Business Environment Analysis: Course Objectives and Aspirations

Desklib provides past papers and solved assignments for students. This essay explores the business environment.

MGT 501: Business Environment
Part A: Initial Statement of Intent
1

As per my knowledge, a business can be defined as the enterprise or an organization entity which
is engaged in industrial, professional, and commercial activities. Business can be not-for-profit
or privately owned or state-owned (Ward, 2018). Example of the private enterprise is Mom-and
pop catering while PepsiCo is the corporate business. The main objective of any organization is
to earn the profit and for this some investment is required by the business in the different forms
and customers are required to which it can sell its products and services. The reason behind
choosing this course is to have the strong and effective understanding of business environment
which consists of various external forces by which the decisions of business are influenced to the
great extent and to learn economic, social, political, and technological factors which are beyond
the control of the business. I know this that starting and running the business is exactly like
competing in professional sports. It is exciting to set up our own business but at the same time
there are many challenges for which I think a businessman or an entrepreneur has to prepare for
and this course will help me in studying the uncertainties about the future, financial management,
monitoring the performance, regulation and compliance, customer service, exploding data,
technological innovation. In high school, I was taught about the significance of business and its
environmental factors. I also studied the industrial revolutions and technological innovations
which are influencing the business era and the way of carrying the business activities. There is
continuous and close interaction of business and its environment, regardless of size or type of
business. By understanding the significance of the business environment I will be better able to
seeking business opportunities as I want to become a successful business entrepreneur in the
future.
In my earlier academic courses, I studied that the business organizations around the world are
facing many challenges due to globalization. Therefore, it becomes important for the business
entities’ decision-maker to devote time in time to time analyses of their business with the
purpose of surviving in their respective business than ever before. I even read about many cases
in which the decision-makers fail to analyze and understand the business environment properly
due to which erroneous decisions were taken by them and as a result, the profit of the business,
competitiveness, and growth was adversely affected which cause shutting down of the business.
in the global business map, Sri-Lanka is a relatively small market and it has to face changing
business environment consequences around the globe. The managers of the business organization
2

need to have a thorough understanding of analyzing the change in the business environment for
sustaining and surviving in the long run in their relevant markets (Hamilton, & Webster, 2018). I
also prefer to read the business newspaper and watch business related news and videos of
successful business entrepreneur and their stories related to their success and failure and what
challenges they faced and how they overcome from those challenges and become a successful
entrepreneur in the business world. All these videos help me in enhancing my knowledge and
understanding of the business environment and its operations. One of the cases I read was of
Airbnb. Airbnb started in 2008 but struggled a lot in finding the prominent and footing investors
all over the valley of Silicon and the team had to resort to patchwork financial fixes. After the
underlying persistence, the team employees of Airbnb found the investments they needed and
then an empire was build which is recognized as a shooting star in the startup world (Hilton, &
Platt, 2013).
I have less understanding with regard to the economic principles. The fundamental economic
principles include rationality, benefits, incentives, costs, and margin analysis. People respond to
discounts and incentives. This is the reasons that on the occasion of festival special discounts are
offered by many companies, and attractive incentive scheme is offered to the employees so as to
motivate them to work extra which proves beneficial to the organization results in increasing the
profits of the company (Hamilton, 2018).
The decision of choosing this course is that I wanted to gain the knowledge about the business
environment so that I can get the better understanding of the business world and all this
knowledge will be going to form a base for me in building a professional and successful business
entrepreneur attributes and will help me in my future. This course will give me the knowledge
about PESTLE, Porters five forces model, SWOT analysis, BCG matrix, the impact of
government policy changes on industry and business, and various theories of management
(Craig, & Campbell, 2012). By acquiring the information about these I will be better able to take
the decisions about my business startup. I will try to apply the knowledge which I will learn
during the course, in the real world. I know after having business knowledge I will be able in
analyzing both the internal and external business environment. I will learn the laws and
regulations of the business and how they apply to the organization, their right implications on the
business.
3

I have to be regular in my studies and be keen on gaining knowledge. Lot of hard work is
required to be made from my side so that I can get the best outcome in the form of knowledge
from this course. I have thought to read other business journals, articles, case studies along with
my academic courses books which will enhance my knowledge and learning in the business
field.
4

References
 Craig, T., & Campbell, D. (2012). Organizations and the business environment.
Routledge.
 Hamilton, L., & Webster, P. (2018). The international business environment. Oxford
University Press.
 Hamilton. M., (2018). An Explanation of the Ten Principles of Economics. [Online].
Bizfluent. Available at: https://bizfluent.com/info-7880863-explanation-ten-principles-
economics.html. [Accessed on 23 March 2019]
 Hilton, R. W., & Platt, D. E. (2013). Managerial accounting: creating value in a dynamic
business environment. McGraw-Hill Education.
 Ward. S., (2018). Business Definition. [Online]. The balance small business. Available
at: https://www.thebalancesmb.com/business-definition-2947960. [Accessed on 23
March 2019]
5