Definition of Business, Economic Principles, and Business Environment

This presentation discusses the changing definition of business, the role of economic principles in organizations, and the importance of a good business environment. It also explores professional goals and how learning experiences can be applied in later life. References are provided for further reading.

BUSINESS
ENVIRONMENT

Has your definition of business, economic
principals and business environment changed?
 The definition of the business has changed and according to me ,
business is an enterprise which takes the form of an organisation.
 I feel that the economic principles of an organisation involve the
strategies and the standard business practices which deal with the
concepts of costs, benefits, rationality as well as incentives.
 In accordance with the economic principles, I also believe that in
order to have a better business environment, the entrepreneurs need
to have a purpose of exploring new opportunities.
 The business environment can also be maintained if the business is
always goal oriented and dependent on the innovative ideas.
(Kienzler, 2018).

What are some of your professional
goals?
 I have two kinds of professional goals which are short term and long
term goals.
 I will improve my personality and focus on the strengths and
weaknesses which would help me to run a business operation in a
successful manner.
 I want to gain the advanced skills and knowledge which is essential
for present business environment.
 To have this long time goal of gaining a respectable position in a top
multinational organisation.
 I also want to impart the knowledge of my experience to the juniors
of my course so that they remain encouraged to hold on to the
challenges and face them with proper teamwork.

How does what you have learned
relate to the present and future?
 The course that I have learned have helped me to gain a knowledge
about the business environment.
 I have also learnt about the current business practices and the
strategies that are very essential to survive in a business
environment.
 The management principles that I have learnt during the course
would help me in the future growth of my business (Moon, 2013).
 Apart from the management principles and the business principles,
the personal skills would help me in my personal development as well
as the professional development.(Joyce & Paquin, 2016).

What do you want to learn more about, and how
could it help in your professional development?
 I would want myself to learn more about the business situations and
the real life business structure by getting involved in a start-up
business.
 Being associated with a business firm would be helpful to gain a first
hand experience of the business world and also the flavour of
business (Singh & Prasad, 2018).
 I would want to have different job assignments and skill based
trainings to improve my personal as well as professional skills.

As you think about the future, how might you
apply your learning experiences in later life?
 With the learning experiences, I would like to identify my strengths
and improve them further to achieve success in future.
 I would use my learning and apply that into effective opportunities.
 I would prepare an action plan and review my goals by implementing
the learning experience. An action plan is essential in proper
functioning of the personality development. (Cegielski & Jones‐
Farmer, 2016).
 I would try to incorporate the business strategies in the new start-up
business that I would be associated with so that the customer and the
manager relationship is maintained

What could you do to further your professional
development outside of formal studies?
 Apart from the professional studies, I could associate myself with any
business structure, and work there so that I could gain a first hand
experience of the business policies and the practices.
 I could seek experimental learning after the learning process.
 The association with a business group would help me in my
professional development as I would be acquainted with the business
structure and the current business a well as market position (Wolf &
Floyd, 2017).

REFERENCES
 Cegielski, C. G., & Jones‐Farmer, L. A. (2016). Knowledge, skills, and
abilities for entry‐level business analytics positions: A multi‐method
study. Decision Sciences Journal of Innovative Education, 14(1), 91-118.
 Joyce, A., & Paquin, R. L. (2016). The triple layered business model
canvas: A tool to design more sustainable business models. Journal of
Cleaner Production, 135, 1474-1486.
 Kienzler, M. (2018). Value-based pricing and cognitive biases: An
overview for business markets. Industrial Marketing Management, 68,
86-94.
 Singh, I., & Prasad, T. (2018). Application of PLS-SEM in Modeling the
Significance of Social Valuation in the Determination of Entrepreneurial
Intention of Business Management Students. IUP Journal of
Entrepreneurship Development, 15(3), 7-25.
 Wolf, C., & Floyd, S. W. (2017). Strategic planning research: Toward a
theory-driven agenda. Journal of Management, 43(6), 1754-1788.

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