MGT501: Reflective Report on Business Environment Principles

This report is a reflective analysis of the student's learning journey in a business environment course, focusing on business, economic principles, and their application in the real world. The student discusses the transformation of their understanding of key concepts like business and e-commerce. The report outlines the student's three vital professional goals: enrolling in an e-business course, perfecting public speaking skills, and establishing an e-business consultancy firm. The student reflects on the rapid changes in the business field, particularly the growth of e-commerce, and the importance of behavioral economics. The report also touches upon the application of learned concepts in future endeavors and the importance of professional development through networking and continuous learning. The student aims to apply the knowledge gained to their future e-commerce consulting business, understanding the factors affecting the business and technological trends in the consultancy field. The report concludes with a commitment to further professional development through networking and watching professional videos related to the area of expertise.

Business, Economic principles, and Business Environments 1
Business, Economic principles, and Business Environments
Students’ Name
Institutional Affiliation

Business, Economic principles, and Business Environments 2
Business, Economic principles and Business Environments.
Through the course, the definitions of business, business environment, and economics
principles have transformed my understanding of the concepts compared to when I started the
course. I have three vital professional goals that I want to achieve immediately I finish this
course. The first goal is I would like to enroll for a short course at the International Career
Institute in Australia to expand my knowledge of e-business ("9 examples of professional goals
for work", 2019). Secondly, I will perfect my public speaking and presentation skills before I
graduate by using Ted talks to develop skills. Also after graduating, I want to come up with my
e-business consultancy firm to businesses and agencies.
I have learned that business is one of the fields that is changing at a very rapid pace. It
relates to the present radicalization in the business field where it has taken the route of e-
commerce (Schmidt, & Cohen, 2015). Today most of buying and selling processes are carried
out through the internet. In the future, a higher dimension will take place in business where rapid
modifications will take place as the advertising will be micro-targeted in extent its customers will
be perceived as helpful suggestions rather than junk to be filtered by the company providing a
particular product. In economics have learned that behavioral economics today mostly combines
with the social sciences where commercial businesses use it in the real-world decision making of
problems. In the future, new methodologies will come up in behavioral economics where there
will be agent-based modeling and machine learning. New methods will be applied successfully
in the development of behavioral models and economics will generate a more innovative range
of insights in forthcoming decades.
I want to study more, especially in the e-commerce sector. Today we are experiencing
rapid progression from traditional to digital way of doing business; thus I would like to be a

Business, Economic principles, and Business Environments 3
beneficiary of this digital period (Chaffey, 2015). I want to be equipped with e-commerce
knowledge so that in the future I can facilitate my e-business with no complications.
Additionally, I would like to be a marketable graduate by having additional professional skills to
hiring companies in my area of expertise.
In future, I will apply my learning experience in my e-commerce consulting agency
business when offering consultation services. Through economics, I will be able to perform
economic research so as to understand my business and demand for my consultation services
also I provide advice to my clients about financial policies (Cowen, & Tabarrok, 2015). By
having business environment, knowledge will be able to understand the factors that may affect
my business and technological trends in the consultancy field.
In conclusion to further my professional development out of formal studies, I will join
professional networking groups in my area of specialization to be equipped with more
knowledge and my future career network. Additionally, I will ensure that I am tentative in
watching professional videos related to my area to learn more what do like other specialists in
my field so as successful.

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References
9 examples of professional goals for work. (2019). Click Up. Retrieved from
https://clickup.com/blog/professional-goals/
Chaffey, D. (2015). Digital business and e-commerce management. London: Pearson Education
Limited.
Cowen, T., & Tabarrok, A. (2015). Modern principles of economics. Macmillan International
Higher Education.
Schmidt, E., & Cohen, J. (2015). The new digital age: Reshaping the future of people, nations
and business.