Acharya Prashant explains that what we call the 'self' is comprised of thought and action. The self knows nothing other than thought and action; it is, in fact, just thought and action. Consequently, self-awareness is the awareness of one's thoughts and actions. It means to observe what you think about and what you do throughout the day. This includes what you say, as speaking is a form of action. Self-awareness is simply seeing what arises in the mind and what the body does. It is a simple thing and should not be made into a complex concept. Self-awareness is a 24-hour practice of observing one's thoughts and actions. The speaker provides examples, such as observing the thoughts that arise when someone passes by, when an exam notice is posted, or when the topic of job placements comes up. It involves questioning habitual behaviors, like why one consistently chooses to sit at the back of a classroom. It also means observing one's reactions to different people: why one gets angry with a particular person, excited by another, and avoids a third. Self-knowledge is defined as the knowledge of the mind—understanding what the mind is doing and saying. The speaker illustrates this with the example of a college student's reaction to the 5 PM bell, noting that the moment of self-knowledge is to realize, "The bell hasn't even rung, and I've already started ringing." It involves asking why certain things lead to despair, enthusiasm, or anger, and questioning the reasons behind one's attachments, career choices, and life goals. Self-knowledge is not a great art that requires a guru; it is found in observing everyday activities like walking, eating, studying, and sleeping. It is simply knowing all the activities of the self, which are thought and action.