Free Essay About Reflective Paper

Introduction

Operating a business is always a challenging subject. However, to make business operations easier and sustainable, there are core business principles that provide managers and owners with a leeway to plan and strategize while also maintaining its relevance to the target market (Viardot, 2011). When creating or building a business, the owner has a focus on ensuring that the business last for long enough even amidst economic and social dynamics. There are a set of core principles that have been identified as being crucial in providing solid foundation for the business now and into the future all which must come into play at any time if business must survive. These include quality, openness, integrity, accountability, balance.

Core principles

Quality: As a key aspect of products or services, quality cannot be compromised and this must be entrenched in the business policy ensuring that the quality of service and products evolves with society needs but maintaining the special aspects that have endeared the market to these products or services (Viardot, 2011).
Balance: As a key aspect of business, human labor needs to be moderated between professionalism and personal values. The business must be able to appreciate the role of its staff and human labor and thus provide a healthy environment for this aspect of the production line (Viardot, 2011).
Openness: In business, it is always important to approach both the clients and the business partners with an open mind with no hidden intentions. This gives one the upper hand to pursue their real agenda without fear of contradicting the initial statement (Viardot, 2011).
Accountability: This is a key principle in business that is characterized responsibility, good judgment ownership of the business, setting clear expectations and finding solutions through sound decision making. Thus, entrepreneurs and investors should be responsible for all the actions that are executed, potential risks that may occur and the results of these actions and hence learn to improve on the business performance (Viardot, 2011).

Integrity: This business principle is characterized by honesty, commitment, truthfulness and professionalism.

Learning Statements
I have leant that entrepreneurs and businesspeople should conduct themselves in a professional manner, exercise honesty and become committed in mall their business endeavors.
I have learnt that to succeed in any business venture one should be responsible for all the actions, results and potential risks.
Entrepreneurs should make comprehensive decisions aimed at finding solutions to the prevailing problems

References

Viardot, E. (2011). The timeless principles of successful business strategy. New York: Springer.