The modern business could be very complex. Due to scientific and technological developments, fast adjustments are taking place in every enterprise field. The high speed computers, new mathematical and statistical instruments are providing a knowledge explosion to the businessman. As the business world modifications, the businessman or the entrepreneur has to amass the essential growing skills for effective organization of the business units. The basic personal skills or qualities which a good businessman should possess are as under.
Knowledge of enterprise: The businessman should have a radical 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 enterprise, should have the ability to plan and organize it.
Foresight: A very good 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 necessary foresight to plan its operations for a interval ahead, the business will be a success and the entrepreneur earns profit.
Ethical Customary: The ethical customary of enterprise 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, ethical and spiritual responsibility to follow the ethical standard of enterprise to earn legitimate profit and keep long within the market.
Initiative and Creativity: The enterprise world of immediately 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 enterprise opportunity, artistic imagination is regarded a worthless asset in the enterprise world.
Steadfast and Brave: A very good businessman needs to be firm, steadfast and courageous if he is upset and discouraged by initial setbacks and cannot face the enterprise 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 methods of production. An excellent businessman ought to have the aptitude for research and adaptability to apply scientific findings to compete and keep in business.
Industrious: A very good businessman must 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 Financial Management: Finance is essential to any business. The bigger the business grows, the wider must be the sources of finance available to it. An clever businessman tried to satisfy the monetary wants of the enterprise 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 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 great entrepreneur.
Technical Skill: An entrepreneur ought to have enough 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 area in order that the processes and strategies involved are effectively carried out.
Staff Spirit: A business 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 workforce spirit among the group members. He needs to be aware of the temperament, aptitude and belief of the workers working with him. He should also know the limitations and feelings of the individuals. He should be able to communicate his concepts to his equal and subordinates effectively. The subordinates needs to be encouraged to suggest ideas for higher group of the business. He should create an atmosphere of approval and security.
Conceptual Skill: The entrepreneur should be able to coordinate and integrate each the technical human skills of organization. When new production selections are taken, the executives who’re in fees of production, management, marketing, finance, research needs to be involved for the achievement of a typical objective.
Honesty: A businessman should be honest in dealing with others.
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