I was a business major and just found this great site and started teaching myself programming a year ago. I started with Python...the question that always nags me is that,in what situations (in programming) would this deficiency become a problem?
The fundamentals of programming are the algorithms & data structures. If you know these and you are able to implement them in a (compilable) programming language, you can call yourself a programmer.But this is just the beginning. In order to have no problems in one field of programming, you must know well the algorithms&data structs used in that field(web programming is very different from 3D engines programming or embedded devices programming or signal processing and so on). If you know web programming using python, you are perfect for jobs in that area but everything else will be a "problem" until you acquire more knowledge. So welcome to the club of perpetual learning.
I think it's also important to be able to look at your habits and the habits of others and create something that is the right trade-off between being abstracted/concise/readable/writeable/efficient/elegant.