The success of business is depends on a skilled, able and competent businessman. For the success of the enterprise the businessmen should possess some qualities that are necessary for achieving objectives of an organization. To acquire these qualities, the businessman can compete with their competitors. These qualities of a successful businessman are given below:
- Entrepreneurial capacity: Every businessman should have entrepreneurial qualities and capabilities. A businessman must be the innovative and creative. Frequently he/she involved with generating new ideas for the business or old business with the new dimension on which the success of a business is depended.
- Ability to take risk: Businessman has to bear high risk. Future is always uncertain and risky. So the businessman should avoid the uncertainty with their forecasting qualities of inspiration, experience etc.
- Accuracy: The essential quality of the businessman is to be accurate each and every activities of business. Precision in regard the future and their execution are important for the business. Accurate action depends upon accurate thinking. The good businessman must be able to seize the problems by treating them
- Working skill: Working skill is essential for the success of the businessman. Showing such skills the businessman has to prove the capacity to make correct decision to formulate the working strategies, to utilize the manpower and other elements correctly. So the businessmen need working skills to compete with others to exist in the market.
- Organizational ability: Organizational ability is one of the important qualities of the businessman. Businessman has to collect human resources, money, materials, machinery and other elements and have to make co-ordination and adjustment among the elements of the business. Organizational ability must be needed to be successful in business.
- Time sense and foresight: Modern business is subject to fast change, requires a businessman to appreciate time. There is a chain of actions which must fit with the rapid changing desires of the ultimate consumers. He must be able to forecast with foresight and look the future. A successful businessman always tries to identify demand and wants of customers and proceed intelligently to
- Service motive: A businessman must possess the qualities of service motive. One of the important objectives of business is to fulfill the demand of the customers. Businessman should provide products and services in competitive price and maintain the qualities.
- Honesty or business morality: In order to satisfy consumer the businessman should be honest and moral in his activities. The businessman must be intelligent and competent with huge moral power. He must use all his abilities to provide precisely which are needed for the customers. He wishes to make good will for himself and the organization. Honesty with him is not only the best policy but also the best practice.
- Consistency and dependability: The businessman must have consistent mind to be able to exercise firmness in his dealings with others. He should hold the organization consistent and dependable because it does not fluctuate from day to
- Self-confidence: Self confidence is a special quality of a successful businessman. Confidence create positive attitude to business, business environment and employees of the organization.
- Initiative and capacity to make decision: Success in any human activity depends on large reassurance of initiative and capacity to make decision. Indecision very often results in missing business opportunities which have a tendency to move about away promptly. Decision making is the basic element of executing any task.
- Ability to co-operate: Another notable quality of a businessman is the ability to co-operate with a large number of people those are doing job in the organization. He must be able to compromise, adjust, adapt and be willing to use his judgment may any wrong in business. Besides these he must be temperamentally fitted to exercise a structural authority.
- Energy: A numerous endowment of physical and technical energy is another requisite of a businessman. Without energy and ability of hardworking no businessman can be successful. Infinite capacity for taking pressure from the different corners of competitive business is essential.
- Personal qualities: A businessman should possess all or at least some of the qualities common to all leaders. He should have a better than average intelligence, or mental alertness, constructive imagination, knowledge, enthusiasm, a sense of humor, self-confidence, self-control, pleasing personality, concentration, tolerance and sympathy.
At last we can say that only the educated person may be the successful businessman is not correct. To be a successful businessman, he must possess the qualities which are discussed above and apply these qualities efficiently and effectively.