A business does have the following qualities if the businessman has to stay in the market no matter how much loan capital he owns. According to economists, a business survives if the input of four factors of production: land, labor, capital, and entrepreneur are in the best possible proportion. However, in discussing the qualities of a good businessman we will concentrate only on entrepreneurs leaving other factors. The reason is that the successful use of land, labor, and capital wholly depends on the entrepreneur who is the organizer of the business. He must be creative and ambitious, and able to work under pressure. He must possess risk-assuming courage. However, he should not only satisfy his customers shareholders, and employees but he should also satisfy his suppliers and competitors and the government. The businessman must possess the following qualities which are the minimum requirement for the success of his business.
Risk Assuming
Goal oriented
Well informed
Performance-oriented
Exploiting opportunities
Unbeliever of mystical forces
Rational not emotional
Fair dealer
Dynamic and steadfast
Experienced
Risk Assuming:
The business is full of risks of various types and they always stay as long as the business exists. Risk is the chance of loss, damage, or injury. The decline in or loss of sales or profit, fire, damage of goodwill of the firm, death of a key employee, competition, inventions, various government policies, and sudden change in them all pose a threat to the success of the business. The businessman should meet all the challenges that come in their business.
Goal Oriented:
Before starting a business he should set goals or objectives for his firm, and continue establishing new and revising and appraising the old ones. Goals may be profit, image and goodwill, growth, service, leading the customer, etc. There should be physical, financial, organizational, and manpower goals too. And all of them must be clearly defined and explained to his employees. The business can not survive without goals.
Well Informed:
It is the millennium and century of information technology. The businessman should be well informed of the business condition, competition, changing environment, and national and international affairs, and competent to foresee new expected risks and challenges. To be well aware he should be able to make use of the latest information technology tools. Continuous lack of information well destined the business to a tragic end. Being well-informed requires continuous research, study, and analysis of market information and keeping in touch with other sources of information.
Performance Oriented:
The businessman is the owner of the business so he is responsible for planning, organizing, and controlling the business more effectively. He has to set objectives, make policies, set procedures, establish rules, prepare programs, and make budgets. He has to hire a team of workers, divide work among them and departments, and measure their performance. His attention should be on the worker's performance, and output. In other words, he should be result-oriented.
Exploiting Opportunities:
In business new opportunities continue to come up and they become boon if exploited. The businessman should be sharp-witted enough to benefit from them. They may include favorable changes in the market condition or government policies, inventions, or innovations in equipment (e.g. computers) or machinery. He should remain prepared to change the course of his business to the changing conditions. He may add a new product to his product line or drop the old one if need be.
Unbeliever Of Mystical Forces:
The businessman should have a scientific approach to his business and not depend on and leave things to chance, fate, luck, fluke, or drift. The businessman should determine his course plan and organize it well with full control of the results. God helps those who help themselves.
Rational Not Emotional:
Emotional people can not succeed in their lives. The businessman should not only be courageous, ambitious, dynamic, and sharp-witted but also rational, and wise, and base his decisions on reasoning. Those who yield under pressure, become easily angry or worried, lose heart, and become distressed are emotionally weak and cannot run the business successfully.
Fair Dealer:
Fair dealing is the spirit and secret of business. The businessman should be fair to his employees. Selections, wages, transfers, and promotions all should be fair. He should be fair to his customers. He should sell the right product at the right rate and this practice will lead him to the road of prosperity in the long run. He should be fair to the government and pay taxes punctually and transparently. His dealings with his creditors require prompt payment of dues.
Dynamic And Steadfast:
The businessman can only be successful when he is dynamic and steadfast. Being energetic forceful, and devoted, he will help the business overcome all difficulties, hurdles, and bottlenecks on the way to success. He should be steadfast, firm, and consistent in his decisions and actions but with a fair degree of flexibility as the situations call for.
Experienced:
He must be experienced and should know the finesse and art of running the business. The experience will help him understand the product, market, customer, management, competition, financial matters, pricing, merchandising, and government policies.
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