Reflection Statement: Business Strategies

According to De Janasz and Forret (2008), Skills and knowledge form a significant part of any career success. The business management strategies have added significant knowledge and enhanced my approach in business management substantially. Specifically, it enhances my approach to conducting business activities analysis to make a more informed decision in business management practices. Aspects such as calculating pro forma financial statements such as balance sheet, cash flow statement, and financial position statement will offer me the necessary knowledge in ensuring that my business is on the right track in terms of management. This is one of the aspects that I have yearned for years and I am glad that I was able to achieve the feat in such a powerful way.

Additionally, developing a detailed business plan (Starbucks Corporation) equipped me with the necessary knowledge and skills in formulating, opening, and managing a business, which is a crucial aspect of the business strategies paradigm. I learned how the business should be structured, operated, and maintained sustainably without falling at the risk of insolvency. It included planning aspects, management aspects, controlling, and directing aspects (Umadia & Kasztelnik, 2020), which forms the center of a business’s management.

Conclusively, the class was very influential in my course and will form the career center stage. As an aspiring business founder in the accounting and finance industry, I believe the knowledge and skills I acquired through this class will help me achieve my dream. Moreover, it forms a crucial aspect for my career, indicating its usefulness.

References

De Janasz, S. C., & Forret, M. L. (2008). I am learning the art of networking: A critical skill for enhancing social capital and career success. Journal of management education32(5), 629-650.

Umadia Sr, K., & Kasztelnik, K. (2020). The Financial Innovative Business Strategies of Small to Medium Scale Enterprises in Developing Country and Influence for the Global Economy Performance.  

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