Much of decision-making is grounded in historical data, but there’s something just as important to consider when making decisions: your instincts.
One of my favorite quotes is from Albert Einstein (at least, according the that so very reliable internet): “Not everything that counts can be counted, and not everything that can be counted, counts.” In my work I spend alot of time crunching numbers and analyzing data, but I don’t let the data drive desicions or plans. There is so much more to it, and what can’t be quantified, especially in revitalization and economic development, is crucial to success.
“For entrepreneurs and startups forging new paths, there may not be enough data to inform the best decision. Historical patterns — the causes and effects of prior decisions, either yours or from companies that inspire you — may not repeat themselves in the same way they did before. This is especially true in the current economic conditions; the COVID-19 pandemic has altered the present and future for both existing companies and entrepreneurs alike. The past may be a poor indicator of what’s to come.”