Business Acumen

2020 ◽  
pp. 127-149
Author(s):  
Pernille Rørth
Keyword(s):  
2016 ◽  
Vol 38 (1) ◽  
pp. 48-68
Author(s):  
Jason Krupar

John P. Parker played a prominent role in the Underground Railroad network that operated in southwest Ohio. Additionally, Parker held three known patents and displayed his products at regional/national industrial expositions. Parker’s engineering skills and business acumen, however, have largely been overlooked. A coalition comprised of faculty and students from the University of Cincinnati, members of the John P. Parker Historical Society, and corporate donors formed in 2006 to preserve the industrial legacy of this African American entrepreneur. This project demonstrates some of the benefits and pitfalls of such complicated undertakings.


2021 ◽  
pp. 251512742199252
Author(s):  
Robert A. Boyle ◽  
Jerome A. Katz ◽  
Patricia G. Bagsby

For entrepreneurs, being offered a distribution deal by Walmart seems like a dream come true. After all, what better way to have a new product quickly appear in thousands of stores all around the United States or maybe even all around the world? This dream became a reality for Marty, the creator of Tiny Sips—a simple, wholesome children’s beverage made from Montana spring water and all-natural ingredients. As the details and conditions related to the distribution deal became apparent, however, Marty soon understood that doing business at that level requires sophisticated entrepreneurial savvy and a great deal of capital. The joy of possibly selling Tiny Sips everywhere suddenly became eclipsed by questions about how to raise enough cash to scale quickly while simultaneously minimizing risk. Marty needed to employ the business acumen necessary to slow down, consider the pros and cons, and make the best decision for his company. The educational focus of this case involves weighing the entrepreneurial risks and rewards of pursuing a deal with a large retailer like Walmart. While this type of opportunity may seem exciting at first glance, a variety of factors must be considered in order to find a thoughtful and sensible path forward.


Author(s):  
Elizabeth L. Shoenfelt

Mastering the Job Market: Career Issues for Master’s Level Industrial-Organizational Psychologists is the definitive source for practical advice and data-based recommendations addressing key issues leading to successful careers as industrial-organizational (I-O) master’s practitioners. Both the U.S. Bureau of Labor Statistics and the American Psychological Association have reported a bright outlook for I-O master’s graduates. The increased interest in and growth of I-O master’s programs and graduates are attributed to higher visibility in the workplace, readily obtained jobs, interesting work, and great pay. A large nationwide survey of I-O master’s practitioners and their employers lays the foundation for the data-based recommendations throughout the book. Authors from top-ranked I-O master’s programs address topics such as the job search, applying for jobs, on-boarding, organizational roles, salaries, career transitions, and maintaining professionalism throughout one’s career. Critical insights into the nuts and bolts of conducting a job search and other specific strategies are provided to enable job seekers to land one or multiple job offers within six months of graduation. Competencies identified as essential for success as an I-O practitioner include core I-O knowledge and skills, as well as enabling competencies such as oral communication, business acumen, consulting skills, project management, ethics, and technical writing. Mentoring is discussed, and three best practices are recommended for maximizing mentoring relationships. Recommendations are made for professional development opportunities for I-O master’s graduates to increase their knowledge and skills and to advance their careers. Graduates overwhelmingly perceive their I-O master’s degree to be valuable for their career success.


2018 ◽  
Vol 32 (04) ◽  
pp. 166-171 ◽  
Author(s):  
Bradley Eisemann ◽  
Ryan Wagner ◽  
Edward Reece

