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Qualities of a Great Businessman
The modern enterprise could be very complex. Due to scientific and technological developments, fast adjustments are taking place in every enterprise field. The high speed computer systems, new mathematical and statistical tools are providing a knowledge explosion to the businessman. Because the business world changes, the businessman or the entrepreneur has to acquire the essential growing skills for efficient group of the business units. The essential personal skills or qualities which a superb businessman must possess are as under.
Knowledge of enterprise: The businessman ought to have an intensive knowledge of his business. It must be supplemented by the knowledge of trade, finance, marketing, income tax laws, etc
Ability to plan and set up: An entrepreneur, if he's to shine in enterprise, must have the ability to plan and organize it.
Foresight: A superb businessman has an eye on the previous performance of his enterprise, its capacity to produce for the long run demand of his products, etc. If he has the required foresight to plan its operations for a period ahead, the business will be a hit and the entrepreneur earns profit.
Ethical Normal: The ethical commonplace of enterprise is that there should not be cheating, fraud and commercial bribery in business. An entrepreneur who makes use of unethical practices will quickly discover himself without customers. A good businessman has the social, ethical and religious responsibility to observe the ethical commonplace of enterprise to earn legitimate profit and keep lengthy in the market.
Initiative and Creativity: The business world of right now is moving at a very fast speed. An entrepreneur ought to have the ability to take initiative by producing new things; new methods of marketing the products had services. The enterprise opportunity, artistic imagination is regarded a priceless asset within the enterprise world.
Steadfast and Courageous: A very good businessman needs to be firm, steadfast and courageous if he's upset and discouraged by initial setbacks and cannot face the business obstacles, he shall then have to close the business soon.
Adaptability to Modifications: The physical and technological sciences are yielding new products and more environment friendly strategies of production. A very good businessman ought to have the aptitude for research and adaptability to apply scientific findings to compete and stay in business.
Industrious: A great businessman should be a balanced man of cool temperature and capable of working hard for long hours. If he avoids hard work and can't bear the business strain, he will be left behind in the competitive race of business.
Sound Monetary Management: Finance is essential to any business. The larger the enterprise grows, the wider ought to be the sources of finance available to it. An clever businessman tried to meet the financial needs of the enterprise from within as well as from external sources and manages them effectively. If adequate capital is available but the entrepreneur has not the ability of sound management, the enterprise will soon go into liquidation. Sound financial administration is thus the key to the success of a business and is regarded an essential quality of a superb entrepreneur.
Technical Skill: An entrepreneur should have enough technical skill for understanding, finishing up and completing a particular job which he has undertaken to perform. He ought to have specialized knowledge in that subject in order that the processes and strategies involved are efficiently carried out.
Crew Spirit: A enterprise activity is carried on by the workers. The human skill is concerned with working of the individuals in such a way that the entrepreneur builds up a group spirit among the many group members. He should be aware of the temperament, aptitude and belief of the staff working with him. He should also know the limitations and emotions of the individuals. He needs to be able to speak his concepts to his equal and subordinates effectively. The subordinates should be encouraged to suggest ideas for higher group of the business. He should create an atmosphere of approval and security.
Conceptual Skill: The entrepreneur must be able to coordinate and integrate each the technical human skills of organization. When new production choices are taken, the executives who're in prices of production, control, marketing, finance, research should be involved for the achievement of a common objective.
Honesty: A businessman should be honest in dealing with others.
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