Woman in Business Management - Personal Statement Example

REFLECTION From the very first day of my admission in business school, I had an aspiration to master and gain proficiency in business management, administration, finance and marketing tools so that I could end up with either an excellent white collar job or starting my own business. However, after my first semester, I became determined that I would commence my own business as soon as I complete my graduation. I was well aware of the fact that what one studies in an academic life is always different than what a person experiences in corporate world. Therefore, to minimise the probability of failure, I decided that I would first equip myself with practical knowledge and information about my chosen industry, and then would finally step in the practical world of business where there is just one applicable rule – “There are no fixed rules”.  Being a woman, I have always desired Jewellery and tilted towards diamonds. I had a strong inclination towards commencing my own Jewellery business but I had no practical know-how of market trends, supply and demand information, supply chain and distribution channels, consumer preferences and tastes, demographics, lifestyles, attitudes and behaviors towards this industry. Unequivocally, I learnt the aforementioned concepts during my academics, yet I felt I still need a near to accurate recognition of market facts, that to be honest, theory and books do not necessarily provide. A time came when I fortunately met an industry expert and a professional business executive, employed at Amrapali Jewels, a diamond Jewellery boutique located in Knights Bridge. After some formal introduction and discussion, I expressed my concern that I was interested in doing internship in her industry. She appreciated my interest and provided some guidance and direction regarding recruitment and selection process (test and interview procedure). In short, I successfully cleared all the stages and called for my internship.   Delighted by my progress, I joined the Jewellery Boutique. Before sharing about my actual experiences at Amrapali Jewels, I first would like to describe my predefined objectives. As far as my Knowledge goals are concerned, I had an intention to gain an insight about the entire Diamond Jewellery Purchase and Sales process, comprising of Jewellery designing, supply, display, pricing, consumer preferences and face to face customer and direct marketing. I also wanted to know about security measures and precautions being adopted by the store for safety purposes (automatic alarms, customer scanning plus use of special type of boxes for diamonds etc). Secondly, my Skills goals to be accomplished include how to market products and run routine sales operations smoothly by applying business management, administration, finance and marketing tools. Moreover, what tactics to be adopted to build lucrative and cordial relationships with partners. Finally, the Experience goals I set were how to establish credibility and authenticity about my store and products, how to create value among customers and make them loyal and satisfied by meeting or exceeding their perceived expectations.       Finally I started my internship at Amrapali Jewels in London. During my work tenure, I obtained firsthand experience of what it took to be an effective leader at work. I have read many books on this very subject that preach different methodologies, theories and approaches. Moreover, I had already learnt about Democratic, Authoritarian and Leaderless styles of leadership in detail. However, experiencing it firsthand was enlightening and truly eye opening as I found that only 20% of what I read in books is implemented in corporate world. This provided me an understanding about the fact that flexibility and adaptability to my business environment is foremost and essential for goal accomplishment and long term sustainability. Without any doubt, new workplace demands communication, cooperation and coordination among all participants, coworkers, peers, bosses and subordinates yet it is as easy to write and way difficult to apply, especially when you deal with a diverse group of employees from different cultures, backgrounds, work and life experiences, religions, language, marital status etc. I worked under supervision of Ms. Duresha who not only served as my mentor, counselor and helper during this internship, but also embodied many of the leadership qualities I have long admired and allowed me to see these qualities on full display many times.    The avid reader in me wanted to tie her (Ms. Duresha) leadership style to one of the leadership books I have read. However, the unique nature of each leader’s approach makes it challenging to pin down her style to one method. Yet, watching her for 2 months allowed me to see that her style most resembled the one demonstrated and indeed advocated in The Carrot Principle. In the book and in watching Ms. Duresha, one thing is made abundantly clear: Leadership should not be complicated. It basically revolves around Four Fundamentals and one accelerator. By having these five at hand, I believe that Ms. Duresha as well as any leader could achieve business objectives on a sustainable basis as she was flexible, open, extrovert, adaptable as well as both task and relationship oriented. So, in simple words, she has adopted more of a democratic style and unify with her personal charismatic qualities that could be well suited for her business environment. This indeed was one of the biggest lessons to a fresh graduate who tends to see corporate world with 100% bookish style.  The four areas of Leadership plus the accelerator and examples of each as demonstrated by Ms. Duresha during my tenure as an intern under her include Goal Setting, Communication, Trust and Accountability. From very first day, Ms. Duresha directed me to set goals and focus to achieve them. Knowing that my hard work would pay off and be appreciated because a goal was established and a target was set that I must aim for, stimulated my intrinsic motivation. Although the goal was quite clear and deliverables were established, Ms. Duresha always kept the communication lines open and often initiated the process to make sure that I was on the right track. I also felt supported by her knowing that whatever questions might arise, she was always there to them too.     