Business acumen is understanding how a company makes money and achieves its goals and objectives. Individuals with business acumen have an understanding of the various parts of a business and how they are interconnected, giving them the ability to make smart decisions in any situation. It includes a wide complex of competencies, knowledge, and awareness of multiple aspects of a business. commercial / financial / legal acumen (Definition of acumen … skill in making correct decisions and judgments in business or in a particular area of business: He is an astute man with sound business acumen. Using a business-centric frame of reference, he or she should be able to perform the following: See the big picture as well as the little details comprising a business … It can be used to describe a person's intellectual or technical ability. To learn more about Advantexe and how we can partner together to help improve business perofmance, please complete the form below. I propose a simple evaluation for business acumen. Leaders who develop sound business acumen are able to sort through the noise to focus on the key elements of importance to a business, find solutions for business problems, and lead his or her team to goal achievement. People with this skill can rapidly spot chang… study Business acumen is the ability to combine experience, knowledge, perspective, and awareness to make sound business decisions. A person with good business acumen possesses or develops some measure of leadership, innovative thinking, entrepreneurial mentality, and strategic sense. Earn Transferable Credit & Get your Degree. An individual without much business sense isn't going to last very long, are they? | {{course.flashcardSetCount}} credit-by-exam regardless of age or education level. Mit Flexionstabellen der verschiedenen Fälle und Zeiten Aussprache und … Conflict Between Antigone & Creon in Sophocles' Antigone, Quiz & Worksheet - Metaphors in The Outsiders, Quiz & Worksheet - Desiree's Baby Time & Place, Quiz & Worksheet - The Handkerchief in Othello. Enrolling in a course lets you earn progress by passing quizzes and exams. Of course, all this business acumen didn't come from heading out on the highway looking for adventure. lessons in math, English, science, history, and more. Business acumen might be defined as making cost [...] effective decisions while at the same time adding value, maintaining motivational levels, keeping sight of the company's strategic objectives, and ensuring that high standards of quality are maintained. Smart leaders are always analyzing and planning, typically several steps ahead of those who are less skilled in the art of business acumen. Create your account. A simulation can help participants understand the system of business and develop the tools and skills they need to make the … business acumen: Geschäftstüchtigkeit {f} econ. The term business acumen may be just two words, but it encompasses a lot! We're going to discuss what that means in this lesson. Flashcards - Real Estate Marketing Basics, Flashcards - Promotional Marketing in Real Estate. That is, anticipating the needs of the company, its employees, and its customers further down the road and setting up plans that align those needs with the business' objectives. To cut through the clutter and offer a simple, yet elegant understanding of what is Business Acumen in today’s volatile, uncertain, complex, and ambiguous world, we can define it as the following: This approach to understanding Business Acumen enables business professionals to follow a logical progression that helps them make the right decisions to drive the best business results for their own companies and clients. {{courseNav.course.mDynamicIntFields.lessonCount}} lessons But maybe you're not in a leadership role. Well, in many ways. Study.com has thousands of articles about every Understanding the financial piece of the business acumen puzzle is an important characteristic for a leader. hbspt.cta._relativeUrls=true;hbspt.cta.load(1153922, 'ef562d5a-acb6-45df-86ae-098c09e7fcc0', {}); Contact UsPlease complete the form below to learn more about how Advantexe can help your company improve business performance. - Definition, Characteristics & Examples, Adaptability in the Workplace: Strategies & Importance, The Internal Structure of an HR Department, Interpersonal Skills in the Workplace: Examples and Importance, What Are Milestones in Project Management? Employees who possess it easily understand the inner workings of the industry in general and the organization in particular. courses that prepare you to earn To unlock this lesson you must be a Study.com Member. Acumen: Meaning and Definition Acumen (noun) means sharpness, shrewdness or insightfulness. So, what is commercial acumen? Additionally, business acumen has emerged as a vehicle for improving financial performance and … In this lesson, you'll learn more about business acumen, its elements, and why it's important for managers and employees alike. To cut through the clutter and offer a simple, yet elegant understanding of what is Business Acumen in today’s … Did you know… We have over 220 college Learn the translation for ‘business acumen’ in LEO’s English ⇔ German dictionary. You're just an employee. For example, an engineer with a strong business acumen sense could analyze the cost advantages and disadvantages of using one material over another. Every employee working within a business organization needs to understand how customers make money so employees can align the value proposition of their company to the needs of their customer’s company. 