Reflective Statement of Intent for MGT501 Business Environment Course

This report is a reflective statement of intent for a postgraduate course in Business Environment (MGT501). The author explores their motivation for undertaking the course, linking it to past experiences in a family business context. The report discusses the author's interest in analyzing internal and external business factors, the importance of the business environment for decision-making, and the application of the Gibbs Reflective Cycle to analyze experiences. The author reflects on positive and negative aspects of their experience, highlighting the importance of understanding market demands, employee relations, and strategic planning. The statement concludes with the author's goals to apply this knowledge in future studies and entrepreneurship, aiming to become a successful entrepreneur. The author references various academic sources to support their analysis.

Business environment
3/25/2020

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Business environment
The business environment is the collection of the external as well as the internal factors
like employees, clients with different needs and expectations, supply and demand, clients,
suppliers, owners and many others (Hamilton & Webster, 2018). I believe that across the market
every business considers the business environment as it is must for their survival. The paper aims
to write a reflective statement of intent which includes the reasons behind the selection of studies
and how all these studies are linked to the experience and how this knowledge can be applied
shortly.
I learned in the studies that business is the activity of making the living of one’s or
making money by manufacturing or buying and selling the goods and services. In simple words,
I would say that it an activity that helps any individual or group of people to earn a profit.
Considering the business activities, I presented an interest in analysing the different internal and
external elements that can affect the business decisions. The role of the business environment for
the business developed my interest in this course. I believe that every company need experts who
can guide them well for the environment and its uncertainty before making any decisions. I
selected the study of this course as it will help me in future job opportunities and opening the
business. While selecting the business environment as course I also considered my experience
which motivated me to show interest in this subject. I considered the advice of my seniors
because it leads to the big impact on my future and I relate to it the most.
In the research, this is clear that past experience in the concerned area will make you
inclined towards the subject. My family members are engaged in business due to which I have a
keen interest in the area. In the learning, I can tell that the experience can be shared with the help

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of the Gibbs Reflective Cycle. The cycle provides help to encourages the people to think
systematic manner related to the experience in a particular situation, event, or activity. The first
and foremost step includes a description of the experience (Bass, Sidebotham, Creedy & Sweet,
2019). From childhood, I have seen the adults do their business and get indulge. When I
completed graduation, I joined my elder brother in business for 10 days which helped me to gain
knowledge about the factors like employees and supplier that influence the working to the most.
The reason due to which I worked was to get the better understand about my career because as I
belong to the business background I wanted to work in the business environment.
Being with my brother, I was feeling that it becomes really difficult for them to analyse
the internal and external factors. I thought that might be my brother is not aware of the indirect
factors that will influence the environment. For example; the demand for the products was high
but the workers had a dispute with high authority on some working conditions which directly
influence the production of the company for that day. At that time, the analysis of the all the
internal and external factors is required with the help of the different available tools like Porter’s
five forces and PESTLE analysis (Cepel, Stasiukynas, Kotaskova & Dvorsky, 2018). I found that
the work of the business is linked with the academic work which developed my interest and
prepared for this course.
The evaluation of my experience shows both the positive and negative side which reflects
that include motivation for the further studies and guidance in the selection of the right subject.
On the other hand, the experience was bad because it generates the awareness about the internal
and external factors that affect the business in the wrong manner. The positive influence of these
factors is not clear with such experience (Prajogo, 2016).

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Considering the entire analysis of the experience, I got to know the outcomes of the
course that is considered as one of the most vital course for my present as well as a future career.
I adoption, of course, has equipped me with the proper learning about the business environment
and its importance in the business. Along with this, I got to know that the internal and external
factors that influence the working not only lead to the negative change but it will bring a positive
change in the business. For example; while working with the brother, I got to know that there is a
high demand for the retail products that they are offering to the customers. This was possible
because of the high GDP of the country which means that the purchasing power of the customer
was dominating (Marijs & Hulleman, 2019). Thus, this can be concluded from my experience
that learning about the business environment is important as it helps in taking the right decision
and also conducting the strategic planning which is needed for successful business operations.
Being at my brother situation, I would have listened to the employees to help them which might
be possible with a real-time solution or by fixing the time for further meeting rather being in
dispute which affected the production of the business.
I can manage and monitor the studies to reach on the successful conclusion by applying
these learning for my current activities and on activities linked to the business of my brother by
giving suggestions which will help me to understand the loophole. I would apply this learning in
future studies when I will do entrepreneurship in the later life. Being an entrepreneur and running
own business is what I want to do in life which will be like a dream come true. I would like to set
different goals for myself that I want to become a successful entrepreneur who knows all about
the business environment which leads to right decisions. In the competitive environment, it
becomes essential for the business to take the right decision on right time (Kljucnikov, Belás,
Kozubíková & Paseková, 2016).

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References
Bass, J., Sidebotham, M., Creedy, D., & Sweet, L. (2019). Midwifery students’ experiences and
expectations of using a model of holistic reflection. Women and Birth.
Cepel, M., Stasiukynas, A., Kotaskova, A., & Dvorsky, J. (2018). Business environment quality
index in the SME segment. Journal of Competitiveness, 10(2), 21.
Hamilton, L., & Webster, P. (2018). The international business environment. Oxford University
Press.
Kljucnikov, A., Belás, J., Kozubíková, L., & Paseková, P. (2016). The entreprenurial perception
of SME business environment quality in the Czech Republic. Journal of
Competitiveness, 8(1).
Marijs, A. J., & Hulleman, W. (2019). Economics and the Business Environment. Routledge.
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.