Reflecting on Business Studies: Strengths and Weaknesses

The provided document is a reflective assignment that delves into various aspects of business studies in the UK. Initially, the author felt hesitant but found interest as they collected information on different business types, aims, and objectives. The assignment highlights the importance of overcoming weaknesses, particularly communication skills, through training sessions and research projects. It concludes by emphasizing the need to improve strengths and weaknesses for future project success.

Introduction to Business
Environment (IBE)

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Reflection on how different types of business meet the objectives............................................1
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Business environment is the sum of all the external as well as internal factors that also
influence brand image of business in market. Further the report main aim is to understand or
provide an opportunity in order to think in more precise manner to achieve the goals. Report
describes different types of business in order to meet out the objectives of their stakeholders. In
order to attain this, the report also used Gibbs reflective model which helps to reflect on different
types of business such as private, public, non- profit and voluntary sectors in UK with their
objectives and size.
MAIN BODY
Reflection on how different types of business meet the objectives
In order to present the reflection, Gibbs reflection model is one of the most used model
which helps to share the experience in more precise manner. This model consist of four stages,
which assist me to identify different types of business and this are mentioned below:
Description: while conducting this research I found that business are basically four types
and they all have their own different legal framework. These are as mentioned below:
 Private company: In this sector I identify that the main objective of this sector is to earn
profit and the ownership of the company is limited. In UK, the sector occupy the largest
size but does not contribute to the economy of the firm. It has been analysed by me while
research on this topic that private company's main aim is to transparency in its financial
reporting but on the other side, it is typically restricted to the key stakeholders in an
organization (Singleton, 2019). The legal framework of the firm is to have an authorised
name and the system has to follow the all the act which are prescribed by the Company
Act in UK law such as Memorandum of Association etc. There are two board of director
which are needed to form a private company. It also has many types such as sole trader,
partnership etc (Private sector, 2018).
For example, John Lewis Partnership which is one of the top retail company who offer
clothes, watches and jewellery, gifts, cosmetics etc.
 Public company: When I was doing research on public company I realised that this
sector comprises vast companies and its main aim is to serve for the public not to earn
profit. It also includes public goods and many governmental services such as military,
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infrastructure, health care and education. This shows that the sector also contributes its
biggest part for the welfare of the economy (Aggarwal, 2019). Beside this, I also
analysed that the legal structure of the public framework is also complex such that it has
to follow all the laws and public administration act which states the code of ethics. The
minimum number of board of director which is required in public company is three only.
Therefore, I also realized that the size of the public sector is wide and because of its
complex legal framework, the company also share high amount to the economy of UK.
For example, TESCO is one of the third leading retail company which is listed in public
sector.
 Non- profit Sector: while researching for this sector, I found that this type of sector is
dedicated to a particular social cause. Moreover, this sector also uses its revenue to
achieve its further aims and objectives rather than distributing the income to other
organization (Luke, 2019). The main purpose of this sector is to serve a public or mutual
benefit rather than accumulation of the owner. Such that this sector also contribute basic
part to the growth of the economy of UK and also consider third largest sector in the
world. The legal structure of this sector is such that they are tax free and also neds 1
board of director but should all the requirements which is passed by the government.
For example, Wale and West Housing charity whose aim is to provide homes to those
people who are financially secure.
 Voluntary sector: when I was research for this sector, I found that this sector is the duty
of social activity which is undertaken by an organization. The main aim of this sector is
to develop the relationship with the society and fulfil the needs of the society without
earn money (Davies, 2019). This is usually comprised of a firm whose purpose id to
benefit and enrich the society without any government intervention. It is also analysed by
me that in UK, the voluntary sector also contribute more than £10 billion for the growth
of the economy which is equivalent to 0.8 percent the whole GDP. The legal structure of
voluntary sector is such that they did not have structure because they are regulated by
Financial Conduct Authority and provide benefit to the society.
For example, Wellcome Trust is one the largest firm that comes under voluntary sector.
Feeling: While conducting this research, at initial level I felt that it will be very difficult
for me to conduct this research because there are various types of business in UK and among that
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private and public sector is wide. Therefore, I felt too difficult at starting point and also feel
hesitate that how the research has been carried out but when I start doing research, I feel that it is
quite interesting topic because it helps me to gain much knowledge and by using internet and UK
website It will be more easy for me to collect information (El Miedany, 2019).
At another stage, when I start using Internet as a resource for conducting this research in
more precise manner, I felt that this study helps me to enhance and collect more information
about different types of business and their aims and objectives. I also realize that my research
skills are increases as compared to my past performances and even I also take help of my tutor in
order to conduct the research in more effective way. In that situation I also felt that my
communication skills are improved and learn that at initial level though I was quite hesitated for
conducting the report but when I start work out for this, I felt that accepting challenges helps me
to grow myself and enhances knowledge as well. Hence, I felt quite positive because the research
affect many skills in positive manner.
Evaluation: At starting point, the research is quite challenging for me but now I
