Always room for sheer intuition to lend businesses a hand

It needs to be right up there alongside data points, spreadsheets

Aproduct is not an entity in itself — it is a derivative of an existing gap in the market, an unmet need or a latent demand by the consumer. Businesses, thus, are centred around operations that fulfil the demands of the market and the customer.

It is ironic that while businesses are tangible entities in themselves, their origins are based in intangible needs, demands and wants. Hence, to balance the equation, businesses cannot be merely cognitive but have to factor in the emotive as well. Intuition is an underrated and perhaps most overlooked virtue for a businessman. “Go with your gut” is one of those adages that are often repeated in the hallways of firms, but rarely executed as most people rely on projections and charts to plan their move. As a business owner, is your instinct your greatest ally or is it whimsical to base decisions on a feeling?

■ Your instinct over your data

With analytics and big data influencing our marketing operations, we see a rise in decisions based on projections and forecast. However, the data has a simple drawback — it is historical in nature. With the market environment in a constant state of influx, the basic assumptions of the milieu thus become compromised.

In such a scenario, your instinct will be your guide. In 2010, defying data, Steve Jobs predicted that the tablet will overtake PCs in the electronic market. Today, the iPad has proven his foresight correct. He trusted his gut and gave the market a product that it did not even know it needed.

■ Business ideas are not cognitive

Most business ideas do not come from research and analysis, they are born out of passion and a will to create. Even after it is introduced, the further development and enhancement of the product will be guided by this inherent passion and your instinct. If a business idea is the genesis of a firm and an idea the product of gut, passion and commitment, we can see how deeply entrenched instincts are.

It helps us take the right decision in line with the vision we have for our product and our firm. A combination of the right brain intuition and the left brain analysis is key to unlocking growth.

■ Taking chances

A business and risk are two sides of the same coin, one cannot exist without the other. As firms look to grow and create value, they must assume greater risk.

No amount of data and numbers can act as an effective mitigating factor. In such a scenario, most entrepreneurs look within to rely on their gut. We must understand that these instincts are not just emotive but are shaped through experiences and a deep understanding of the market. Hence, they represent not only personal beliefs but also hold a grain of truth. A risk usually arises when we break the existing norm and are uncertain about its outcome. Intuition acts as an antidote to this uncertainty, giving a temporary sense of direction.

As time passes by, our instincts get stronger, more accurate. This is not a coincidence, as like any other skill, it also sharpens over time through practice. As we learn to trust it more, it becomes keener and more accurate. Not only does it help us take better decisions but also becomes a unifying factor converging our activities into a single form. A vital part of an entrepreneur’s journey, it helps the firm navigate both trough and peak times for a firm.

Seasoned businessmen place a high value on their internal decision making mechanism. From conceptualisation to execution to growing, intuition plays a vital role in deciding the fate of the business.