business foresight and acumen
want to create great jobs and then earn a lot of money.'' His second question was greeted with dead silence. This clearly shows how lop-sided the approach of both the people teaching and studying business in India is.
According to Modwel, there is an urgent need to change the mindset of the management education-seekers here. ``People see an MBA as a job-seeking ticket and not a value-addition. They lack business acumen.''
Entrepreneurial inclination is missing in Indian students. ``People here complain that due to recession there is a freeze in recruitment. Why aren't they studying management with the purpose of turning around their family businesses or setting up one on their own?''
Modwel is of the view that Indian MBA courses are in need of a revamp. According to him, an MBA program should be able to churn out economically-meaningful managers. ``The managers should be able to contribute to the economy, whether they start out as management trainees or entrepreneurs.'' There is a need for Indian business schools to beef up the quality of the faculty, even if that means inviting people from outside.
Most business schools abroad believe that greater the number of visiting faculty, the better it is for the institute.''
Business Acumen
Business acumen is a sense of the business which can foresee the success of business. With business acumen you can harness effectively the company's total performance. In today's highly competitive environment, managers and specialists require a high level of business sense. Functional expertise is not enough; they need to be totally business orientated. Key people must be able to understand and use financial data to plan and make strategic and operational choices and decisions to develop a profitable business.
It is skills that are to be possessed by a businessman a manger etc to foresee and conduct the business but why they need business acumen is the question.
Managers make a lot of decisions every day. Most of them are not so easy to determinate, because what you decide is the future. As manager they are going to make a lot of choice for their company. Sense of future is so important to Business Acumen Practice.
Now arises the question Why is Building Business Acumen so critical for a business?
Every employee can and must develop the business acumen to understand, at the most basic level, what it takes for a business to make money. It teaches participants how businesses make money. How a business makes money.
The five key fundamentals of how a business really runs:
Every business is the same inside. Business acumen requires understanding the building blocks of money making and then learning to apply them...daily.
1. Cash: How do we generate it, how is it used and why is it so critical?
2. Margin: How do you make Gross Margin meaningful to everyone?
3. Velocity: What is the centerpiece to business [next page]