Self-Reflection and Business Strategy

This assignment focuses on self-reflection, analyzing personal strengths, weaknesses, opportunities, and threats. It further delves into developing a comprehensive business strategy encompassing diversification, product differentiation, measures of success like profitability, customer retention, and personal satisfaction. The document provides insights into the student's aspirations and their planned approach to achieving success in their entrepreneurial endeavors.

NAME
STIUDENT ID
SUBJECT
LECTURER
TOPIC
DATE

SELF-REFLECTION
This is ameditationon one’s personalitycoupled with the willingness to learn more about their
nature, kernel and purpose. It is important in that it enables a person to pause from life’s rush and
think about what is really important, what truly matters (Winterrowd et al, 2016). They develop
better goals for their lives and may come up with a strategy to achieve them. In addition, the
person is able to understand more clearly about their strengths, weaknesses and emotions.
Strengths
 I have an advantage of access to a good education.
 I have skills in Mathematics, Economics, Finance, Agriculture and Business
Management.
 The people around me say I do very well in my studies and career building.
 My psychological capital includes discipline and tranquility even while I am under
pressure which enables me to make good decisions without rushing.
 Other people view me as someone who is independent both financially and
psychologically which they admire especially because I am still young.
 I am most proud of my investment and business capabilities.
 I strongly believe in discipline and hard work.
Weaknesses
 I am an introvert which sometimes portrays me as being selfish or anti-social since I tend
to avoid social gatherings like parties. I also have a short temper. These two weaknesses
are visible to other people as well.
 I am quite confident in my education although am better in some sections like
management than I am in others such as agriculture.
 I am often disorganized especially when I have too much work. Sometimes I set priorities
that are exclusively financially oriented that I neglect self-care.
 Public speaking makes me very uncomfortable and this could definitely hold me back in
my career.
Opportunities
 I can incorporate my skills to create opportunities in writing ang even teaching.
 Being in the midst of transformation, humanized big data and automation have a huge
role to play in the business world. To take advantage of this, I can incorporate automated
equipment in my business to increase the efficiency and effectiveness of its operations.
 The business industry is very competitive and will continue to be so in the future. It is
therefore important to create new networks every so often and have an open mind to learn
every day.
 I would do better if I worked on my anger issues and public speaking.

Threats
o Competition is the greatest obstacle in business. In order to ensure success, I always keep
an eye on my competitors, ensure I offer quality products at fair prices while at the same
time warranting some profit to secure my future in the industry.
o My job changes every day and sometimes it is hard to keep up with the flow especially
technology-wise due to the costs incurred in installing a new technology or improving an
existing one.
o Weaknesses such as fear of public speaking, if not addressed, can cause disorderliness in
the organization since employees may not get clear instructions due to delegation of this
task.
MY PERSONAL STRATEGY
Mission
Mypersonal life mission is to become a wealthy business person and create as many jobs for the
world as possible. I am determined to continue working very hard, being disciplined and focus
better on my success.To achieve all my objectives, I have to grab all learning opportunities that
come up every day and invest in upcoming technology which is an almost sure bet for success in
business. Working on strengthening my weakness is another undertaking that is an important
step to success as it hinders competitors from taking advantage.
Plan
My plan is to grow my current small business into a vast enterprise where I can be able to
acquire other small businesses for diversification. By so doing, I will not only be helping the
financially but I will also be allowing them free time to focus on other activities that they deem
important. For these small business owners, I will be offering learning opportunities on business
tips in an attempt to understand why they wanted to sell out their business and help them figure
out what else would be best for them to do considering their talents and skills. I am also planning
to expand it to other countries in the world to reach out to as many people as possible (Hayes et
al, 2014).
Strategy
Diversification is an approach I plan to use as a risk management strategy. Investing in a single
venture is a very dangerous move because one could lose all their currency in case of failure
(Wahi, A.K., 2016). Diversifying my investment will also enable me to help more people and meet
the needs of so many others (clients).
Another strategy I plan to use in my quest for success in business is product differentiation. This
will enable me to have a comparative advantage over my competitors since my products will be
improved both in quality and in packaging. They will also be designed in accordance with
customer needsin order to increase the customer base.

MEASURES OF SUCCESS
The measures of success in my business are:
Profitability:
My business is profit oriented and therefore would close down if it cannot fund its own
operations since there are no outside sources of capital, unlike charity organizations. I focus on
selling my products at prices that are fair both to my clients and myself.
Customer Retention:
I plan to retain every customer that walks through my doors in search for my services (Jouny-
Rivier et al, 2017). There is no existence of a business without clients and therefore forming strong
relationships with them to ensure they keep coming is one of the most essential steps an
organization can make in guaranteeing its success. I also listen to all my clients’ comments,
whether they are compliments or criticisms. I believe the saying that the customer is always right
is true and therefore I take their criticism as stepping stones for business development (Morgan,
J.Q. and Morphis, C., 2017).
Personal Satisfaction
At the end of the day, this is all that really matters. The feeling of contentment that I have done
my best and achieved want I wanted. This feeling coupled with the success of the people that I
have helped, is priceless.
REFERENCES
Winterrowd, E., Priniski, S.J., Achter, J. and Abhold, J.J., 2016. Correlates of satisfaction, intrapersonal
learning, and academic outcomes at counseling centers in a university system. College Student
Journal, 50(2), pp.288-301.
Hayes, B., Dewey, J. and Sancho, M., 2014. Using Video Interaction Guidance to Develop Intrapersonal
and Interpersonal Skills in Professional Training for Educational Psychologists. International Journal of
Teaching and Learning in Higher Education, 26(3), pp.436-444.
Morgan, J.Q. and Morphis, C., 2017. Defining success in business retention and expansion: What do
economic development organizations measure and why?. Community Development, 48(2), pp.299-316.
Jouny-Rivier, E., Jouny-Rivier, E., Reynoso, J., Reynoso, J., Edvardsson, B. and Edvardsson, B., 2017.
Determinants of services co-creation with business customers. Journal of Services Marketing, 31(2),
pp.85-103.
Wahi, A.K., 2016. ENTERPRISE 2 0 STATE OF READINESS MEASURES OF SUCCESS AND
BUSINESS BENEFITS.