Ok I'll give this a try, we've been in business for 10 years. I think the qualities you need to have are flexibility, patience and endurance. Yes I think it is best to be honest and fair minded. People do talk, and a reputation can make or break you.
Qualities to employ to gain maximum business profits: this is a tough one, maybe having a unique product or service that everyone wants or needs. This will last for a time until someone else starts offering it too at a cheaper price.
As far as money, in the beginning of the business, it is good to see what do you need out of it. Take as little as possible so you have the funds to make the business grow. Try not to create a lot of debt to run your business. Usually if you break even the first year, you are doing ok. Eventually, your business will be doing better and you can pay yourself more. But there will be times when your busiess isn't doing so well and you have to take less. Be flexible. I have a saying I tell my family, "take care of the business, and the business will take care of you."
Hope this helps
Sadie