Businessperson

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A businessperson (plural businesspeople) is someone involved in business, where in particular undertaking of activities, commercial or industrial, for the purpose of generating revenue from a combination of human, financial, and physical capital that further fuels economic development and growth. An entrepreneur is an example of a businessperson. Though the term usually refers to founder, owner, or majority shareholder of a business or an executive who does the everyday running of the business,[1] it may sometimes mean someone who is involved in the upper-level management role of a corporation, company, organization, or agency.[2] This can especially apply to the founder, an owner, a manager, an executive, or an administrator in charge of total management of a corporation, company, organization, or agency.[3][4]

History[edit]

In the business world, changes can be hard to predict. A fundamental change is one such as the Industrial Revolution which brings about a significant change in the working of a business. On the other hand, incremental changes are changes that do not change the nature, role, or operations of a business and are often more predictable.

The world today is changing at a much more rapid pace as compared to ancient times. Eg: The Iron Age around 1000 BC which lead to the emergence of gigantic empires in the middle east would essentially be considered as a fundamental change with respect to business. However, on closer observation, it becomes evident that this was not the case. Although farming techniques improved, the iron age did not improve marginal role of business, change business practices or lead to the emergence of new industries. By contrast, the second great change – the invention of coinage – altered the role and practice of business in the Greek world. Over the course of the 6th century, the coins became smaller and more useful as a medium of exchange. Coins increased the Greek purchasing power. With passage of time, coins replaced the barter system, facilitating economic changes and leading to an increase in the consumer demand. The money-based markets spread to such an extent that they became central to many city-state economies.

Two of the most radical changes taking place currently are globalisation and information technology (IT). It has lead to various changes in the US and European labour markets, international competition, international investment opportunities as well as opening of new markets as barriers have been removed. However, these changes are considered to be normal in the business world and hence globalisation may not represent a fundamental change for business as it did not alter the role of business in modern economies or fundamentally change the nature of business activity.

On the other hand, the computer revolution that started in the 1960s may be considered as a fundamental change as it made many scientific calculations possible which in turn lead to the emergence of vital new industries. The instant communication and information capabilities provided by computers have transformed modes of buying, selling, innovation, marketing and business organisation. It has lead to an increase in credit transactions by providing hedging instruments and credit instrument portfolios. It provides rapid and massive evaluations of consumer credit worthiness and helps to predict future repayment.

Thus, computers make it rational to provide credit to customers and businesses leading to an increase in the purchasing power that fuels business activity.[5]

Qualifications required[edit]

Business is regarded[by whom?] as a game of skill, luck and risk. There are no prescribed rules or guidelines which one may follow and expect to become a successful businessperson. A person running a small shop in a local market is as much as a businessperson as a person running a multinational corporation (MNC). Hence, no rigid qualification requirements can be stated for becoming a businessperson. However, there are certain attributes that successful businesspersons must possess, such as:

  • The businessperson should have tact, intelligence, courage, vision, imagination, and organizing ability.
  • They should be a person of attention, time sense, and punctuality because these are essential for successful business.
  • They should be well-balanced and should apply consistency in their approach.
  • They should be friendly towards the employees and the customers.
  • They should be imbued with social interest.[6]

Besides this, there are also certain traits or characteristics that most businesspersons possess:

Initiative and capacity to take prompt decision: The business world is highly volatile and changes are taking place a rapid pace. Hence, a businessperson should have the ability to take prompt decisions.

Determination, courage and perseverance: They must have strong will power and determination and must have the courage to protect the business of the company under unforeseen circumstances.

Intelligence and alertness: The businessperson should be alert and aware of the possible changes taking place in the external environment otherwise they will fail in the business. They should be intelligent enough to utilize available business opportunities and use them to the advantage of the business.

Quality of leadership: They should be an ideal leader and should be a role model to others because today's business requires loyalty and co-operation by all employees.

Morality and integrity: The businessperson should be honest, straight-forward, fair in dealings, dependability, and of a moral character to ensure long term survival of the business.

