What are the qualities of a good businessman everyone should learn?
Many years ago when I first decided to be an entrepreneur, one of the first questions I asked was “what are the qualities of a good businessman?” If you’re a new business owner or thinking of becoming one, I am sure you’ve asked the same question.
It’s normal to want to know the qualities of a good entrepreneur so you can be successful in business.
Successful business owners have certain traits and characteristics that are missing in a lot of enetrepreneurs, so a study of what some of these traits are can be very useful.
Needless to say that as a Christian entrepreneur, your business should be based on biblical principles. But, it’s also good to have some practical ideas to help you build a successful business.
So in this post, we are going to look at some qualities of a good business person, and what makes a business successful.
Before we jump in, let’s look at some questions people ask about entrepreneurship.
WHAT SKILLS DO YOU NEED TO BE A BUSINESS MAN?
As a business owner, you need lots of skills to run and build a successful business. A lot of these skills can be learned as long as you’re willing to put in the effort.
Some of the skills you need to become a successful businessman include: marketing skills, customer service skills, good communication skills, financial skills and good decision-making skills.
There are lots of other skills to add to this list, but the ones I listed are some of the most essential business skills.
WHAT ARE THE QUALIFICATIONS OF A BUSINESSMAN?
Anyone can be an entrepreneur. You don’t need a fancy business degree or even formal education, but they could be an advantage, if you have them
The most important qualifications of a businessman are: a willingness to learn everything about entrepreneurships, a good business idea, knowing how to execute that idea, how to fund your business, how to aattract customers and how to manage your business finances.
These qualifications are a good starting point for any businessman. If you have most of them, you’re qualified to be a businessman as long as you keep learning and you’re willing to work hard on your business.
Now, lets’s look at some of the qualities of a good businessman.
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20 QUALITIES OF A GOOD BUSINESSMAN (EVERY ENTREPRENEUR SHOULD LEARN)
1. A GOOD ENTREPRENEUR KNOWS HOW TO SET GOALS
A good businesswoman knows how to set both personal and business goals.
Without goals, you’re going to waste a lot of time chasing trivial stuff while neglecting the most important tasks. When you have goals, you have a target to aim for, which means you can streamline your activities and align them with your goals.
You can’t build a successful business without setting both short-term and long-term goals.
2. THEY KNOW HOW TO CREATE PLANS TO ACHIEVE THEIR GOALS
It’s not enough to just set goals for your business, you also need a plan, a strategy or tactics to achieve those goals.
Unfortunately, many entrepreneurs set goals without an action plan, then they wonder why they are unable to meet their goals.
For example, it’s not enough to say you want to increase your business profits by 20 percent in quarter 2. You also need to have a clear idea of how you’re going to do it. That’s why your plan should include all the steps you are going to take to increase your profit by 20 percent.
If you’re used to setting goals and not achieveing them, ask yourself if you have a plan to meet those goals or if you are in the habit of winging things.
Plans can be tweaked or adjusted as you get more information, so you don’t need your plan to be perfect. All you need is a workable plan.
3. THEY HAVE GREAT CRITITICAL THINKING AND PROBLEM SOLVING SKILLS
It’s true that anyone can start a business, but not everyone can be a good or great entrepreneur.
To be a good business owner, you need good critical thinking and problem-solving skills to deal with the issues that arise in your business.
The ability to problem solve is one of the most important skills every entrepreneur needs.
What happens when a shipment is late and you need to fulfil some orders that are due? What happens if a contract gets canceled or your revenue goes down?
These are some of the issues lots of business owners face. Unfortunately, some don’t have the capability to resolve these issues so their businesses end up failing.
Learn how to think critically, and be resourceful, because you are going to need it, if you want to be a successful businessman.
4. A GOOD BUSINESSMAN IS HUMBLE AND KNOWS WHEN TO ASK FOR HELP
“Pride goeth before destruction, and a haughty spirit before a fall.” (Proverbs 16″18)
Don’t ever be too proud to ask for help or think you know it all.
One underrated characteristics of a good businessman is humility. A humble business owner knows they need other people to succeed. They understand their limitations and they are not too proud to ask for help when they need it.
No matter how successful you are or how much you know, there’s always someone who knows a little bit more than you do, and their input can always help you improve your business.
So be humble, ask for help when necessary, and be willing to accept wise advice when it’s given.
5. THEY KNOW WHERE TO LOOK FOR HELP
One of the first things I learned in business is that, I don’t have to know all the answers, but I should know where to find the answers.
There are a myriad of resources out there, but knowing how to find the right resources or answers to your questions can be the difference between success and failure.
