I believe we do. Most successful artists I know tend to be very organised in this area, and I believe that having a basic understanding of business can help you:
I will give you a real life example of how it can help. I had my best ever painting sale last week (I sold five large paintings to a hospital), because I was organised and able to act quickly. I was contacted by the manager of a surgical practice who were looking for new artworks for their consulting rooms and reception area. The surgeon had been shown my work (first via Facebook and then my website) and liked it, so they asked me to bring in a selection of paintings in for him to see at a specific time, only a couple of hours after they had initially contacted me!
Luckily I had a stock of paintings, and luckily they were all professionally finished and ready to hang, so I could pack them up quickly, arrange a courier and get them there on time. I helped the manager hang them and we called the surgeon in to have a look. He loved them and purchased five! I had my trusty card reader with me, so I could take payment then and there, and I emailed them a receipt once I got back to my studio. Being organised was a huge advantage for me that day!
While I'm not suggesting all artists go out and get and business degree, I do believe we can update our skills in this area, and this is where This Business of Art comes in. I am currently doing the equivalent of a business degree, and translating the relevant strategies into tools and training designed specifically all artists. And you can benefit too, by joining The Artist Roadmap or Create, depending on where you are in your journey. If you are right at the beginning, then do check out my free mini course - Six Steps To Creating A Successful Art Business.