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Understanding yourself is having a clear definition of who are and how you may affect the people around you. knowing myself is advantageous in a sense that it creates self awareness and one can easily know his of her strength and weakness. Like you can know in which field you can do your best.
More to say, create a sense of responsibility and accountability. Knowing your self helps you know that your responsible of a certain activity their by also knowing that its you who is accountable which may led to good results at work and even to people surrounding you.
According to Myers-Briggs types of personality, i found it very interesting even good to knowing which category you fall in. ESTP-Adventurer clearly suits me as i also want to act energetically to solve a problem and also learn the best through doing.