Training and Education: The businessperson should learn the intricacies of modern business through training and education and should pass this onto their subordinates.[7]

Salary[edit]

On an average, a business manager in United Kingdom earns £42,500 per annum, with £32,500 p.a. being the lower end and £52,500 p.a. being the upper end.[8]

However, these figures may vary depending on which sector the businessperson operates in such as Retail & Wholesale (£32,500 p.a.), Banking, Insurance & Finance (£47,500 p.a.), IT and Internet (£47,500 p.a.), Sales (£40,000 p.a.) or Accountancy (£42,500 p.a.) [9]

Moreover, these figures change significantly across nations. For example, in the USA, the average salary if $96,900 p.a., with $79,800 p.a. being the average starting salary and $114,000 p.a. being the average high salary. [10]

Powerful businesspersons[edit]

Following is a list of the top 10 most powerful people in the business world:

1. Steve Jobs Chairman and CEO, Apple

Since returning to Apple in 1997, he has changed the dynamics of consumer electronics with the iPod, and persuaded the music industry, the television networks, and Hollywood to distribute their wares with the iTunes Music Store. With his hugely successful Apple Stores, he gave the big-box boys a lesson in high-margin, high-touch retailing. And this year, at the height of his creative and promotional powers, Jobs orchestrated Apple's entry into the cellular telephone business with the iPhone. That's five industries that Jobs has upended - computers, Hollywood, music, retailing, and wireless phones. At this moment, no one has more influence over a broader swath of business than Jobs.

2. Rupert Murdoch Chairman and CEO, News Corp.

News Corp. is a global force across the board - film, television, print, and even online (it owns the social networking site MySpace).

Murdoch wanted more, and he got it with the $5 billion acquisition of Dow Jones. It was the crowning achievement of a career that started in 1953 when he inherited control of two Australian newspapers. Murdoch expanded to Britain in the 1960s, the U.S. in the '70s, and Asia in the 1990s. In Britain he owns the biggest tabloid, the Sun, and in the U.S. the New York Post and his Fox News Network are known for their take-no-prisoners attitude.

3. Lloyd Blankfein Chairman and CEO, Goldman Sachs

Lloyd Craig Blankfein (born September 20, 1954) is an American business executive. He is the CEO and Chairman ofGoldman Sachs. He assumed this position upon the May 2006 nomination of former CEO Henry Paulson to United States Secretary of the Treasury.

4. Eric Schmidt, Larry Page, and Sergei Brin CEO; President, Products; President, Technology; Google

The ambitions of Brin and Page, Google's 34-year-old founders, are pretty much boundless. Sure, they've already revolutionized the advertising industry, but the billionaires aren't stopping there. They've set their sights on altering how mobile telephones work, fixing climate change, utterly redefining the very nature of work, that sort of thing. Despite endless predictions that Google would run itself off the rails, the duo, along with CEO Eric Schmidt, have shown a good deal of management maturity. They've been willing to build as well as buy.

5. Warren Buffett Chairman and CEO, Berkshire Hathaway

Buffett has built Berkshire Hathaway into a massive holding company with interests ranging from underwear to private jets (2006 revenues: $98 billion). it's impressive that since 1965, Berkshire has performed more than twice as well as the S&P 500. it's amazing that Buffett has made millions from something as toxic as Enron bonds.. CEOs - and athletes venture to Nebraska to consult him. And people everywhere listen to his pronouncements on things like managed earnings (against), stock option expensing (for), and the U.S. dollar (pessimistic).

6. Rex Tillerson Chairman and CEO, Exxon Mobil

An oilman down to his boots, Tillerson makes no apologies for running the world's biggest non-state-run oil company. Exxon Mobil gets high marks for the quality of its operations, and its stock has out-distanced the S&P 500 on Tillerson's watch. He has even made something of a modest PR splash by acknowledging the possibility of global warming.

7. Bill Gates Founder, chairman of Microsoft; founder and co-chair of the Bill & Melinda Gates Foundation

Bill Gates remains the iconic technologist, entrepreneur, and business leader of his generation. He invented the software industry, masterminded the rise of the PC, and has hung in there as a force on the Internet. Still intent upon transforming how people work and communicate, now Gates is pushing software to handle all aspects of office communications, from your phone to e-mail to instant messaging. His software powers smartphones and will show up soon in television set-top boxes. And he has hooked up with upstarts like Facebook to channel the energy and advertising potential of social networks.