evaluated that if I was not conduct the research then I cannot realised my positive and negative
side. While conducting the study, I got to learn many new words and also increase my research
skills which motivates me that I will perform the research in better way in the future. I also
evaluated that there are more different types of business apart from private, public and non profit
but due of lack of time I cannot do further study on the topic. Beside this, I also evaluated other
loopholes such as time management and my communication skills which needs to be improves
so that it will help me in my future conducting research. While conducting this research, I also
learn different types of business and how they all create impact upon the growth of the economy
(McAuliffe and McCullough, 2019).
Though I realized while researching using internet that the aim and objectives of the
business are quite differed from each other but these business types are interlinked with each
other. At that time I come to evaluate that I also enhance my knowledge regarding this topic
which will also helpful in my future. Beside, this I evaluate that now I can easily build up my
self confidence and without research on the topic I will never feel hesitation. Therefore, while
conducting this research I also evaluated that the overall experience was too good and help to
increase my research skills.
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Analysis: There are many types of business and they all follow different strategy in order
to fulfil their aims and objectives but when I was conducting this research I analyse that beside
this, there are more different types of business such as sole trader, partnership, limited company.
They all have different legal structure and aim or objectives are also varies from types to types.
As describe in feeling stage, that when I was going to start this project, I am quite hesitated but
after collecting the information about the topic I was quite positive because it helps me to
conduct the project in more precise manner. I also analysed negative things when I was
conducting the report such that I am lacking time management skills which needs to be improved
because it helps me in my future to conduct the report in better way. Apart from this, I also
analysed that by using resources such as books and Internet, I make my project in better way
such that it helps me to identify my weaknesses and strength which should be improved so that it
helps to conduct further report in more precise manner (Sweet and et.al., 2018).
Conclusion: By conducting this report, I got to know or concluded that while conducting
the report it will be more beneficial and provide positive experience when I involve many
persons. Because it helps me to get information in deeper way. Beside this, I also concluded that
in future, when I face the same situation again then I know the way how to handle such situation.
Therefore, as I am lacking time management skills and some communication skills and there is a
need to improve such skills so that it will help me to handle such type of situation better. Apart
from this, I also concluded that earlier I have not enough knowledge regarding the business types
but when I am conducting this research report I come to know that my knowledge is also
increase and I learn so many different words and legal structure which help me in my future
conducting research report.
At last, I also concluded that by improving my weaknesses I can easily handle some
complex project in my future and proper planning should be done in order to complete the
current project. Such that in while conducting the current project, if I manage my time then it
will be more easy to present the study in better and precise manner. Hence, the overall
experience for this project is good and learn-able.
Action plan: As above I already mentioned that I am lacking some skills which affect
my project in adverse way and that is why I need to improve my current skills so that it will be
helpful for me to encourage myself to handle more complex project in my future. Beside this, in
order to overcome my weaknesses or skills I start making those project which help to manage my
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time in effective manner (Johns, 2017). Therefore, initially I feel so hesitate because I have no
knowledge regrading the business and its types and how the business meet out the aims and
objectives. But when I start making my efforts in it then I felt that I developing interest for
conducting such report but on the other side I also have some weaknesses.
Such as to overcome the communication skills I start attending training sessions so that it
will help me to present myself in better way and I also start giving presentation on different
topics which will help me to overcome my fear of lack of communication skills. Hence, by start
attending training sessions and taking more research project will help me to overcome my
weakness and conduct research study in precise or effective manner.
CONCLUSION
By summing up above report it has been concluded that there are many types of business
in UK and they all have different aims and objectives. Report concluded that while I am
conducting this report, initially I feel so hesitated but as I start collecting information about this
topic, I found that it is quite interesting to collect information and gain or enhance knowledge.
Through this report I also concluded that I also have strength and weaknesses which needs to be
improved with time in order to make further project in effective manner.
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REFERENCES
Books and Journals
Aggarwal, A. K., 2019. Opportunities and challenges of big data in public sector. In Web
Services: Concepts, Methodologies, Tools, and Applications (pp. 1749-1761). IGI Global.
Davies, B., 2019. Beyond the State: How ‘Voluntary’Is the Voluntary Youth Sector?.
In Austerity, Youth Policy and the Deconstruction of the Youth Service in England (pp. 255-
278). Palgrave Macmillan, Cham.
El Miedany, Y., 2019. Reflective Learning, Reflective Teaching. In Rheumatology Teaching (pp.
199-233). Springer, Cham.
Johns, C. ed., 2017. Becoming a reflective practitioner. John Wiley & Sons.
Luke, B., 2019. A Review of Third Sector Reporting Frameworks: Communicating Value
Created in Small and Micro Social Enterprises. In Handbook of Research on Value
Creation for Small and Micro Social Enterprises (pp. 26-45). IGI Global.
McAuliffe, W. and McCullough, M., 2019. Moral Reasoning Performance Determines Epistemic
Peerdom.
Singleton, C., 2019. The public–private sector wage differential in the UK: Evidence from
longitudinal employer–employee data. Economics Letters.174. pp.109-113.
Sweet, L. and et.al., 2018. Developing reflective capacities in midwifery students: Enhancing
learning through reflective writing.
Online
Private sector. 2018. [Online]. Available
through:<https://revisionworld.com/gcse-revision/business-studies/business-
organisations/private-sector>.
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