Ever get those gut feelings? I do too. High five, we’re aware individuals!
Do you rely on that intuition to make big decisions in your business? I kind of hope not, unless you’re the luckiest human alive.
Perhaps the biggest lesson I have learned is that relying on my gut feelings can be a dangerous thing. (Yes, been there, done that.) Your business can’t afford to lean on gut feelings alone to ensure an upward trajectory. What you need is to back those feelings up with some logic. My answer to that? Data. (You know I love my data!) Data speaks the truth. Your gut? Usually, but it’s a gamble, and you have no data to predict the outcome.
As an entrepreneur, you’ve probably learned to follow your intuition. It’s a big part of what paved your path toward business ownership. Trusting your gut feels so right, and it works in the beginning.
But heed my warning! When your business is new, it’s easier to go with your gut because there are few elements and less moving parts, so you’re able to focus. As your business grows, however, there are going to be many variables that you can’t see. Relying on those gut feelings will create a very myopic view and lead to wrong or damaging decisions.
The data? Now that’s what speaks the truth. I’m not telling you to throw your intuition to the wayside, but it’s important to conduct some research and do an in depth data analysis.
If the data you collect is inconsistent with your gut feeling, don’t be disappointed. Be glad you saved your business and found what really works without question. If the data is aligned with your gut feeling, pause before celebrating that victory. Then dig a little deeper to ensure you avoid a cognitive bias, and haven’t just found material skewed in your search that only affirms what you believe. Then look for more data, so you’re one hundred percent confident.
Remember. It’s good to be aware of your gut feelings. Those instincts date back to the beginning of man and are there for a reason. But when it comes to your business, what you can always rely on – is the data.
What are some resources you use to collect data for your business?
