Business Acumen is the ability to understand and apply business knowledge to make informed decisions and drive success. ## Core Components ### Financial Literacy - Understanding financial statements - Budgeting and forecasting - Cost management ### Strategic Thinking - Market analysis - Competitive positioning - Long-term planning ### Operational Efficiency - Process optimization - Resource allocation - Performance metrics ## Application 1. **Decision Making** - Data-driven insights - Risk assessment - Strategic alignment 2. **Leadership** - Team management - Vision setting - Change management ## Best Practices - Stay informed - Seek mentorship - Continuous learning ## Related Resources - **[[Product Management]]** - Applying business acumen in product roles - **[[Career Frameworks]]** - Business skills in career progression - **[[Leadership Skills]]** - Business leadership capabilities - **[[Professional Development]]** - Developing business expertise - **[[Skills Development Hub]]** - Building business competencies - **[[Career Map]]** - Business acumen in career journey