.jpg "Qualities of Good Businessman") |
| Qualities of Good Businessman |
Qualities of Good Businessman
1. Decision Making
Ability
Entrepreneurs
are frequently required to make important business decisions. Choice of
business, hiring managers and workers, determination of responsibilities and
remuneration of employees, selection of middlemen and suppliers, fixation of
prices and formulation of other business strategies, are only a few of the
decisions that businessmen make every day. Success of a business depends on
right decisions of the businessman. That's why, good businessmen possess good
decision power.
2. Steadfast and
Confident
It is common
observation that: success in business is preceded by a few failures; successful
businesses are sometimes entangled with very unexpected, uncertain and critical
situations; and positive results of good decisions are sometimes visible only
after some time. Therefore, in order to succeed in business one must be
steadfast, resolute, persistent, and firm; and is endowed with enough
self-confidence.
3. Foresight
Business environment are characterized by continuous change. Consumer preference, market competition, methods of production, sources of supply, government legislations etc. are continuously changing. Therefore, entrepreneurs with foresight and prudence are more successful in business.
4. Skill in Interpersonal
Relations
In daily business life entrepreneurs are
required to deal with number of people belonging to different groups e.g.
customers, employees, suppliers, middlemen, government functionaries etc. In
order to carry on his business successfully, a businessman must have good skill
in interpersonal relations i.e. he must have good understanding of human
behavior, must be receptive, tactful, capable to read between the lines and he
must be an effective communicator.
5. Mental Alertness
Frequently,
entrepreneurs are required to make quick decisions. They do not have enough
time to think over and evaluate alternatives before making a decision. Thus for
a successful businessman it is necessary that he must be mentally alert i.e.
receptive and quick to respond.
6. Ability to Exploit
Opportunities
Opportunity is
present everywhere for a man who is willing to see it. Successful businessmen
have higher ability to recognize opportunities and to capitalize on them. They
also create their own opportunities by innovative thinking and creative ideas.
7. Patience and Tolerance
Although
entrepreneurs are required to respond and decide quickly, yet successful
businessmen avoid haste and act cautiously. In adverse and critical satiations
instead of getting panic and tense they keep them calm. In hostile, harsh and
inauspicious situations they are capable to control their anger and temper.
Thus successful entrepreneurs possess high degree of patience and tolerance.
8. Adaptability
Adaptability
means ability to make adjustments suitable to changes in conditions and
circumstances. Present day business environment is characterized by rapid
changes that create opportunities for those who can foresee and adapt to the
changes; and pose threats to those who cannot react to them well in time.
Successful businessmen have higher ability to anticipate the change and to
react to it.
9. Initiative and
Creativity
Literally
initiative means to take the lead or to take the first I step which others may
follow and creativity means ability to make something new or original.
Successful businessmen have strong senses of initiative and creativity which
make them capable to conceive and to carry to successful conclusion new ideas
regarding products, production methods marketing techniques etc.
10. Managerial Ability
Managing means
getting things done by others. Every business, how small it may be, involves
collective efforts of a team. Therefore, every businessman is essentially a
manager. As a manager he is required to perform such functions as planning,
organizing, staffing, leading and controlling. Superior managerial ability is
essential to make a successful businessman
11. Financial Capability
Financial
capability of a businessman implies that he should have adequate finances and
he should have ability to manage the finances wisely. Financial capability is
particularly more significant for one who is starting his career as a new
entrepreneur. funds as reserve. Successful businessmen always keep enough
12. Technical Skill
To take care of
a developing business an entrepreneur needs enough technical skill. Successful
businessmen possess sufficient knowledge
and training of their own field and also have a working knowledge of other
phases of business. For example, a manufacturer in addition to knowledge and
expertise of how to manufacture his goods, must have a working knowledge of
finance, purchasing, marketing, taxation etc.
13. Hardworking
Entrepreneurs are required to work for much
longer hours as compared non-entrepreneurs. Specially, to lead a new business
to success needs untiring efforts of entrepreneur. Therefore, for success in
business the businessman must be capable to work ceaselessly and to withstand
long working hours.
14. Business Morality
Business
morality means honesty in business and adherence to business ethics. Most of
the businesses that attain high degree of success are owned by businessmen
having high business morality. A few cases may be pointed out as exceptions
where a business may have made profits by using dishonest means; but even in
those cases it cannot be denied that they would have done much better had they
adopted honesty as their policy.
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