The modern company is very complex. Because of technological and scientific developments, fast changes are happening in every business field. The high speed computers, new mathematical and statistical tools are providing a knowledge explosion to the businessman. As the business world changes, the businessman or the entrepreneur must acquire the fundamental developing skills for successful organization of the business units. ronald perelman or qualities that a good businessman must have are as under.
Understanding of company: The company should have a comprehensive understanding of his enterprise. It needs to be supplemented by the knowledge of trade, finance, marketing, income tax laws, etc
Ability to plan and organize: An entrepreneur, even if he’s to excel in business, needs to have the ability to plan and organize it.
Foresight: A good businessman comes with an eye on the past performance of his business enterprise, its capability to create for the future demand of his merchandise, etc.. An entrepreneur that uses unethical practices will shortly find himself without customers. A good entrepreneur gets the societal, moral and religious responsibility to stick to the ethical standard of business to make legitimate gain and remain long on the market. An entrepreneur needs to be able to take initiative by producing new things; new procedures of marketing the products had services. The company opportunity, creative imagination is considered a priceless asset in the company world.
Steadfast and Courageous: A fantastic businessman ought to be firm, loyal and brave if he is upset and frustrated by first setbacks and cannot confront the business obstacles, he will then have to close the business shortly.
Adaptability to Changes: The physical and technological sciences are yielding new goods and more efficient methods of manufacturing. A good businessman should have the capability for research and adaptability to employ scientific findings to compete and stay in business.
Industrious: A good businessman must be a balanced man of cool temperature and capable of working hard for long hours. If he avoids hard labour and can’t endure the business strain, he is going to be left behind in the competitive race of business. The bigger the company develops, the wider ought to be the sources of fund available to it. A smart businessman tried to fulfill the financial needs of the company from inside as well as from outside sources and oversees them efficiently. If sufficient capital is available but the entrepreneur hasn’t the capability of sound direction, the company will shortly go into liquidation. Sound fiscal management is thus the secret to the success of a business and is regarded a vital quality of a fantastic entrepreneur.