Business:
The activities involved in producing and selling goods or services that people need or want to make a profit are called business. Just like Apple company makes and sells mobile phones and makes a profit. And sometimes we earn profit by providing different types of services. As communication companies earn profit by providing internet service.
Made in Canva
Businessman:
It should be clear that the success of the business depends hundred percent on the businessman. A business needs capital to run. Which is safely invested in the business. It is imperative for the businessman to use the capital in a profitable manner. Satisfy employees and customers. Maintain business reputation. A businessman should possess a creative mind.
Businesses are of different natures and forms. If the term is used on a broad basis, it includes trading, manufacturing, banking, insurance, marketing, warehousing, mining, fishing, poultry and dairy farming, herding, shipping, etc. Those who own these businesses are called businessmen and those who run them are called managers. The status of a businessman is that of an owner and that of a manager is that of an employee.
The owners of the company are called shareholders. But they are not businessmen. By buying these shares, they get profit sitting at home and they do not interfere in the business affairs of the company. The employees who run the company work under the board of directors and other managers. In other words, the business of the company is run by the board of directors and managers. So when we describe the characteristics of entrepreneurs, they include company directors and managers.
The position should possess the ability to solve business problems. There are four factors of production.
- Land
- Capital
- Labor
- Organizer
Qualities of a Good Businessman
A businessman should have the ability to use land, capital and labor in an optimal ratio. The better the ratio, the higher the profit. This ratio varies in different businesses and at different times.
Risk Bearing:
Courage and the ability to take risks are found in a few people. Those who possess this ability advance in the field of development. These are the people who have the ability to take initiative which is essential for success. Business processes are fraught with risks. These include loss, bankruptcy, fire, competition, new inventions, changing fashions, constantly changing government policies, falling prices, death or resignation of a key employee or manager, and theft. A person who can cope with these potential threats. He is definitely a successful businessman.
Goal-oriented:
For successful trading it is necessary to determine the goal in advance and then work on it to achieve the goal. These objectives may be profitability, business reputation, customer service, innovation, development and promotion, betterment of society, establishment of pollution free environment and compliance with law etc. The goal of a new business is usually profit. When businesses grow, they tend to focus on higher goals such as guiding the people. Microsoft company, for example, has now reached this point. From where advanced information technology is provided to the public/users.
Well-Informed:
This era is the era of information technology. A businessman should be very advanced in the field of information. The guarantee of business success lies in how much knowledge a businessman or manager has about the following:
Inventions, potential inventions, government policies, national budgets, political conditions, international conditions, information technology, continuous changes, increasing business complexity, changing consumer trends, fashion, employee issues, business cycles, consumer needs and their purchasing power, market conditions, different business environment, internal business problems etc.
In order for the businessman to be informed and have extensive information, it is necessary to establish a management information system (MIS). Keep an eye on the current situation. Continue the process of businessbusiness and market research. Forecasting through statistics.
Performance-Oriented:
A competent and qualified businesman keeps an eye on performance. Which is a continuous process. He constantly evaluates his personal performance, employee performance and the overall status of the business. He evaluates the results of work and makes plans for the future. Establishes standards for measuring work and tests actual performance against these standards. If there is any gap between standards and performance, it is closed by taking practical measures. In other words, a businessman should be a practical and hardworking person.
Exploiting Opportunities:
There are constant opportunities in the business process. A smart businessman looks for these opportunities and seizes them when they arise to propel his business forward. These opportunities include climate change, government initiatives and incentives, dynamic price changes, new inventions, new technology. He continuously modernized his business by replacing obsolete methods, stereotyped machines, obsolete and obsolete equipment with time.
Unbeliever of Mystical Forces:
It is important for a businessman not to believe in hidden and mysterious things but to run his business on the basis of planning and research. Its approach and action should be scholarly and fact-based. Do not leave situations and matters to fate. The scope of his affairs should be such that the future will come according to his will and for this he will have to struggle, become a practical man and think scientifically.
Rational, Not Emotional:
Business has its ups and downs. On the basis of these variations, the businessman should not leave the reins of reason in his hands. One should not lose heart under the pressure of the situation. All decisions should reflect reasoning, common sense, balance, courage, courage to take risks, proper use of time, hard work and dedication. Emotional, quick-tempered, angry people fail in every field.
Fair Dealer / Business Ethics:
Business is based on honesty. Business ethics require providing the right product to the customer at the right price. Profiteering should be avoided. Hoarding and mixing should be avoided. Damage to goods must be reported in advance. The measurement should be correct. Business payments and dues must be paid on time. Employees should be treated fairly. If there is a guarantee, warranty, or replacement promise on the product, it must be fulfilled. In the success of multinational companies such as IBM, Microsoft, Toyota, and Sony where there are other factors, the element of honesty is definitely included. Businesses based on fraud, forgery, and lies have a very short life span.
Dynamic & Steadfast:
For the success of the business, the businessman must be energetic and persistent. He should do what he intends. Idle projects that cannot be implemented hurt the business. Consistency is a must in business. Once the decision is taken, it should be followed. Repeatedly changing decisions is detrimental to business. And this damages the reputation of the business. Of course, decisions should be flexible and should be adapted according to the requirements of the time. But changing decisions unnecessarily is a losing trade.
Everyone wants to be a successful businessman. I know that becoming a successful businessman is not an easy task. But I hope that any businessman can become a good businessman by developing these qualities in himself.