Assessment 1: Business Environment Reflection - Torrens University

This assignment is a self-reflective statement of intent submitted by a student at Torrens University, focusing on their postgraduate studies in Business Administration. The student defines business and explains their motivation for choosing the course, highlighting their past experiences and interests in the field. The reflection details how their academic and work experiences have prepared them for the course and outlines how they plan to meet the required outcomes. It also covers strategies for managing and monitoring their studies, future career applications, and specific goals for the course. The student references relevant literature and emphasizes the importance of leadership skills, practical application of knowledge, and the use of information technologies in achieving business objectives. The document is designed to help the student become aware of their thinking and how it can be used in describing, analysing and evaluating learning experiences, leading to better leadership skills and performance.

BUSINESS ENVIRONMENT

Table of Contents
How do you define Business?....................................................................................................2
Why did you choose this course?...............................................................................................2
What kind of past experience (or interest) do you have in this area?........................................2
How has your experience (academic, work, etc.) prepared you for this course?.......................2
How do you ensure the required outcomes of your course are met?.........................................3
What can you do to manage and monitor your studies to a successful conclusion?..................4
As you think about the future, how might you apply your studies in later life?........................4
What kind of goals would you like to set for yourself with regards to this course?..................4
References..................................................................................................................................6
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How do you define Business?
As a student of Business Administration, I have understood that the process of buying and
selling in order to earn money at a given period of time and place can be referred to as
business transaction. The exchange of goods and services in return of economic profits or
otherwise is termed as a business (Hammer, 2015). My acute interest in business and various
factors of business administration has brought me to this highly esteemed Torrens University.
After completing my graduation course on Business Administration, now I’m on my way to
embark on a much practical phase, where we would apply our knowledge and learning in
practical business situations. My aim is to develop my skills properly so that I can actively
take part in entrepreneurship or management of businesses.
Why did you choose this course?
In order to succeed professionally in the current business environment, an in-depth study is
required in the field of business and leadership (Reilly & Jones III, 2017). Hence, I have
taken up this course in Torrens University, to shape my previous learning and skills in a way
that would be beneficial for my future goals. I hope to learn how to assess my knowledge as
against the current business situation and apply them skilfully, so as to execute the objectives.
What kind of past experience (or interest) do you have in this area?
My graduation studies in this course have sparked an interest in the subject and how they
relate to current day business transactions. I want to further pursue this course for post-
graduation, so that I can learn how to apply my knowledge in practical scenarios and develop
a strong leadership quality, which is extremely useful for carrying out any kinds of business
operations or management. I was always interested in starting my own business in the future.
The Business Administration course has provided me with relevant data and information that
would help me build my own business career, with a strong theoretical background and
knowledge.
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How has your experience (academic, work, etc.) prepared you for this
course?
Business Management teaches us about the administration processes of an enterprise or
organization. My previous academic course on business administration taught me how the
activities or business processes help in managing or controlling the future of an organization.
The course taught us how building strategies help in coordinating the various operational
processes of an organization. It taught us about the various stakeholders and their influences
on the success of the same. The performances of the employees and other voluntary workers
or hired professionals, together make for the all-round development of a business
organization (Pradhan, Jena & Kumari, 2016). All organizations have a set of aims and
objectives; the strategic planning of the available resources, including labour, land,
technology and capital, helps in achieving the desired objectives of the organization, within a
given time-frame (Bush, 2015).
The study also included the management of social or non-profit organizations that are not
focused on profit-building, rather emphasizes on the development of particular areas of the
society. Organizational leadership plays a vital role in the process of business development
(Mittal & Dhar, 2015). Since my career goal has been focused around business management
and entrepreneurship, I have centred my focus on developing my leadership skills and uniting
them with the facts and knowledge gained from my education. Due to the complexity of
management processes, bigger organizations comprise of three levels of managers, in order to
provide an all-round guidance and assistance (Krishnadevarajan, Balasubramanian &
Kannan, 2015).
How do you ensure the required outcomes of your course are met?
In order to assess whether the required outcomes of the Business Administration are met
successfully, it is important to identify the fundamental concepts of business, the various
relationships with stakeholders and the financial or economic development of the
organization (Lewandowski, 2016). This emphasis on assessing business development would
include thorough knowledge and practical experience on accounting, finance, marketing and
management information systems. With the expand in business studies all over the world,
various tools and theories have been devised, which help managers, organizers or
entrepreneurs to monitor and influence, not only internal organizational relationships but also
external organizational relationships. The advancements in information technologies expose
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business organizations to a vast pool of data and knowledge—which needs to be applied
skilfully to achieve the required outcomes of the business processes (Laguna & Marklund,
2018).
What can you do to manage and monitor your studies to a successful
conclusion?
In order to manage my studies in a way that would bring desirable conclusions, it is important
to have a thorough understanding of the data and information imparted throughout the course
—and unites them with practical business scenarios. The various theories taught in the course
need to be applied in practical experiences, in order to execute the planned actions. We need
to skilfully use the information technologies to gather relevant information and store them in
an organized manner that would save space, time and energy. By following the rules of the
theories and information gathered, the management processes must be supported and
executed. In order to achieve the desired conclusions, it is necessary to conduct clear
communication strategies that would eradicate ambiguities and unite the various processes
towards the organizational goals and objectives.
As you think about the future, how might you apply your studies in later
life?
With a thorough understanding and knowledge in business administration and a Masters’
degree course on the same, I would hopefully be prepared for a full-fledged career in business
management. A wide array of options for business management include jobs related to
management, environmentalist, human resources, sales executive, resource manager and
more. Initially the learned theories and practices can be applied in university level events or
organizations. Once I am experienced with applying learned theories in practical scenarios, I
would be ready for venturing in independent Companies or organizations.
What kind of goals would you like to set for yourself with regards to this
course?
Business administration includes has its dominance over a large array of business activities,
stretching over any and many business ventures and industry or sectors. With both graduate
and post-graduate degrees on business administration, I hope to pursue my career as an
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entrepreneur and start my own business. I would nurture my leadership qualities throughout
the academic course and extra-curricular activities in University so as to be well-versed with
the decision-making and mass-influencing processes. Since my chosen specialization id
entrepreneurship and nurturing leadership qualities, I would try to keep my focus fixed on the
objectives in order to achieve best results.
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References
Bush, T. (2015). Organisation theory in education: how does it inform school
leadership?. Journal of Organizational Theory in education, 1(1), 35-47
Hammer, M. (2015). What is business process management?. In Handbook on business
process management 1 (pp. 3-16). Springer, Berlin, Heidelberg.
Krishnadevarajan, P. K., Balasubramanian, S., & Kannan, N. (2015). Stratification: A key
tool to drive business focus and complexity management. International Journal of
Management (IJM), 6(7), 86-93.
Laguna, M., & Marklund, J. (2018). Business process modeling, simulation and design.
Chapman and Hall/CRC
Lewandowski, M. (2016). Designing the business models for circular economy—Towards
the conceptual framework. Sustainability, 8(1), 43
Mittal, S., & Dhar, R. L. (2015). Transformational leadership and employee creativity:
mediating role of creative self-efficacy and moderating role of knowledge
sharing. Management Decision, 53(5), 894-910
Pradhan, R. K., Jena, L. K., & Kumari, I. G. (2016). Effect of work–life balance on
organizational citizenship behaviour: Role of organizational commitment. Global
Business Review, 17(3_suppl), 15S-29S
Reilly, T. M., & Jones III, R. (2017). Mixed methodology in family business research: Past
accomplishments and perspectives for the future. Journal of family business
strategy, 8(3), 185-195
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