B.Com Part 1 Intro to Business questions No. 4 Explain the Qualities of good Businessman?

(Last Updated On: February 21, 2018)

Q  No.  4 Define Business .Explain the Qualities of good Businessman?

the-Qualities-of-good-Business-man

INTRODUCTION

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 tough time to business. As the business world changes, the businessman or the entrepreneur skills or qualities which a businessman must possess are as under.

Business

 

Businessman is a person who is engaged in production, buying and selling of goods and services to earn profit”.

OR

 

An individual who manage business effectively and takes all risks of business is called man.”

 

QUALITIES OF BUSINESSMAN

  1. PERSONAL
  2. PROFESSIONAL

1.     Foresight:

A good businessman should be careful about the future expectation and has the ability of foreseeing. If he fails to judge the demand for his goods then he can suffer loss. A good businessman has an eye on the past of business, makes present better and design policy for future.

2.     Courtesy;

Courtesy is to business what oil is to machinery. It costs nothing but wins goodwill. 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. If a businessman avoids from hardworking for the business then he will be left from the business competition race.

4.     Honest;

A businessman should be honest and sincere in his dealing. Goodwill of the business depends on his honesty. There should be no fraud or deceive in the business. Honesty with him is not only the best policy but also the best practice. Honesty generates goodwill for business and also a series of customers.

5.     Man of Principles;

A businessman must follow the basic standard and principles of morality and ethics in business dealing. A businessman has the religious, social and moral responsibility to follow the ethical standard to earn more and for the long stay in market. This strategy helps to expand the business. A good businessman follows laws of business and he is law maker not the law breaker at all.

6.     Confident

A businessman must be confident or courageous. This personal quality puts the businessman in a position where he can work with great determination even in unfavorable circumstances.

A good businessman does not take the businessman problems as hardships but he tries to solve it because he knows that problems or risks are the part of business.

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 mind. A good works on the planning power so that he can design a good and effective policy for his business which make the business best as possible.

8.     Creativity;

The world of business is moving at a very fast speed. A businessman should have the quality of invention as well as innovation. He has the passion to change the style, shape and other features as to demand of the consumer. A businessman must take steps for new products and marketing tools. Creativity is considered as an asset for the business and key for the long stay in the business world.

9.     Patience;

Patience is an asset for a businessman. He Has no meet with many persons for the business matters. So, there is always a need of patience. If the trader loses his temper then he may face problems and suffer loss. A businessman must have the quality of adjustment with everyone. Ego is like a poison for the businessman.

10.                       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 finding, to compete and stay in business.

11.                       Good Appearance;

This is a prominent quality required in a business. It helps him much to win the opinion of public. Good appearance is rare quality and depends on a combination of many other qualities of head the capacity of attracting and influencing other people without conscious effort. A businessman with sound personality can easily win the confident of his prospect customer and convince him about his point of view.

12.                       Sociability;

Another notable quality of the businessman is ability to mix with anyone within a minute or two. He must get himself introduced to unknown person within a short time. This is a business man of sociable nature can easily win the confidence of many persons much popularity among them.

13.                       Well Balanced;

A businessman must be a well balanced man of talent. He must have a mind of clearness in his dealing with others. He must use all his personal qualities for the success of business in the way that these can be proved as success factor for the business and can generate goodwill, customers and revenue for the business.

(B)-PROESSIONAL QUALITIES

14.                       Business Ability;

For the success of the business it is essential that a business must that the quality of business ability. Business ability means the ability of business as to business standards. A businessman must have the quality to del employees tactfully for the business so that they can be loyal for business.

15.                       Planning and organizing:

It is essential for a businessman to have the ability to plan and organize the business affairs efficiently and effectively. Planning and organizing are the function of management. He should consider all different available alternatives before making decision. A good planner can make the best decisions for his business.

16.                        Financial Management;

 

 

Capital/finance is necessary for business. A good businessman gets capital/finance from all available sources according to the need of business because capital is a key to success in business. Owned and borrowed capital is used in the business so a businessman must work as finance manager for the business.

17.                       Technical Skills;

A good should have adequate technical skill required for business. He should have concerned specialized knowledge so that he could run his business profitably. A businessman should have technical skill of understanding, carrying completing the job which he has taken to perform.

18.                       Conceptual Skills;

A businessman should be able to get joint working by joining technical and human skills of organization. When any new decision is taken then businessman must call heads of all departments for opinion and he must listen the opinion of his employee.

19.                       Desire of Progress;

A good businessman always desires to earn huge profit by expanding his business activities. The desire of progress of trader put the business on the way of progress and prosperity. So, a businessman should have desire because desire makes goals that can be achieved by progress passion.

20.                       Ability of innovation;

It is a conman observation that modern and new product s 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. Innovation means to make modification or changing in the old product in scientific way.

21.                       Coordination;

Coordination /team spirit is necessary for business. A businessman should be able to coordinate the various section of business with the help of employees to make the activities beneficial for business. A businessman should have knowledge of attitudes of employees so that he can make adjustment with them for the success of business and also for the implementation of business policy.

22.                       Business knowledge;

A good businessman should not only have the degree in business education, but also he have proper training regarding the process of production and distribution of goods. He must have knowledge of that business which he is doing. Moreover, he must be familiar with legal provisions of his business affairs. He must have knowledge of trade, finance, I.T tax laws and business laws etc.

23.                       Market Knowledge;

A good businessman should always have up to date/update/up dated market information. He should have the ability to check the market trends and about his customers liking and disliking. Fashion trend and customer taste must be in the mind of a businessman.

24.                       Social Responsibility;

A good businessman tries to provide quality products at low price to his customers. Because he thinks that it is his social responsibility to earn profit with reasonable margin. By this policy a businessman can generate huge profit due to more sales and also can generate more goodwill and customers.

25.                       Alertness;

A businessman must be alert to the opportunities surrounding his business. He must keep in touch with the world and not keep himself to himself. He should move about and see what is going on for he has to estimate new want and new invention for creating fresh demands.

Summing Up

Due to rapid change in business world a successful businessman should possess above mentioned personal as well as professional qualities of hand head for earning maximum profit and stay long time in the business market to compete the business challenges of 21st century.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

hamzaig

Hi! I am the CEO of www.lahoreeducation.com and i am living in Pakistan(Lahore) and i am teacher of commerce i teach about money, banking, finance, intro of business, economics, accounting and some other subjects of commerce and i write notes of that subjects.

hamzaig has 72 posts and counting. See all posts by hamzaig

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