Intuition and Business
2020 will be remembered by the rapid spread of Covid-19 throughout the world. This caused business to shut down, massive unemployment, economic recessions and an overall economic slowdown. It has been a tough year for all. However, many businesses managed to see the silver lining behind the events going on around us. With continued innovation and drive, we’ve seen some creativity in motion and this has led to positive business results. Of course, these sparks of imagination in the midst of a crisis come from somewhere. Usually, they’re buried deep inside us and emerge at odd times of the day, as the small voice in the back of your head, a gut feeling or even in a dream. The so-called intuition is what has been the inner voice driving for change in our current times. But how does using your intuition in the business world affect you? We take a closer look at this in analysis below.
Using your intuition
If you’ve ever had that “off feeling” about someone or something, you’ll know what we’re talking about. You just “know” that something isn’t right. If you trust your gut, you’re more likely to achieve better results, both in your personal life as well as in business. In business in particular, this is known as expertise-based intuition. You don’t need data, facts or statistics to tell you that something isn’t right, you simply know. On the flip side of the coin, you can also have a gut feeling about a business idea you’ve been nurturing for some time or about making a business decision you might have been putting off, but now seems like the perfect time for it. In both cases – negative and positive intuition – your subconscious knows better than you. This is a result of various unseen and also unproven mental processes and a level of “higher knowledge” about a situation that you may have. Malcolm Gladwell writes about the power of knowing something instinctively in the first few seconds that you’re aware of a situation. This knowledge can help empower us and lead us to making the right decisions in business and in life.
Businesses shrinking during a crisis
According to the OECD, the coronavirus crisis means that “SMEs are particularly vulnerable: low cash buffers, limited access to credit”, yet they represent a sizable share of employment and output. Furthermore, “a large fraction of SMEs are at risk of failure as a consequence of COVID (12%) with substantial heterogeneity across countries and sectors.” Meanwhile, according to the International Monetary Fund (IMF), the sectors most affected by COVID-19 are accommodation and food services, arts, entertainment and recreation, education and other services. “The jobs at risk due to COVID-19 related SME business failures represent 3.1 percent of private sector employment.” However, just because these sectors are struggling at present, doesn’t mean that they will continue to do so. This is the perfect opportunity to use one’s intuition and experience to gain leverage and make it in the business world.
Businesses thriving during a crisis
E-commerce, valued at trillions of dollars worldwide, is one of the business sectors that has seen immense growth during the coronavirus pandemic, as multitudes of individuals began making purchases online to avoid infection at physical stores. Apart from e-commerce, other sectors such as food delivery have also seen a spike in sales. This means that despite the difficulties witnessed by the onset and continuation of this pandemic, using intuition, or one’s sixth-sense, has resulted in positive results. The same can be true for you, too!
”Follow your gut” – Fantastic Services
When the Covid-19 pandemic hit the UK, a number of questions arose regarding how to continue offering services to a clientele that was concerned about letting new people into their homes, when social distancing measures were implemented. However, due to foresight, imagination and intuition, Fantastic Services started offering antiviral sanitisation services to its customers, providing peace of mind – that their homes would be free of germs and infection. Another area where we stepped up our game was in providing services to essential workers, and equipping our professionals with the right tools, materials and resources in order to provide clean, hygienic and safe services.
Starting a new business now
It may seem counterintuitive to start a business at this point in time. After all, many economies are facing a recession, unemployment levels are high and it seems unlikely that a new business venture will succeed. However, it is during exactly these types of times and periods that many of the world’s biggest companies have innovated. They used their gut instinct, to come up with ideas that we now know and love. One such example is the late Steve Jobs from Apple. Another example of an entrepreneur whose ideas were initially thought of as outrageous was the creator of the Sony walkman. By observing what young people were doing in Japan during the late 1970s, Akio Morita developed the walkman without basing his ideas on market research or “logical thinking”. This is the perfect time to consider using your imagination and intuition to start your own business, against all odds, and see it thrive in a world which we are still struggling to understand post-COVID-19.
One way of thinking about your intuition is to create a diary in which you jot down your midnight thoughts, that voice at the back of your mind urging you to follow your passions and ideas as well as any gut feelings you may have about situations or people. The more you train this aspect, the more success you are likely to encounter along the way. It’s time to be brave. It’s time to be bold. It’s time to truly listen to what your gut is telling you and follow through with actions. With experience and expertise-based intuition, which you continue to develop with each passing day, you’ll make better decisions, nurture your business ideas and help your business grow.