Where do you go to find answers? Who do you turn to for advice?
To be a good businessman, you muct have good research skills and be able to figure out where to find help in times of need.
6. CONFIDENCE IS AN ESSENTIAL QUALITY OF A GOOD ENTREPRENEUR
One of the qualities of a good business person is confidence. Sadly, many entrepreneurs lack confidence even when there’s no real reason for it.
If you’re are constantly second guessing yourself or crowdsourcing opinions, you may be dealing with low self-confidence.
To succeed in business or in life, you need a healthy dose of self-confidence.
No, I am not asking you to be cocky or have an unrealistic opinion of your ability, but you must believe that you have what it takes to succeed, and your actions must reflect that.
If you struggle with low confidence, try to identify the cause so you can address it. Don’t allow low confidence or self-esteem issues hinder you.
No list of qualities of a good businessman is complete without talking about consistency!
It’s amazing how much difference a little consistency can do to your business and life!
Get into the habit of showing up consistently and watch miracles happen in your business. When you are consistent, your customers and clients know what to expect.
Consistency fosters trust and it also helps you stay on top of your business.
You can grow your business faster by being a little bit more consistent. You can’t ignore your business for days or weeks and expect to build a successful business.
So create routines and have a schedule to help you become more consistent or find an accountability partner to help you out.
8. THEY ARE SELF-STARTERS
A self-starter is a person who has drive, ambition and is motivated to succeed.
A good businessman doesn’t wait to be motivated. They don’t rely on extrinsic motivation (though they can be helpful).
When you’re a self-starter, you don’t wait for anyone to tell you what to do before you do it. This is one of the key differences between an entrepreneur and an employee.
I am not suggesting an employee can’t be a self-starter, but to succeed in business, this quality is non-negotiable. You have to know how to take the initiative and lead your business in the direction you want it to go
One of the top qualities of a good businessman is the ability to get things done. They are proactive and know how to work effectively.
9. THEY DON’T PROCRASTINATE
Procrastination has ruined many dreams and businesses.
While it’s necessary to spend some time thinking things through before making a decision, far too many entrepreneurs use this as an excuse to procrastinate.
After you make a decision, there’s really no excuse not to take action. Don’t allow analysis paralysis stop you from being proactive or prevent you from taking action in your business.
Procrastination will slow you down and stop you from being successful, so watch out for it, and don’t let it become a bad habit in your life.
11. THEY ARE GOOD MANAGERS AND LEADERS
One of the characteristics of a good entrepreneur is their ability to lead and manage people well.
A good businessman knows how to lead and motivate people. They know how to get people to buy into their ideas and vision.
As a leader, you should know how to inspire, encourage and set the tone or culture for your company.
Knowing how to lead and manage people is a skill anyone can learn if they are interested.
There are lots of stories and books about great leaders throughout history. Consider reading a few of them if you really want to be a great leader and manager. Here are a few of my favorites:
You can also check out the posts below for some tips to help you become a better leader.
Self-discipline is one of the most important attributes of a businessman.
You are going to struggle to succed in life or business without self-discipline. We have seen so many people sabotage themselves because they lacked the discipline to follow through on a promise or commitment.
If you want to be a good entrepreneur, you need to develop the habit of self-discipline. There’s no way around it, so just embrace it!
I talked a lot about self-discipline in this post 5 Habits of a Christian Entrepreneur (That Sets You Apart), please go and check it out.
13. THEY ARE GOOD AT FOCUSING AND PRIORITIZING
One thing successful entrepreneurs have learned is the importance of being focused.
If you want to be a master or expert at anything, you have to be laser-focused and learn to tune out distractions. Knowing what to focus on, and how to prioritize your tasks is one of the keys to success.
You can’t give the same time attention to everything if you want to get ahead in business. Some things are going to be more important and beneficial for your business, so your job is to identify what those things are, so you can focus your energy on them.
Learn to prioritize tasks with high return on investment and ignore or delegate those tasks with little or no reward.
14. THEY KNOW HOW TO MANAGE THEIR FINANCES
Understanding your business finances, and knowing how to manage it, is a skill every entrepreneur should have.
Far too often, I come across some business owners who don’t understand the difference between revenue and profit. Understanding this simple difference can make a big difference in your business’s financial health.
Knowing how to mange your finances include: knowing how to fund your business, how to price your products for maximum profits, how to get the best products or supplies at a good rate, understanding your business taxes etc.
Of course you can always hire a bookkeeper or an accountant to help with your finances, but you are still responsible for making financial decisions in your business, and making sure your business doesn’t run out of money.
