Have you ever started a new project in your business only to have a niggling doubt in the back of your mind that you aren't doing the right thing or that you've maybe missed out a key step or component?
Most small businesses come about because a technician (say a carpenter, plumber, dentist, graphic designer) gets an idea that instead of continuing to do what they do for someone else, they will start their own business and keep all of the lovely cash that was previously lining the pockets of their employer while they were paid the same salary regardless of how much value they brought to the business.
Insight is great stuff to have, but it’s sometimes difficult to find when you are up close to an issue.
A few years ago an ex colleague of mine who had been loosely involved with the travel and tourism industry told me he was buying into a new business venture: a high street travel agency. My heart started beating very fast; my first reaction was to ask: are you sure?
The Top 100 Business Schools avoid this piece of critical thinking in their MBA programs, dismissing it as too soft and somewhat less than tangible. Try telling that to Nordstrom. 10 Minute MBA creator John Quinn explains why entrepreneurs and business leaders need to develop their own version of his Theory of Everything