Qualities Of A Successful Entrepreneur

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Qualities of A Successful Entrepreneur

Henry P. Dutton said, “A man who has once mastered the business of being a businessman, who has learnt the fundamentals of organization of financial management, of accounting, of working with and commanding men, of buying or selling, can therefore, quickly master and succeed in new business.” A businessman who is going to provide leadership to his business should possess the following qualities.

1.    Wide Knowledge. A businessman must have wide knowledge of the economic and non-economic environment of the business. He must be well-known about the latest technological developments and marketing conditions. In the absence of wide knowledge, the decisions taken by him will be poor and will not contribute to the well-being of his business in the long-run.

2.    Foresight. Business is full of risks and uncertainties. In order to deal with various kinds of risks and uncertainties efficiently, the business can should be intelligent and have foresightedness to make good forecasts for the business. The quality of forecasting will determine the quality of business planning. All other actions of the businessman will be futile if his planning lacks imagination and foresightedness.

3.    Dynamic Outlook. A good businessman is dynamic in nature. He has the capacity to take quick and sound decision on various problems of the business. He is always prepared to take initiative whenever an opportunity arises. The ability of the businessman to take initiative influences the success of the business to a great extent.

4.    Adaptability. A good businessman knows how to change with the changed circumstances. He can adapt himself tot eh changed environment. He does not put resistance to change. He his an open mind towards new developments in technology and marketing.

5.    Business Morality and Social Responsibility. A good businessman does not indulge I unethical business practices. He is honest towards consumers workers, suppliers, Government and society. He works sincerely to satisfy certain demands of the society and to raise the standard of living of the people. He is not tempted by unfair trade practices to maximize his profit. He understands his social obligations and takes steps to perform these obligations.

6.    Consistency in Behavior. The behavior of the businessman should be consistent and dependable. He should take firm decisions and should not change his policies quite often. He should create confidence among workers, suppliers and consumers. If a businessman is dependable, the various groups of the society dealing with him will cooperate with him in expanding the scale of operations of his business.

7.    Aptitude for Research. A businessman should have aptitude for innovation and research for the benefit of the society. He should understand the utility of his products from the point of view of the society and take steps to help the people to derive greater utility from his products.

8.    Self-confidence. A good businessman should have self-confidence. Self-confidence if created only if the businessman is honest and dependable and has the capacity to take initiative. He should not lose heart if he does not achieve success in a particular project.

9.    Business Connections and Goodwill. The success of a business depends to a great extent on its connection with other business undertakings and its good will in the market. A good businessman should try to build up the reputation of his business and keep good relations with other business enterprises. He should be co-operative in nature if he expects other to be co-operative with him.

10.     Winning Personality. A businessman should possess the minimum qualities required of a good leader. He should have self-discipline, presence of mind, sense of justice, honour and dignity, and above all a high moral character. He should have constructive imagination and ability to take quick decisions.

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