Business acumen is the understanding of core business concepts and the ability to translate that understanding into insights about your business. In this video tutorial, you'll learn the major topics you need to be familiar with in order to build business acumen. This includes concepts like the business model, financials, strategy, operations, sales, marketing, R&D, product development, people, and talent management.
- What is business acumen, and why is it…important to have some?…It's understanding why a business performs…the way it does, how it makes decisions,…how you fit in, and how you and your team…can have an impact.…It requires you to understand the business model,…the way your financials work,…the organization's strategy and operations.…You have to know how you sell and how you market,…how research and development,…and product development is done.…You also have to understand the implications…for people and talent.…
A long time ago, I was in the army,…and when I left the army, I went straight…into the business world.…Now I had very little business acumen at that time,…and I was a consultant working with…large corporations and I had to very quickly…get in and understand how does their business work?…Because we were responsible for coming up…with ideas to help them improve.…There have been different businesses…I've been a part over the years,…and each one has different business models…and different ways that they work.…
- What business are you in?
- What's your market and who is your competition?
- What problem does your business solve?
- How are your products and services created? What are your pricing and growth strategies?
- How do you measure performance?
With the answers in hand, you can be assured your have the knowledge to make the best decisions for your business.
Lynda.com is a PMI Registered Education Provider. This course qualifies for professional development units (PDUs). To view the activity and PDU details for this course, click here.
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- Define and explain business acumen.
- Describe different types of growth horizons.
- Identify critical elements of knowing your business.
- Explain the effects of price changes on profits.
- List common growth methods.
- Evaluate your initiative pipeline.
- Define common business terms.
- Assess trends and your competitive environment.