From the course: Developing Business Acumen
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Build business acumen
- 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…
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