The modern business is very difficult because scientific and technological changes are taking place in every field of business. Information Technology revolution, mathematical, statistical tools explore the knowledge to the businessman. For businessman has to obtain the critical knowledge and skill for successful organization. Some qualities or personal skill which is compulsory for good businessman are as under:
Knowledge of Business
The businessman should have knowledge of his business and he also knows the knowledge of trade, marketing, finance, income tax law and management etc.
Capability of Planning and organizing
As an entrepreneur, if he is to promote your business he must have ability to plan and organize his trade.
An entrepreneur should have adequate technical skill for understanding and completing job which his performed by him. He should have dedicated knowledge in that field that the procedure and method concerned are proficiently passed out.
Team Sprit is very good thinking to accomplish the organization objectives. Therefore entrepreneur build up team sprit among the group member to communicate his thoughts to his equal and subordinates efficiently because he knows the restriction and sentiment of individual. The worker of organization encouraged to propose thoughts for betterment of organization’s trade. He also should create an ideal atmosphere of approval and security.
Honesty is the most important element for the business man because an Entrepreneur has to deal with other like business people and customers. If he will be hones then people confidence on him and his trade will promote.
The entrepreneur has conceptual skill and he should be competent to organize and incorporate both human and technical skills of organization. The incharge of production, control, marketing, finance and research should be involved when new production decisions are taken for the achievement of common goals.
Finance is like a blood for any business. A businessman tries to meet financial needs according to the trade requirement from the external and internal sources. If he has sufficient capital to run the business but he is not capability of manage the business then firm will soon go into bankruptcy. So financial management is the key to run and promote the business.
The ethical norms of business should no be like cheating, commercial bribery and cheating. For a good businessman essential to follow the ethical standards of business to earn legal profit and compete the market. It is also its moral, social and religious responsibility.
Flexibility to change
A good business man should be flexible in changing the business according to situation. He should be adopting new technology and scientific tool to promote the business. If he dosn’t then his business goes down.
A good businessman has closely conducted the business performance of last years, ability to production of product and future demand of his products in the market etc. If he has basic foresight for future operation then business will be increase and he earns profit