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Modern business is very complicated. Due to scientific and technical development, rapid changes take place in all spheres of activity. High-speed computers, new mathematical and statistical tools provide an explosion to the knowledge of the entrepreneur. With changes in business, a businessman or an entrepreneur must acquire basic skills for developing an effective organization of business units. The basic personal qualities or skills that a businessman should possess are as below:
Knowledge of business: A businessman must have a deep understanding of his business. It must be supplemented with knowledge of trade, finance, marketing, income tax laws, etc.
Planning and organization: If an entrepreneur must shine in business, he must be able to plan and organize it.
Forecasting: A good businessman is eyeing on the past performance of his business, his ability to improve and produce the product and take should be aware with the past wrong actions he taken and so on.
Ethical standard: The ethical standard of business is that business should not be fraudulent, cheating and corrupt. A good businessman must have a social, moral and religious responsibility to follow the ethical standard of business in order to obtain a legitimate profit and to be on the market for a long time.
Initiative and creativity: The modern business world is moving very fast. The entrepreneur should be able to take the initiative by producing new things; new methods of marketing the product had services. Business opportunities, creative imagination are considered an priceless advantage in the business world.
Adaptability to change: Physical and technological science creates new products and more efficient methods of production. A good businessman should have the ability to explore and adapt to the application of scientific discoveries to stay in competition in his business field.
Industrial: A good businessman should be a well-balanced person with a cool temperature and is able to work long hours.
Healthy financial management: Financing is important for any business. Good financial management is the key to success in business and is considered an important quality of a good entrepreneur.
Technical skills: An entrepreneur must have sufficient technical skills to understand, and perform the specific work that he or she has undertaken. He must have specialized knowledge in this area, so that the relevant processes and methods are performed effectively.
Team spirit: Human skill is associated with the work of people in such a way that the entrepreneur builds a team spirit among the members of the group.
Honesty: A businessman should be honest with others.