Let me go ahead and get the bad stuff out of the way. First of all, this stand is NOT the same level of quality as something you would find in a bicycle shop being used for the shop's repairs. it's quite a bit more flimsy, and the grip likes to rotate if you don't get the bike's center of gravity just right. The tool tray is also made out of a rather cheap plastic that can break easily at the rim. That being said, this stand is perfect for home users and makes mundane tasks like fixing a flat or cleaning the chain much easier. It easily holds my Raleigh Merit 3, and I don't worry about the thing falling even if the grip tilts a bit. The stand significantly shortened the time I needed to change an inner tube on my bicycle, and made me less worried about damaging something on the bike by jury-rigging a stand out of whatever I had lying around.
On the other hand, an on-bike repair kit will be a much smarter selection of tools that you are most likely to need. You should figure out the type of screws that are fitted on your bike and the things that are most likely to go wrong on a ride. Address only these things so as not to burden yourself too much with unnecessary stuff. Moreover, there are bike repair kits used on long rides and those used on shorter rides. The longer the ride, the more tools, and spare parts you will have to bring unless you want to have a very long hike back home.
Broadly speaking there are two major wheel sizes – 700c for road bikes and 26 inch off-road wheels. However there are a whole variety of older, less common wheel sizes and of course fold up bikes have much smaller wheels altogether. Repairing a puncture is not an emergency! It’s a basic procedure that every cyclist should be able to to perform, but doing it correctly involves more steps than many people realise. Wheel building is often seen as the most artful skill in bicycle maintenance, and separates the professionals from the amateurs but that doesn’t mean you should consider it out of reach. Truing a slightly misaligned wheel is a cycle maintenance job that almost any cyclist can perform.