Anecdotes and analysis - business is about being able to use both effectively.

“When the anecdotes and data disagree, the anecdotes are usually right.” - Jeff Bezos

Entrepreneurship is about analyzing data and then being able to disagree with it because it’s not the right thing to do. Either it’s not right for the specific situation or it goes against the direction we’re taking the business.

This is what is often referred to as ‘trusting your gut’. But there’s a way to make decisions based on anecdotes that aren’t centred around feelings. 

Anecdotal evidence only works in decision-making if we’re clear on these things:

Core values
Clear objectives
Definition of success

But anecdotes don’t always win. Analyzing data to make informed decisions is a crucial skill for entrepreneurs.  

Knowing what, how and how often to analyze information is critical to entrepreneurs. Running a successful business is about being able to use both anecdotes and analysis.

The skill is knowing how to use both equally well and when to ignore one and focus on the other.