Self-awareness or self-concept is the ability of an individual to recognize and notice his own personality (needs, behaviors, emotions, traits, values, thoughts) as separate from the environment and other individuals (their thoughts, needs, emotions, traits, values, behaviors). Self-awareness provides an answer to the question "Who am I?" and sums up all the perceptions that an individual has about himself that are key to building an inner image of himself. By identifying their strengths and weaknesses an individual can create major changes in their behavior and activities. Self-aware people are aware of their own strengths and weaknesses, understand their own emotions and have an insight into how their emotions affect their perceptions, the decision-making process, but also other people. Developing self-awareness helps individuals in their ability to understand themselves and in helping other individuals develop understanding of others. An individual can develop his self-awareness by introspection (by observing himself) and by observing other people from his environment. Numerous previous studies have indicated that self-awareness is a prerequisite for psychological health, personal growth, the ability to accept others, and better business performance. Entrepreneurs, leaders and executives play a major role in their companies, so they must work actively and continuously at their level of self-awareness, which directly affects their employees. In this paper, it is important to emphasize the development of self-awareness of managers and leaders who can help create an environment that encourages self-awareness and promotes self-awareness processes and the importance of self-awareness for personal development.