The modern business is quite complex. Because of scientific and technological developments, rapid changes are taking place in every business field. The high speed computers, new statistical and mathematical tools are supplying a knowledge burst to the consumer. As the business world changes, the entrepreneur or the entrepreneur has to get the basic developing skills for successful organization of the business units. The simple personal abilities or qualities which a good businessman must possess are as under.
Understanding of company: The company should have a thorough understanding of his business. It needs to be supplemented with the knowledge of trade, finance, marketing, income tax laws, etc
Ability to plan and organize: An entrepreneur, if he’s to shine in business, must be able to plan and arrange it.
Foresight: A good businessman has an eye on the previous operation of his business enterprise, its capability to produce for the future demand of his products, etc.. An entrepreneur that uses unethical practices will shortly find himself with customers. A good businessman has the social, moral and spiritual duty to stick to the ethical quality of company to earn legitimate gain and remain long in the marketplace. An entrepreneur should have the ability to take initiative by producing new things; new methods of marketing the goods had services. The company opportunity, creative creativity is regarded a priceless asset in the company world.
Steadfast and Courageous: A good businessman should be firm, loyal and courageous if he’s upset and frustrated by first setbacks and cannot face the company hurdles, he shall then need to shut the business shortly.
Adaptability to Changes: The technological and physical sciences are yielding new goods and more efficient procedures of manufacturing. A fantastic businessman needs to have the aptitude for research and adaptability to employ scientific findings to compete and stay in business.
ronald perelman : A good businessman has to be a balanced man of cool temperature and capable of working hard for long hours. If he avoids hard work and cannot endure the company strain, he will be left behind in the competitive race of company. The larger the company develops, the wider should function as resources of finance available to it. A smart businessman tried to meet the financial needs of the business from inside as well as from outside sources and manages them effectively. If sufficient capital is available but the entrepreneur hasn’t the capability of sound management, the business will shortly enter liquidation. Sound fiscal management is thus the key to the achievement of a business and is regarded an essential quality of a good entrepreneur.