Qualities of a successful entrepreneur
Modern business is very complex. Due to scientific and technological advances, rapid changes are taking place in all business fields. High-speed computers, new mathematical and statistical tools are providing an explosion of knowledge to the entrepreneur. As the business world changes, the businessperson or entrepreneur has to acquire the basic development skills for the effective organization of business units. The basic skills or personal qualities that a good businessman must possess are as follows.
- Business knowledge: The entrepreneur must have a thorough understanding of his business. It must be complemented with knowledge of commercial, financial, marketing, income tax laws, etc.
- Ability to plan and organize: An entrepreneur, if he wants to shine in business, must have the ability to plan and organize them.
- Forecast: A good entrepreneur has an eye on the past performance of his business, his ability to produce for future demand for his products, etc. If you have the foresight to plan your operations over a period of time, the business will be successful and the entrepreneur will make a profit.
- Ethical standard: The ethical standard of business is that there should be no commercial cheating, fraud, or bribery in business. An entrepreneur who uses unethical practices will soon find himself without clients. A good businessman has a social, moral and religious responsibility to follow the ethical standard of business in order to make legitimate profits and stay in the market for a long time.
- Initiative and creativity: Today’s business world moves at a very fast speed. An entrepreneur must have the ability to take initiative by producing new things; the new methods of marketing the products had services. The business opportunity, creative imagination is considered an invaluable asset in the business world.
- Firm and courageous: A good businessman must be firm, firm and courageous if he is upset and discouraged by the initial setbacks and cannot face the business obstacles, then he will have to close the business soon.
- Adaptability to changes: The physical and technological sciences are producing new products and more efficient production methods. A good entrepreneur must have the aptitude for research and the adaptability to apply scientific findings to compete and stay in business.
- Industrious: A good businessman must be a man of equilibrium, cool in temperature, and capable of working hard for long hours. If you avoid hard work and can’t handle business stress, you will be left behind in the competitive race for business.
- Solid financial management: Finances are essential for any business. The more the business grows, the broader the sources of financing should be at your disposal. A smart businessman tried to meet the financial needs of the company both from within and from external sources and manages them effectively. If sufficient capital is available but the entrepreneur does not have the capacity for sound management, the company will soon go into liquidation. Therefore, good financial management is the key to the success of a company and is considered an essential quality of a good entrepreneur.
- Technical ability: An entrepreneur must have sufficient technical ability to understand, perform, and complete a particular job that he or she has undertaken to perform. You must have specialized knowledge in that field so that the processes and methods involved are carried out efficiently.
- Team spirit: The workers carry out a business activity. Human ability has to do with people’s work in such a way that the entrepreneur builds a team spirit among group members. You must know the temperament, aptitude, and beliefs of the staff who work with you. You must also know people’s limitations and feelings. You should be able to communicate your ideas to your peers and subordinates effectively. Subordinates should be encouraged to suggest ideas for better organization of the business. It should create an atmosphere of approval and security.
- Conceptual ability: The entrepreneur must be able to coordinate and integrate both the human technical skills of the organization. When new production decisions are made, the executives who are in charge of production, control, marketing, finance, research must be involved to achieve a common goal.
- Honesty: A businessman must be honest in dealing with others.