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 skill or qualities which a good businessman must possess are
as under:
1}. KNOWLEDGE OF BUSINESS.
The
businessman should have a through knowledge of his business. It should be
supplemented by the knowledge of trade, finance, marketing, income tax law etc.
2}. ABILITY TO PLAN AND ORGANIZE: An
entrepreneur, if he is to shine in business, must have the ability to plan and organize it.
3}. 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.
4}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.
5}. INITIATIVE AND CREATIVELY:
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 and services. The business opportunity, creative
imagination is regarded a priceless asset in the business world.
6}. 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.
7}. 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.
8}. INDUSTRIOUS:
A good businessman must
be a balanced man of cool temperament and capable of working hard for long
hours. If he avoid hard work and cannot bear the business strain, he will be
left behind in the competitive race of business.
9}. SOUND FINANCIAL MANAGEMENT:
Finance
is essential to any business. The larger the business grows, the wider should
be the source of finance available to it. An intelligent businessman tries 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 is thus the key to the
success of a business and is regarded an essential quality of a good
entrepreneur.
10}. 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.
11}. 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 communicates his ideas to his equal and
subordinates effectively. The subordinates should be encouraged to suggest
ideas for better organization of the business. He should be create an
atmosphere of approval and security.
12}. CONCEPTUAL SKILL:
The entrepreneur should be able to coordinates and integrate both the technical and human skills
of organization. When new control, marketing, finance, research should be
involved for the achievements of a common objective.
13}. HONESTY:
A businessman should be
honest in dealing with others.
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