Instinctive decision making is a beneficial tool in the business world and differs entirely from logical processes. It is why business experts always rely on patterns to make decisions. But how do these two systems interact?
Concept of Intuition and Business
Intuition is sometimes known as a gut feeling, instinct, or sixth sense. Many psychologists define intuition to mean an automatic feeling of instant knowledge that comes neither from perception or reasoning. This instinct comes suddenly, and you cannot doubt its existence. However, it emanates with a sense of awareness and certainty that sets it apart from a guess.
On the other hand, a business is a commercial enterprise or organization whose main aim is to produce and sell goods for profit. Intuition works to make your business grow.
Is Honing Your Intuition Necessary for Your Business?
About twenty percent of upstart entrepreneurs who undertake business ventures do not think it necessary to enhance your intuitive thinking. For them, logic is a better decision-making process that will help instigate business growth. However, a large number of CEO’s and business experts believe that to run a lucrative enterprise, intuition is a necessary and powerful tool.
Perfecting intuition will help differentiate several elements that logic and empirical data seem to overshadow. It will also help you make the right decision when faced with unavailable facts while taking into consideration other factors.
Ways to Hone Intuition for Business
Although these two systems are independent, they also work closely together. For many years, businesses have run based purely on observed data and statistics, and it tends to excel sometimes. But then, most of the famous enterprises to have ever been in existence boost of thriving on not only factual data but also the involvement of intuitive reasoning.
Your intuitive power is one necessary tool to advance and make your business a success. Though, for this to happen, an entrepreneur needs to understand and know the ways to improve that instinct. To do this, a business owner should:
- Be aware and learn more about the environment that the business is situated.
- Learn to be confident and know more about themselves. It will ensure that you do not take irrelevant steps and decisions.
- Be able to take intuitive risks and let go of all empirical restraints when necessary.
- Be free from fear of failure and loss of control.
When an entrepreneur can hone intuition perfectly, it helps recognize patterns clearly that occur in new business ventures based on past experiences. Hence, your intuition will be able to tell you which information is useful for your business and which one is irrelevant.
When to Use Intuition in Business
Even though your gut feeling might tell you that this is the right step to take in the business decision-making process, it may not be the best way at all times. It might sound contradictory to the necessity of intuitive reasoning, but it is not. While CEOs and the business executives are prone to trust their instincts, they should understand that in some unpredictable situations, strategic business choices tend to work where intuition will not produce the same results.
For example, employing a corporately dressed candidate and a casually dressed one. You might think that the corporately dressed one will have something decent to offer your company, but at the end of the day, this instinct might be wrong. While the first impression may indicate that the candidate is a good fit, the instinct is misleading because it only has to do with bias. Hence, in this case, intuition should be put-off.
To use intuition, first assess its reliability by asking yourself two significant questions:
- How probable is the location that you are working on?
- Have you taken this decision several times before with great feedback?
If you arrive at a positive answer, then proceed and trust your instincts. Intuition and business are two aspects that can not be separated. Hence, understand what it takes to employ your sixth sense before applying it in your corporation.