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What is business sense?

Business sense which also known as “business acumen” is a collection of skills developed throughout your career. It is essential for anyone who is working in or running a business. Business sense is about having a depth understanding of how a business works including its function, strategies, operations and how it is applied in a wider marketplace. Rather than a single skill, business sense is a set of skills which includes strategic and critical thinking, communication and influence, and financial knowledge.

[Source; https://www.coursera.org/articles/what-is-business-acumen]

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Why business sense is important?

Understanding how a business works is essential to contribute effectively to it. Engaging with a business goal, operations and sharpening your understanding of the market and business strategies give you a deeper understanding of your role. Besides that, it also gives you an understanding on how it fits into a larger business model. For example, creating materials for marketing is a skill, but doing it with a clear purpose of marketing, target the customer and a wider knowledge of the marketplace shows business sense. Companies look for employees who can apply and demonstrate business sense when hiring, especially for leadership positions. Companies prefer employees who can really apply business sense to achieve the companies’ mission and vision.

[Source; https://www.coursera.org/articles/what-is-business-acumen]

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1)      Analysis of the Impact of Integrating Business Acumen, Leadership Strategies, and Educational Technology on Organizational Innovation (2024)

Brief Summary: A Quantitative Research on the impact of integrating business acumen (Business Sense).

Authority

The authors are:

1.      Divina Gracia C. Divino expertise is conducting research in higher education.

2.      Sydney Jay B. Villarin which specialise in English language as well as coordinating research.

3.      Lily France Jajalla Echavez expertise in business education and research coordination.

4.      Kemski P. Lumahang MAEd, Ed.D (CAR)

Currency

Published on November – December of 2024

Content

This research is written in a scholarly language.

Accuracy

Research Methodlogy:

Spearman’s Rho which is a framework of the Roger’s Diffusions of Innovation.

Bias

No there's no sign of bias.

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2)      Business acumen for nursing leaders: A scoping review

Brief Summary: This research is a Scoping Review on the role of business acumen in nursing leadership.

Authority

The authors are:

1.      Chris Raftery, MBA (HSM), RN

2.      Anne-Marie Sassenberg, PhD

3.      Anita Bamford-Wade, DN, RN

Currency

Published in 2022

Content

The research is written in Academic language.

Accuracy

Research Methodlogy

PRISMA flow diagram format common to scoping reviews.

Bias

There’s no concrete sign or evidence on bias.

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Evidence of business sense in the real world

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Evidence of business sense in the real world

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1. Firstly, the importance of business sense in the workplace can't be neglected, as it is an imperative skill that directly affects decision making and overall business success. Business sense is required due to its significance in improving job dynamics and encouraging a culture of informed decision making.

Having business sense provides incentives to workers to supply vital knowledge on market trends or encourage ways customers can be tended to better.

It helps with financial decision making. It includes mastery of vital financial metrics such as revenue, profit margins, ROI and cash flow.

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Example of Business Sense in the real world.

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Example of Business Sense in the real world.

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On the M-11 toll road, a highway connecting Moscow and the city of Solnechnogorsk. The toll fees on this road were known to be relatively high. To celebrate its 100th anniversary, BMW Group Russia organized a special promotion in the summer of 2016. They offered free passage on the M-11 highway for all BMW owners.The clever part of the campaign, which made it go viral, was that BMW also allowed any car that had a BMW logo on it to pass for free. This led to people getting creative, with videos and photos surfacing online of non-BMW vehicles, including rival brands like Mercedes and Audi, with temporary BMW logos taped to their grilles.

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1. Require a strong determination and courage on facing the difficult dilemmas.

-While peoples are developing business sense, they might facing a lot of problems on making business. These problems will made those peoples who are making business facing tremendous pressure on fear of failure and unconfident.

2. Require great communication skills

-Communication skills had taken a significant place on every aspects of business. Therefore, without communication skills business may become extremely diffucult.

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The strategies required to employ the skill

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The strategies required to employ the skill

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1. Mind Map Content

Use mind maps for strategic planning and breaking down complex projects.

Encourage innovation and creativity through brainstorming with visual mapping tools.

Foster collaboration by involving team members in idea generation.

Support decision-making by logically connecting finance, marketing, and operations.

2. Grammar and Mechanics

Ensure professional communication in reports, proposals, and emails.

Maintain brand image with error-free and polished documents.

Establish company-wide writing standards for tone and style.

Improve efficiency by avoiding miscommunication and errors.

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The strategies required to employ the skill

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The strategies required to employ the skill

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3. Research Quality

Conduct market intelligence using credible sources (reports, surveys, data).

Reduce risks through evidence-based decisions.

Gain a competitive advantage with updated and diverse information.

Strengthen proposals with well-cited, reliable sources.

4. Presentation Skills

Show leadership and influence through confident, clear communication.

Enhance customer engagement with compelling presentations.

Structure presentations clearly: problem → solution → benefits.

Build a professional image by adapting style to different audiences.

Prepare for Q&A to demonstrate expertise and adaptability.