If you lack confidence in this area, read some books about business finance or take a financial management course.
15. HONEST AND ETHICAL
The business world can be a very scary place. Sometimes, it feels like a junglle where only the fittest and strongest can survive. This explains why so many business owners are dishonest or engage in unethical practices.
As a Christian business owner, you shouldn’t play that game. You can succeed while being honest and ethical. So don’t ever feel like you have to change your values to compete successfully.
Sure, it can be a little bit more difficult if you insist on following biblical principles, but at the end of the day, what will it profit a man if he gains the whole world but loses his soul?
Think about that the next time you’re tempted to cheat, lie or engage in practices that dishonor God.
One of the qualities of a good businessman is honesty and trustworthiness. That’s what everyone should aim for!
16. CONSTANTLY IMPROVING
One of the most unique personal qualities of a good businessman is their commitment to self improvement.
Good businessmen know they can’t afford to rest on their laurels so they are always looking for ways to improve themselves and their business.
If there’s a new and better way to get things done, they find it. If there’s a way to become more efficient, they go out of their way to discover it. They are constantly improving their products and services because they understand the importance of satisfying the needs of their customers and keeping up with the changing business culture.
If you want to succeed in business, you have to be willing to evolve. You must learn new and better ways to run your business so you can keep your cutomers coming back for more.
17. THEY HAVE A CLEAR PURPOSE AND VISION
Why are you in business? What motivates you? What need does your business serve and what direction is your business headed?
If you haven’t thought about where you want to take your business and why you’re in business, this is a good time to do it, because having a clear purpose will keep you focused, while your vision will determine what your goals are or should be.
Don’t be in business just because that’s what everyone is doing or what you think you should be doing. Make sure you have a a strong reason for being in business, and you’re clear of what role your business plays in the grand scheme of things.
Below is a short helpful article on what purpose and vision are, so you can come up with one for your business.
18. GOOD BUSINESSMEN ARE NOT AFRAID TO TAKE RISKS
When you start a business, you’re undertaking a risk because you have no idea if your business will fail or succeed. Same thing happens when you invest in the stock market.
Whether you realize it or not, as an entrepreneur, you take risks every single day. It’s difficult to grow a business without taking some risks. Of course the level of risks you’re willing to take depends on what is at stake, and how much risk you’re comfortable with.
Business risks isn’t the same as gambling or making impulsive decisions. A good businessman is willing to take risks only after careful research and analysis. A smart businessman knows what he’s getting himself into, and has carefully considered all the pros and cons of a business decision before they execute.
So taking risks doesn’t mean you should jump into every business deal that comes your way, or invest your money in things you don’t understand.
You just have to understand that there’s a level of risk that’s required to grow a business, and you should be willing to step outside your comfort zone when it makes sense.
19. GOOD BUSINESSMEN ARE ORGANIZED
One admirable quality of a good leader is their organizational skills.
A successful businessman knows the importance of being organized, that’s why they invest in creating sysytems and processes for their business to increase productivity.
When you’re organized, your business flows smoothly, and you don’t spend a lot of time and energy looking for things or getting things done.
You can achieve a lot more by being organized and efficient. Create systems for things you do all the time like: ordering stock, dealing with customer complaints etc. Organize yourwork area, emails, invoices etc.
Knowing how to organize your life and your business will make things a lot less stressful and more rewarding.
20. THEY PRACTICE SELF-CARE
If you’re a small business owner, you’re your company’s biggest asset, so it’s a really good idea to take care of yourself.
Running a business is hard work and it’s really quite easy to neglect yourself and your health in the process. That’s why you have to be really intentional about practicing self-care.
No matter how busy you are, you can always find the time to relax, exercise and eat healthy. These are all little ways to ensure you are taking care of yourself and giving your body some love.
Don’t forget to take some time off work to relax, de-stress and enjoy some time with your family as often as you can.
There are lots of ways to practice self-care as an entrepreneur including: reading, getting adequate sleep, delegating, knowing when to say no, taking small breaks during the day and having a no-work day each week (maybe Sunday).
Neglecting self-care puts you at risk of burnout so don’t ignore it. You can get a lot more done and achieve your goals by staying healthy and happy!
Last Thoughts on 20 Qualities of a Good Businessman
Being an entrepreneur is pretty challenging, but very rewarding if done right.
If you’re a new business owner, I hope you can use these qualities of a good entrepreneur to shape your life and business. If you have been in business for a long time, you can also adopt some of these qualities to become a better and more successful businessman.
So I hope you’ll cultivate some of these qualities in your life and keep growing and improving!
How many of these qualities of a good businessman do you think you have?