Business acumen refers to the keenness and quickness in understanding and dealing with a business situation in a manner that is likely to lead to a positive outcome. It is a combination of knowledge and skill informed by experience, encompassing knowledge about key business issues, the skill to apply that knowledge, and the confidence to take action informed by past experiences.
Key points about business acumen include:
- It involves understanding how a company makes decisions and being financially literate to understand numbers on company financial statements.
- Business acumen is a learned skill that can be developed on the job by learning the required skills from knowledgeable mentors while working in different employment positions.
- It is not innate, but rather a skill that can be acquired through curiosity and a desire to understand how different aspects of a business work.
In summary, business acumen is a valuable skill that involves a combination of knowledge, experience, and the ability to make sound decisions confidently, with the aim of positively impacting the objectives of an organization.