Third, my limited experience now tells me that nothing is more important in a work environment than trust, particularly in the jewelry business. The opening statement of Stephen M.R. Covey’s book, “The Speed of Trust, The One Thing That Changes Everything” (2006), in which he wrote: There is one thing that is common to every individual, relationship, team, family, organization, nation, economy, and civilization throughout the world-one thing which, if removed, will destroy the most powerful government, the most successful business, the most thriving economy, the most influential leadership, the greatest friendship, the strongest character, the deepest love. On the other hand, if developed and leveraged, that one thing has the potential to create unparalleled success and prosperity in every dimension of life. Yet, it is the least understood, most neglected, and most underestimated possibility of our time. That one thing is Trust. Trust impacts us 24/7, 365 days a year. I felt that Ms. Duresha trusted me and that I trusted her. I felt the responsibility of living up to this trust and to deliver. Fourth, with a clearly set goal, the support of an open communication line, and the trust clearly established, I now had no reason but to deliver. Ms. Duresha told me that after delivering a clear vision for my time and offering me all the tools I needed, that she expects results.     Finally, I would like to throw light over the accelerator i-e Recognition. I was lauded for every single achievement and advancements that to me were the most desirable outcomes. I felt that I was being looked after as my supervisor wanted me to showcase my best, to learn every day. I felt that I had all the makings of success during my internship and that all I needed was to apply myself, and then success will follow.     I am happy to report, as you will see in the letter of Ms. Duresha that I exceeded her expectations of me and accomplished all sales and business related targets. In addition, I showcased that I am a good team player and have ability to endorse my colleagues in achieving their own goals. In short, my biggest learning from this experience is the simplicity of leadership and the importance of self awareness. Leadership, when done right, is truly inspiring, intuitive, and giving. Self awareness is crucial to one as career advancement for without it is very easy to get wrapped up in chasing superficial symbols of success rather than becoming the person you want to be. Because it is very difficult to regulate our emotions, to control our fears and to avoid impulsive outbursts when we feel threatened or rejected, as many leaders specially those early in their careers, are trying so hard to establish themselves that they spare little time for self exploration. (George: 72)     Drive enables people to be successful, at least for a while, because their lack of self-awareness may lead to major mistakes and errors in judgment. I have realized from my internship that one of the most difficult things in becoming self aware is to see myself the way others see me. I have found that the best way to do that is to be honest with myself and to not make any excuses or coming up with lame reasons. This has helped me accept criticism, listen to it, and take it seriously as painful as it may be. The truth is we all want to be admired and complimented, but we have to be willing to listen to feedback we don’t want to hear. And that without a doubt requires a strong sense of self and a solid foundation. As far as other academic knowledge is concerned, I would like to pinpoint the fact that information and practical exercises on managing diversity and team building remained quite useful during my internship. I met people from diverse backgrounds and experiences that had different perceptions about their surroundings and attitudes towards their coworkers, peers and subordinates. So, working in small groups and teams comprising of employees from diverse backgrounds provide me an insight about their cultures, their working style, decision making and problem solving style besides other useful knowledge. I came to know how to put concepts such as Conflict Management, Crises Resolution, Positive Thinking and Stress Management into practice; however, most of the time, the methods and tactics that I learnt in books were not really beneficial. Therefore, I had to come up with my own unique and distinctive tactics to handle the situation and maintain the decorum of team. Finally, I practically learnt about time management when I was bombarded with different time-consuming and tedious (documentation and correspondence) assignments that required both quantitative and qualitative analysis. Actually, my head wanted to know if I am capable enough to meet any of her expectations and complete those tasks in shortest possible time. Indeed, I put all my energy and accomplished my goals thereby proving my potential and abilities. In addition, I learnt about real world marketing strategies that are adopted by marketers at Jewellery boutiques. Undoubtedly, there customers are very choosy and careful when making any purchase decisions. They emphasize designing, finishing quality of Jewellery sets, timely delivery and rational pricing. In simple words, if you can meet these aforementioned expectations, you can maximise their perceived loyalty and value, satisfaction and trust. Moreover, old customers tend to recommend others about their shopping experience thereby becoming our ‘customer evangelists’. This results in long term financial gains and profits. In addition, I gained insight about technical issues, market competition and ground realities. In conclusion, I am now in a position to take initiative for my personal Jewellery store as capital investment is no longer an issue for me. At the end of this 8 week journey, I finally learned to tolerate my failures and disappointments and not beat myself up about them. That by far was my biggest was achievement after technical know-how of business. On the flip side, I want to highlight the fact that people nowadays demand higher value for their hard earn money. This can be attributed to recent economic crises, unemployment and erosion of purchasing power as they are among the major external factors that adversely affect demand for Jewellery. Indeed, sometimes it is not possible for sellers to meet their unnecessary expectations. In short, I accomplished most of my objectives that I set before my internship program. And, I am proud to conclude that I would not have learned about diamond Jewellery business, if I not joined the internship programme at Amrapali Jewellery London. Read More