A number of factors have been considerate essential before a concern can be successfully launched. In addition to all other factors, there is one more important factor i.e., entrepreneur. The qualities and type of leadership available to a concern directly affect its working. The entrepreneur (a businessman in this context) plans and executes various business policies.
A properly management concern is generally a reflection of leadership qualities of the businessman. There are certain qualities which are considered inherent but there are some other qualities which may be acquired by experience and training. Some of the important qualities which the businessman should possess are discussed as follows:
Knowledge of Business
The businessman should have a thorough understanding of his business. He should be clear about the aims and objectives of the organization. He should have a thorough understanding of different functional areas. The knowledge of business should be supplemented by the knowledge of trade, finance, marketing, mercantile laws. The knowledge of all these aspects is essential to tackle complex business problems.
A pleasing personality is always an asset. Personality includes various qualities and talents which are necessary for making a businessman successful. The businessman should be able to impress people and should be able to get all round co-operations from them. He should be friendly with his employees and customers. The pleasing manners of a person also encourage others to have business dealings with him. On the contrary, people avoid dealing with a man with bad manners and short temper.
A businessman should be hard working. There is no substitute for hard work. Success and hard work go together. He should be dedicated to his work. His work will motivate his employees to work with the same zeal. A person who himself shirks hard work will not be able to get more work from others.
A businessman has to deal with many complex problems. He has to seek the co-operation of a large number of persons in solving his problems. The dependence on others is necessity in the present day business world. The business should co-operate with others and should also have the capacity to get co-operation from them. He should be able to adapt himself to all kinds of people and situations.
One has to deal with a number of problems in the business. Sometimes, there are conflicting demands from different sides. The consumers, employees and government want the businessman to considerate to their demands. He has to reconcile various interests. The courage and foresightedness of the businessman will help him to take important decisions. He should not feel helpless in the face of difficulties. Business is not an easy task these days. Only those persons will be successful who will have the capacity to face difficulties with a smiling face.
Initiative and Decision-making Power
A businessman has to tackle many problems every day. He has also to take decisions. He should have the ability to decide things at the proper time. He has to channelize the energies of the group in a bid to achieve organizational goals. He should take initiative in tackling various problems and should take them as a challenge.
Cordial Relations with Employees and Customers
Customers and employees are an integral part of the business. He should tactfully deal with their problems. “Customers” satisfaction is essential to stay in business. He should try to understand the likings and disliking of his customers and should try to satisfy them. He should also try to understand the difficulties of his employees. They should be given incentive for doing more work. Cordial relations with employees and customers will help him to build up goodwill for the business.
Assumption of Responsibility
A businessman should assume responsibility of various activates of his subordinates. As a leader he exercises all authority and responsibility. He should try to shift burden or responsibility on others. The subordinates should not feel let down in the movements of trail. These qualities will give confidence to the employees and they will face things more courageously.
Discipline is an essential trait in the personality of successful businessman. He should give a lead to his employees. He should follow various rules and regulations strictly. First, he should be disciplined, only then he can expect others to be disciplined. No organization can work without discipline.
A businessman should be able to adjust according to the situations. There may be a frequent change of situations. He is expected to face a few challenges with courage. He should not lose heart and should be able to adapt to new environments. A busies cannot be operated under static conditions. All types of changes are witnessed in business activities. The changing business world demands dynamism in the businessman. So good businessman should be able to a just himself according to the necessities of the situations.