QUALITIES OF A GOOD BUSINESS MAN
[PERSONAL QUALITIES]
1. Foresight:
A good businessman should be careful about the future expectations and has the ability of foreseeing. If he fails to anticipate the demand for his goods then he can suffer loss.
2. Courteous:
A good businessman must have the quality of courtesy. It means that he must be polite with his employees and customers in any personal or business dealing. In this way he can win their trust and earn more profit.
3. Hardworking:
A good businessman must be industrious and hardworking. He
should be well balanced and cool minded and have the ability to work for long hours. A lazy person can be harmful for the business.
4. Honesty
A businessman should be honest and sincere in his dealings
Goodwill of the business depends on his honesty. There should be no fraud or deceit in the business.
5. Man of Principles:
1 A good businessman must follow the basic standards and principles of morality and ethics in business dealings. This strategy helps to expand the business.
6. Confident:
A good businessman must be confident. This personal quality puts the businessman in a position where he can work with great determination even in unfavourbale circumstances.
7. Leadership:
A man who wants to get success in business must have the quality of leadership. The workers and subordinates work wholeheartedly if they have the influence of the owner (businessman) on their minds.
8. Patience;
Patience is an asset for a businessman. He has to meet with many persons for the business matters. So, there is always a need of patience. If the trader looses his temper then he may face problems and suffer loss.
[PROFESSIONAL QUALITIES]
9. Ability to Plan and Organize:
It is essential for a businessman to have the ability to plan and
organize the business affairs effectively. He should consider all different available alternatives before making decision. A good planner can make the best decisions for his business. '
10. Capital:
Capital is necessary for business. A good businessman gets capital frOm all available sources according to the need of business because capital is a key to success in business.
11. Experienced:
Experience in managing business affairs and dealings is necessary to run the business successfully. An experienced businessman can earn more profit as compared to an inexperienced trader.
12. Technical Skills:
A good businessman should have adequate technical skill required for his business. He should have concerned specialized knowledge so that he could run his business profitably.
13. Desire of Progress:
A good businessman always desires to earn huge profit by expanding his business activities.‘ The desire of progress of trader puts the business on the path of progress and prosperity.
'14. Ability of Innovation:
It is a common observation that modern and new product attracts the customers. A good businessman should have an ability to produce new goods according to new trends so that goods could attract the customers.
15. Coordination:
Coordination is necessary for business. A businessman should be able to coordinate the various sections of business with the help of employees to make the activities beneficial for business.
16. Business Knowledge:
A good businessman should not only have the degree in business education, but also he must have proper training regarding the process of production and distribution of goods. Moreover, he must be familiar with legal provisions of his business affairs.
17. Market Knowledge:
A good businessman should always have up to date market information. He should have the ability to check the market trends and demand of products. Moreover, the trader must have the latest information about his customer’s liking and disliking.
18. Social Responsibility:
A good businessman tries to provide quality products at low prices to his customers. Because he thinks that. it is his social responsibility to earn profit with reasonable margin.
[PERSONAL QUALITIES]
1. Foresight:
A good businessman should be careful about the future expectations and has the ability of foreseeing. If he fails to anticipate the demand for his goods then he can suffer loss.
2. Courteous:
A good businessman must have the quality of courtesy. It means that he must be polite with his employees and customers in any personal or business dealing. In this way he can win their trust and earn more profit.
3. Hardworking:
A good businessman must be industrious and hardworking. He
should be well balanced and cool minded and have the ability to work for long hours. A lazy person can be harmful for the business.
4. Honesty
A businessman should be honest and sincere in his dealings
Goodwill of the business depends on his honesty. There should be no fraud or deceit in the business.
5. Man of Principles:
1 A good businessman must follow the basic standards and principles of morality and ethics in business dealings. This strategy helps to expand the business.
6. Confident:
A good businessman must be confident. This personal quality puts the businessman in a position where he can work with great determination even in unfavourbale circumstances.
7. Leadership:
A man who wants to get success in business must have the quality of leadership. The workers and subordinates work wholeheartedly if they have the influence of the owner (businessman) on their minds.
8. Patience;
Patience is an asset for a businessman. He has to meet with many persons for the business matters. So, there is always a need of patience. If the trader looses his temper then he may face problems and suffer loss.
[PROFESSIONAL QUALITIES]
9. Ability to Plan and Organize:
It is essential for a businessman to have the ability to plan and
organize the business affairs effectively. He should consider all different available alternatives before making decision. A good planner can make the best decisions for his business. '
10. Capital:
Capital is necessary for business. A good businessman gets capital frOm all available sources according to the need of business because capital is a key to success in business.
11. Experienced:
Experience in managing business affairs and dealings is necessary to run the business successfully. An experienced businessman can earn more profit as compared to an inexperienced trader.
12. Technical Skills:
A good businessman should have adequate technical skill required for his business. He should have concerned specialized knowledge so that he could run his business profitably.
13. Desire of Progress:
A good businessman always desires to earn huge profit by expanding his business activities.‘ The desire of progress of trader puts the business on the path of progress and prosperity.
'14. Ability of Innovation:
It is a common observation that modern and new product attracts the customers. A good businessman should have an ability to produce new goods according to new trends so that goods could attract the customers.
15. Coordination:
Coordination is necessary for business. A businessman should be able to coordinate the various sections of business with the help of employees to make the activities beneficial for business.
16. Business Knowledge:
A good businessman should not only have the degree in business education, but also he must have proper training regarding the process of production and distribution of goods. Moreover, he must be familiar with legal provisions of his business affairs.
17. Market Knowledge:
A good businessman should always have up to date market information. He should have the ability to check the market trends and demand of products. Moreover, the trader must have the latest information about his customer’s liking and disliking.
18. Social Responsibility:
A good businessman tries to provide quality products at low prices to his customers. Because he thinks that. it is his social responsibility to earn profit with reasonable margin.
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