Small businesses usually begin with a 'gut feeling' that some product or service has a viable market.
Entrepreneurs are intuitive people who create success by trusting their instincts.
As a business matures and becomes more complex, it is natural to continue managing by 'gut feel'. But intuition alone can't furnish important facts, such as what customers are buying, what competitors are doing, where the economy is going, and how new technology will affect a particular field of business. A Strategic Approach Hunches are important, but they need to be supported by a regimen of focused trend watching, forecasting and planning. By learning how to identify trends and cycles that affect your business, you can reduce risks and enhance opportunities. Trend analysis and long-range forecasting are useful tools to stimulate strategic thinking and discussion within your business.