I thought of this question last week when Ratan Tata stepped down as Chairman of the Indian conglomerate Tata Group, a post he had held since
Globalized business environment, information revolution, new forms of competition, ever demanding customers, rapidly changing technology and fluctuations in economic activity provide both opportunities and challenges.
To capitalize on the opportunities and convert the challenges into opportunities, businessmen should possess the following qualities: Top 10 Qualities of Successful Businessmen 1.
Determination and will to succeed A businessman should have courage and fighting spirit. There might be initial failures and setbacks. He should not let them affect his focus and concentration. He should possess patience and perseverance to fight against all problems and overcome all hindrances to achieve success.
For example, When Infosys was being set up inmany banks denied them loans, there was a long delay in importing computers and customers were reluctant to place orders.
Inspite of the difficulties, the promoters N. Raghavan, and Shibulal struggled hard and persisted in their efforts and today it is globally renowned for its quality of services. Initiative and quick decisions A businessman cannot wait for things to happen.
He has to grab the opportunities that emerge and convert them into successful businesses. He needs to be quick in taking decisions because any delay on his part would benefit the competitor.
For example Ratan Tata of Tata group identified an opportunity in the Indian small car segment. Though Tata Motors was manufacturing only light commercial and heavy commercial vehicles trucks, lorries, buses, vans etc.
Smart thinker A businessman should be a smart thinker, understand changes that are happening, spot emerging opportunities and utilize them for the success of his business. Ranganathan, promoter of CavinKare identified the emerging consumer shift from chemical based to herbal based products.
He introduced Fairever fairness cream with herbal extracts saffron based which captured substantial market share in the fairness cream market and even the market leader HLL was forced to introduce herbal based fairness creams such as Ayush etc.
Similarly Meera herbal shikakai powder from the same company has enjoyed great success. Integrity and morality The reputation and image built by a business plays an important role in determining its success.
Businessmen who indulge in corruption or resort to dishonest means cannot survive in the long run. Therefore a businessman should be fair in his dealings.
Globally it has been proved e. Due to a strong theoretical foundation backed by practical exposure, they are able to take their businesses to greater heights. Product life cycles have become shorter due to changing preference of customers and rapid advancements in technology.
Therefore continuous learning and updation of knowledge is the key to success. Businessmen should learn and keep themselves updated about the changes in the business environment including the latest trends, new products introduced by competitors, fashions, technology, business models, best practices etc.
As Alvin Toffler had rightly observed, The illiterate of the new millennium will not be only those who cannot read and write, but also those who cannot learn, unlearn and relearn. Ability to forecast The future is full of uncertainty and change. To achieve success, a businessman should have the ability to forecast future trends in the market.
This would help him to adapt his business according to the new trends or build new businesses to take advantage of new opportunities.
He seized the opportunity and today his company, Bharti Enterprises Airtel is the leading mobile service provider in India. Dynamic Leadership A businessman should have dynamic leadership qualities.Ratan Tata was born on December 28, , in Surat. His father name is Naval Hormusji Tata.
and mother Soonoo. He is the great-grandson of a brilliant entrepreneur and the founder of TATA groups Jamshedji Tata. Ratan Tata. Along with a Democratic leadership, Ratan Tata works according to different theories of leadership. Today, he is one of the successful business leaders who have used mixtures of theories to run their businesses.
According to Hershey-Blanchard Situational Leadership Model, Ratan Tata’s leadership behaviour is of delegating type. For example Ratan Tata of Tata group identified an opportunity in the Indian small car segment.
Though Tata Motors was manufacturing only light commercial and heavy commercial vehicles (trucks, lorries, buses, vans etc.,) he took the initiative of entering into the car industry and today Tata Indica and Indigo cars enjoy good domestic and.
Ratan Tata is one of the most important businessmen in India today who has not only speerheaded the $ billion large Tata Group of Companies till date, but has always stood for personal values of discipline, dedication and business ethics.
Dec 27, · Ahead of Ratan Tata's last day as Chairman of the Tata Group, we speak to Kiran Mazumdar Shaw, chairman and managing director of Biocon, Patrick Foulis, Editor of . Jun 23, · Ratan Tata has been heading the group since as chairman of the group's promoter company Tata Sons and is scheduled to retire in December next year.
A search committee has been tasked to find Ratan Tata's successor to head the salt-to-software business conglomerate and the process is on for many months now.