15 Essentials of Business Acumen

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Doing business is not an easy proposition. Any Tom, Dick and Harry cannot be a businessman. It requires certain skills, bent of mind and aptitude to make a success of a particular business venture. Business acumen needs to be geared towards shrewdness, adaptability and mental alertness.

Business means taking risks, heavy financial investments, facing stiff competition from others in the business arena and ensuring that one made maximum profit from the minimum resources available. One must be able to comprehend what lies ahead.

Business is always very unpredictable. A person who is familiar with the nuances of business has of course an upper hand as compared to a novice. Sometimes you learn by committing mistakes. A person who does not possess the necessary skills for business cannot make a success of the venture on hand. One must have the requisite business acumen.

Let us try to understand what business acumen is by enumerating the essentials of it.

What is business acumen?

  • One needs to be focused.
  • The goal needs to be clear.
  • Aiming at achieving targets is essential.
  • Mental sharpness and alertness is essential to study the market and make necessary investments.
  • To be able to understand the intentions of one’s rival.
  • One needs to be able to face competition with other competitors in business.
  • Ability to manage one’s finances well. One needs to maximize one’s profits with the limited resources on hand.
  • Positive mind is essential as one must hope for the best results.
  • Ability to take up challenges. The road to success maybe rough but one must be willing to ride on it without backing out.
  • Confidence level has to be high. One must be sure of oneself.
  • One must be decisive.
  • Enthusiasm to make a success of the business must be there.
  • One must be able to study the market well.
  • One must develop the ability to identify the skill of a potential employee.
  • Adaptability is essential. One must not be rigid about issues. A flexible attitude will allow one to be success in business.

A businessman has to be shrewd, very clear in his goals and be able to take decisions with full confidence. He or she must be familiar with the nuances of business. One has to sharpen one’s business acumen. Risks may be there in business, but if one is successful, then one has much to gain.

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2 Comments

  1. Lennart Svanberg on

    Hi,
    I’m working for a company that has used Business Simulations to improve Business Acumen skills for 20 years now. Its actually very effective to “do & learn” in a “secure” environment with no risk for your actual business. I recommend people to look up Simulations as an effective way to learn Business Acumen skill, its still a very rare method used.

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