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Qualities of a Profitable Businessman
The modern enterprise may be very complex. On account of scientific and technological developments, fast changes are taking place in each enterprise field. The high speed computer systems, new mathematical and statistical tools are providing a knowledge explosion to the businessman. Because the enterprise world adjustments, the businessman or the entrepreneur has to amass the basic growing skills for efficient organization of the business units. The fundamental personal skills or qualities which a good businessman should possess are as under.
Knowledge of business: The businessman ought to have an intensive knowledge of his business. It needs to be supplemented by the knowledge of trade, finance, marketing, earnings tax laws, etc
Ability to plan and organize: An entrepreneur, if he is to shine in business, 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 longer term demand of his products, etc. If he has the required foresight to plan its operations for a interval ahead, the business will be a success and the entrepreneur earns profit.
Ethical Customary: The ethical standard of enterprise is that there shouldn't be cheating, fraud and commercial bribery in business. An entrepreneur who uses unethical practices will soon find himself without customers. A very good businessman has the social, moral and religious responsibility to follow the ethical customary of enterprise to earn legitimate profit and stay long in the market.
Initiative and Creativity: The business world of at present is moving at a really 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 business opportunity, artistic imagination is regarded a worthless asset within the enterprise world.
Steadfast and Brave: A good businessman ought to be firm, steadfast and brave if he is upset and discouraged by initial setbacks and can't face the business obstacles, he shall then have to shut the enterprise soon.
Adaptability to Changes: The physical and technological sciences are yielding new products and more environment friendly methods 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 have to 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 Administration: Finance is essential to any business. The bigger the enterprise grows, the wider must be the sources of finance available to it. An clever businessman tried to meet the financial needs of the business from within as well as from exterior sources and manages them effectively. If adequate capital is available however the entrepreneur has not the ability of sound administration, the enterprise will quickly go into liquidation. Sound monetary administration is thus the key to the success of a business and is regarded an essential quality of a good entrepreneur.
Technical Skill: An entrepreneur should have adequate technical skill for understanding, carrying out and finishing a particular job which he has undertaken to perform. He ought to have specialised knowledge in that discipline so that the processes and strategies concerned are efficiently carried out.
Team 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 group spirit among the group members. He should be aware of the temperament, aptitude and perception of the employees working with him. He also needs to know the limitations and feelings of the individuals. He should be able to communicate his concepts to his equal and subordinates effectively. The subordinates should be encouraged to counsel concepts for higher organization of the business. He should create an environment of approval and security.
Conceptual Skill: The entrepreneur must be able to coordinate and integrate both the technical human skills of organization. When new production choices are taken, the executives who are in fees of production, control, marketing, finance, research must be concerned for the achievement of a standard objective.
Honesty: A businessman should be honest in dealing with others.
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