Business Environment MGT501: Self-Reflection Report - Analysis & Goals

This report is a self-reflection assignment for the MGT501 Business Environment course, undertaken at Torrens University. The assignment is divided into two parts. Part A focuses on the student's definition of business, reasons for choosing the course, past experiences, preparation for the course, strategies for meeting course outcomes, study management techniques, future application of studies, and personal goals. Part B presents a transcript of the student's responses to questions about their understanding of business, professional objectives, changes in their definition of business and economic principles, professional goals, the relationship between their learning and the present and future, areas for further learning, application of learning experiences, and professional development outside of formal studies. The report also includes a bibliography of cited sources.

Running head: MANAGEMENT
Management
Name of the Student
Name of the University
Author Note

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Table of Contents
Part-A.........................................................................................................................................3
How do you define your business?.........................................................................................3
Why did you choose this course?...........................................................................................3
What kind of past experience (or interest) you have in this area?..........................................3
How has your experience (academic work, etc) prepared you for this course?.....................4
How do you ensure that required outcomes of your course are met?....................................4
What can you do to manage and monitor your studies to a successful conclusion?..............5
As you think about the future, how might you apply your studies in later life?....................5
What kind of goals would you like to set for yourself with regards to this course?..............5
Part-B.........................................................................................................................................6
Transcript................................................................................................................................6
Introduction............................................................................................................................6
Describe how the understanding of business has changed since the start of this subject.......6
Outline professional objectives and the way it might apply their learning in this subject to
achieve those objectives.........................................................................................................6
Has your definition of business, economic principals and business environment changed?. 6
What are some of your professional goals?............................................................................7
How does what you have learned relate to the present and future?.......................................7
What do you want to learn more about, and how could it help in your professional
development?..........................................................................................................................7

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As you think about the future, how might you apply your learning experiences in later life?
................................................................................................................................................7
What could you do to further your professional development outside of formal studies?.....8
Bibliography...............................................................................................................................9

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Part-A
How do you define your business?
My business is based on the course undertaken for The Master’s Degree in Business
that is done from the Torrens University. Undertaking the course has taught me the manner in
which I can make decisions that can be innovative which can help in the formulation of
business strategies. The course has helped me to understand the manner in which competitive
edge can be gained while applying strategies, which can be helpful for the future. The course
has helped me to apply for management role in the future.
Why did you choose this course?
The reason for the choice of this particular course is that it has provided me with the
knowledge to interpret and analyse the business environment in which I aim to set up my
business. This can help me to understand the manner in which I can continue with the
development of business propositions in the market and ensure my growth in the industry. At
the same time, the choice of the course has been made along strategic lines so that as a
professional I can develop myself as a manager. Along with this, I can implement the
theoretical knowledge that can help in ensuring that the practical knowledge associated with
the concepts can be implemented. The course on the Master’s Degree in Business can help
me to develop strategic plans so that I can succeed in the competitive market.
What kind of past experience (or interest) you have in this area?
My experience in this field is that I had done a Bachelor course on management from
the same University. The Bachelor Degree has helped me to remain equipped with the
knowledge in various areas of business and gain little knowledge about the concepts that are
associated with the business. Thus, I know various roles within the modern operations of

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business and these concepts can help me to commence with my course in the future. The
knowledge or interest derived from the Bachelor Degree helped me to gain both theoretical as
well as practical knowledge about various disciplines of management. It has also helped me
to understand the manner in which each of the concepts associated with business can be
applied in the post-graduate course. Thus, the basic concepts related to business management
can be gained from the business course.
How has your experience (academic work, etc) prepared you for this course?
The experience or knowledge gained from the application of the Bachelor’s Degree
course has provided me with the concept of undertaking favourable decisions for my
program. In doing so, I had made several projects that were associated with the business that I
am interested. I had received help from professors in solving any type of problem and relate
the problems with that of the business management decisions that I intend to undertake. I
analysed scenarios with real life business challenges and managed to meet strategic
objectives, which can help me to continue with my course in the future. The previous course
has helped me to understand the better manner by which I can apply my business knowledge
in the real world.
How do you ensure that required outcomes of your course are met?
The required outcomes of the course have been met, as I have been able to learn about
the different types of competition that exists while conducting a business. I have managed to
understand about various economic as well as business terms such as perfect competition or
formulation of strategies such as motivational theories. The application of these theories and
its impact on the business can be considered as learning the required outcome for the course.
I have managed to understand about the manner in which the economic policies of a country
can be managed. The help that can be received from the government is another course that I
can gain as an outcome for while meeting the requirements of the course.

