MGT501 Business Environment: Self-Reflection Report, Semester 1, 2024

This report is a self-reflective analysis of a student's engagement with the Business Environment course (MGT501). The introduction sets the stage by highlighting the importance of linking theory with practice and the student's interest in entrepreneurship. The report then addresses key questions, including the definition of business, the motivation for choosing the course, and the student's past experiences in the field. It explores how academic and work experiences have prepared the student, how course outcomes will be met, and strategies for successful study management. The student reflects on applying course knowledge in future endeavors, including setting goals for a future career in entrepreneurship. The report concludes by emphasizing the value of self-assessment in clarifying goals and expectations, and the importance of the Business Environment course in providing practical knowledge and skills for future success. The student's bibliography is also included.

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Business Environment
7/4/2019
System04129

Business Environment 1
Contents
Introduction.................................................................................................................................................2
Question 1: How do you define business?...................................................................................................3
Question 2: Why did you choose this course?.............................................................................................4
Question3: What kind of past experience (or interest) do you have in this area?.........................................4
Question4: How has your experience (academic, work, etc.) prepared you for this course?.......................5
Question 5: How do you ensure the required outcomes of your course are met?.........................................5
Question 6: What can you do to manage and monitor your studies to a successful conclusion?..................5
Question 7: As you think about the future, how might you apply your studies in later life?........................6
Question8: What kind of goals would you like to set for yourself with regards to this course?...................6
Conclusion...................................................................................................................................................6
Bibliography................................................................................................................................................7

Business Environment 1
Introduction
The self-reflective work redirects the linkages between the theories with practice. I selected
business environment as a subject for post-graduation studies to fulfill my future expectations
and goals after analysis my interest in entrepreneurship. The respective subject helps me in many
ways like evaluation of appropriate strategies in decision-making process based on my studies.
The reflective self-assessment also includes the examination of my potential and assessing
learning experiences.

Business Environment 1
Question 1: How do you define business?
A term business refers to the engagement of a company or enterprising entity in commercial,
manufacturing, or professional activities. Mainly business arises when an individual or an
organization earn profits by rendering commodities and services in exchange for money.
Business can be for profit or non-profit bodies that perform their functions to accomplish a
charitable operation (Hollett, 2017).
Businesses have a different range of scale that is from solitary proprietorship to a global
corporation (Ilie C., 2018).
Types of businesses
The four general types of businesses include (Cosenz, 2018):
Sole proprietorship: the easiest type of business, which is own by an individual person and
possess with the simplest methods of business set up.
Partnership: a type of business inaugurated in a partnership by two or more business partner.
Partnership business assist that both the members equally responsible for sharing responsibilities
and profits.
Limited partnership: a business set up with investors in which Limited Partners involve in
investment while General Partners indulge in management operations.
Corporation: a business possess with shareholders that really needs a lot of investment, hard
work while setting up of business.
Question 2: Why did you choose this course?
Appropriate information about internal and external business environment is very essential for
exploit opportunities at large extent (Kiyosaki, 2019). Some of the reasons forced me for
selection business environment as a subject includes:
Successful Conduct of Business: a proper understanding of the business environment and market
conditions minimize the chances for losses (Webster & Hamilton, 2018). The subject Business

Business Environment 1
Environment provides me the knowledge to individuals in performing well in their business by
earning long-term profits, enhance financial base and tackled competition more commendably.
Chances for progress: business environment as a subject gives the knowledge about changing the
environment and provides supports to the businessperson for changing strategies, processes, and
technology. All these indirectly or directly lead to the chances for growth of both individuals an
organization as a whole. In future, it will also generate a chance for me to develop strategies
effectively in my business.
Inaugural of new avenues: the business environment as a subject helps me in examining the
expansion operations. As it, provides entrepreneurial knowledge to judge the favorable condition
for new business, innovative thoughts and schemes. In addition, helps in effective utilization of
scare resources.
Dynamism in approach: as a business have dynamic in nature and for running a business, an
individual must possess with a dynamic personality. Business environment as a subject helps me
to acquire knowledge about the changing environment and make myself always attentive and
watchful in gripping the new opportunities. In short, possess with business environment
knowledge leads to lessening the stress and anxiety in a businessperson.
Question3: What kind of past experience (or interest) do you have in this
area?
When I was pursuing my under graduation course as a tentative student I attended every business
workshops and conferences where I presented various business models and charts. For example
in annual fest, I presented porter’s Five Forces model and won certificate. I enjoyed a lot while
involving in these kinds of entrepreneurial activities. From all these achievements and
presentations, I realized my potential and interest in corporate world and decided to choose
Business Environment as a subject so that I am able to fulfill my future expectation in business
world.