AbstractDespite incredible advances in medical innovation and education, many students finish medical school, and physicians finish residency, without sound business acumen regarding the financial realities of the modern profession. The curriculum in medical schools and residency programs too often neglects teaching the business of medicine. This overview addresses how physicians can utilize effective negotiation strategies to help develop a medical practice or add value to an existing practice or institution. The authors applied the six foundations of effective negotiating, detailed by Richard Shell in his Bargaining for Advantage, to the medical field to demonstrate the processes involved in effective negotiating. They then outlined a strategy for physicians to adopt when negotiating and showed how this strategy can be used to add value. The six foundations include: developing a personal bargaining style, setting realistic goals, determining authoritative standards, establishing relationships, exploring the other party's interests, and gaining leverage. As physicians complete training, the ability to solely focus on medical knowledge and clinical patient care disappears. It is crucial that physicians invest the time and energy into preparing for the business aspects of this profession in much the same way they prepare for the clinical care of patients. This overview seeks to define the basics of negotiation, characterize the application of negotiation principles toward clinical medicine, and lay the foundation for further discussion and investigation.


Fontanus ◽  
2013 ◽  
Vol 13 ◽  
Author(s):  
William Fong

J.W. McConnell (1877–1963) was one of the most successful Canadian businessmen of his time, and possibly the richest man in Canada for much of his life. A promoter of stocks early in his career, he soon became a major industrialist and investor. He was president of St. Lawrence Sugar Refineries Limited for almost fifty years and publisher of the Montreal Daily Star and other newspapers for almost twenty-five. Among the companies of which he was a major shareholder were the International Nickel Company of Canada, Brazilian Traction, Montreal Tramways, Montreal Light, Heat and Power, Ogilvie Flour Mills, Canada Steamship Lines, and Borden. His reputation spread to Wall Street and the City of London, not only for his business acumen but also for his great generosity to medical and educational causes. He was one of the principal founders of the Montreal Neurological Institute. From 1909 to 1927, he was one of the most effective fundraisers in the country, for the YMCA, the war effort through Victory Loans, and the hospitals of Montreal. And for the remainder of his life he was the most generous contributor to good causes in Montreal if not in Canada as a whole.With Lord Strathcona and Sir William Macdonald, he became one of the three greatest benefactors of McGill. After the death of Sir Edward Beatty, the Chancellor of the university, in 1943, McConnell was a natural candidate to succeed him. The board of governors, who were responsible for choosing a new Chancellor, were nearly all businessmen like him, and his assumption of the post would have been indeed in the tradition of James Ferrier, Strathcona, Macdonald and Beatty. But McConnell did not become Chancellor, and this is the story of why he did not. In abbreviated form, this was published in chapter 17 of the author’s biography of McConnell in 2008. This article however presents considerably more detail.ResuméJ.W. McConnell (1877–1963) fut un des hommes d’affaires les plus prospères de son époque, et possiblement un des hommes les plus riches du Canada pour la plus grande partie de sa vie. Promoteur d’actions au début de sa carrière, il devint rapidement un industriel et un investisseur d’importance. Il fut président de la compagnie St. Lawrence Sugar Refineries Limited pendant presque cinquante ans, et éditeur du Montreal Daily Star et de divers autres journaux pendant presque vingt-cinq ans. Il fut un actionnaire important de plusieurs compagnies, notamment International Nickel Company of Canada, Brazilian Traction, Montreal Tramways, Montreal Light, Heat and Power, Ogilvie Flour Mills, Canada Steamship Lines, et Borden. Sa réputation se progagea jusqu’à Wall Street et Londres, non seulement pour sa perspicacité en affaires mais aussi pour sa grande générosité envers les bonnes causes dans les domaines de la medecine et de l’éducation. Il fut un des fondateurs principaux de l’Institut neurologique de Montréal. De 1909 à 1927, il fut un collecteur de fonds les plus efficaces au Canada, au profit de l’organisme YMCA, de l’effort de guerre par le biais du programme des Prêts de la victoire, et des hôpitaux montréalais. Il demeura pour le reste de sa vie un fort généreux contributeur aux bonnes causes à Montréal, sinon au Canada tout entierAvec Lord Strathcona et Sir William Macdonald, il devint une des trois plus grands bienfaiteurs de l’Université McGill. Après la mort de Sir Edward Beatty, le chancelier de l’Université, en 1942, McConnell fut un candidat tout désigné pour lui succéder. Les membres du Conseil des gouverneurs, qui avaient la responsabilité de choisir un nouveau chancelier, étaient presque tous des hommes d’affaire comme lui, et il aurait été dans la tradition de James Ferrier, Strathcona, Macdonald et Beatty que McConnell accède à ce poste. Toutefois, McConnell ne devint pas chancelier, et ceci est l’histoire qui raconte pourquoi il ne l’est pas devenu. Elle a été publiée sous la forme du chapitre 17 de la biographie de McConnell. Cet article, toutefois, présente considérablement plus de détails.


