Intuition: A Key Asset for New Entrepreneurs

Heads up new entrepreneurs! When you start a business, you get lots of advice and ways to make decisions using facts and numbers. Market research, looking at money, and planning are quite important. But there is another invaluable tool that often gets overlooked: Your intuition, sometimes called, the gut feeling. Tapping on the intuition can be a big help in figuring out where to go with your new business.

In this article, we will explore the significance of intuition in business and how harnessing this inner wisdom can lead to innovative ideas, inspired decisions, and ultimately, long-term success.

Understanding intuition

Intuition is our natural knack for understanding and deciding things without relying solely on conscious thinking. It’s like having lots of past experiences and knowledge stored in our subconscious mind, providing a unique perspective or ways of looking at things that go along with logical thinking. While being logical and using data is really important in business, intuition brings in a touch of creativity, empathy, and new ideas that you can’t always put numbers on.

Intuition is the result of your brain putting together everything you have learned from past experiences in your life to help you form a quick conclusion.

Berkeley Wellbeing

Regarding the etymology of intuition, I found this information on the University of Chicago website. It stated that the term “intuition” was initially used in the late 15th century. Its early meanings included concepts like “mentally looking at,” “examining,” or “considering” something, but these meanings are now outdated. In the 17th century, scholastic philosophers began using the word/concept of intuition in its modern sense, referring to it as “spiritual perception or immediate knowledge,” often associated with the divine or spiritual beings who possess a direct connection between vision and knowledge.

Tool for spurring novel ideas

Intuition often sparks those “revolutionary” ideas that set successful businesses apart from the rest. Many groundbreaking products and services have been born from entrepreneurs trusting their instincts, even when the data may not explicitly support their vision. Steve Jobs, the co-founder of Apple, undoubtedly relied on his intuition when creating products like the iPod and iPhone. He once stated, “You can’t just ask customers what they want and then try to give that to them. By the time you get it built, they’ll want something new.”  Intuition allows entrepreneurs to connect seemingly unrelated concepts, leading to unique and disruptive offerings that resonate deeply with consumers. By utilising intuition, entrepreneurs can challenge conventional wisdom and break new ground in their industries.

Navigating uncertainty, inspiring resilience

Starting a business comes with its fair share of uncertainties and risks. While careful planning can help reduce some of these uncertainties, entrepreneurs must also be ready to make quick decisions when things get unclear. In these moments, intuition can be a valuable guide. By tapping into their intuition, entrepreneurs can make decisions rooted in a deep understanding of their values, instincts, and long-term vision.

Similarly, bbuilding a business is often an unpredictable journey. During setbacks or tough times, entrepreneurs who rely on their instincts are more inclined to endure, propelled by an unwavering faith in their ideas and chosen course. This unshakable confidence can serve as an inspiration to their teams and stakeholders, cultivating a culture of determination and resilience.

Strengthening customer relationships

Intuition goes beyond internal decision-making; it also plays a crucial role in understanding customers on a deeper level. By empathising with their needs and desires, entrepreneurs can create products and services that truly connect with their target audience. This connection helps to create a loyal customer base that feels understood and appreciated. When combined with data and market facts, intuition enables entrepreneurs to refine their offerings to meet the demands of their customers.

It is essential to strike a balance between intuition and data when starting a business. While intuition can guide entrepreneurs in moments of uncertainty and foster innovation, data provides the necessary validation and evidence for strategic decisions. Successful entrepreneurs know how to integrate both aspects effectively, recognizing when to trust their instincts and when to rely on hard facts.

Feeling and sensing

According to Berkeley Wellbeing, we perceive the world around us through our senses which include smell, taste, sight, hearing, and touch. Sensing is when we take in all of the information in our environment and intuition is how we interpret that information. To be able to harness intuition when decision making, we can focus on the information generated by your senses and observe the sensations of how this information make us feel.

In my experience, my body does respond to situations in varying degrees, once I tune in to this situation. When something feels off, I interpret it as giving me a signal to avoid it. If the feeling is neutral or positive, the situation is worth exploring.  Paying keen attention to your senses can help you follow your intuition.

The right blend

It’s important to find the right mix of intuition and data when starting a business. Intuition helps in uncertain times and encourages new ideas, while data gives validation for strategic decisions. Successful entrepreneurs use both well, knowing when to follow their gut and when to use solid facts.

It may take years for a rising entrepreneur to develop their intuition as well as find the right balance of intuition and facts in tackling the day-to-day grind in their businesses. Nonetheless, practice makes perfect, and the more one becomes attuned to their gut feelings, the more they can benefit from their intuition, which can pave the way for transformative ideas and ultimately increase their chances of success in the competitive world of business.

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