Small Business News, Tips and Information

Search



Categories

Blog Carnivals (25)
Business Law (19)
Customer Service (12)
Family Business (4)
Human Resources (27)
Marketing (53)
Money (36)
Motivation (21)
Networking (23)
Operations (71)
Ownership (52)
Startup (41)
Taxes (20)
Technology (34)
Ventures (20)


Recent Posts

Small Business Scams

Taking Time Off

Starting a New Business

More Tips for Expo Success

Tips for Trade Show Success

Protect Your Wireless Networks


Archives

May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2006
May 2006
April 2006
March 2006
February 2006

GreatFX Business CardsSmall Business Buzz › Business Instincts vs Data

Small Business Buzz
A doubleshot of business news espresso with extra froth
Business Instincts vs Data
2 Comments

As business owners, we face a constant battle when it comes to the decisions we make – should we go with our gut instinct or chose based on the facts? It’s an everyday part of keeping things running, and can sometimes cause a bit of stress if our instincts and the data don’t match up.

So which do you go with? Well, truthfully, either way you can risk failure or accomplish success. Your instincts are based upon experience, and you are more likely to feel comfortable doing something that has worked for you in the past. If, however, your instincts are telling you to go for something that has never crossed your mind before, it may be a hard step to take.

That’s when, if time allows, you should consult the data on the situation. What makes the decision easy is if the data matches what your gut is telling you. The hard part comes when the facts don’t match and you have conflicting possibilities. And, keep in mind that some decisions require immediate action and there may not be time to find out what the data is.

Don’t force yourself to come up with the “correct” answer. If you have to debate with yourself for days on whether or not your gut feeling is the right choice, then your gut feeling really isn’t clear in the first place and you should probably go with the more reliable route, the data.

Ultimately, there is no right or wrong way to go about this. If you are an intelligent, educated individual with quite a bit of experience in your industry, then you can likely trust your instincts regardless of what the data says.

The important thing to remember is that you will inevitably be wrong on occasion, no matter which way you go. If you find out the hard way that your instincts were wrong, evaluate the situation, learn from it and move on. Don’t let a wrong choice here or there deter you from trusting yourself in the future.

Related Buzz Posts:
Holographic Storage Drives
Tips for Dealing with Calls from Upset Clients
Enhance Your Image Through Your Words
Avoid Legal Trouble
Learning From Experienced Entrepreneurs
Preparing Your Business for Impending Disaster
Stronger Business Through Honest Communication
Retirement for the Sole-Proprietor
C|net Launches Small Business Site
Common Mistakes – How to Write a Business Plan – Part 7 of 8

By Michelle Cramer
Saturday, May 4th, 2013 @ 12:00 AM CDT

Motivation, Operations |

2 Responses to “Business Instincts vs Data”

  1. Anonymous says:

    I think I side a little more on the data side than you. If you go with the data, you tend to be right more than you are wrong.

    If you are really interested in data and entrepreneurship, take a quiz about the topic. I have a hunch that you’ll be surprised that your gut isn’t so right.

    You can find the quiz at http://yalepress.yale.edu/yupbooks/entrepreneurshipquiz.asp

    Posted January 7th, 2008 @ 1:35 pm
    ----------------------------------------------------

  2. Michelle Cramer says:

    I wouldn’t say that I side more on instincts than I do data. I would say that I am more the type to compare and contrast the two before making a decision. My point was more that, there will be times when you’re on a deadline for a decision and you can’t access the appropriate research/data in time to meet that deadline. It’s in those circumstances that you, more or less, must trust your instincts and simply learn from them if you make a mistake.

    Posted January 7th, 2008 @ 2:47 pm
    ----------------------------------------------------

Share Your Thoughts


Freedom of speech is a beautiful thing.
Thank you for taking the time to voice your opinion on this article.