5.4. Always think twice

Critical thinking means making reasoned, well thought out judgements, based on logic, evidence, and on an analysis of alternative possibilities. Critical thinking involves curiosity, the willingness to find more information about something, and to be open to new ideas; it also requires scepticism, the healthy questioning attitude; and finally, it implicitly includes the humility, the ability to accept that you are wrong, if there is evidence contradicting your ideas.

Critical thinking is essential in business. Curiosity and scepticism help entrepreneurs to challenge the status quo, find new solutions to problems, investigate the market, adapt to new environments, spot new opportunities, etc. Also, a person in constant searching for facts, and not opinions, is a person who can manage well ambiguity, and complexity of the market, supply chains, customers’ demands, stakeholders’ interests, etc. A critical thinker can easily analyse the market environment, the competitors, the customers, he/she can realistically assess the potential and seize the opportunities, and he/she can make prompt decisions. At the same the, a critical thinker can quickly admit when he / she is wrong or has failed, and start over again.