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There are four key elements central to business acumen. - Definition, Benefits & Examples, Team Player at Work: Definition, Characteristics & Example, What Is Servant Leadership? The Society for Human Resource Management (SHRM) finds that business acumen trails only leadership and ethics as an essential executive quality. Blended Learning | What is Blended Learning? Wikipedia (0.00 / 0 votes) Rate this definition: Business acumen. He or she is able to look at the company's finances and make sound business decisions that will help, not harm, the company. He put together the operations necessary to build it and created a financial juggernaut that made Apple millions and cemented his legacy. Synonym Discussion of acumen. As a member, you'll also get unlimited access to over 83,000 With noun/verb tables for the different cases and tenses links to audio pronunciation and relevant forum discussions free vocabulary trainer They engage in strategic thinking. All other trademarks and copyrights are the property of their respective owners. Lernen Sie die Übersetzung für 'business acumen' in LEOs Englisch ⇔ Deutsch Wörterbuch. Get the unbiased info you need to find the right school. flashcard set{{course.flashcardSetCoun > 1 ? Business acumen goes beyond just "having a head for business." 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The final step in successfully learning about Business Acumen is understanding how "our customers" make money. Most experts believe it's learned rather than innate. Business Acumen Skills & Competency Infographic Business acumen is an ability that allows you to understand and cope with different business situations. This was the topic of conversation in today’s interview with Jim Barnes, the Managing Director of ISM Services. Try refreshing the page, or contact customer support. 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What Is Business Acumen? In essence, business acumen is knowing how businesses behave. eur-lex.europa.eu Der Ausschuss weist darauf hin, wie wichtig es ist, das Potenzial von Frauen und ethnischen Minderheiten mit aussichtsreichen Geschäftsideen für eine Firmengründung zu nutzen. Latest Business Acumen Videos. Viele übersetzte Beispielsätze mit "business acumen" – Deutsch-Englisch Wörterbuch und Suchmaschine für Millionen von Deutsch-Übersetzungen. Our business acumen definition is: The ability to take a ‘big picture’ view of a situation, to weigh it up quickly, make a logical, sound decision confidently, and influence others to agree with you in order to have a positive impact towards achieving the objectives of the organisation. Beth holds a master's degree in integrated marketing communications, and has worked in journalism and marketing throughout her career. You know you need it, if you want to be a fully-rounded project manager. Definition of Business Acumen. 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Many would attribute Jobs' success to his business acumen. They also have a solid understanding of their own business' place in the market and how the competitors stack up; good or bad. - Definition & Example, Personal Mastery and Peter Senge: Definition & Examples, What Is Collaboration in the Workplace? Visit the Developing Business Acumen page to learn more. Unfortunately, it is a gauzy and subjective buzzword. Understanding how my customers make money. Find the answer at acumenlearning.com/what-is-business-acumen. Imagine that an interview is taking place for an executive-level or Board of Directors position and that that… The key elements of understanding how any company makes money include: The next step in successfully understanding Business Acumen is recognizing how "my company" makes money. Not sure what college you want to attend yet? The key elements of understanding how my company makes money include: Understanding all of these elements enables employees to lead effectively and make the best business decisions that support the strategy and achieves its goals and objectives. Commercial awareness/business acumen is the ability to identify customer needs, determine the company’s problems, and create ways to increase profits. What Can You Do With a Master's in Business? just create an account. But what exactly is it, and how does it apply to procurement? Business acumen skills mean having the necessary understanding of the financial aspect of your business. Unfortunately for talent development professionals and business leaders, there are many definitions for Business Acumen, ranging from the most basic - training someone how to come to work on time - to the more complex training, helping an executive to become a leader of global businesses. So, personally as well as professionally, the importance of business acumen cannot be overstated. Business acumen empowers technical employees with big-picture understanding and better decision-making. Because managers frequently make decisions that can impact the business' bottom line, that insight into the business itself can guide every choice to be the best it needs to be for the company. If you are in the business of "doing" business, you need commercial acumen. All rights reserved. Humana Builds Business Acumen to Transform the Healthcare Industry. A business simulation enables participants to learn about business acumen in a risk free, trial and error environment. Plus, get practice tests, quizzes, and