So you can’t wait for perfect data. It doesn’t exist. You just have to take that first step into the unknown. Combine everything you’ve learned and take your best guess at what’s going to happen next. That’s what life is. Most decisions we make are data-informed, but they’re not data-made.

I was also told that a brand-new CEO shouldn’t be trying to make huge acquisitions. I was “crazy,” as one of our investment bankers put it, because the numbers would never work out and this was an impossible “sale” to the street.

The banker had a point. It’s true that on paper the deal didn’t make obvious sense. But I felt certain that this level of ingenuity was worth more than any of us understood or could calculate at the time. It’s perhaps not the most responsible advice in a book like this to say that leaders should just go out there and trust their gut, because it might be interpreted as endorsing impulsivity over thoughtfulness, gambling rather than careful study. As with everything, the key is awareness, taking it all in and weighing every factor—your own motivations, what the people you trust are saying, what careful study and analysis tell you, and then what analysis can’t tell you. You carefully consider all of these factors, understanding that no two circumstances are alike, and then, if you’re in charge, it still ultimately comes down to instinct. Is this right or isn’t it? Nothing is a sure thing, but you need at the very least to be willing to take big risks. You can’t have big wins without them.

Alternating between internal and external demands is only one way CEOs must learn to divide their time and energy. They also have to focus on the urgent here and now and on longer-term plans. In addition, they must be in command of the “hard stuff” of numbers and devote considerable time to the “soft stuff” of people management. Also crucial is striking a balance between taking decisive charge by quickly making some moves and engaging in learning more about the company. All require both/and thinking rather than either/or thinking. As skilled as leaders may have become in this over the course of their careers, the challenges of the Launch stage greatly up the ante on getting the balance right. Carol Tomé pulled off this balancing act with aplomb.

There are going to be surprises no matter how well you know a company. Learning about them early is challenging because employees, even at the highest levels, are reluctant to share troubling information. Learning what you need to know requires rigorous questioning while conveying in a compelling way that you absolutely want people to speak openly.

A CEO coming in from the outside needs to emphasize getting a good fix on the full range of business operations, the strengths and weaknesses of the leadership team, and the nature of the culture.

Rigorous data analytics should inform intuitive thinking. Shantanu Narayen, for example, stressed its role in his decision to move Adobe to cloud-based service. The process involved “a lot of discipline,” he said. “We ran pilot in some countries. We got feedback. People give us credit for bold decisions. But we put in a lot of work.” Yet, when asked how he evolved as a CEO, he said, “I got much more comfortable with pattern matching.” Discerning a pattern you’ve seen before in a new situation is one of the signature abilities of informed intuition. But spotting patterns, as Narayen cautioned, can be “both a plus and a minus.” Doing it well requires building up a robust mental archive of patterns seen through time. With that strong repertoire, pattern matching can be remarkably powerful. Without that archive, it can go badly awry. But even with good experience, it’s easy to fall into the trap of confirmation bias— seeing a pattern because you expect it to be there. It’s essential to rigorously challenge your intuitions.

Narayen emphasized that to ensure you’re both listening to your intuition and checking it, it’s important to create a process for combining your informed intuition with that of others, as Paz did.