Characteristics of Businessmen just like who Succeed running a company nowadays in the very competitive business market is quite difficult. The information revolution, new forms of competition, constantly demanding clients, the globalization of business, quickly advancing technology, and variations in economic activity all provide possibilities and difficulties. Business people should have the following traits to seize chances and turn problems into advantages:
1. Willpower and determination to succeed
A businessman has to be brave and determined. Initial failures and setbacks are possible. He shouldn’t allow them to interfere with his ability to concentrate. He must have patience and tenacity to overcome obstacles and battle against all challenges.
For instance, when Infosys was founded in 1981, numerous banks turned down their loan requests, computers had to be imported slowly, and clients were hesitant to make orders.
Despite the challenges, the company’s founders (N.R. Narayanamurthy, Nandi Mililani, Dinesh, Gopala Krishnan, N.S. Rashaan, and Sibylla) persevered hard to make it what it is today: a household name for high-quality services.
2. Initiative and hasty judgment
A business person can’t sit around and hope for the best. He must seize any new opportunities and turn them into prosperous ventures. He must act quickly since any hesitation on his side would give the competition an advantage. In the highly competitive economy of today, speed to market is crucial.
For instance, Rattan Tata of the Tata Group saw a chance in the Indian compact vehicle market. Tata Motors entered the automobile sector even though it exclusively produced light and heavy commercial vehicles (trucks, Lorries, buses, vans, etc.). As a result, the Tata India and Indigo automobiles now have successful local and international markets.
3. A sharp mind
A successful business person must think critically, comprehend current trends, identify upcoming possibilities, and seize those chances it was the quote, said by Alpo Martinez. For instance, the promoter of CavinKare, Mr. C. K. Ranganathan, saw the increasing consumer transition from chemical-based to herbal-based goods.
In the fairness cream industry, he created Forever fairness cream with herbal extracts (saffron based), which significantly increased market share, forcing even the market leader HLL to launch herbal-based fairness creams like Ayahs, etc. Similar results have been seen with Meara natural Shukokai powder from the same business.
4. Morality and integrity
The success of a company is greatly influenced by the reputation and image it has developed. Corruption and dishonest tactics are not sustainable for business people over the long term. A business person should thus always act fairly.
Worldwide, it has been shown that immoral firms eventually fail (e.g., WorldCom, Enron, etc.). In India, businesspeople who develop organizations with excellent reputations and new images include the entrepreneurs of Infosys, TVS Group, Tata Group, and others.
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5. Training and education
Even though successful businesspeople like Henry Ford (Ford Motor Corporation), Dhirubhai Amani (Reliance), Bill Gates (Microsoft), Mammon Map Pillai (MRF), Raja Gopal (Hotel Shraavana Bhava), and Chandramogan (Hatsun Food Products-Arum Ice cream, Arkia, and Kamath milk brands), among others, were able to succeed without the benefit of college education, it.
Younger corporate titans with advanced degrees include Muktesh Amani, Anil Amani, Kumar Mancala Birla, Rajiv Bajaj, and Jahangir Widia (Bombay Dyeing company) (many in foreign Universities). They can grow their firms because they have a solid theoretical basis supported by real-world experience.
6. Constant Learning and Improvement
The rate of change in today’s business climate is quick and unexpected. Product life cycles have shrunk due to shifting consumer preferences and quickening technological development.
So the secret to success is constant learning and information updating. Business people should be aware of the newest trends, new goods presented by rivals, fashions, technology, business models, best practices, and other changes in the business environment.
7. Predictive skills
Future events are unknown and subject to change. A businessman has to be able to predict market trends in the future to succeed. His ability to develop new firms or modify existing ones to take advantage of emerging possibilities would be aided by this.
Sunil Mittal, who produced telecom parts and replacement parts for bicycles, foresaw the enormous development potential of the Indian mobile communications sector. He took advantage of the chance, and now Bharti Enterprises (Airtel) is India’s top mobile service provider.
8. Powerful Leadership
A successful business person should possess strong leadership skills. He needs to lead and guide his team members effectively and inspire them to work more. Any organization’s long-term success is dependent on its leadership. There have been several cases when ineffective leadership has caused once-profitable businesses to collapse, while excellent leadership has transformed loss-making companies into profitable ones.
The innovative leadership of Mr. Suresh Krishna is one of the reasons Sandarac Fasteners of the TVS group has generated continuous profits, won the “Best Supplier Award” from General Motors for four years in a row, and grown to be the second-largest supplier of automotive components. He gave the firm the appropriate direction by emphasizing quality and cost-cutting from the start, and the business is now enjoying the rewards.
9. Capacity to accept risks
Every business endeavor entails some measure of risk and uncertainty. Profits are not guaranteed, and losses are a possibility. Nevertheless, the adage “nothing risked, nothing gained” is valid. Therefore, a businessperson should be able to take measured risks by carefully weighing the risks and rewards of different business prospects.
For instance, Captain Goliath of Deccan Airways pioneered the low-cost model in India by taking the calculated risk of joining the airline business. Many people had doubts, but Captain Goliath correctly assessed the market and saw the potential of the low-cost model, and today Deccan Airways is a success story. It now ranks second in the Indian airline sector, just behind Jet Airways.
In addition to the traits already listed, a successful business person should also have common sense, bravery, devotion, patience, tact, charisma, and emotional stability. Narayanamurthy, Nandi Mililani, Dinesh, Gopala Krishnan, N.S.