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What can you do to manage and monitor your studies to a successful conclusion?
In order to monitor the studies for a successful conclusion, certain steps can taken to
understand the conclusion that can be made. One of the monitoring ideas was to ensure that I
take up the help of the professors in college. I can improve my relation with him and
understand the manner in which my skills can be developed by gaining guidance from the
professors. I can ask for help from specific professors so that specialisation of the subjects
can be taken into account I can even form formative assessment which can help me to
understand the course better. For managing my time and the resources to be used for the
course, I can divide my schedule with an improving aspect of learning from the students.
As you think about the future, how might you apply your studies in later life?
The knowledge that is gained from the studies can be applied after the completion of
the course. I can apply the knowledge to understand the manner in which contemporary
business decisions can be taken so that I can ensure that in the future, my company does not
have to suffer from excessive competitive disadvantage. The completion of the Master’s
Degree have provided me with an idea about the manner in which budget can be
implemented and applied for maintaining the expenses of the business. Therefore, I can
understand the different aspects that are applied with business and its specific affinities with
the business environment.
What kind of goals would you like to set for yourself with regards to this course?
The initial goal that I would like to set for myself is that I get a good score after the
completion of the Master’s Degree. I need to ensure that I gain a good credit score for the
development of my professional life and thus can gain a suitable job, which can help me to
implement my skills. Good score from the Master’s Degree can help me to be involved with a
reputed organisation and thus can elevate my professional career.

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Part-B
Transcript
Introduction
“Hi, My name is ..............” (3 seconds)
Describe how the understanding of business has changed since the start of this subject
“My understanding of the business has changed after I started to learn about the
various ways by which I can use the concepts learned for professional development. I can
understand the manner in which business professionals can help me to continue with the
development of business so that I can start my own business firm one day or be associated
with a reputed company. Thus, the understanding has evolved greatly” (40 seconds)
Outline professional objectives and the way it might apply their learning in this subject
to achieve those objectives
“My professional objective is to become a reputed manager and understand the
manner in which I can continue with the development of my business. I can apply my
learning in the subject to ensure that I attain my objectives after I have taken up extra
initiatives to continue with the professional development course an at the same time develop
strategies that can benefit me” (30 seconds)
Has your definition of business, economic principals and business environment
changed?
“Yes my definition of business, economic principals as well as business environment
has changed. I can clearly understand the manner in which I can continue with the
development of my professional career and can see business as an opportunity for me to gain
growth in my professional career. Business can help me to continue with my growth in my

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professional career and based on the business undertaken I can develop economic principals
in the business. I can maintain the economic conditions and changes in the business
environment so that it can help me to maintain the sustainability of the business” (100
seconds)
What are some of your professional goals?
“My professional goal is to develop myself as a successful entrepreneur so that I can
take command over the business that I am working in. My professional goal is to own a
business and manage it so that I can develop my personality in business and continue with the
understanding of the changes that are required to be maintained for attaining strategies for
success” (60 seconds)
How does what you have learned relate to the present and future?
“My learning can help me in my present time to gain experience about the various
concepts and strategies associated with business. In the future, I can use the experience
gained to avoid any mistakes and ensure that I become a respectable person along with
gaining success for my efforts undertaken” (30 seconds)
What do you want to learn more about, and how could it help in your professional
development?
“I want to learn about the various applications of business concepts and models. It can
help me to apply the models in a professional manner so that in future I can become a good
manager and continue with higher achievement of goals and objectives” (15 seconds)
As you think about the future, how might you apply your learning experiences in later
life?
“Thinking about the future can help me to apply my learning experience in later life. I
can apply the learning experience by ensuring that I develop my competence as an effective

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manager so that I can continue with the development of my business and my professional
career” (10 seconds)
What could you do to further your professional development outside of formal studies?
“I could take up an internship for the development of my professional career and
ensure that I continue with taking initiatives that can help me to be away from formal studies”
(12 seconds)

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Bibliography
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Ekaterine, G. and Natalia, K., 2017. Impact of Time Management on Personal Development
of Master’s Degree Students. European Journal of Social Science Education and
Research, 4(6), pp.110-118.
Fiske, P., 2016. A bridge to business. Nature, 530(7589), pp.243-245.
Marshall, J., 2017. Matching form to content in educating for sustainability: The Master's
course in Responsibility and Business Practice. In Teaching business sustainability (pp. 196-
208). Routledge.
Maylor, H., Blackmon, K. and Huemann, M., 2016. Researching business and management.
Macmillan International Higher Education.
Nicholas, J.M. and Steyn, H., 2017. Project management for engineering, business and
technology. Routledge.
Pilav-Velić, A. and Marjanovic, O., 2016. Integrating open innovation and business process
innovation: Insights from a large-scale study on a transition economy. Information &
Management, 53(3), pp.398-408.
Tan, Y.L., Nakata, K. and Paul, D., 2018. Aligning IS Master’s Programs with
Industry. Journal of Information Systems Education, 29(3).