INTRODUCTION TO BUSINESS: Qualities of a Successful Businessman

INTRODUCTION TO BUSINESS 

QUALITIES OF A SUCCESSFUL BUSINESSMAN

The modern business is very complex. Due to scientific and technological developments, fast changes are taking place in every business field. The high speed computers, new mathematical and statistical tools are proving a 'knowledge explosion' to the businessman. As the business world changes, the businessman or the entrepreneur has to acquire the basic developing skills for effective organization  of the business units. The basic personal skills or qualities which a good businessman must possess are as  under-- 

Knowledge of business: The businessman should have a thorough knowledge of his business. It should be supplemented by the knowledge of trade, finance, marketing, income tax laws etc

Ability to plan and organize: An entrepreneur, if he is to shine in business, must have the ability to plan and organize it.

Foresight: A good businessman has an eye on the past performance of his business, its capacity to produce for the future demand of his products, etc. If he has the necessary foresight to plan its operations for a period ahead, the business will be a success and the entrepreneur earns profit.

Ethical Standard: The ethical standard of business is that there should not be cheating, fraud and commercial bribery in business. An entrepreneur who uses unethical practices will soon find himself without customers. A good businessman has the social, moral and religious responsibility to follow the ethical standard of business to earn legitimate profit and stay long in the market.

Initiative and Creativity: The business world of today is moving at a very fast speed. An entrepreneur should have the ability to take initiative by producing new things; new methods of marketing the products had services. The business opportunity, creative imagination is regarded a priceless asset in the business world.

Steadfast and Courageous: A good businessman should be firm, steadfast and courageous if he is upset and discouraged by initial setbacks and cannot face the business obstacles, he shall then have to close the business soon.

Adaptability to Changes: The physical and technological sciences are yielding new products and more efficient methods of production. A good businessman should have the aptitude for research and adaptability to apply scientific findings to compete and stay in business.

Industrious: A good businessman must be a balanced man of cool temperature and capable of working hard for long hours. If he avoids hard work and cannot bear the business strain, he will be left behind in the competitive race of business.

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