Business Environment (MGT501): Career Development Analysis Report

This report provides a comprehensive analysis of the business environment, focusing on personal career development within the context of the MGT501 course. It begins by examining the evolving definition of business, economic principles, and the external business environment, highlighting the importance of integrating resources and business principles. The report reflects on the learning experience, emphasizing the understanding of business climates and the analysis of socio-political and economic factors. It defines professional goals, emphasizing the importance of specialization and the application of business theory, with case studies aiding in critical research and soft skill development. The connection between academic learning and future professional endeavors is explored, including the impact of soft skills and organizational learning. Additional learning, such as a stock market analyst course, is proposed to facilitate career advancement. The report also discusses the implications of learning experiences on future career paths, particularly the role of business analysis and information technology, along with strategies for professional development outside of formal studies, such as internships and professional courses. The author references several academic sources to support the analysis.

Business Environment:
Analysis of personal career
development scope

Changes in definition of business, economic
principles as well as business environment
• After undergoing this business environment
course I have come to understand that for the
successful sustenance of a business, it is very
important that the exclusive resources like
finance, supply line and customer base is well
integrated with the business principles of the
organization and the company also develops a
well framed conception of the above mentioned
factors (Benson & Filippaios, 2015).

Continued…
• I learned that the business environment is best understood
through the definition of Wheeler which considers the business
environment to be a sum total of all the factors, external to the
firm as well as industries affecting the operations of the
organization.
• In this context, it can be highlighted that the educators who
guided us in our course helped us to understand the business
climate.
• This is an integral factor that helps in the understanding of the
business environment through analysis of the socio-political,
socio-economic, as well as other institutional factors that have
been affecting the business.

Definition of professional goals
• This business degree mostly helped me to understand the
importance of specializing on a particular aspect of business,
although there can be a lot of flexibility involved in the ideology
of students in selecting the preferred course.
• In this regard, it can be articulated that there is a strong
emphasis and implementation of a business theory in futuristic
organizations.
• The use of case studies helped me in learning how to make
critical business research.
• These as well as other soft skills like team management,
research, analysis and presentation of the deliverables and
others have helped me to understand the importance of
problem solving in critical as well as complex business situations.

Relation of academic learning with present
and future
• The soft skills and the organizational learning
programs that I went through in this course
will help me to develop a better
understanding of the business environment
and the country specific external business
environment factors that are necessary for the
assessment of the customer feasibility, supply
line lucidity and other similar factors.

Additional learning and its impact on professional development
• As a additional learning I would like to select
the course of a stick market analyst (Jackson,
2015).
• This learning will be helpful for me to get
promotion to an executive business
strategist’s position easily and sooner after I
join the office (Rubens et al. 2018).

Implications of learning experiences in later life
• Emphasizing on my later life, I would like to
highlight that business analysis have strong relation
with the business development and the use of
information technology in it. In future, I wild like to
multiply my experience in the above mentioned
way and thereby lead myself to occupy an analyst’s
position in a software firm. I perceive that the level
of pay would be much higher and that would also
help me to accomplish my personal development
goals.

Strategies for ensuring professional
development outside formal studies
• As discussed above, I would like to do
internship courses with some of the recently
developed start up agencies so that I learn to
develop business strategies with the help of
limited resources and knowledge, After that I
would like to pursue a professional course in
business analysis in stock and share trading.

References
• McMurray, S., Dutton, M., McQuaid, R., & Richard, A. (2016). Employer
demands from business graduates. Education+ Training, 58(1), 112-132.
• Jackson, D. (2015). Employability skill development in work-integrated
learning: Barriers and best practice. Studies in Higher Education, 40(2),
350-367.
• Rubens, A., Schoenfeld, G. A., Schaffer, B. S., & Leah, J. S. (2018). Self-
awareness and leadership: Developing an individual strategic
professional development plan in an MBA leadership course. The
International Journal of Management Education, 16(1), 1-13.
• Benson, V., & Filippaios, F. (2015). Collaborative competencies in
professional social networking: Are students short changed by
curriculum in business education?. Computers in Human Behavior, 51,
1331-1339.