ASSIGNMENT COVER SHEET

STUDENT DETAILS

Student name: Lam Quoc Huy Student ID number: 31211026374

UNIT AND TUTORIAL DETAILS

Unit name: Principles Of Management Unit number: PM-DH47ISB-10

Tutorial/Lecture: Personal SWOT Analysis Class day and time:
Lecturer or Tutor name: Mr. Gareth

ASSIGNMENT DETAILS

Title: Personal SWOT Analysis

Length: 2100 words Due date: 4/4/2022 Date submitted: 4/4/2022

DECLARATION

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current) assessment, except where appropriately referenced, and with prior permission from the Lecturer /
Tutor / Unit Coordinator for this unit.
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Student’s signature: Lam Quoc Huy

Note: An examiner or lecturer / tutor has the right to not mark this assignment if the above declaration has not been
signed.

Quote: “ Energy and persistence conquer all things” – Benjamin Franklin

This is one of the most famous quotes about perseverance in a person. Personally, this

quote inspires me a lot, and it also helps me build this great characteristic of persistence at

an early age, when I was thirteen years old. At that time, I started practicing calisthenics

and maintained the habit of taking regular exercise for many years. Persistence is crucial if

we want to succeed in any endeavor, since people are more likely to give up early and

leave the game right before the final result, which is not the case for myself. However,

persistence is what holds me back, and energy acts as a lever to keep me going. It seems

that with these two things, we can do whatever we want with the most drastic change and

then achieve success. Let's take the example of Kathryn Stockett, the author of the book

The Help, one of the most rejected books. In fact, this book was rejected sixty times within

three and a half years since she published after spending five years writing (Susan Gabriel,

2011) . After that, Stockett’s novel turned out to be on the bestseller list for over 100 lists in

the New York Times, and it was made into a successful film.

Vision:

Health has always been one of the indispensable factors for human beings, and

professions related to these areas all have strong and unceasing development.

Furthermore, nowadays, fitness has become an essential need for people, and the

evidence suggests that there is a rapid increase in the number of gyms and fitness clubs.

However, nutrition is less concerning, and people still have a narrow view of it. Therefore,

having knowledge about health and fitness can not only help people improve both physical

and and mental health in the most scientific way but also keep them in the habit of training

for a longer process.

Mission:

Personally, I want to become an entrepreneur and succeed in the fitness and nutrition

areas. To be more specific, I will try my hardest to be disciplined and focused on gaining
business knowledge while at university as a freshman. Besides, studying at ISB is a great

opportunity for me to improve myself and prepare for a future career because it is a

professional and energetic study environment where I can meet new individuals and learn a

lot from them. Also, I would like to take full advantage of studying at ISB to both acquire

more knowledge and apply what I have learnt to reality. Furthermore, I also maintain

regular exercise and healthy eating habits, which will be a push for my future career path.

Strengths:

The first strength I will discuss is, as you might know, persistence. Personally, I realize that

high persistence is more imperative than ever before, and especially, when I was faced with

difficulties in the past, it was a key factor that kept me going in order not to give up

everything easily. In fact, a lot of visionaries in the past proved that persistence outweighs

perfection and that it determines one’s success. For example, Florence Nightingale was

known for her compassion, yet her ambition resulted in the deaths of many people. In 1854,

Nightingale was responsible for taking charge of a hospital in Scutari, an Asian town.

Unfortunately, Nightingale's lack of understanding of sanitary conditions caused the death

rate at the hospital to rise, with 10 times more soldiers dying from infections than from

actual fighting. At first, Nightingale firmly blamed the high death toll on a lack of food and

resources, but after that, she faced the awful reality that many troops had perished at

Scutari as a result of her ignorance. After all, she patiently and passionately took care of the

injured. That’s all she is known for today (Mark Bostridge, 2017).

Additionally, communication is my next strength, and this is the skill that I use the most. In

particular, having excellent communication abilities brings huge benefits to all aspects of

life, from work to my personal life, and I strongly believe that my professional progress is

boosted by effective communication. According to the research of Australian business

leaders, communication skills are at the top, with 90% of the vote as the most important skill

for potential employees in the future (Ben Ready, 2017). Moreover, research collected by

Harvard Business Review has shown that over 300,000 people were asked to rate their

most significant leadership skills. "Communicate Powerfully and Prolifically" was in the top 5

with 35% of the leadership skills that were needed the most in terms of management level

(Jack Zenger and Joseph Folkman, 2014).

Finally, the last strength is problem-solving skills, which have been built naturally during my

schooling and training. In particular, problem-solving skills can possibly help to identify

problems in the workplace and resolve them effectively. Furthermore, this is one of the

most crucial abilities that employers look for in today's job candidates, and those who can

enhance these skills are generally self-directed, identifying the specific issues in the

workplace and implementing an effective solution. For instance, Elon Musk, one of the

richest people in the world, has a very distinct way of thinking about solving some extremely

difficult problems through using First Principles, which is looking back at basic foundational

assumptions and building up from there. (Peter, 2016).

Weaknesses:

One of my greatest weaknesses is possessing low emotional intelligence, as I am often

dominated by emotions, which directly affects my work results. However, emotional

intelligence plays an important part in the workplace, and it is also a necessary trait for

finding a job and progressing in one's profession because, according to a national survey of

hiring managers, almost 75% of respondents said they valued an employee's emotional

intelligence more than their IQ. Additionally, a lack of emotional intelligence can also affect

communication skills due to a less understanding of one's own emotions and could lead to

inappropriate communication behaviors. Not only that, incidental emotions are a major
cause of confusion when making decisions, especially for decisions that have a significant

impact, which reduces decision-making abilities. Having low emotional intelligence may

cause you to not recognize the source of the anxiety or how to effectively control it, leading

to high risk-taking, insufficient risk-taking, or biased judgment (Côté & Yip, 2013).

