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Qualities of a Great Businessman
The modern business may be very complex. Attributable to scientific and technological developments, fast modifications are taking place in each business field. The high speed computers, new mathematical and statistical instruments are providing a knowledge explosion to the businessman. Because the business world adjustments, the businessman or the entrepreneur has to acquire the essential developing skills for efficient organization of the enterprise units. The essential personal skills or qualities which a good businessman must possess are as under.
Knowledge of business: The businessman ought to have a thorough knowledge of his business. It ought to be supplemented by the knowledge of trade, finance, marketing, earnings tax laws, etc
Ability to plan and manage: An entrepreneur, if he's to shine in enterprise, will need to have the ability to plan and set up it.
Foresight: A very good businessman has an eye on the previous performance of his business, its capacity to produce for the long run demand of his products, etc. If he has the mandatory foresight to plan its operations for a interval ahead, the enterprise will be successful and the entrepreneur earns profit.
Ethical Standard: The ethical standard of business is that there shouldn't be cheating, fraud and commercial bribery in business. An entrepreneur who makes use of unethical practices will quickly find himself without customers. An excellent businessman has the social, moral and non secular responsibility to follow the ethical customary of enterprise to earn legitimate profit and stay long within the market.
Initiative and Creativity: The business world of right now is moving at a really fast speed. An entrepreneur should 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 valueless asset within the enterprise world.
Steadfast and Courageous: A great businessman must be firm, steadfast and courageous if he is upset and discouraged by initial setbacks and can't face the enterprise obstacles, he shall then have to shut the business soon.
Adaptability to Adjustments: The physical and technological sciences are yielding new products and more efficient strategies of production. An excellent businessman should have the aptitude for research and adaptability to use scientific findings to compete and stay in business.
Industrious: A superb businessman should be a balanced man of cool temperature and capable of working hard for lengthy hours. If he avoids hard work and can't bear the business strain, he will be left behind within the competitive race of business.
Sound Financial Administration: Finance is essential to any business. The larger the business grows, the wider must be the sources of finance available to it. An clever businessman tried to fulfill the financial wants 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 administration, 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 very good entrepreneur.
Technical Skill: An entrepreneur should have adequate technical skill for understanding, carrying out and completing a particular job which he has undertaken to perform. He ought to have specialized knowledge in that subject so that the processes and methods concerned are efficiently carried out.
Workforce Spirit: A business activity is carried on by the workers. The human skill is worried with working of the individuals in such a way that the entrepreneur builds up a team spirit among the group members. He should be aware of the temperament, aptitude and perception of the employees working with him. He should also know the limitations and feelings of the individuals. He needs to be able to communicate his concepts to his equal and subordinates effectively. The subordinates ought to be inspired to counsel ideas for better organization of the business. He should create an atmosphere of approval and security.
Conceptual Skill: The entrepreneur ought to be able to coordinate and integrate both the technical human skills of organization. When new production selections are taken, the executives who are in charges of production, control, marketing, finance, research ought to be concerned for the achievement of a common objective.
Honesty: A businessman needs to be sincere in dealing with others.
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