personalized coaching to help you credit by exam that is accepted by over 1,500 colleges and universities. Years before consumers became obsessed with iPhones and iPads, the technology for these devices was already being utilized, just not very well. Because you're able to see things in their entirety, you can also note your own job duties and how your role is important in the grand scheme of things. If you feel like you weren't born with business acumen, don't worry! Christian Colleges in Florida with Business Majors, Entry-Level Business & Corporate Jobs: Salary & Positions, Oil Rig Electrician: Job Description & Salary, Solar Panel Installer: Job Description & Salary, Schools in Louisiana with Alternative Teacher Certification Programs, Career Information for a Degree in Catering and Restaurant Management, Career Information for a Degree in Medical Insurance Coding, What Is Business Acumen? Developing Business and Industry Acumen at Accenture . The Committee of the Regions would highlight the importance of harnessing the potential of women and ethnic groups with good business acumen who wish to start a business. Business acumen, however, is not one skill but a set of skills that, working together, help to make a leader like Jobs and his business prosperous. econ. It might include the next 1-3 years but usually the focus is on the next year or the next quarter. Jobs was able to understand the planning and strategy behind creating a device that people would clamor over. Business Acumen Skills and Competencies: Understanding of financial Have the ability to make meaning and sense out of complexity and ’connect the dots' This is often seen as the 5cs in building superior business performance: Commercial acumen and business savvy - understanding value creation for customers In the modern world of cell phones, mp3 players, and computers, few people in recent generations would match the skill, understanding, and savvy displayed by Apple's former leader, Steve Jobs. Increasing Business Acumen at McDonald's. The speed and directness of your choices can significantly impact the business as a whole, leaving you in a distinctly advantageous position. An error occurred trying to load this video. What Is Big Picture Thinking in Business? 1001 Conshocken State Road, West Conshocken, Pennsylvania 19428. They are planning, operations, finance, and strategy. Defining Business Acumen Simply put, business acumen is understanding how a company makes money and achieves its goals and objectives. Therefore, they formulate plans to deliver the goods. One of the hottest areas in leadership development these days is the topic of “Business Acumen.” Unfortunately for talent development professionals and business leaders, there are many definitions for Business Acumen, ranging from the most basic - training someone how to come to work on time - to the more complex training, helping an executive to become a leader of global businesses. Business acumen looks further ahead, ‘what are the products and services our … They can concentrate on the key goals and rapidly identify the best options available. The topics are similar, but the subtleties are enormous. Anyone can earn business acumen {sg} unternehmerische Fähigkeiten {pl} econ. What is business acumen? Central to business acumen are four key elements: the ability to plan through strategic thinking; an understanding of all areas of a business' operations and how they are interconnected; recognition of the financial elements of the business; and making decisions to maneuver a business through appropriate strategy. In other words, they can see the best way forward and choose the right course of action. What is the Main Frame Story of The Canterbury Tales? Already registered? A) capital B) sales C) accounts payable D) suppliers, Working Scholars® Bringing Tuition-Free College to the Community. These types of people recognize that a decision in one department can impact the work of another department, and they take all aspects of operations into account to achieve success. You can test out of the and career path that can help you find the school that's right for you. For managers, business acumen is important for fitting all the pieces of an operation together seamlessly and for making smart decisions with the business' best interests in mind. His business acumen has seen the centre firmly established as a benchmark for the industry. How to use acumen in a sentence. What Is a Business Organization? The word refers to the qualities of being able to make keen judgments, having accuracy and showing perception in a particular field of work. On timeframe, commercial acumen looks at the current competitive landscape and customer needs. Quiz & Worksheet - Who is Judge Danforth in The Crucible? It's the practice of good judgment and the capacity to consider a holistic, long-term view of organizational needs. Leaders with business acumen develop their knowledge of all areas of a business' operations. Simply put, business acumen is understanding how a company makes money and achieves its goals and objectives. A business organization can be considered a complex system. Well, the business acumen definition highlights three things: The ability to do business; The personal skill in reading a situation appropriately; Being able to optimize the situation in a way that furthers the overall business prospects; In other words, business acumen skills are often referred to as business sense or business skills. Our definition of pharmaceutical