Author(s):  
Rajaram Veliyath ◽  
Bonnie Stivers ◽  
Joe Hair ◽  
Teresa Joyce ◽  
Marko Sarstedt

Author(s):  
Kriengkrai Bhuvanij ◽  
M.L.Kulthon Kasemsan ◽  
Prasong Praneetpolgrang

Tech startups are seen as a new economic growth engine in Thailand which will help the country step up and produce more sophisticated high valued products and services. However, the shortage of skilled labor with innovation in knowledge-based economy has trapped Thailand in inconvenient position and losing its competitive edge. Hence in this research, the study on the competitive competencies for the tech startups were addressed by conducting in-depth interview and focus group discussion with the key stakeholders responsible for the development on the tech startups ecosystem in Thailand. The study revealed the top 5 competitive competencies classified by 1) Innovation, 2) Business Acumen and Aspiration, 3) Analytical Thinking, 4) Interpersonal Effectiveness and, 5) Leadership and Result-Orientation are needed most for the tech startup workforce and recommended strategy for the tech startup ecosystem in Thailand. The results of this research will help prepare ICT workforce in a larger scope to drive Thailand to be competitive in the Digital Economy and the ASEAN Community.


2018 ◽  
Vol 03 (03) ◽  
pp. 1850013 ◽  
Author(s):  
Yacheng Yang ◽  
Hong Chen ◽  
Qingzhi Zhang ◽  
Jiasu Lei

Science empowers as a nation’s toughest weapon in the future global competition and cooperation. A large number of countries listed in-house R&D for science-based innovations as their core development strategy in the next decade. This paper conducts multi-case analysis on four science-based innovations in China as a reference for how a new science-based venture superseded in global market and developed indigenous capability to generate much business value as well as scientific value. The four cases detailed are container inspection system, hot redundant JX-100 DCS, high-performance Dawning supercomputers and Chinese-character laser phototypesetting system. We concluded that the successful commercialization of a nationwide and grand scientific project requires the following: (1) visionary scientists’ solid authority, direct participation, business acumen and a strong sense of patriotism, without intermediaries, are the core for successful science-based innovation and commercialization during knowledge transformation; and (2) the powerful and direct support from the policymakers. Forms of support may vary from financial incentives, policy enforcement and endorsement. The consequences for the success of science-based innovations are the creation of highly-skilled manpower, new market as well as shifting away from low-cost strategy to innovative strategy.


Author(s):  
Liz A. Wanless ◽  
Michael Naraine

Successfully adopting sport business analytics to enhance organization-wide business processes necessitates a combination of business acumen, modeling expertise, personnel coordination, and organizational support. Although the development of technical skills has been well mapped in analytics curricula, informing future leadership and affiliated nontechnical personnel about the sport business analytics process, specifically, remains a gap in sport management curricula. This acknowledgment should compel sport management programs to explore strategies for sport analytics training geared toward this population. Guided by experiential learning and foundational business analytics frameworks, a seven-module approach to teaching sport business analytics in sport management is advanced with a particular focus for future executives, managers, and nontechnical users in the sport industry. Concomitantly, the approach presents learning goals and outcomes, sources for instructors to review and consider, and sample assessments designed to fit within the existing sport management curricula.


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