Part One: Literature Review
Understanding in what way and why businesspersons make firm decisions need knowledge on techniques of data assortment and assimilation. In the entrepreneur world, knowing of techniques can be known mainly through intrusive. Today, businesses are featured by high competition, impulsiveness, and intense volatility; therefore, managers and other business people are obligated to make choices under multifaceted situations, faced with less or more information, vagueness, and laterally with time compression. Decision making in strategic intrusion level, make choices that have to handle problems that are inimitable, unstructured, and idiosyncratic (Malewska, 2019). Through intuition, entrepreneurs can increase their skills in decision making, thus facilitating easier analyzation of massive information and classify, which is more significant to the decision given, and also, if there is little data, intuition fills that gap. Moreover, intuition in entrepreneurship is crucial in management activities, mainly in creating innovative and inventive decisions that can tackle personal issues.
Intuition, as a productive figure in decision making, has various features in decisions made, such as being primarily constant with characteristics standardized for entrepreneurship, and has features related to a specific human behavior. Therefore, intuition responds to the questions that may emerge on someone who is in a dilemma of if commencing business activities deciphers in the practice of the intuitive tactic to the decision-making process.
The Essence, Definitions, Concepts, and Approaches of Intuition In Entrepreneurship
Intuition is intensifying its consideration as a practical managerial competence to the business managers who are operating in complex and capricious business environments due to its various connotations and demonstrates in numerous ways. According to the research, businesspersons who use intuitions in decision making, observe intuition as imitative of knowledge or as an abrupt revelation (Leszckak, 2010). The term intuition has adopted various definitions from different scholars. It is defined as: as the performance of reason subsequent from personal knowledge and the best way to learn (Plato); Jung defines it as mental function entailing unconscious spreads of sensations; as a method of decision-making and emerges as an outcome of the other thought process (Dane and Patt); interprets to the ability to execute right decisions without comprehensive information, and can be disturbed by factors such as emotions, and expectations (L. Day); also, as a tactic involved in knowledge for decision-making alongside instinctive and psychological expertise.
The problems in intuition are remarked by various factors, including internal, personality determinants, and internal conditions. The above aspects affect the usage of intuition in the process of decision making in the business world. The factors affecting intuition can be categorized into two types of determinants according to their kinds and edifices of the issue and those associated with the environment, such as the structural culture of a firm and conditions involved in the decision-making process. The determinants are divided into two External and internal states. In the external conditions concerning the factors that affect intuition in decision making in an organization can include conditions associated to the problem that requires decision or forms and edifice of the choice issue, and conditions connected to the surrounding or situations related to the culture of a film and environment conditions in the decision making.
On the other hand, external conditions or factors may include circumstances such as physical and psychological situations, knowledge of an expert involved in the decision-making process, chosen style of obtaining and dispensation of information, and experience. Also, internal conditions may include a personal profile that can be defined by various factors such as creativity, the vitality of action, valor and self-assurance in work, strong motivation for decision making or perseverance, timing, and skills to pinpoint opportunities in the entrepreneurship (Tokarski, 2017). Therefore, managers with consistent traits and skills use intuitive decisions more than other businesspersons. Additionally, empirical research shows that individuals with intuitive decision-making characters can quickly discover business opportunities.
Part Two: Personal Profile Factor and Analytical Approach
My argument on Sadler-Smith’s cases that individuals who apply an intuitive approach discover more business opportunities than individuals who apply an analytical approach will be based on Pira’s research. Various successful entrepreneurs have validated the claims of Smiths. For instance, Bill Gates states, “you cannot ignore your intuition.” Oprah says, “My business skills have come from being guided by my intuition,” and Donald Trump admits through his book that, “I’ve built a multibillion-dollar empire by relying on my gut instinct.” Therefore, through the above claims from efficacious businesspersons, it is evident that people who utilize empirical or analytical approach discovers entrepreneurial opportunities efficiently than the individual who does not use.
The analytical approach in intuition focuses on validating the significance of intuition in making decisions to be successful in business. The target population comprising of repeat entrepreneurs since such entrepreneurs’ achievements are based on a variety of factors, not only providence. Repeat entrepreneurs, according to the analytical approach, seems to detect opportunities grounded on cues from the surrounding that they colander and progress through several mechanisms. Through the data collected via the questionnaire, it was contrasted with the findings retained by the Cognitive style instrument through multi-method and the semi-structured methods, interviews to attain the most effective, and accurate final results. The results showed that individuals who adopt intuition in decision making have higher chances of prosperity in the business, though that does not indicate that they assume available data; in contrast, most rely on experiences and obtainable information.
Entrepreneurs who use the analytical approach in the intuition decision making, are guided by the analyzed data and benefits in answering dilemma questions that may emerge. They can determine the demand and supply of absolute good or services, selloffs, investments, decisions on acquisitions, and layoffs that are usually made on gut feeling and intuitions. In other words, entrepreneurs who use intuitive decision-making skills can make choices that are founded on deep consideration and prior knowledge of the speculation and monetary records and market research.
Another evident in the business achievement gained from the analytical approach in decision-making can be traced to Ingram research (2006). Ingram identifies the features that managers who use intuitive decision-making approach that helps them in their success. Intuitive managers have features such as, the skills to recognize opportunities rising in the surroundings, new trends, and customer needs, have excellent skills in creativity, skills to create innovative and unique solutions to the problems, skills to analyze and produce high quantities of information and categorize that are relevant for their decision making and also, have self-assurance and valor in actions of entrepreneurship. Therefore, considering the above shreds of evidence from different authors, it is clear that people who use the analytical approach of intuitive decision making are people of great personality and success in business. For example, Donald Trump, Bill Gates, and Oprah are people well-known for their success in entrepreneurship. Therefore, this approach and intuition should not be ignored, and one should not assume his/her intuition.
Part Three: Analysis and Discussions on Findings.
Every entrepreneur starts a business with a vision and objectives of growing his/her business across the globe or a nation. An entrepreneur can be driven by various factors such as the joy to generate, the dream of building a superpower, and they want to prosper, compete and attest to how better they are than the rest of entrepreneurs. Therefore, due to high volatility and competition in the business world, business people should make relevant and useful decision making concerning their firms. Managers and other business people should consider intuitive decision making since they help in numerous fields in business, for instance, making effective decisions with or without detailed information, learning on market trends, understanding customer needs, and other critical areas that are crucial to the entrepreneurship. Also, intuition in entrepreneurship enables a business person to improve his skill in managerial, marketing, solving of problems, discovering new opportunities in businesses, and developing personalities such as courage, self-confidence, creativity, analysis of information and innovation, and synthetization.
In addition, various approaches in intuitive decision making facilitate excellent performance. However, they have to be committed towards their business, follow their gut feelings, focus on Significant tools on success, and should be action-oriented since the decision-making process can give a business positive or negative results depending on the decision made. The term intuition has various definitions, but almost all concepts comprise of terms such as knowledge, skills, experience, and analytical; therefore, those terms can be considered as benefits when one has a dilemma on whether to use intuitive decision making. Although intuition encourages and facilitates decision making in various phases on business, it is affected by multiple conditions, including external, internal, and personality profiles, a business person is encouraged never to ignore her intuitions.