Qualities of a Successful Businessman
To be successful in his business, a businessman should possess certain qualities, which are as follows:
1. Determination and Will Power
We all know that business is exposed to risk. So every businessman should be ready and willing to assume it. Otherwise, he can not succeed in his activity. To assume risk, he should possess the qualities like determination and will power, because such qualities will facilitate him to bear all the difficulties that encounter before him until he reaches the desired destination.
Further, an efficient and successful businessman should have the qualities like courage and perseverance to manage them smoothly.
Another important quality which a successful businessman should possess is accuracy i.e. he is expected to think and act accurately. He must be able to understand the problems of business in its real sense and also to take corrective actions.
3. Capacity to take Quick Decisions
In the modern business world, things move very fast and situation changes very often. Hence, the businessman must have the capacity to take initiative and prompt decisions as and when the situation demands. Very often, indecision results in loss of business opportunities.
Alertness is another important quality, which a successful businessman should possess. He should be very alert and keep in touch with the business world, so that the taste, desire etc. of the customers and the attitude of the competitors can be understood by him.
A Businessman must also be alert to the opportunities surrounding his business. Such information will be of immense use to a businessman to make use of the opportunities without any delay and reap maximum profit.
There is an old saying that “Honesty is the Best Policy”. To succeed in his venture, the businessman should adopt this policy. He must be honest to his customers. This can be done by providing exact goods/rendering exact services as required by the customers. This in turn will help him to make goodwill not only for himself but also to the firm.
6. Co-operative Attitude
Being a businessman, he is expected to co-operate with many people both inside and outside the organization. To become a successful businessman, he should have certain qualities like patience, adjustment, willing to accept his mistake etc. Such qualities enable a businessman to understand the feelings of others and approach them with patience so that he can determine the necessary solution.
A businessman should possess leadership qualities. He can get things done only by motivating his subordinates to involve in the work with interest. Such an involvement can be obtained only by establishing cordial relationship between the subordinates and the manager.
Training in an indispensable requisite to run a business successfully. It helps a businessman to learn various intricacies of modern complex business, which in turn enables the businessman to solve them easily.
To be successful in his venture, the businessman should have physical energy. He should be capable of bearing pains both mental as well as physical. If he is weak, he can not tolerate the pressures exerted by various forces.
10. Other Qualities
Besides those mentioned above, a businessman should possess certain personal qualities such as tact, foresight, integrity, morality, straightforwardness, fair dealings, frankness, commonsense, charming disposition, sympathy towards subordinates, enthusiasm, a sense of humane, self-confidence, self-control, pleasing personality, concentration, tolerance etc. Further, he must be intelligent enough to make use of the business opportunities as and when they come.
From the above, we can summarize that a businessman should have the following qualities in order to be successful in his business.
- Determination and Will Power,
- Accuracy in his actions,
- Capacity to take quick decisions,
- Cooperative attitude,
- Leadership qualities,
- Energetic., etc.