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The modern business may be very complex. Resulting from scientific and technological developments, fast changes are taking place in every enterprise field. The high speed computers, new mathematical and statistical tools are providing a knowledge explosion to the businessman. As the business world modifications, the businessman or the entrepreneur has to acquire the basic developing skills for effective organization of the business units. The essential personal skills or qualities which a very good businessman should possess are as under.

Knowledge of business: The businessman ought to have a thorough knowledge of his business. It must be supplemented by the knowledge of trade, finance, marketing, income tax laws, etc

Ability to plan and arrange: An entrepreneur, if he is to shine in business, must have the ability to plan and organize it.

Foresight: A great businessman has an eye on the previous performance of his business, its capacity to produce for the long run demand of his products, etc. If he has the mandatory foresight to plan its operations for a interval ahead, the business will be a success and the entrepreneur earns profit.

Ethical Standard: The ethical standard of enterprise is that there should not be cheating, fraud and commercial bribery in business. An entrepreneur who makes use of unethical practices will quickly discover himself without customers. An excellent businessman has the social, moral and religious responsibility to comply with the ethical customary of enterprise to earn legitimate profit and keep lengthy in the market.

Initiative and Creativity: The enterprise world of right this moment is moving at a really fast speed. An entrepreneur ought to have the ability to take initiative by producing new things; new strategies of marketing the products had services. The business opportunity, inventive imagination is regarded a valueless asset in the enterprise world.

Steadfast and Brave: A very good businessman ought to be firm, steadfast and brave if he’s upset and discouraged by initial setbacks and cannot face the enterprise obstacles, he shall then have to shut the business soon.

Adaptability to Adjustments: The physical and technological sciences are yielding new products and more environment friendly methods of production. A good businessman ought to have the aptitude for research and adaptability to use scientific findings to compete and stay in business.

Industrious: A very good businessman must be a balanced man of cool temperature and capable of working hard for long hours. If he avoids hard work and can’t bear the business strain, he will be left behind in the competitive race of business.

Sound Monetary Management: Finance is essential to any business. The bigger the business grows, the wider ought to be the sources of finance available to it. An clever businessman tried to fulfill the financial wants of the business from within as well as from external sources and manages them effectively. If adequate capital is available however the entrepreneur has not the ability of sound administration, the enterprise will quickly go into liquidation. Sound financial administration is thus the key to the success of a business and is regarded an essential quality of a great entrepreneur.

Technical Skill: An entrepreneur should have ample technical skill for understanding, carrying out and completing a particular job which he has undertaken to perform. He ought to have specialized knowledge in that discipline so that the processes and methods involved are efficiently carried out.

Group Spirit: A business activity is carried on by the workers. The human skill is worried with working of the people in such a manner that the entrepreneur builds up a staff spirit among the group members. He needs to be aware of the temperament, aptitude and perception of the staff working with him. He must also know the limitations and emotions of the individuals. He ought to be able to communicate his concepts to his equal and subordinates effectively. The subordinates must be inspired to counsel ideas for higher organization of the business. He ought to create an environment of approval and security.

Conceptual Skill: The entrepreneur must be able to coordinate and integrate both the technical human skills of organization. When new production selections are taken, the executives who’re in fees of production, management, marketing, finance, research ought to be concerned for the achievement of a standard objective.

Honesty: A businessman should be honest in dealing with others.

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