2.  Knowledge of business
 Ability to plan and organize
 Foresight
 Ethical standard
 Initiative and creativity
 Steadfast and courageous
 Adaptability
 Industrious
 Sound financial management
 Technical skill
 Team Spirit
 Conceptual Skill
 Honesty (Most Important)

3.  The businessman should have a
thorough knowledge of his
business. It should be
supplemented by the knowledge
of trade, finance, marketing,
income tax laws etc.
 For example, if a person is doing a
business of cars, then he must
have knowledge about cars, all
it’s specifications, prices, rates,
cars market to sell and buy cars
etc . Without the good knowledge
about the business, one cannot
flourish in it.

4.  A businessman, if he is to shine in business, must have the ability to plan and organize.
 Planning is the important thing in it. In order to get in the race of business, you need to
work out a plan before you can start. So it is one of the basic step in business.
 Similarly organizing is also one of the abilities that helps a businessman to take his
business where he wants.
 For example,the HP CEO planned to link it’s printers with microsoft, and after planning it
out, they were successful in negotiating with them by properly organizing the situation.
So this is one of the practical examples of planning and organizing.

5.  A good businessman has an eye on the
past performance of his business, its
capacity to produce for the future
demand of his products etc. If he has the
necessary foresight to it’s operations for
a period ahead, the business will be a
success and the businessman earns
profit.
 Foresight also means one kind of
planning things for the future, a
businessman should keep an eye on it’s
past records and mistakes in each and
every step in order to make his future
bright.
 For example, Nokia, working on the basic
formula of satisfying customers, and they
started to improve their handsets
according to the customer wants, so,
through this they had a foresight of ruling
markets which they did.

6.  The ethical standard of business is that there should not be cheating, fraud and
commercial bribery in business. An entrepreneur who uses unethical practices will soon
find himself without customers. A good businessman has the social, moral and religious
responsibility to follow the ethical standard of business to earn legitimate profit and stay
long in the market.
 Ethics is on of the most important things in business, if a businessman is weak on his ethics
side, there would be no chance for his survival in business.
 We can take an example of our local markets, one can always see number of good
shops in the market, but no rush on it, that is because of their ethical standard which
they lose, once ethical standards are lost, regaining it is almost impossible.

7.  The business world of today is moving at a very fast
speed. An entrepreneur should have the ability to take
initiative by producing new things, new methods of
marketing the products and services. The business
opportunity, creative imagination is regarded as
priceless asset in the business world.
 Many people think that only fashion designers need to
be creative and only in security forces to be initiative,
which is wrong, Business is such a field in which
businessman must have these both qualities in order to
get himself up to the top.
 For example, to flourish the business, entrepreneur must
take initiative to start dealing with the required
companies before someone else takes advantage of
that opportunity.
 And must be creative as well, because, he should
introduce new ideas, new products, new ways of
keeping his staff interested in working.

8.  A good businessman should be firm, steadfast
and courageous. If he is upset and discouraged
by initial setbacks and cannot face the business
obstacles, he shall then have to close the
business soon.
 Only the steadfast and courageous can stand in
any field and can get to the top not only in
business but in every field. Being steadfast and
courageous is the quality that few people have.
 For example, the ferrari CEO took courageous
decision of keeping their standards high by
producing only 10-12 cars per year. It was a
decision according to which many people
thought that they will lose their market, but he
steadfast on it, and now it’s one of the best
companies with very high standards.

9.  The physical and technological sciences are yielding new products and more efficient
methods of production. A good businessman should have the aptitude for research and
adaptability to apply scientific findings to compete and stay in business.
 Because, in today’s world, competition is most dangerous thing, which can really put
one’s head under the table. So the businessman must keep himself up to date and must
have the ability to change with the time.
 For example, Nokia changing themselves with the passage of time put them on top of
all the other handset manufacturing companies.

10.  A good businessman must
be a balanced man of
cool temperament and
capable of working hard
for long hours. If he avoids
hard work and cannot
bear the business strain,
he will be left behind in
the competitive race of
business.
 Only calm and
hardworking businessman
find success in the end.

11.  Finance is essential to any business. The larger the business grows, wider
should be the sources of finance available to it. An intelligent
businessman tries to meet the financial needs of the business from
within as well as from external sources and manages them effectively. If
adequate capital is available but the entrepreneur has not the ability
of sound management, the business will soon go into the liquidation.
Sound financial management is thus the key to the success of a
business and is regarded as essential quality of a good entrepreneur.
 Financial management is the base of the business, if one’s
management in this particular area is good, that would help him his
business to stand on it’s own feet.
 A good businessman shouldn’t rely on it’s external resources and by
keeping the money in the bank, but if investing it is more profitable then
keeping the money, then the businessman should have the idea of
investing it rather than storing it, because it can become it’s external
source of income.
 For example, Toyota company, opened up it’s branches not only in one
place but almost in every big city, and invested their income by making
more and more car building machines which produces more quantity
of cars and sends them to different branches hence they can now fulfill
all the customer want and not making them wait in which they might
change their decision.

12.  An entrepreneur should have sufficient
technical skill for understanding,
carrying out and completing a
particular job which he has
undertaken to perform. He should
have specialized knowledge in that
field so that the processes and
methods involved are efficiently
carried out.
 Mean the businessman must have
basic knowledge of all his surroundings
and the operations that are related to
it.
 For example, the CEO of any
organization has all the basic
knowledge of the work that are
carried out under his observations.

13.  A business activity is carried on by the workers. The human skill is
concerned with working of the people in such a manner that the
entrepreneur builds up a team spirit among the group members. He
should be aware of the temperament, aptitude, belief of the staff
working with him. He should also know the limitations and feelings of
the individuals. He should be able to communicate his ideas to his
equal and subordinates effectively. The subordinates should be
encouraged to suggest ideas for better organization of the business.
He should create an atmosphere of approval and security.
 It is the team spirit that makes organizations. If there is not team spirit
then it would be almost impossible to carry on with it.
 So it is also one of the qualities of a businessman to create team
spirit in his organization.

14.  The entrepreneur should be able to
coordinate and integrate both the technical
and human skills of organization. When new
production decisions are taken, the
executives who are in charges of production,
control, marketing, finance, research should
be involved for the achievement of a
common objective.
 This is one of the skills that most of the
government organizations lack. Because
most of the time, uneducated people who
doesn’t know even the start of some
organization are made heads of the specific
organization and hence they lack in
concept about it which ruins everything.
 For example, the MD of Sui Gas was some
illiterate man which almost ruined the big
organization.

15.  A businessman should be
honest in dealing with others.
 If there is not honesty in a
man, the obviously no one
will trust him or his products.
 And not trusting means
customers are not going to
be satisfied which means the
business might be closed.
 One can always find
examples of it in the local
markets.