Top 18 Qualities Of A Good Businessman
You don’t have to be in business for long to discover that your state of mind means everything to its future success or failure.
As long as you are approaching your business in the right manner, you will find that everything tends to fall into place and operate much more effectively. Whereas, if you are all over the place, this will be much less likely indeed.
From basic education, you know that the factors of labour are controlled by the entrepreneur himself. As an entrepreneur, you’re responsible for your firm’s invention, short term & long term goals and general development.
A good businessman must be able to predict the market, organize your options based on your predictions, take advantage of opportunities and minimize the effects of a market decline. You are responsible to create the foundation that will stand the test of time.
You might probably be curious as to what other attributes make a good businessman. Indeed, there are several characteristics asides the primary aim of making profits.
I will give you tips on the qualities that will not only help you to grow your business but also help you manage a business effectively & still make the desired profits.
Knowing how to approach your business will, therefore, be a huge help in ensuring that you can run the business how it should be run. That is what this piece seeks to address.
1. Knowledge Of The Business
- Can you make a business plan without proper knowledge of the business?
- Can you create a business strategy without first knowing what that particular market is all about?
You cannot put the cart before the horse. You must first start with a foundation in order to build a strong house. In business and just like every other thing in life, knowledge is power and power brings profits if used properly.
As a good entrepreneur, you must first acquire the basic knowledge of your business including competition, industry location, raw materials, suppliers, legal aspects of the business, government policies and restriction amongst others.
You must take your time to study this data so that you are not blindsided by ordinary things you should have known about. This is a very important quality a businessman must process in order to fully manage his company without hiccups.
2. Time Management
As an entrepreneur, you must learn to manage your time. If you are a married man or woman, you should take note of this. If you cant manage your time effectively, you might lose something.
It could be your personal relationships or even your health.
Try to balance everything so that you are able to achieve your goals and possibly have some time to relieve the stress in a bathtub.
Firstly, you need to make a To-Do list. If you are going to manage your time effectively, you need to make a list of the things you want to achieve at the end of the day.
However, making a list without tagging a timestamp is almost useless because then, you can be stuck on one task all day without moving on. Therefore, you need to create a To-Do list with a specific period of time for each task.
Your personal relationship doesn’t have to suffer because of your work. Part of what makes you a good businessman or woman is the ability to effectively balance your personal relationships and work.
Failing at anyone isn’t an option. Try to ensure neither of them suffers.
3. Accuracy In Decision Making
Another attribute that makes a good businessman is his ability to deliver instructions to his employees.
Sometimes, your decisions may not always be right, but the confidence with which you make that decision gives your employees the idea that you know what you’re doing.
It is imperative you make good and accurate decisions. There is nothing like getting your employees to have confidence in your decisions.
You should be explicit enough when making decisions. Let your confidence go with precision.
A good entrepreneur is expected to keep in touch with world happenings and market development. You must stay up to date on the headlines of your trade market.
This will help you make better decisions and keep you prepared for the imminent changes in the business world.
Things change very fast in the corporate world, certain things can cause a stock price to rise, fall and you need to be aware of when things like this happen, so you can make the right decisions.
A good entrepreneur must be professional in his dealings. You must be able to handle breakouts or problems professionally in the best way possible. You should also portray yourself in the best possible way, irrespective of your current size.
This is a very important quality because a businessman who can not differentiate between pleasure and business can not last long in the market.
In the business world, things can get really messy and your competitors will look for any gap on your part to bring you down. A weakness or a scandal is what is needed and you must not make things easy for them by being slack. Be strictly professional in the office.
6. Ability To Cooperate
Accordingly, a good businessman should be able to cooperate with his staff to execute certain tasks. As they say, two good heads are better than one.
As a manager, you must learn to build close relationships with your employees. This will make the network of production more effective. When there’s better communication between all parties involved, everyone works together to get things done properly.
You must be understanding, soft-spoken and humble around people you work with. Acting like a jerk will not make your employees respect you, rather, they would only fear you and this is not very good for your reputation.
As a businessman, you must be able to display some level of consistency, especially to the people you are in contact with and your clients.
Consistency is the key to success.
Many businesses that failed did not realize how close they were to success before they gave up or started delivering low-quality services to their clients.
Your customers or clients should be able to hold on to your word. Let your next month be next month. Make sure you do not make promises you can’t keep or take more work than you can accomplish.
This is probably one of the reasons why young managers are becoming more common these days. As a businessman, you need to be energetic in order to address the everyday problems your firm seeks to solve.
Sometimes, you might need to move from one city to another without prior notice. This is one of the reasons why old managers want to hand over to a much younger person.
Some issues demand you to be present in person, and you cannot let your clients down no matter what. As an entrepreneur, you must energetic and ready to be on the move at all times. Moreover, you want to set a good example for your employees.
