There is no doubt that many successful businesses can attribute their initial success to the 'gut feel' or guesswork of their management. Most of us enter the business world based on intuition or just believing that there is a market for the goods and services we offer. This type of guesswork can undoubtedly deliver a degree of success particularly for talented entrepreneurs. Quite clearly, some people are better at this guesswork than others.

Guesswork however, can only get a business so far. Think of the larger and more successful businesses throughout the world and ask how many of them rely purely on the intuition of individuals? Consider the consequences of basing major decisions on nothing more than gut feel.

In today's competitive business environment, there is little room for guesswork. Business decisions are much better based on facts and understanding rather than intuition. The need becomes imperative when competitors are using facts and understanding for their own decisions. Which business would have the greater chance of survival, one that bases its decisions on guesswork or one that uses research to gather facts and better understand itself and the market?