Listen to Your Gut But Check Your Assumptions and the Data
By Asha Saxena, entrepreneur.com, President and CEO of Future Technologies
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Even as a self-professed data nerd, I still find myself itching to
go with my gut when I’m faced with a key decision. It’s only natural.
We humans sometimes struggle to set aside our fragile pride
and accept
that another source of information might trump our intuition.
In
business, it pays to put aside pride. Making a decision that you know is
backed by data gives you confidence in what you’re doing, takes away
the pressure of leading your team into the unknown and creates a culture
of trust between you and your employees, customers and stakeholders.
People
often think they’re safe from assumptions when they’re dealing with
data. But assumptions have a funny way of weaving their way into every
aspect of your business. They can gradually steer you in the wrong
direction but you can you regulate your assumptions to strike the
perfect balance between intuition and data. The first step is to be
aware of your assumptions so you can judge when they’re misguided or
just plain wrong.
Here are four common assumptions in business and ways to combat them:
1. Your employees are fulfilled.
The areas where business leaders most commonly allow their assumptions to take over involve the human elements of business.
It’s
easier to assume that your employees are feeling happy and fulfilled
than to regularly evaluate how satisfied they actually are. But without a
healthy dose of data, all these factors can change overnight. When you
find yourself in one of these human areas, take special care to look at
data before you let your assumptions do the talking.
2. Everyone wants to work for your company.
You
need to believe in the desirability of your company, but you can’t
simply assume that your work culture is second to none. If you’re
struggling to fill roles and have no idea why, check the data. Use it to
unveil the biggest turnoffs potential employees see when they interview
at your company so you can refine your recruitment process.
3. All potential customers need your expertise.
You
want to believe that you’re the best fit for your target customers’
pain points and that customers who wanted your last product will want
your newest one, but use data to track customer satisfaction and pay
attention if it says otherwise. Ignoring facts will prevent you from
finding new revenue streams and innovating.
4. Regional profiles are always true.
You’re
not the only one who has trouble sorting assumptions from facts. Your
industry -- and everyone within it -- operates on assumptions to a
certain extent. Much of the information you receive from external
sources is based on assumptions.
Be aware of others’ assumptions,
just as you’re aware of your own. If there’s a trend in launching
businesses in a certain city on the East Coast, don’t automatically
assume that the location is going to be right for your business. Do your research. Data can help you discover pockets of opportunity you were unaware of.
Accept
that data might know more about your business than you do or that it
can lead you to understanding your audience’s desires better. Matching
human intuition with the data patterns to back it up will make for more
confident decisions. In fact, a recent study
evaluating the leadership behavior of 50,000 business leaders found
that those perceived as having poor decision-making skills were deemed
weak at fact-checking, confirming assumptions and gathering additional
information.
You want to be a good decision maker for your team,
right? Hunt and gather all the information you can to inform the
decisions you make. The more you know, the better your decisions will
be. That is key to pushing your startup from shaky success to a definite
winning streak.
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