However, it has been proven that emotional intelligence can possibly be improved through

education and training in an experiment conducted by Delphine Nelis. This practice not only

helps me to improve my emotional abilities, but it can also be maintained for a long time

(Nelis, Quoidbach, Mikolajczak, & Hansenne, 2009). In particular, learning and cultivating

emotional intelligence requires a truly resourceful environment that gives me an overview of

the aspects of emotional intelligence that I should focus on developing. Therefore,

becoming more self-aware is one of the first steps in training sessions, and it is also one of

the foundational elements of emotional intelligence (Athanasios S. Drigas, Chara Papoutsi,

2018). Furthermore, practicing self-regulation, or the ability to adapt to a changing

environment, is crucial for developing emotional intelligence because controlling emotions

always helps us to keep calm and solve problems more wisely (Arlin Cuncic, 2022). Also,

social skills are another significant aspect of emotional intelligence as actual emotional

understanding entails more than just recognizing others' feelings or emotions, we are also

able to put these emotional insights into effective communication. Last but not least,

according to a study from 2011, participants who received training in core emotional

competences not only demonstrated long-term improvements in emotional intelligence, but

they also had greater physical and mental health, better social skills, and a lower stress

level (Kotsou, I., Nelis, D., Gregoire, J., & Mikolajczak, M., 2011).

Opportunities:
Opportunities are equal for everyone, and they are especially valuable to those who know

how to take advantage of and capture them to create good results and achieve business

success.

Nowadays, with technological development and the ability to approach advanced

technology, the fitness application industry is predicted to grow by USD 3.50 billion from

2021 to 2025, with a 15.34% CAGR. Furthermore, accessing health and fitness applications

is a popular trend among the younger generation, particularly GenZ and Millenials, these

days. According to a survey by Flurry, Millennials were found to be engaged with their

cellphones every hour of the day, and they utilized fitness and health applications twice as

frequently as the average of other age groups (Aditi Pai, 2013). Additionally, according to

research by Pew Internet & American Life Project's Mobile Health in 2012, 42% of people

between the ages of 18 and 29 use their phones to search for health and medical

information, while this figure is 39% for those aged 39 to 49 (Jonah Comstock, 2012).

The second opportunity comes from the growth of the fitness industry. In general, the global

fitness and health club industry has grown significantly in recent years, reaching more than

96 billion dollars in 2019 (Christina Gough, 2021). Also, it appears to be on the rise as the

number of fitness businesses in the US has increased dramatically over the previous

decade (Christina Gough, 2021). In particular, in Vietnam, it has been proven by Ken

Research (2019) that the service fitness market in Vietnam has been growing as people's

health awareness has increased and the service portfolios of fitness centres have

expanded. During the forecast period from 2018 to 2023, the market is expected to grow at

a positive CAGR of 19.5% in terms of revenue. Moreover, people's disposable income has

also increased significantly, which led to an increase in the penetration rate of fitness
services in rural areas and provinces from 2.1% in 2013 to 4.0% in 2018, and it is expected

to reach 7.7% by the end of 2023.

Finally, health and lifestyle awareness have become a major trend in today's Vietnamese

society thanks to rapid urbanization. Many fitness centers belonging to international chains

have opened across the country, and the highest number of stores of these fitness chains

are located in larger cities such as Hanoi and Ho Chi Minh City (Minh-Ngoc Nguyen, 2021).

Not only that, health-conscious Vietnamese people are becoming more careful about their

diet and nutrition choices through shaping some of the most popular non-exercise

behaviors to enhance physical conditions such as eating a healthy diet, lowering sugar

consumption, or having good sleep (Minh-Ngoc Nguyen, 2021).

Threats:

Opportunities always go hand in hand with challenges, and especially with the current rapid

development, challenges are not easy to confront.

Firstly, the instability that comes from the disasters caused by COVID-19, not only in

Vietnam but also in other countries, according to a survey from Harrison Co. (2020), the

COVID epidemic has presented a number of obstacles to businesses, and while health

clubs are doing their best to transform their businesses to adapt, the industry as a whole

might lose $10 billion per year post-Covid. More than 20 million gym memberships might be

canceled as a result of COVID-19, and 34% of gym exercisers have or intend to quit their

subscriptions. Furthermore, more than 38,000 clubs and studios have been closed down as

a result of the epidemic, which has led to at least 500,000 health club staff being laid off.

These above figures illustrate that the epidemic has had a severe impact on this industry.
Secondly, the next challenge is the transition to the virtual world in this industry as part of

the epidemic’s aftermath. Statistics from the IHRSA Global Report (2020) have shown that

Fitness Tech was at the top with 24% of the fitness industry trend in 2019, while this figure

is only 5% for Clubs In Retail Spaces. As a result of the changing business model, it will

require investing a lot of money in technology to transform from virtual fitness to AI-powered

solutions in order to provide a member experience.

Lastly, there is still a small concern remaining, which is the generational transition.

According to research from the IHRSA Health Club Consumer Report (2019), while

Millenials accounted for 33% of the club members, Baby Boomers have been the most

frequent visitors to their club, with an average of 131 visits each year. Also, participation in

fitness activities at health clubs differed by generation. While the younger Boomers and

Gen Xers chose to use cardio and strength training equipment, the GenZ and Millennial

generations preferred to participate in group activities. It is also difficult for a fitness

business owner to comprehend the need to provide activities and equipment that are

appropriate for the target audience because their programs and equipment must be

different.

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