8. Jeff Immelt Chairman and CEO, GE

General Electric's chief executive is powerful for many reasons, but here's one that's often overlooked: the company's AAA credit rating. Only six U.S. industrial corporations hold that credential, and it gives GE a huge competitive advantage in the finance-related businesses that bring in most of its profit. It also helps the company sell its big-ticket products - jet engines, industrial turbines, CT scanners, locomotives, and so forth - by offering financing that competitors can't beat. Add a century of experience in developing the world's best managers and management practices, and GE becomes a very tough organization to catch up with or oppose.

Immelt is also chairman of the Business Council, the group of top-tier CEOs that influences government policy, and on the board of the New York Federal Reserve Bank.

9. Katsuaki Watanabe President, Toyota

When Katsuaki Watanabe became president of the world's most admired company in 2005, he took the wheel of a well-oiled machine. But he is making his own mark on it, urging the company, which earned $14.1 billion last year, to keep getting better. He launched a quality-improvement campaign that helped make the debut of the 2008 Highlander SUV just about trouble-free and has the company on track to overtake General Motors for good as the world's largest automaker. His ultimate goal: a car that can drive across the U.S. on a single tank of gas.

10. A.G. Lafley Chairman and CEO, Procter & Gamble

Since taking charge in 2000, Lafley has refocused on consumers and rejuvenated core businesses. P&G now boasts 23 billion-dollar brands, including Tide, Crest, Pampers, Gillette, Olay, Pantene, and the latest addition, Gain laundry detergent.

By denouncing insularity and demanding innovation in everything that P&G does, this company lifer has pushed P&G toward higher-margin areas like health, beauty, and personal care. The payback: Profits have tripled on his watch, to more than $10 billion on $76.5 billion in revenues.[11]

Roles and responsibilities[edit]

The growth of a nation is strongly influenced by the economic activities taking place in the country. Businesspeople perform various functions and duties, which contribute towards this growth and development. Although there are many different types of business professionals and all have duties distinct to their own positions, many share a number of common duties as well:

1. Research: Businesspeople are expected to conduct research in various fields that aid the company to grow and develop. In some organisations, there may be professionals hired to conduct research, but in smaller organisations, businesspeople perform this function by themselves. They conduct analysis on the basis of the information gathered and this helps to take informed decisions for the betterment of the company.

2. Planning: Another common duty of the average businessman is to plan business strategy as well as conduct the day to day planning in the organisation. In larger organisations, a specialised department makes such plans.

3. Management: Business managers define superior-subordinate relationships and typically direct the actions of other employees by delegating responsibilities in various projects and business endeavours.

4. Organisation: Businesspeople take part in activities that require them to organise and coordinate efforts of all the employees of the company to achieve the various business plans. Organization can include delegating responsibility to employees who can carry out tasks or outsourcing the required tasks.

5. Representation and networking: Many businesspeople play the key role of company representation. They help in the development of the business by establishing deals on the basis of their goodwill and reputation in the industry. They network with other businesses and help to expand the base of their own company.

See also[edit]

References[edit]

  1. ^ "BUSINESSMAN". Audioenglish. Retrieved 25 August 2014. 
  2. ^ Sam Ashe-Edmunds,. "Entrepreneur Vs. Executive". Globalpost. Retrieved 25 August 2014. 
  3. ^ "Difference Between CEO and Owner". Differencebetween. Retrieved 25 August 2014. 
  4. ^ "Entrepreneur vs. CEO: Understanding the Difference Can Save Your Business". Huffington Post. Retrieved 25 August 2014. 
  5. ^ Roberts, Keith. "The Origin of Business, Money and Markets". www.originsofbusiness.com. Admin. Retrieved 27 October 2014. 
  6. ^ Sharma, Girish. "What are the qualifications for a successful businessman?". www.publishyourarticles.net. publishyourarticles.net. Retrieved 26 October 2014. 
  7. ^ Swain, Radhakanta. "What are the qualities that make a man to a good businessman?". www.publishyourarticle.net. publishyoursrticles. Retrieved 26 October 2014. 
  8. ^ total jobs. "Salary results for Business Manager in London". www.totaljobs.com. total jobs. Retrieved 28 October 2014. 
  9. ^ total jobs. "Salary results for Business Manager in London". www.totaljobs.com. Totaljobs. Retrieved 28 October 2014. 
  10. ^ businessmansalary. "Businessman Salary Ranges". www.businessmansalary.com. Retrieved 28 October 2014. 
  11. ^ Fortune. "25 most powerful people in business". archive.fortune.come. Fortune. Retrieved 28 October 2014. 

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