Basic Intuition in Business
A major part of running a successful business is learning to trust your own instincts.
If you have had your own company for years, this will probably come as second nature to you and your intuition will have served you well in the past, but if you’re relatively new to being an entrepreneur then this can take a little while to learn.
There are so many major decisions, both pleasant and unpleasant that you have to make as a business owner on a day to day basis. Things like where to source your products and deciding how to market them, as well as deciding what prices will be reasonable and where you can afford to take a bit of a hit on the margin. Then there is the question of staff – what kind of person should you hire? Who deserves a promotion and does that warrant a dismissal? You are responsible for the repercussions of your decision making and should, therefore, have good intuition about how to avoid problems down the line.
Starting up a business and maintaining its success has never been easy, and if you’re managing to do it then you are used to taking risks and working hard, so it is necessary to value these qualities and trust your gut feeling. Nothing is irreversible, and if you feel that you have made the wrong decision then this is an invaluable lesson that you can take a lot from. If you’re new to owning your own business or are currently starting a business then http://www.bbc.co.uk/news/business-16611973 has some really interesting and useful articles for you to take a look at.
Decisions About New Businesses and Projects
It is not just the day to day decisions that you are responsible for either. Every so often there will be a point where you will have to decide what direction to take your company in – whether you should expand and reinvent yourself, for example. If you are a successful entrepreneur you will always be on the lookout for new businesses and projects, and if you feel that you are able to handle a little more then look into it. It is also your responsibility to think about what will happen if and when you need to sell your business, as sometimes this will be the best course of action. You are not alone, should this happen, and companies like Axis Partnership can help you with this – book onto one of their seminars for more details.
The Journal of Entrepreneurship is good to read to get some new ideas on how to improve or shake up your business, but alongside all the research and statistics remember to trust your instincts and use them to your advantage.