you listen to the inner voice that guides you for the better.