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Qualities of a Profitable Businessman
The modern business could be very complex. Resulting from scientific and technological developments, fast adjustments are taking place in every enterprise field. The high speed computers, new mathematical and statistical tools are providing a knowledge explosion to the businessman. As the business world modifications, the businessman or the entrepreneur has to accumulate the fundamental creating skills for efficient group of the enterprise units. The essential personal skills or qualities which an excellent 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, revenue tax laws, and so on
Ability to plan and organize: An entrepreneur, if he is to shine in business, should have the ability to plan and organize it.
Foresight: A great businessman has an eye on the past 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 normal of enterprise is that there should not be cheating, fraud and commercial bribery in business. An entrepreneur who uses unethical practices will quickly find himself without customers. A good businessman has the social, ethical and non secular responsibility to follow the ethical standard of business to earn legitimate profit and stay lengthy within the market.
Initiative and Creativity: The business world of right now is moving at a really fast speed. An entrepreneur ought to have the ability to take initiative by producing new things; new strategies of marketing the products had services. The business opportunity, artistic imagination is regarded a worthless asset within the business world.
Steadfast and Brave: A great businessman ought to 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 shut the business soon.
Adaptability to Changes: The physical and technological sciences are yielding new products and more efficient strategies of production. A very good businessman should have the aptitude for research and adaptability to use scientific findings to compete and keep in business.
Industrious: A good 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 bigger the enterprise grows, the wider should be the sources of finance available to it. An clever businessman tried to meet the monetary wants of the enterprise from within as well as from external sources and manages them effectively. If adequate capital is available however the entrepreneur has not the ability of sound administration, the business will soon go into liquidation. Sound monetary management is thus the key to the success of a business and is regarded an essential quality of a great entrepreneur.
Technical Skill: An entrepreneur should have sufficient 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 discipline so that the processes and strategies involved are efficiently carried out.
Group Spirit: A enterprise activity is carried on by the workers. The human skill is worried with working of the folks in such a way that the entrepreneur builds up a crew spirit among the many group members. He needs to be aware of the temperament, aptitude and perception of the workers working with him. He also needs to know the limitations and emotions of the individuals. He should be able to communicate his concepts to his equal and subordinates effectively. The subordinates ought to be encouraged to suggest concepts for higher organization of the business. He should create an atmosphere 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're in fees of production, control, marketing, finance, research needs to be concerned for the achievement of a standard objective.
Honesty: A businessman must be honest in dealing with others.
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