It has often been said that running a business takes more than just book knowledge. To get ahead, the businessman should be able to understand the lay of the land, adjust deftly to the market, read people well, and communicate effectively, among other less tangible skills conveniently called "street smarts".
After starting several businesses and closing a few in the past 10 years, I can say that those smarts are essential not only in the people running the business, but also in the employees.
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