Reflection Paper
Handling a business, may it be a big company or just a simple store, is no easy
feat. You have to think of the quality of goods and services that you have offered, the
relationships that can be affected by a simple decision, and a whole lot of factors that
might just ruin your whole business. However, the concern all goes down to the
customers, and of course profit.
TQM has greatly influenced my view for those who manage businesses
professionally. I grew up with business-minded parents and they have always taught
me about relationships with the people who you do business with. Although they were
not applying concepts, principles, and other advanced ways of computing demands,
but were just operating plainly based on pure common sense, I can still say that my
father handled it well. However, I can also say that there were indeed some
mishandlings regarding the management of my mother’s businesses. Because of this
course I have learned how to be resourceful in doing business, especially in managing
and that includes making decisions. Every day of our lives we make decisions, big or
small, that also applies in managing a business. I realized and have also experienced
that a simple mistake in making a decision in a business can also mean life or death of
your blood and sweat. This is why, I value the great importance of making a decision
tree. It made me think of making decisions a little bit more practical, because
sometimes we just make decisions that we “think” are right, but, when you really
apply the math’s, it’s actually a loss on your part.
They have also taught me that doing business means to “give and take”. We take
profit out of the costumers while give them a solution. But, sometimes it’s not as
simple as that but we should really learn not to prioritize profits, but costumers
instead. This way you will create a deeper relationship, thus a more loyal customer
who sticks with you no matter the competitive industry offers. Moreover, this is
included in the SCM or supply chain management, from taking into account the
objective point of view such as finding a supplier, and also the subjective point of
view such as taking care of your current suppliers.
Being competitive and creative is also a must in making a business. You must
have an edge in your product or service to make it unique, and we all know people
tend to be attracted by new and unique products in the market. Thriving to survive
within an industry is definitely challenging especially if you have a competitor just
across the road. Thus, we should also learn to use the 5 Ps of marketing strategy or
even take advantage of strategies and vast knowledge of information the internet
provides.
Overall, doing business is really challenging however, it can be also a fun way
to utilize your creative juices. I learned certain principles and have a little experience
in handling a business way back when I was still a kid, however, taking this course
made me really understand and process the relationship between the principles and
methods that a manger would use in managing a business professionally.