How does the Business Acumen make you cope with Economic

Standoffs and what disruptive ideas bring benefits for an economist?

As defined by Wikipedia, Business Acumen is “keenness and quickness in understanding
and dealing with a business situation in a manner that is likely to lead to a good outcome”. To
simplify, the business is made up of two parts: ‘business literacy,' which is the knowledge
and understanding of various functions within the organization, and ‘acumen,' which is the
ability to make good judgments and quick decisions. Strong business acumen, as a whole,
serves as a vehicle for improving performance and developing leaders.
As an example, when people are brought into a business role, whether because they are
new to the company or because they have shifted roles, it is as if they are being asked to jump on
a moving train. It is clear that a keen sense of business acumen enables them to adapt from the
start.
The business section is brimming with articles about how new competition emerges so
quickly that incumbents are frequently caught off guard and their market share dwindles
at an alarming rate. But when employees possess Business Acumen skills and collaborate
across disciplines, businesses are better positioned to respond to disruption, innovate, meet
customer demands, avoid costly delays, and possibly disrupt a market themselves.
Ram Charan, a business consultant, once explained, “Success depends on a leader’s
ability to recognize such moments of disequilibrium in advance — and to have the courage and
business acumen to chart a new course in the face of them.”
An individual with a strong grasp of business acumen will set the tone for their work day
rather than allowing others to do so. When confronted with the unexpected, business people who
have adequately prepared will be able to set the stage to deal with these issues.
To keep strategies on track, everyone involved in their execution must master these skills,
or risk allowing dysfunctional to rule. Now more than ever, millions of dollars are lost and
businesses are forced to close when business acumen is not valued beyond the c-suite.
Economic disruption has existed since the first caveman sharpened a stone into a
tool. New technologies enable new ways of doing business while displacing old ones. The
Austrian economist Joseph Schumpeter coined the phrase "creative destruction" to describe
this. The term encompasses both the beneficial and detrimental aspects of economic disruption:
when a forest burns, many trees are destroyed, but new growth is enabled. The key to progress is

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ensuring that there are more winners than losers from disruptive change, and that the latter
benefit from broader economic gains.
Disruptive technology is likely to play a significant role in improving people's quality
of life, global economies, and business models. Disruptive technology is a newly developed
technology that adds significantly more value than existing technology and has the potential to
drastically alter how people work, live, conduct business, and increase economic output.
Technology will be accepted if it adds value to the company's value chain. The actions
taken by a business leader, such as big data analysis and acquisitions, to capitalize on disruptive
technologies that are on their way. Finally, if technology allows manufacturers to produce in
abundance, supply side economies may become a primary economic parameter in the near
future.
Despite the fact that disruptive technology is constantly evolving, business leaders
must keep their organization's strategies up to date, ensure that their organizations remain
forward-thinking, and use advancements to improve internal performance. Disruptive
innovation has the potential to change the game for businesses by introducing entirely new
products and administrations, as well as shifting value pools between manufacturers or
from manufacturers to purchasers.

Webography
https://www.advantexe.com/blog/5-business-acumen-skills-to-help-survive-a-recession?
fbclid=IwAR3-OMh7HXhJ-udk-jzRrMg4St7vp43alRxu6P6A4hNbfZTBr4u8coyXp8c
https://www.chris-elgood.com/competitive-advantage/?
fbclid=IwAR0pLUk1EJkL035Q2rB4mZYV4on9mNOnAo166f3Rg0GvudOuvd_c4yX2I9Y
https://www.linkedin.com/pulse/impact-disruptive-technology-businesses-harshal-agrawal?
fbclid=IwAR2RQXnuLatAbeM3PZx3wW9LbNgA1ULylr0UBMAH-
OWQWkBLq6VJ5Q1bhcE
https://execed.economist.com/blog/industry-trends/be-disruptor-avoid-disruption?
fbclid=IwAR04l7iygNF2zWyQYY9V5euMCm8VK3TZ39KVBavVCj7Pop2GbzKmh-
zWMLw