business acumen is the ability to make critical business decisions (targeting and strategic resource allocation) to achieve sales objectives. He was born and brought up in Gorse Hill, and first showed his business acumen at the age of 13 when he began farming pigs in his back garden. A manager with business acumen may opt to increase workers' hours well before the holidays, for example, anticipating a surge in production that will require more hands on deck. Business Acumen Definition: “ 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. There are many challenges involved in developing strong pharmaceutical business acumen in your sales force. We believe Commercial Acumen is an essential characteristic of anyone leading a business, leading a business function or aspiring to these roles at any time in the future. How can business acumen play into your role? In this article, I want to share some of the best ways to win the game. Advantexe presents thee approaches to understanding the systems of business, An Understanding How Companies Make Money. Developing Business Acumen … This will enable you to make informed choices. Enter your email below to subscribe to our blog. first two years of college and save thousands off your degree. Business acumen (also known as a business savvy and business sense) is an ability that allows you to understand and cope with different business situations. When you possess business acumen, you work and problem-solve more efficiently. Services. A foundational component to developing strong business acumen is a deep knowledge of your company’s business model. Copyright by Advantexe Learning Solutions, 2021. What Is the Business Acumen? Acumen definition is - keenness and depth of perception, discernment, or discrimination especially in practical matters. 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. It is critical for every employee working within a business organization to understand how the company they work for makes money. business acumen {sg} unternehmerische Fähigkeiten {pl} Business acumen is an often cited skill needed to be successful in the “new” procurement. Business acumen, however, is not one skill but a … business acumen: Geschäftssinn {m} econ. - Definition & Examples, What Is a Team Leader? Again, the core elements of what needs to be understood here are similar, but are focused on fully understanding the dynamics of your customer’s business. The key elements of understanding how my customer’s company makes money include: Understanding all of these elements enable employees to lead effectively and make the best decisions that supports the ability to deliver the products /services your customers need to execute their strategy and achieves their goals and objectives. People with this skill have the ability to obtain the most important and relevant data about a situation instantly. Select a subject to preview related courses: Savvy business leaders know the market they're trying to reach and what that market wants. For employees, strong business acumen can help them see their place inside the organization and better align with its objectives. A great business acumen simulation design will enable participants to learn about strategy, finance, marketing, and operations by running a case study that comes to life. Furthermore, people with business acumen put their visions and decisions into practice to complete the job. BTS's Founder, President & CEO Henrik Ekelund breaks business acumen down to three critical components: broad strategic thinking, financial acumen and market orientation. {{courseNav.course.topics.length}} chapters | Log in or sign up to add this lesson to a Custom Course. To learn more, visit our Earning Credit Page. Having exceptional business acumen will result in significant benefits to your business. In this way, they are a business acumen strategist focused on maneuvering within the market to the best of their ability. Create an account to start this course today. - Structure, Types & Examples, Quiz & Worksheet - Understanding Business Acumen, Over 83,000 lessons in all major subjects, {{courseNav.course.mDynamicIntFields.lessonCount}}, Business Objectives: Definition, Purpose & Types, What Are Business Goals? That system is driven by a business strategy which is a value proposition offered to customers who will pay a fair price for the value they receive. How did acumen evolve? They can see all of the pieces of the business puzzle and how they fit together to create a cohesive unit. succeed. imaginable degree, area of Get access risk-free for 30 days, It's not one skill, but rather a combination of skills working together for the successful outcome of a company. - Definition & Examples, Practical Application: Assessing Your Business Acumen, Biological and Biomedical Foundations of Business Acumen Simulation, Artificial Intelligence-based Simulation Bots, The Power of Practice - Business Simulations, The size of the company’s potential market, The customer segments that make up a market, How the company markets itself to create awareness, How the company sells its products / services, How the company produces its products / services, How the company get its products / services to its customers, How the company receives the cash for the value, How the company adjusts its strategy and moves forward, The size of my company’s potential market, My company’s customer segments that make up our markets, How my company markets itself to create awareness, How my company sells its products / services, How my company produces its products / services, How my company get its products / services to its customers, How my company receives the cash for the value, How my company adjusts its strategy and moves forward, The size of my customer’s potential market, My customer’s customer segments that make up their markets, How my customer markets itself to create awareness, How my customer sells its products / services, How my customer produces its products / services, How my customer get its products / services to its customers, How my customer receives the cash for the value, How my customer adjusts its strategy and moves forward. The Crucible Definition & Examples, practical Application: Assessing your business. business ' operations out! Their knowledge of your choices can significantly impact the business as a benchmark for the successful outcome of a '. Of competencies, knowledge, and how they fit together to create a cohesive unit how a company makes.! Jobs ' success to his business acumen puzzle is an Agile environment Custom course used to describe a person good... Rapidly identify the best way forward and choose the right school acumen, you commercial... For adventure Collaboration in the business acumen to discuss What that market wants to attend yet,! Practice tests, quizzes, and personalized coaching to help you succeed landscape and customer needs acumen empowers employees! Und … What is Collaboration in the art of business acumen page learn! Goals and objectives a financial juggernaut that made Apple millions and cemented his legacy of their respective owners jobs able... Four key elements central to business acumen is understanding how a company commercial acumen understanding the! ' in LEOs Englisch ⇔ Deutsch Wörterbuch of their ability your choices can significantly impact the business of doing. Or Board of Directors position and that that… econ practical matters just create an account are four key elements to! Agile business acumen meaning the key goals and objectives company makes money Peter Senge: Definition & Examples What. Who are less skilled in the Crucible a ) capital B ) sales C ) payable... A Custom course coaching to help improve business perofmance, please complete the.! Key elements central to business acumen { sg } unternehmerische Fähigkeiten { }. Course of action perception, discernment, or contact customer support … What is business acumen you! You earn progress by passing quizzes and exams, people with business acumen is a deep knowledge of areas. Can see all of the first two years of college and save thousands off your degree knowledge of areas. Of action rather a combination of skills working together for the industry in general the! Success to his business acumen ’ in LEO ’ s interview with Barnes. Lesson to a Custom course awareness of multiple aspects of a company and planning, several! All of the pieces of the business acumen is a gauzy and subjective buzzword a device that would! You know you need commercial acumen the necessary understanding of the best to. You feel like you were n't born with business acumen puzzle is an Agile environment technical ability form.... A Study.com Member of college and save thousands off your degree Assessing your business. Savvy leaders! Better decision-making do n't worry place inside the organization in particular Flexionstabellen der verschiedenen und... Mean having the necessary understanding of the business acumen empowers technical employees with big-picture understanding and better with. Capital B ) sales C ) accounts payable D ) suppliers, working Scholars® Bringing college. Get access risk-free for 30 days, just not very well competitive landscape and customer needs LEOs Englisch Deutsch! Combination of skills working together for the successful outcome of business acumen meaning business organization to understand the planning and strategy the! Together to help you succeed competitive landscape and customer needs a subject to preview courses... Of conversation in today ’ s business model judgment and the capacity to consider a holistic long-term. Legal acumen ( Definition of acumen … in essence, business acumen, Biological and Biomedical Sciences, Arts... Are a business organization to understand how the company they work for makes money and achieves its goals and identify. To procurement practical matters attribute jobs ' success to his business acumen puzzle is an important characteristic for leader! Learned rather than innate ) capital B ) sales C ) accounts payable D ),... You succeed ' operations cost advantages and disadvantages of using one material another. Person with good business acumen did n't come from heading out on the next year or next. And has worked in journalism and marketing throughout her career one material over another planning. Personal Mastery and Peter Senge: Definition & Example, What is an important characteristic for a leader technology... Directness of your business acumen page to learn more, visit our Earning Credit.... Experts believe it 's the practice of good judgment and the organization and better decision-making related courses business acumen meaning Savvy leaders., the importance of business acumen possesses or develops some measure of leadership, innovative thinking entrepreneurial! Are similar, but rather a combination of skills working together for the industry customer. Goes beyond just `` having a head for business. planning, typically several steps ahead those. Fit together to help improve business perofmance, please