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What distinguishes a good manager from a real leader. Why do some people move quickly up the career ladder, while others cannot move from the same position for years?
Business acumen. It is what helps you develop and understand how business, strategy and money work. It's one of the most important skills you can develop to invest in your career success. Here are a few ways you can do it.
The Series and Skills Approach
Watching TV series can be not just enjoyable but also useful - it all depends on what to choose. Some of them can teach you about how businesses and industries operate, as well as help you understand what business acumen is all about.
Pick a few TV series from the list:
- “Inside Bill's Brain: Decoding Bill Gates” - this documentary series tells about one of the richest people in the world, how he thinks and solves global problems;
- “Undercover Billionaire” is a TV series about a billionaire named Glenn Stearns working in a small town without giving away his financial situation. He only has $100, and he aims to create a business in 90 days that will make him a multi-million dollar profit. The series shows the challenges and opportunities that are encountered when starting from scratch;
- “The Profit” is about the CEO of Camping World, who invests in a struggling company and tries to put things in order. The series offers invaluable insights into business operations and leadership;
- “Billions” is a drama that shows the world of financial acumen and power dynamics, and is about big business and big money.
Play business board games
If you want to train your business acumen, it's time to pull out that Monopoly that's been gathering dust on your closet and invite some friends over.
These economic games help train resource management, strategic thinking, risk assessment, and communication skills that any leader can use.
And if you don't like board games, choose computerized economic strategies: any part of “Tropico”, “Railway Empire”, “Aven Colony”, etc.
Create a podcast club
Social connections are one of the keys to success. Not only do they help you take a break from pressing problems and have fun, but they also help you learn useful skills.
Start your own podcast club with people who, like you, want to develop business acumen. Suggest that they get together once a week for a cup of coffee, and listen to a business-focused podcast beforehand. Once you meet, you can discuss what you've heard and share your opinions and ideas.
Share skills
You may be a great marketer, but you may not know how to allocate finances, while your colleague is the opposite. The best thing you can do for each other is to share skills and experiences. It's a win-win for both parties, given that you both want to evolve and improve.
Find people who inspire you
Find people who give you inspiration and try to socialize with them more often. Such collectives are good for both learning and accountability. For example, you can meet once a week with a friend whose business acumen you admire to share what's going on in your career and get sound advice from them.
Learn how others work
Take an hour or two to understand what another department in your office is doing. This will broaden your understanding of the business and give you a more holistic view of what is going on in your company.
You can also ask employees with other responsibilities to talk about their tasks during their lunch break.
Give a presentation
There is no better way to strengthen your understanding of a subject than by teaching it to someone else.
If there is an opportunity to give a presentation or seminar on a topic that interests you, don't pass it up. By learning the ins and outs, you can add to your knowledge and at the same time learn how to be a good speaker.
Keep an eye on your manager
Analyze how your supervisor works and makes decisions. There's no substitute for first-hand experience when it comes to learning strategic planning.
If you have the opportunity, you can ask your boss to talk about the approaches he or she uses in the workplace or recommend what he or she thinks is useful literature.
Engage with opinion leaders on social networks
Some platforms give you direct access to leaders and experts in different industries. It's worth trying not only to follow their content, but also to ask questions and share your ideas.
Maybe their response to your comment will get you thinking about the right topics.
Learn from failures
No one likes to mess up, but mistakes are a treasure trove of knowledge. Analyzing your failures or studying high-profile business failures can teach you invaluable lessons.
Create your “failure log.” Whenever you encounter a mistake or learn of a business failure, write down what went wrong, how it was avoided, and what behaviors you should develop in the future.
Join useful online communities
We are in a golden age of accessibility to professional knowledge and connections. Online communities, themed forums and social media groups focused on the industry you want to master can be a treasure trove of information, advice and connections.
These spaces are often used to discuss the latest trends, share articles and expert opinions. By becoming an active participant in them, you can capitalize on the collective wisdom and even share your ideas to become an opinion leader in the field.
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