Role of Intuition in Making Decisions on Entrepreneurship and Business Venturing

October 16, 2017

 

Entrepreneurship is the backbone of any economy. And for you to be a successful entrepreneur, you must be able to identify and judge business opportunities intuitively. For this reason, it is very important that you train your intuitive and predictive abilities in regard to making business decisions. Otherwise, you might not be able to live your dream of becoming a successful entrepreneur.

 

The popular stories of business press are full of examples of entrepreneurs who credit their success to “instinct” (Mehta, 2013), ‘hunch’ (Barrow, 2009), or ‘gut feel’ (Welch & Byme, 200). If at all this claim is true, then you should try as much as you can to train your intuitive and predictive abilities so that you can join ‘intuitive entrepreneurs’. Even though you might not be a behavioral scientist, it is critical that you know about the role that intuition plays in the identification, evaluation as well as exploitation of business opportunities.

 

Researchers suggest that it could extremely be beneficial if you integrate your intuition with the entire process of entrepreneurship. According to (Dane & Pratt, 2007: 40), intuitions are instinctive ‘effectively charged judgments that come through swift non-conscious and holistic associations’. In simple terms, intuitions are an outcome of various cognitive and effective processes that operate not only within, but also between a variety of processing systems as well as sub-systems and brain regions such as ventromedial pre-frontal cortex and amygdala. These cognitive and effective processes include recognition, somatic marking and pattern matching.

 

Intuitive judgments are domain-specific manifestations of expertise (Hogarth, 2001, 2010; Klein, 2003; Sadler-Smith & Shefy, 2004; Salas, Rosen, & DiazGranados, 2010). In more often than not, these judgments are usually executed under various conditions of uncertainty and dynamism if not under time pressure. Through recognition, intuition solves business problems. For this reason, you need to develop the capability of exercising them effectively.

 

For you to be able to exercise ‘institutive expertise’, you’ll need several years of learning, practice, reflection as well as receiving feedback. However, you can shorten this process and attain excellent ability of exercising ‘intuitive expertise’ by using Intuition Pro to train your intuitive and predictive abilities.

 

Intuition is an innovative devise that helps entrepreneurs to develop their intuitive abilities in order to recognize, evaluate, and exploit business opportunities to the maximum. It provides you with a clear understanding of skin conductance readings for right and wrong decisions. To build up your capability to exercise ‘intuitive expertise, you should learn, practice, reflect and receive feedback in a conducive environment that supports the development of accurate, perfect complex domain-relevant schemas (CDRSs, Dane & Pratt, 2007). 

 

Professionally speaking, entrepreneurship refers to the discovery, evaluation and exploitation of business opportunities. According to the experts, the process itself comprises of three stages, which are full of episodes of decision-making at various crucial points. Such points include recognition of opportunity, evaluation of opportunity, and exploitation of opportunity.

 

At the stage of opportunity recognition, you need to have sufficient prior knowledge for you to be able to merge existing ideas in creative and effective ways towards discovering new business opportunities. At the stage of opportunity evaluation, you need to not only the cognitive resources, but also effective resources that will enable you to appraise both the viability and potentiality of discovered opportunity to create value. At the stage of opportunity exploitation, you require not only the motivational, cognitive and social abilities, but also skills and required resources. With all these, you will definitely be able to effectively, creatively engage in the exploitation of viable entrepreneurial discoveries.

Simply put, you need to go beyond recognizing opportunities for you to be an effective entrepreneur. You must also be able to discriminate between those opportunities that are worth pursuing and those that are not worth pursuing.

 

The role of intuition in this process of recognition of opportunity, evaluation of opportunity, and exploitation of opportunity is twofold: The first role is the spontaneous recognition of main cues in the environment together with their re-combination in new and creative ways. Another role of intuition in this process is the evaluation of the business opportunities that you have recognized. You need to do this in a manner that intuitive affective responses such as ‘gut feelings’, ‘hunches’, and ‘vibes’ can signal response either ‘approach’ or ‘avoid behavior’.

 

You need to apply intuition more effectively at the stages of opportunity recognition and evaluation of entrepreneurial venturing mainly because these two stages usually depend on active scanning, heuristic processing, pattern and prototype recognition, how you use effectual and non-predictive logic, how you apply venture-situational knowledge, and divergent thinking not forgetting the use of ‘effects’ as information.

 

When expressed in conscious awareness, then entrepreneurial intuitions are simply ‘the feeling of liking a given entity or a feeling of risk. For this reason, they are effective tools that provide you with a great means of intrapersonal communication. Entrepreneurial intuitive effect often becomes apparent as ‘gut feel’ and you can use it as a criterion for choosing or approaching a given business venturing option.

 

Entrepreneurial intuition is not just a conceptually distinct type of intuition, but it is also a relevant and practical type of intuition. The intuitive effect plays a significant role when it comes to assessing both the benefits and risks in a given business venturing decision.

 

You might be an entrepreneur but without employing intuition in your business venture decisions, your chances of becoming a successful entrepreneur are very minimal. So, it is important that you utilize the Intuition Pro innovation to help you in practicing your intuitive abilities. This innovative device provides you with a clear understanding of skin conductance readings of right and wrong decisions.

 

Investors and business executives make numerous decisions on daily basis. Due diligence can be enforced but so often a decision between two closely tied choices is taken purely based on intuition.  Intuition Pro users enhance their intuition by becoming aware of their subconscious body reaction levels – which often vary between individuals - for making correct and incorrect decisions. Intuition Pro allows investors and business executives the opportunity to become aware of their optimum subconscious body reaction levels before making decisions.

 

Intuition Pro devices help you measure your subconscious body reactions so you can make better and more informed decisions as an entrepreneur. 

Share on Facebook
Share on Twitter
Please reload

©2017 IPT, Pty Ltd. All rights  reserved.

  • Grey Facebook Icon
  • Grey Instagram Icon
  • Grey Twitter Icon
  • Grey YouTube Icon