Business Environment 1
Question4: How has your experience (academic, work, etc.) prepared you for
this course?
The organized activities like module presentations on business strategies, participation in
business environment quiz, enhancing skills and knowledge classes, training and internship
corporation program in my graduation course helps me a lot in prepared myself for a respective
subject like business environment. My academic course helps me not only in improving
businesses skills only but also includes the personal development programs such as decision
making, management skills, leadership, interpersonal relationship etc. In addition, acquired first
position in extra co-curriculum workshops for enchasing business skills also motivated me to
develop an interest in the corporate world.
Question 5: How do you ensure the required outcomes of your course are
met?
My required outcomes are definitely met through adopting the business environment as a subject
in post-graduation. As business environment provides me a chance to grow and develop my
business skills and provide knowledge in setting up of my business later in a systematical way.
Also through the Business environment, I am able to clear my concepts like sustainable
development principles, corporate social responsibility, managing inter personal relationship
with stakeholders and economy life cycle.
Question 6: What can you do to manage and monitor your studies to a
successful conclusion?
An education is self-empowerment, and able to refine my knowledge by adopting a particular
subject. A successful conclusion in every study is as essential as it leads to the progress of both
individual and nation as a whole. To manage and monitor my studies I lay stress on my motto
that is “work hard and maintain a balance between social and educational life”. To monitor my
learning progress I used to depend on curriculum-based monitoring tests, observation of self-
confidence, lastly evaluation and feedback by teachers. All these methods provide me the real
status of my progress for reaching up to the conclusion in a successful manner. As monitoring

Business Environment 1
tests provide me, the progress result on the bases of quantitative numbers while feedback
provides the qualitative information related to the responsiveness to instructions. In addition, to
manage my studies I used to stick with the balanced approach because imbalance makes the
career challenging. Through proper planning like study planner and block out planning for
family, friends and recreational activities makes me happier, stress free. As the sound and happy,
mind able to bring me a successful conclusion and improvement in learning skills.
Question 7: As you think about the future, how might you apply your studies
in later life?
As think about my future the respective course is going to be so helpful for me in later life. My
dream is to become a renowned entrepreneur and set up my own business with new innovative
ideas, technologies and automation. I will apply my subject knowledge in examining the internal
and external environment while planning my business objectives, goals and objectives. In
addition, from my study knowledge I am able to examine my business threats and opportunities,
expansion areas, strategies for forming a brand image, residing in sync with the rivalry, and with
all these business environment knowledge force me to staying at the top of the learning curve.
Question8: What kind of goals would you like to set for yourself with regards
to this course?
Business operates in a dynamic nature and constantly changing market conditions absolutely influence the
business decisions in every manner. Entrepreneurs try to adapt their business according to respective
environment. (Kiyosaki, 2019) Some of my set specific objectives are setting up of effective change
management system in an organization, stress on sustainable growth, paying attention to excellent
customer services, and above all staying ahead of the competition.

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Conclusion
Therefore, according to me self-assessment is proving as the most important writing piece. It
clearly helps me in examining my views, future goals, and current expectations. Business
environment is an important subject for an entrepreneur for starting career. Academic course also
provides me practical knowledge through co-curriculum activities and internships. In addition,
the subject knowledge supports me to end up with the successful conclusion.

Business Environment 1
Bibliography
Cosenz, F. &. (2018). A dynamic business modelling approach to design and experiment new business
venture strategies. Long Range Planning, 5(1), 127-140.
Hollett, V. (2017). Business Objectives. London: Oxford University Press.
Ilie C., N. C. (2018). What Is Business Discourse Teaching?. In: Teaching Business Discourse. Research
and Practice in Applied Linguistics. Springer Link, 3-19.
Kiyosaki, R. (2019). The Business of the 21st Century. Scottsdale: Plata Publishing.
Webster, P., & Hamilton, L. (2018). The International Business Environment. London: Oxford University
Press.
Zeng, M. (2019). Smart Business: What Alibaba's Success Reveals about the Future of Strategy.
Brighton: Harvard Business Press. .