A successful businessman is an asset for a nation. He helps to discover new processes, products and uses of goods. And he helps in the creation of income and wealth for a nation.
He produces or markets those goods and services which are needed most by the people.These functions require talent to direct and to lead people who shall be working towards a common purpose. In other words, a businessman must possess some special qualities.
These have been summed up as:
1. Time Sense: A business cannot accomplish anything without time sense. This implies that he should take decisions carefully since one decision may affect other decisions in his business.
2. Alertness: Without this quality, a businessman cannot hope to go far. He should know the changing pattern of demand, changes in technology and what his rivals are doing. All this he can know only if he is alert.
3. Honesty: Honesty creates a permanent market for a businessman. A businessman cannot hope to survive in business unless he depicts true quality of his products before the buyers.
4. Ability to Cooperate: A businessman must have the ability to cooperate and adjust with persons with whom he deals, especially his customers. He must realize that he too could be wrong and he should make amends.
5. Dependability: In order to permit smooth functioning of the organization which a businessman has evolved, it is necessary to make the organization dependable at all times; dependability is ensured when all people in the organization know their functions well and work accordingly.
6. Energy: Mental and physical energy that the businessman shows in work would make the business a success. Vigor always inspires confidence.
7. Character: No other single factor may build business so much as this single factor alone may. Character lends value and credence to ability to cooperate, dependability and alertness. In simple words the character builds business.
8. Ability to lead: A successful businessman must have basic leadership quality to lead his co-workers. Leadership quality is cultivated.
9. Education and Training: A sound education and proper training in the conduct of business would certainly make businessman more successful.
The regularity and recurring nature of buying and selling transactions is another important characteristic of business. Another characteristic of business is that the profit earned by business does not depend only on the efforts of the entrepreneur but also on many other factors not wholly under his control. Business is full of uncertainties, hence full of risk and because of this reason it is sometimes described as an adventure.