The modern business is very complex. Due to scientific and technological developments, fast changes are taking place in every business field. The high speed computers, new mathematical and statistical tools are providing a knowledge explosion to the businessman. As the business world changes, the businessman or the entrepreneur has to acquire the basic developing skills for effective organization of the business units. The basic personal skills or qualities which a good 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, income tax laws, etc
- Ability to plan and organize: An entrepreneur, if he is to shine in business, must have the ability to plan and organize it.
- Foresight: A good businessman has an eye on the past performance of his business, its capacity to produce for the future demand of his products, etc. If he has the necessary foresight to plan its operations for a period ahead, the business will be a success and the entrepreneur earns profit.
- Ethical Standard: The ethical standard of business 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, moral and religious responsibility to follow the ethical standard of business to earn legitimate profit and stay long in the market.
- Initiative and Creativity: The business world of today is moving at a very fast speed. An entrepreneur should have the ability to take initiative by producing new things; new methods of marketing the products had services. The business opportunity, creative imagination is regarded a priceless asset in the business world.
- Steadfast and Courageous: A good businessman should 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 close the business soon.
- Adaptability to Changes: The physical and technological sciences are yielding new products and more efficient methods of production. A good businessman should have the aptitude for research and adaptability to apply scientific findings to compete and stay in business.
- Industrious: A good businessman must be a balanced man of cool temperature and capable of working hard for long hours. If he avoids hard work and cannot 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 larger the business grows, the wider should be the sources of finance available to it. An intelligent businessman tried to meet the financial needs of the business 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 business will soon go into liquidation. Sound financial management 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 sufficient technical skill for understanding, carrying out and completing a particular job which he has undertaken to perform. He should have specialized knowledge in that field so that the processes and methods involved are efficiently carried out.
- Team Spirit: A business activity is carried on by the workers. The human skill is concerned with working of the people in such a manner that the entrepreneur builds up a team spirit among the 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 feelings of the individuals. He should be able to communicate his ideas to his equal and subordinates effectively. The subordinates should be encouraged to suggest ideas for better organization of the business. He should create an atmosphere of approval and security.
- Conceptual Skill: The entrepreneur should be able to coordinate and integrate both the technical human skills of organization. When new production decisions are taken, the executives who are in charges 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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