There are many things leading to success in business, and all these factors collectively add their input to business and result in better profit margins, more sales, and stable business. However, neither every businessman is successful nor failed. Your success is driven by your own internal abilities.
Let me be clear, an Entrepreneur is somewhat different from a businessman. Both are different but they are intermingled too. Entrepreneurs’ qualities could be matched to the businessman but on the same side, they are different. An entrepreneur takes more risks whereas a businessman is a little hectic about taking risks.
Qualities of a Good Businessman
|An Entrepreneur is||A Businessman|
|Market Creator / Need Creator||Find Solution to Existing Needs|
|More Risk Taker||Fewer Risk Taker|
|Finds Low Competitive Market||Enters an Already Competitive Market|
|Long Term Approach||Regular Profit Approach|
For the success of any business, it is essential that a businessman must possess sound knowledge of the market, product, technological development, scientific, inventions, innovation, organization, and business laws. It requires an ability to initiate, direct and control, and even more important, the capacity to win and hold the respect and loyalty of fellow workers.
It permits the businessman to work efficiently for the prosperity of his business. This type of quality depends first on temperament and second on training.
This is a prominent quality required by a businessman. It helps him to win the opinion of the public. Good appearance is a rare quality and depends on a combination of many other qualities of the head and heart.
It is the capacity of attracting and influencing other people without conscious effort. A businessman with a sound personality can easily win the confidence of his prospect and convince him about his point of view.
Spirit to Co-Operate
This businessman shall be a good Co-operator, and so a good businessman. He must be able to compromise adjust, adapt, and be willing to admit that his judgment may on occasion be wrong. Besides, he must be temperamentally fitted to exercise a divided authority.
A businessman must be a well-balanced man of talent. He must have a consistent mind for clearness, steadiness, and firmness in his dealings with others. He must never be prey to moods, by being of a complacent temper today.
Sincerity and Honesty
A businessman should be sincere and honest in his business branding activities. His own and the form’s reputation depends on honesty. This honesty and sincerity which goes with it are attributes of the businessman at his best. Honesty with him is not only the best policy but also the best practice.
The next quality without which no one should consider a profession as a businessman, is his enthusiasm for his activities, for an unsettled life, and for long hours and for the people who are going to meet. Then the knowledge of the
Courtesy is to business what oil is to machinery. It costs nothing but wins a reputation. So a businessman has to win the heart of everyone with his polite manners. Everyone cannot know how many down his head before the polite and courteous businessman.
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 wants and new inventions for creating fresh demands.
Another notable quality of the businessman is the ability to mix with anyone within a minute or two. He must get himself introduced to an unknown person within a short time. Thus a businessman of sociable nature can easily win the confidence of many people and much popularity among them.
Finance is an important factor in the successful operation of the business. Without adequate finance, no business can smoothly run. So a businessman must possess a good financial position. The larger the amount of capital, the larger the size of the business and the larger the volume of profit.
While studying the scope of a business Organization, its nature and functions are generally considered keeping in view, what factors, problems, and matters may be included under the topic. Where this subject may be applied? What may be its role in the business field?
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