Reflections of an Aspiring Businessman - Essay Example

Full Reflections of an Aspiring Businessman With the rise of the importance of globalization in education and business, the world of commerce is showing more promise than ever before. For this reason, many people are being attracted to business. Successful merchandizers such as Henry Ford, Walt Disney, Steve Jobs and Bill Gates do not simply give good examples in their field but they have become the institutions who inform and educate aspiring businessmen. Today, the aforementioned names are often mentioned in universities by the most prominent professors of commerce, commenting on how that have succeeded and teaching the principles they have applied in tried and tested as effective guidelines. As a student, it has been interesting to learn about eminent individuals who contributed valuable information to the business industry. Along the way, I have learned a lot and I could say that my knowledge and creativity have increased and developed. In this evaluation, I will further look into the information and training I gained in this course as well as examine what I need to improve in order to become successful in my own plans as a businessman. When I first entered the university, all I had was the common knowledge about commerce, that it is the buying and selling of goods which benefit consumers and which in turn profit the businessman in terms of money. In addition, I also had the mathematical and analytical inclination necessary in the field and the interest to learn more. I had no idea about the principles or theories of business but I was eager to be educated. As a result, I did not simply know about the success stories of individuals such as the aforementioned businessmen but I also saw how they have applied merchandizing principles that helped them achieve their goals. It is indeed a privilege to know about such personalities because as they say, we best learn from experience. The insights from such lucrative individuals have been gained from their first-hand experiences and they help aspiring businessmen like me to avoid the common mistakes novices often commit. They also serve as guidelines to but not necessarily serve as the assurances of one’s success which can be attained in a shorter timeframe compared to doing business without any former knowledge and training. One of the most important lessons I learned in this course is considering marketing trends. Consumers do have changing needs and that should be greatly thought about because they should be able to get their money’s worth. What has been saleable a decade ago may not be necessary for the modern customer so that businessmen should be updated and well-informed about new market trends. For instance, it has been years since digital payments have been introduced and last year, Sam Greengard forecasted that mobile payments will rise in 2013. Consequently, banks created online sites as vehicles for such transactions so that paypal, payoneer and transfast became popular agencies for the past year. The social media is also one big factor affecting businesses (Greengad). For this reason, a businessman should not be limited to the tools that have been functioning well many years ago but are not efficient in modern times. Rather, one should be updated with the innovations especially now that the internet is playing a huge role in everyday life of individuals. Another important lesson I have learned about commerce is managing disruptive innovations. This has been popularized by Clayton Christensen (Mojonnier; Downes & Nunes) the idea is to look out for potential competitors and get rid of it before it gets too big to tackle. For instance, when Facebook saw the potential rise of Instagram, it offered similar services that maintained its users. Amazon.com also thwarted business rivals such as Zappos and Quidsi. On the contrary, one product that has overcome such phenomenon is Apple. Apple which started as a commodity that was not comparable with other mobile phones seemed to present not threats to its competitors. However, it has features which can access information which could only be taken through a computer. Apple introduced itself as a hand-held computer and many users found it useful. From this point, Apple improved the product and is till adding more features to meet the needs of consumers (Mojonnier). Apple concentrated on the development of its products according to customers’ needs and it survived the competition. In fact, the gadget set a new standard for mobiles phones. Based from this example, I now understand that in order to keep customers satisfied, products should always be developed to fulfill the expectations of customers. The aforementioned information and many others which would take several pages to discuss; served as valuable lenses for me to see commerce through several angles. It did not simply equip me with necessary knowledge but it has given me a start with my own understanding of starting a business. Consequently, my mathematical and analytical skills have been enhanced as I meditated on how I should apply such information in my own business. My management skills were also improved as I now know how different business moguls have successfully managed their own businesses through different eras presented with various challenges. Of course, that is not to mention the accounting abilities which are necessary in business as well. In addition, the trainings incorporated in the lessons have also been valuable for me to gain more skills. For instance, I have understood much of the theories as I practiced them. Even though I have not been very confident about myself and my abilities when I first entered this class, I have slowly gained confidence with all the education and training I received. It has also been good to have been exposed with other classmates because the activities helped me a lot in understanding even more the business concepts discussed in class. My group mates were very accommodating and so I felt at ease with them. I liked cooperating with the group because I was able to have hands-on experiences which I believe are important for my learning. In the group activities, I observed how others stand as leaders. I understand that leadership skills are necessary in commerce because it can predict the success or failure of an endeavor. As a leader, I know I have to improve on taking initiative. Nevertheless, I recognize that I possess planning, organizing and decision-making capabilities. I am a natural encourager who can persuade and motivate others to do something. In relation to the above statement, I am grateful for the group activities because it helped me improve my communication skills as well. Communication is an essential part of commerce and so I know that I have to work further on this skill. My English has improved although I admit I still have a long way to go and a lot of effort to exert before I can confidently claim that I am competent with my communication skills. I still have to work hard both on my written and verbal communication skills. I highly consider communication skills as essential in business because it affects one’s management skills. For instance, in sales and marketing, a businessman needs to eloquently communicate his thoughts and ideas in order to make a good deal. When a person is not articulate enough, sales will definitely be affected and the commerce as a whole will suffer. Furthermore, negotiations are also necessary and one cannot successfully make an agreeable settlement with poor communication skills. Moreover, my social skills are now polished. I have learned to be more resilient, able to deal with different personalities. I note this as an important development because I believe that successful commerce necessitates one’s ability to deal with other people properly. Human resources are indispensible in business and therefore, one has to be skilled in this area as well. As an aspiring businessman who wants to put up his own business, I need to know how to manage my own staff. Furthermore, I have developed management skills which include time management, involvement, motivation, training and coaching. Through the several activities in the class as well as my other schedules, I have learned to manage my time effectively. I believe that such skill will be valuable for me when I will be working on my own. Involvement is vital also in commerce. There is perhaps no business wherein the businessman simply stays in a corner. Businesses involve human beings and therefore, involvement should be a must. This will make a businessman see the different needs of those he deals with and will make his business successful by investing on such needs. Motivation, training and coaching will not only make people work well but they will benefit the business in return. Therefore, it is important that I should also be a motivational trainer and coach as a businessman. References Downes, Larry and Paul Nunes. “Big Bang Disruption: Strategy in the Age of Devastating Innovation”. The Economist: Business Strategy and Technology. January 11, 2014. Web. March 10, 2014. . Greengard, Sam. “13 Major Marketing Trends for 2013”. Chief Marketing Officers. January 8, 2013. Web. March 10, 2013. . Mojonnier, Timothy. “Business Best Practices”. Business Theory. 2012. Web. March 10, 2014. . Read More