This is another important quality of a businessman.
Creativity is everything when it comes to business. You must be able to create something out of what everyone might call nothing. This is what will separate you from your peers and competitors.
You must be able to create something unique that can be attributed to your company. However, cooperation can also be very used to boost creativity by starting a team that boosts creativity and employee confidence.
10. Personal strengths & Charisma
A good businessman must have high moral standards, be charismatic and possess high character. Try to be friendly, jovial, adaptive and approachable. This way, your customers are confident that they can reach you when they need to.
No matter your position in your company, do not let pride consume you. As they say, pride comes before a fall. You must throw away pride and relate with people normally.
Also, strong character can leave a lasting memory in the minds of people you meet. Research has proven that people with interesting personalities leave a lasting image in the minds of people.
This is one quality that is hard to keep but essential for anyone who wants to succeed in life. The corporate world can get really dirty sometimes, and you may be tempted to do some very unconventional things.
However, you must stand for something, unless you would fall for anything. Your integrity should be the only thing nobody should take from you.
You must understand that although you need to be flexible, it doesn’t mean you must do everything and anything to achieve your business goals.
If you would like to start a chemical production company, make sure you plan how to dispose of the toxic waste appropriately to prevent a massive health problem in the community of your business location.
Make sure that you are thorough in the execution of every aspect of your production.
A good businessman must be hardworking. This is pretty much obvious, however, you must be extra hardworking especially if your business is still at its startup stage.
Nothing can replace hard work and it shouldn’t be taken for granted.
Until you have created a reliable customer base, you need to work extra hard and deliver promptly to your customers or clients.
Good things don’t come easy, and you need to work hard enough to make sure your business stands on its two feet. 😉
13. Assumption Of Responsibility
You must not try to shift responsibility on your subordinates when you should be held responsible. Your employees have personal lives and keeping them at work till 9 pm if it’s not necessary isn’t very nice.
You must be able to take responsibility for your actions and that of your employees no matter what. If your customers aren’t happy with the behaviour of an employee, take responsibility for the person’s actions, invite the client or customer to your office and apologize on the company’s behalf.
However, you can now take disciplinary actions on that particular employee if it is necessary. Shifting blame on your employees in the presence of a customer doesn’t say good about you and your business.
A good businessman should be able to adjust properly to any situation. The market changes frequently and you should be able to change with it.
If you cannot adapt properly to the changes in the market, your competitors will overtake you and push your brand to the background. You must be able to carve a niche for yourself in your industry or market.
A business can never be static. There will be changes both in legal policies, government restrictions and other factors of production could also change. You must adapt nicely and continue operations to deliver to your clients on time.
Despite being a jovial and fun boss, you must be able to administer disciplinary actions on your employees when they go out of line.
If you are weak at disciplinary actions, your employees will take you for granted and this might result in poor customer service.
You must be able to show your employees how you want things to be done around the office environment.
You will need to be able to develop a strong sense of focus if you want your business to do well and this can’t be faked. You need to really focus, no matter how hard it might be to do at the start.
There are some things you can do to make it easier to focus on the business. One is to ensure you don’t have to focus on any extraneous parts of the company. You should rather have it looked after by someone else.
For example, you could get managed services to look after your IT and marketing so that you can really hone in and focus on the business’ day to day operation. Whatever you do to improve focus is likely to improve the business overall.
Growing any business takes time. You need to prepare for that if you hope for your business to do well. If you are not patient, you will start to get irritated when things are not panning out as you hope.
It also means that you are more likely to want to quit or otherwise sabotage your efforts. Instead, try your hardest to develop a little patience as you go about running your business.
If you can approach your business with a good degree of patience, you will likely not experience frustration along the way. This is definitely going to help you hugely.
18. Sense Of Humour
It helps in any endeavour to bring a certain lightness and sense of humour to proceedings. That is something that can easily make your business run in a much more calm way. It will often result in a better way of doing business in general.
A good entrepreneur is one that is able to organize his business, distribute work accordingly in the office and still find a way to smile.
Running a business is not easy, and running a business in Africa is even harder. You need to know the way to involve relaxation techniques into the tension of running a business in a way that makes your business successful.
You should remember this if you ever find yourself struggling to deal with stress in your business. Just apply a sense of humour to something and you will instantly find that it’s a lot easier to manage.
I have taken my time to put together this article and I can assure you that once you follow these tips, you would be able to build a strong brand.
You will build a reputation in your industry and you will be respected by your competitors and loved by your clients. Understand that in order to build a good and lasting business, you must first build yourself as a person.
This is very essential to small business owners who want to carve a niche in the industry for themselves. You need to develop your character and gain enough knowledge on how to handle certain issues and changes that are imminent in the corporate world.