We are often in a situation where we have nothing else to rely on than our own gut feeling. It could be at the time when you are thinking of adding a new product in your collection to introducing a service that you think will blow the competition away. I think no matter what your situation is, your gut instinct will definitely have to be playing a role as well. I try to learn from my mistakes, and just to be frank, I too have had products in my collection that haven’t given that much in return, and instead something I didn’t think of as a product worth investing in, managed to do so well. That’s how our experience is polished, and that’s how we don’t make the same mistakes again.
So to keep this short, I would advice that whenever you are thinking of doing something that has a bit too much financial risk, always consult someone who might be sitting on more knowledge and experience than you, and someone you highly respect and trust. I often speak with my customers on one to one level, asking them about their experiences so I don’t make the same mistakes. When you talk to others openly about your fears within a new market they have more experience in, they respect you for being open, honest and most of all a human being who is willing to learn.
So all in all, a gut feeling is not always the best way to decide something in your business, it could most probably just be indigestion.