Business acumen is a much coveted item by managers and leaders in commerce and industry
. What does business acumen actually mean? Based on the descriptions by renowned business gurus from all over the world, business acumen can be elucidated as the unique ability to evaluate the ever changing dynamics of the business environment and make the correct decisions that lead to the highest gains. To put it plainly, it is the uncanny ability to predict the market and rake in the maximum profit.
Evidently, only a few individuals possess business acumen. A lot of skills and attributes are necessary to lead any business, leave alone a successful one. Intelligence and an eagerness to the acquire new knowledge is essential for scrutinizing information and seizing opportunities. Constant innovation is required to capture the attention of the prospective clients and stay ahead of competition. Resourcefulness and ingenuity are interesting additions. They are helpful in extracting the maximum out of minimum.
Effective communication makes for a good leader. Quick decision making , realistic goal setting and focusing on achieving them should occur naturally. Confidence and sturdiness to take the necessary risks are crucial to be successful in a cut throat industry. However, the most important feature of business acumen would be common sense. It is the obviously the most needed trait and transcends across all the above mentioned functions. Common sense is essential to correct interpretation of the business intelligence, proper decision making and setting practical targets. Common sense is therefore, the most importance feature of business acumen.