Why business acumen is a critical start up necessity
Business acumen is not only knowing your business environment, it's also about developing a keen awareness of business relationship practices
Each week The Center For Confidence, LLC (TCFC) hosts its weekly Business Acceleration Labs (also known as T-BAL) at Beaver Street Enterprise Center which is the local business incubator and home of more than 50 microenterprisespos. During the labs, entrepreneurs and small business owners have the opportunity to discuss their business development actions for the week, discuss opportunities, and challenges.
Beginning March 1, we began posting the weekly lab takeaways to Facebook. Recently we posted the takeaways from the Business Acceleration Lab 8 & 9. Let's talk about first quarter celebrations, revenue diversification, million dollar worksheets, developing business acumen through the lens of gratitude, money making habits, accountability partners, and more.
The Business Acceleration Labs are a weekly SWOT of your business where you discuss with a team of fellow business owners where you are, where you want to go, and how to overcome challenges or see opportunities to grow your business. - Dr. V
During the discussion, we spoke of business acumen through the lens of gratitude and what that means as a business owner. Each day we express gratitude through a verbal or non verbal expression of thanks. But, what does that look like for a business owner who has received measurable and invaluable support from others through connections, advice, referrals, and more. One form of business acumen is to express gratitude by also returning similar support. Business owners appreciate all expressions of thanks, but why not consider what matters most. Businesses need your connections, leads, and business. This is the best form of gratitude for the microenterprise, small business owner,
What is Business Acumen
According to Wikipedia: Business acumen ("Business savvy" and "business sense" are often used as synonyms) is keenness and quickness in understanding and dealing with a "business situation" (risks and opportunities) in a manner that is likely to lead to a good outcome. Additionally, business acumen has emerged as a vehicle for improving financial performance and leadership development.
5 Ways to develop Business Acumen
1. Find a seasoned business mentor to help you identify and navigate unwritten rules and organizational norms.
2. Learn all aspects of the business. Sign up to be a member of teams outside of your direct responsibilities. I've gained the best insight on corporate protocol when volunteering for community outreach programs, social committees, and special projects.
3. Take self assessments to increase your self awareness. Knowing your inherent traits and interpersonal behaviors will help you to better manage personal and professional decision making as well as identify personality strengths and challenges.
4. Practice gratitude daily. Having an attitude of gratitude will improve how you receive and interpret challenging news and information. Having a positive mindset will allow you to approach situations with an open and more generous mind.
5. Be mindful. Mindfulness allows you to be present in the moment. A regular regimen of mindfulness will improve cognitive functioning, help manage emotional stress, and support clarity of thought among other benefits.
Dr. V Brooks Dunbar
Facebook: @DrVBrooksDunbar @TheCenterForConfidence
Twitter: @DrVDunbar @cent4confidence