Business Acumen is a Necessity for Entrepreneurs

The power of a strong general business acumen is mighty and sure, and trends can’t rightfully unseat the need for this vital skill. Industry giants and newcomers alike have come to recognize the importance of being able to exercise judgment and present a breadth of understanding.

A quick and acute understanding of business, which normally results in a good outcome, is aptly recognized as business acumen. The high levels of keenness and applicable understanding known to business acumen are tools frequently used by strategic leaders who understand those features produce successful and proficient organizations.

Developing acumen is a matter of increasing knowledge about one’s industry. While gathering this knowledge, it’s also important to become a better listener in the process. Entrepreneurs who master relationship building, business intelligence, enhancement, decision-making, leadership, stakeholder engagement, strategy development people development and communication are primed for success. It’s necessary to organize targeted training and never forget that the importance of overall development and learning.

Business acumen is downright necessary for the next generation of supply management professionals. In the interest of acquiring leadership roles and demonstrating high levels of job satisfaction and engagement, it’s important that an understanding of business acumen if far-reaching, that it makes sense to older individuals in the C-suite, recruiters, and young business-minded professionals.

Read more on the subject by checking out an article on business acumen written by Jim Barnes, ISM Services Managing Director for the Institute for Supply Management, which is featured in Supply Chain Management Review.


Originally published at eddiedovner.info. | Eddie Dovner is an entrepreneur, inventor, and CEO who is based in West Palm Beach, Florida. Learn more about Eddie Dovner by visiting his pages on LinkedIn, Twitter, and SlideShare. Also, please learn more by visiting EdwardDovner.org and EddieDovner.com.