Business Environment Assessment 1: Initial Statement of Intent

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BUSINESS ENVIRONMENT ASSESSMENT 1 - PART A: INITIAL STATEMENT OF
INTENT
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Introduction
Business is a commercial activity in which people work with a common objective to accomplish
goals and earn a profit margin. Individuals start a business with the main purpose of buying and
selling of products to fulfill the needs of the end customers and consumers. The report will
provide a brief reflection about the thinking in relation to the business.
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A business is an occupation in which various individuals work together so that they can earn
high income and revenues by investing a small amount of money. It is an activity through which
the business people can satisfy and fulfill the needs and desires of the customers. Business is
established with a motive of achieving targeted goals and objectives (Laudon, et. al., 2016). The
business consists of a profession, trading of goods and services, employment, occupation, etc.
The business environment is a vast topic and is within the area of my interest. It helps the people
in understanding the ways of doing any operational activity to generate a profitable income. The
business environment helps in increasing theoretical as well as practical knowledge and used in
understanding the factors influencing the business activities in the marketplace. The report will
aid me in understanding those factors and develop my knowledge regarding the business.
I have chosen this course because I have remarkable experience in this field and have an interest
in business activities. I have also taken an article ship during my graduation which has helped in
gathering an effective understanding of the business, business environment, and business
management. The training provided me with knowledge about the changing environment and
how to adopt such changes in the business so as to survive in a competitive environment. The
training program has enriched my experience of business practices and the academic courses
have developed my understanding of the different components of the business environment. The
factors which affect the business environment comprises of (PESTEL) Political, Economic,
Social, Technological, Environmental, and Legal (Shtal, et. al., 2018).
The past experience I have in the business was it helped me in understanding that it is essential to
adopt the changes on regular intervals not only to survive in the market but also to keep the
customers satisfied. I have learned that various strategic policies and procedures should be
formed for effective business operations. The courses have assisted me in gaining real-life
experiences and have learned about several organizations that are currently operating their
business activities successfully. These experiences have developed comprehension of various
methodologies, approaches, theories, models that are to be applied in the business for its
effective functioning.
The course has helped me in grasping detailed knowledge about the business environment which
comprises of government, employees, customers, competitors, stakeholders, etc (Valkokari,
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2015). The course has built my knowledge regarding these key elements of the business and how
these players must be undertaken for efficient business activities. The modules and other course
materials are very helpful in developing the right path for a career. I will use the contents of the
modules in my practical life and gain real experiences. The course has provided me various
modules, presentations, and other relevant course materials to grasp the knowledge about the
business.
I have gathered a wide variety of knowledge from the course materials which have influenced
me in developing my career in the right direction. The course has helped me in developing
various opportunities for myself such as business analyst, business manager, etc. My basic focus
and interest is in the management and administration part of the business. This course has helped
me in developing my decision-making skills for my personal as well as professional life. The
course will help in understanding the challenges faced by the business in the marketplace and
while dealing with the competitors. It helps in making strategies that would be best for the
organizations.
For the successful conclusion of my business, I can perform several functions. I would attend
conferences, seminars, lectures, and various programs and will take active participation in all
such programs and workshops. Along with this, I would also engage myself in more reading and
extracurricular activities. The business environment course will aid in grasping the advanced
knowledge about the topic and enriching me to develop my future as per my interest in the
business. The course will help me in the application of all the theoretical knowledge I have
attained to use it in my practical business life and help me in attaining higher growth and
success.
The knowledge gained from the course has improved my academics which reflect in my future in
a positive manner as I have not only learned about the theoretical concepts but also have gained
practical knowledge. From the studies I have learned that it is important to make strategically
policies for conducting the business operations and accomplishment of the goals hence, I will use
this learning in my business and will make policies according to my business environment. The
course has also helped me in understanding the internal and external stakeholders who play a
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vital role in the business. Hence, I would discuss all the activities with them and communicate
with them properly (Wheelen, et. al., 2017).
In regard to the course, I have set various goals for my future and for the development of my
career in both personal and professional life. These goals are both short term and long term. The
short-term goals are completing the course by gaining as much knowledge as possible. I aim to
get a distinction in my grades and using training to gain practical knowledge as well. I have a
goal of accomplishing my learning outcomes and identify the areas in which I would apply my
theoretical knowledge into practical scenarios.
I have various long-term goals as well such as establishing my own business and achieving
higher position and success in the same by conducting the business activities in a most ethical
manner and providing products according to the needs of the customers.
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References
 Laudon, K. C., & Traver, C. G. (2016). E-commerce: business, technology, society.
 Shtal, T. V., Buriak, M. M., Amirbekuly, Y., Ukubassova, G. S., Kaskin, T. T., &
Toiboldinova, Z. G. (2018). Methods of analysis of the external environment of business
activities. Revista ESPACIOS, 39(12).
 Valkokari, K. (2015). Business, innovation, and knowledge ecosystems: How they differ
and how to survive and thrive within them. Technology Innovation Management
Review, 5(8).
 Wheelen, T. L., Hunger, J. D., Hoffman, A. N., & Bamford, C. E. (2017). Strategic
management and business policy (p. 55). Boston: pearson.
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