A vital but unquantifiable part of business success, whether
small or large, is the use of intuition. It tells us to fight or flee, engage
or avoid or seize or ignore. To be clear, intuition may sometimes feel similar
to fear or enthusiasm. However, it transcends those temporary reactions and
guides business people in deciding whether to work with a certain customer,
take on a given project or invest time and money in a specific marketing
initiative. While listening to intuition may not guarantee success, ignoring it
can lead to disaster.
To define the term, intuition is the feeling that an
individual experiences upon exposure to a new person, idea or proposal even
before knowing any or all of the facts. The opportunity seems clearly “right”
or “not right” without a person being able to put a finger on the reasons.
Further analysis can confirm or cancel the feeling or merely confuse the
issue but the initial intuition, like a first impression of a person, is
generally correct. One of the difficulties in trusting intuition is its
similarity to more fleeting sensations, notably fear and enthusiasm. In other
words, people may be in an emotional state in which they want an idea to work
even if all the indications are contrary or, by contrast, they refuse to
believe in the success despite all the positive signs. Intuition is a deeper
feeling and remains constant. In fact, one of the tests of intuition is to delay
the decision for a short time and test whether the previous willingness or
reluctance remains. It is amazing how often, in hindsight, we knew what to do
from the start.
One of the major business decisions where intuition is
vital is the choice to take on a given new customer. Even with due diligence,
many entrepreneurs generally lack all the facts to objectively assess the
benefits/risks of working with a given person or company. While the benefits of
a new customer are evident, i.e., short-term and long-term revenue, the hidden
risks can sometimes outweigh them. For example, some customers could be
reluctant payers while others work in such an inefficient manner that it greatly
increases the work required. As they say about friends, with customers like
these, who needs rivals? In practice, the tone and content of the emails and
spoken conversation often provide a window into the inner workings of the
potential customer. Granted, if they are working in a foreign language or come
from a different culture, an unpleasant tone or approach may merely indicate
lack of fluency or cultural variance. However, in most cases, if a red light
goes off in the brain when negotiating with a new customer, the freelancer
needs to think twice. In many cases, avoiding the person or company is a good
idea regardless of the lack of objective proof to the contrary.
Freelancers work by projects but must apply intuition
in choosing which project to take on. There is a concept in economics called
“opportunity cost”. It means that one price of taking project A is the
inability to take on project B. Moreover, customers never forget an
improperly executed job even if they sometimes forgive it. The significance is
that a freelancer or company should not take on a project that “feels” beyond
its ability or below its interest. In the first case, the result cannot be
ideal because it involves learning at the customer’s expense, never a great
idea. Similarly, the lack of interest in a project generally negatively affects
the level of execution. Poor work is one of the primary reasons businesses lose
customers. Curiously, freelancers generally “know” whether or not to take on a
given project. However, illusions of grandeur or desperation lead people to
roll the dice. Just as the vast majority of gamblers lose in Las Vegas and
Atlantic City, “wrong” projects too often go awry. By contrast, calculated
risks taken with open eyes are often the keys to opening up doors of
opportunity. Wisdom is hearing and following intuition.
Finally, intuition also plays a role in marketing
decisions. Freelancers sometimes receive invitations to join various sites,
conferences and events both in their industry and outside it. These
opportunities require an investment of time and/or money. It is hard, if not
impossible, to know which of these will pan out. A postponed decision too often
becomes an unmade decision as other urgent matters arrive on the desk. Thus, it
is worthwhile investing two minutes to investigate the opportunity in order to
ascertain whether it has potential or not. Intuition is a key element in the
decision as it is difficult to access all of the factors. Of course, mental
fatigue and work pressure tend to make it easier to pass on them. However, this
laziness may result in a lost opportunity. If a marketing lead feels relevant,
it is often worthwhile to sign up immediately or, at least, put on an active
“to do” list for further investigation. As Fleetwood Mac sang, nobody knows
what tomorrow will bring.
Clearly, intuition is neither infallible nor clear.
People find it difficult to distinguish it from their internal want or fear list or
simply do not trust it. However, freelancers, without dedicated marketing and
financial departments to conduct a full investigation, have to depend on it.
Faced with the limitations of time and energy, a quick but careful decision in
line with intuition leads to far greater success than one in opposition to it.
Of course, it is always advisable to check the facts to look for traps. Yet, in
a world where partial knowledge is the best we have, intuition is an important
tool for every business person. Ignore your inner voice at your own peril.
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