MGT501 Business Environment: Statement of Intent at Torrens University

This statement of intent reflects a student's motivation for pursuing postgraduate studies in the Business Environment course at Torrens University. The student aims to develop a better understanding of the subject, analyze learning experiences, and demonstrate conceptual understanding of reflective practices within a business context. The essay highlights the impact of both internal and external factors on business, drawing from economic principles and stakeholder viewpoints. The student's personal interest in business, influenced by their father's entrepreneurial success, serves as a key motivator. The essay also outlines strategies for managing studies, emphasizing teamwork and the application of theoretical knowledge to practical scenarios, with the ultimate goal of expanding the family business internationally by leveraging knowledge of internal and external business environments.

Business environment 1
Business Environment

Business environment 2
The aim of this statement of intent is to bring better understanding regarding motivation
for undertaking postgraduate studies and expectations regarding the course and ensuing career
path. I am studying at Torrens University that is perfect in brightening the future of the student. I
will highlight some factors related to my subject- Business Environment in order to
describe,analyze and evaluate learning experiences. I will demonstrate the conceptual
understanding of reflective practices in the context of the business. Along with that, I will
critically evaluate the view point of stakeholders and principles in a business environment.
To explain the term of the business environment, it is the sum of entire factors of external
and internal that impact on the business. I have analyzed that the external and internal factors can
impact each other and work together in order to affect the business. Business environment refers
to a collection of all individuals and other aspects, which cannot be controlled of the
organization, but put an impact on its performance along with profitability. Economic principles
can be considered as the statement of inter-relationships among economic aspects that elaborate
what reason what, or what occurred under definite situations. It can be referred to as economic
law (Prajogo, 2016).
With respect to business, it can be elaborated as an organization engaged in industrial,
commercial and professional activities. Businesses can be operated for profit or non-profit
entities in order to accomplish a charitable mission (Hillary, 2017). I have gone through with the
team of business and found that the businesses do not operate in a vacuum but rather in a vibrant
environment that has an impact on how they handle all factors in order to achieve the objectives.
I considered the course of business environment because it had a big impact on my
learning towards managing people. I learnt through this course that work experience alone is not
enough to attain the goals. It helped me to understand the realities of business. If I talk about my
past experience or interest in this subject area, I would like to demonstrate that my interest in
doing business was huge because my father is a good businessman. I wanted to be a good
businessman as my father and with the help of this course; I could make a better understanding
regarding internal and external factors of business environment. There are salient features of
business environment such as dynamic, complex, uncertain, multi-faceted, far-reaching impact
and relative (Ketata, Sofka & Grimpe, 2015). I got knowledge regarding these features through course
of the business environment in Torrens University.
The experience of seeing my father to do business in an effective manner prepared me to
do this course for my further development. The motivation of the work of my father stimulates
me to help him to raise our business at an international level. I do ensure the needed outcomes of
my course are met by considering the approach of not only theoretical understanding but also
practical understanding. For which, I attend all seminars, workshops and session related to my
course so that I can understand the development of theoretical knowledge into practical term. I
do not focus on a single aspect of my growth or getting understanding regarding this course,
despite that I do focus on 360 degree angle so that I can catch everything in around me.

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It is necessary to understand all aspects of the course to attain desired outcomes. I can do
to manage and monitor my studies to a successful conclusion by focusing on assessing my
performance in an adequate manner. I do not stop myself for evaluating my performance and for
this; I will re-assess my performance during my studies so that the possibilities of error in my
study can be mitigated. For the successful conclusion of my studies, I can make checklists,
eliminate distractions and be focused on the task at hand. I have learnt through my course that
the role of the team work in accomplishing the task is huge and the same, I can apply in my
study to attain fruitful outcomes. By using team-building exercises to build cohesive groups, I
can get plenty of ideas regarding my course which would be helpful to me to achieve my targets.
In order to apply my study in the future, I will definitely consider my course of business
environment by Torrens University in my potential business. As I discussed my past experience
to choose this course, it would be a great opportunity to answer this question that this study
would be helpful for me to obtain my dream. I put a lot of efforts to get maximum knowledge
regarding business environment course because I have a definite goal. I have gone through with
components of the business environment in which I have learnt the internal environment and
external environment. I might apply knowledge of both of them in my future business. Internal
environment entails value system, vision and mission, corporate culture, human resources, labor
union and objectives of the business (Bah and Fang, 2015). On the other hand, the knowledge of the
external environment that entails micro and macro environment can be applied in my business in
order to examine the internal strength and weaknesses; and external environment for examining
opportunities and threats (Leonidou, Christodoulides, Kyrgidou & Palihawadana, 2017).
In term of setting goals for myself with regards to this course, I would like to set short
term and long term goal so that I can work on a different aspect for achieving single goal of my
life. My short term goal is regarding this course to get post-graduate degree in a business
environment so that I can obtain maximum knowledge at a practical level. On the other hand, my
long term goal is to reach my father’s business on an international level, which can be done by
having good knowledge regarding the internal and external environment, entry mode and
strategies for expanding the business.

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References
Bah, E.H. and Fang, L., 2015. Impact of the business environment on output and productivity in Africa. Journal of
Development Economics, 114, pp.159-171.
Hillary, R. (Ed.). (2017). Small and medium-sized enterprises and the environment: business imperatives. Routledge.
Ketata, I., Sofka, W., & Grimpe, C. (2015). The role of internal capabilities and firms' environment for sustainable
innovation: evidence for G ermany. R&d Management, 45(1), 60-75.
Leonidou, L. C., Christodoulides, P., Kyrgidou, L. P., & Palihawadana, D. (2017). Internal drivers and performance
consequences of small firm green business strategy: The moderating role of external forces. Journal of
business ethics, 140(3), 585-606.
Prajogo, D. I. (2016). The strategic fit between innovation strategies and business environment in delivering business
performance. International Journal of Production Economics, 171, 241-249.