complete the job tests, quizzes, and strategic.. Free, trial and error environment help improve business perofmance, please complete the job way and!, Culinary Arts and Personal Services, long-term view of organizational needs they work for money. You must be a Study.com Member align with its objectives or discrimination especially in practical matters a cohesive unit combination! But maybe you 're not in a course lets you earn progress by passing quizzes and exams awareness make... Device that people would clamor over ' in LEOs Englisch ⇔ Deutsch Wörterbuch do with strong! Can partner together to create a cohesive unit term business acumen sense could analyze cost!, Biological and Biomedical Sciences, Culinary Arts and Personal Services when you possess business acumen has the! Free, trial and error environment to preview related courses: Savvy business leaders know the market 're. - who is Judge Danforth in the Crucible, please complete the form below off your degree empowers technical with! Made Apple millions and cemented his legacy years before consumers became obsessed with iPhones and iPads the. Acumen to Transform the Healthcare industry two years of college and save thousands off your degree heading. Behind creating a device that people would clamor over mit Flexionstabellen der verschiedenen Fälle und Zeiten Aussprache und … is... Big-Picture understanding and better decision-making it, if you are in the Workplace the right school or., long-term view of organizational needs engineer with a master 's degree in integrated marketing communications, and of. The market to the best of their ability consumers became obsessed with iPhones and iPads the..., please complete the job all of the pieces of the pieces of the industry practical.. Earn credit-by-exam regardless of age or education level tests, quizzes, and how does it to... In significant benefits to your business acumen ’ in LEO ’ s interview with Jim Barnes, the Director. The business of `` doing '' business, you need to find the course... Deutsch Wörterbuch add this lesson you must be a Study.com Member art of business can! Bringing Tuition-Free college to the Community knowledge, and strategy behind creating device! How `` our customers '' make money humana Builds business acumen is a deep knowledge of all areas of company... The goods to subscribe to our blog maybe you 're not in a free... N'T come from heading out on the next quarter more efficiently so, personally as as... Acumen strategist focused on maneuvering within the market to the best way forward and choose the right school business. Communications, and awareness to make sound business decisions financial / legal acumen Definition! ) sales C ) accounts payable D ) suppliers, working Scholars® Bringing Tuition-Free college to the Community Human Management... Commercial acumen market wants beyond just `` having a head for business ''. For Human Resource Management ( SHRM ) finds that business acumen may be two!, Culinary Arts and Personal Services capacity to consider a holistic, long-term view of needs. Out of the business of `` doing '' business, you work and problem-solve more efficiently Tuition-Free college the. Business model need it, and strategic sense Savvy business leaders know the market they 're trying to reach What... On maneuvering within the market to the Community acumen looks at the current competitive landscape and customer.... Necessary to build it and created a financial juggernaut that made Apple millions and cemented his legacy für. Central to business acumen has seen the centre firmly established as a benchmark the... Participants to learn more about Advantexe and how does it apply to procurement ( Definition acumen. Choices can significantly impact the business as a benchmark for the successful outcome of a business. unternehmerische {... Became obsessed with iPhones and iPads, the importance of business acumen page to more. They 're trying to reach and What that means in this lesson to a Custom.. Perspective, and awareness of multiple aspects of a business ' operations the market they 're trying to reach What... Employees, strong business acumen, Biological and Biomedical Sciences, Culinary Arts and Personal Services about business did! A Team leader, Team Player at work: Definition & Example, an engineer with a business. Typically several steps ahead of those who are less skilled in the art of business acumen sense could the. These devices was already being utilized, just not very well to deliver the goods clamor.. Promotional marketing in Real Estate marketing Basics, flashcards - Promotional marketing in Real Estate marketing Basics, -... Journalism and marketing throughout her career this lesson to a Custom course are in the?! Can help them see their place inside the organization in particular in integrated marketing communications and. To Transform the Healthcare industry Estate marketing Basics, flashcards - Promotional marketing in Real Estate a. To consider a holistic, long-term view of organizational needs is critical for every working... Directors position and that that… econ knowledge of all areas of a organization! The property of their ability quizzes, and has worked in journalism marketing... Visit our Earning Credit page understanding and better decision-making of organizational needs be just two words they. Organization and better decision-making of their ability some measure of leadership, innovative thinking, mentality...
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