Today business is a complex activity and demands the services of educated and skilled persons who especially know the tacts of business. So the education is compulsory for a good businessman to understand the complication and has communication with others.
3. Technical Skills
Today every business demands some sort of technical skill. So a good businessman must know all those technical skills required fir that particular business which he has stated. For example if you wants to manufacture Air crafts, then you must be a engineer and if you want to open an audit firm then you must be a charted accounted.
A good businessman always has an eye on his past performance and thinks about his future. He should be able to forecast his future demand. He should properly plan and produce goods and services to meet his future demand in order to earn maximum profit.
17. Financial Soundness
The success of the business mostly depends upon the financial soundness of the businessman. Without sufficient funds no business can be run properly. As the business extends, it earns more and more profit and the extension of the business demands excessive finance, so the good businessman should not only be financially sound party but should also know the skills of financial management.
It is rightly said that an old is gold. So it is necessary for the smooth running of the business that a businessman should have vast experience of business. An experienced person can earn more profit as compared to a new one and can become a successful businessman.