MGT501 Business Environment: Initial Statement of Intent Reflection

This assignment is a reflective piece where a student analyzes their motivations for pursuing postgraduate studies in business, specifically focusing on a Business Environment course (MGT501). The student reflects on their understanding of the business environment, economic principles, and their personal experiences and interests in the field. They discuss their reasons for choosing the course, past experiences that have prepared them, and how they plan to meet course outcomes. The student also outlines strategies for managing and monitoring their studies, setting goals, and applying their learning to future career aspirations. They emphasize the importance of interpersonal skills, strategic thinking, and communication for success in the business world, while also referencing relevant academic literature.

Running Head: BUSINESS ENVIRONMENT
Business Environment
Name of the Student
Name of the University
Author Note

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Brief descriptions
About the business environment, I sued to think that it is the sum of all external factors to
the business firm which influences the functioning greatly. I was aware that the understanding of
the business environment supports organization in making some realistic plans ensuring their
effective implementation. It further helps in identifying the threats and the opportunities in the
business. Then I have come to know about the crucial components of the business environment
such as external environment, the macro external environment consisting of the legal factors as
demographic, economic , political, technological, cultural, political and the natural factors.
About the economic principles, I have known that there is efficiency, scarcity and sovereignty on
which I had less knowledge.
How do you define business?
The business is defined in the form of an organization or the enterprising entity that is
engaged in the industrial, commercial or the professional activities. The business can be either
aimed at gaining profit or can be non-profit organizations operating for the fulfillment of a
chartable mission or a social cause (Bogoviz et al., 2019). The ‘business’ as a terms actually
means some organized efforts along with the activities of the individuals for producing and
selling goods/services for profit. The businesses range in the scale from a sole proprietorship to
one international corporation. There are several lines of the theories which are engaged with the
understanding of the business administration consisting of the organizational theory, the
organizational behavior, the strategic management and the theory.
Why did you choose this course?

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It is true that the world of business is consistently evolving with the rapid growth of
globalization. I have chosen business as a course for unlocking the entrepreneur inside me that
can leave mark on the world. I want to become a successful entrepreneur who requires strong
strategy of execution, innovation and creativity. The business course will develop my
entrepreneurial skills for enabling me in launching my ideas. I will also learn the project
management that is a skill for every sector. I will learn how to solve problems and prioritize the
resources having taken an analytical and cost –effective approach. I will make sue of the project
management tools for mapping the responsibilities ensuring the fulfillment of deadlines.
What kind of past experience (or interest) do you have in this area?
I have always felt the interest and motivation of improving the lives of different people
specifically through bringing new capabilities that they never had before. I feel that business has
many variables and many dots for connecting in order to make sense of the next move. The
whole world is digitally connected and specialized skills are required for redefining the business
practices (Kozubikova, Homolka & Kristalas, 2017). I want my knowledge to be in the right way
that can help in running the business.
How has your experience (academic, work, etc.) prepared you for this course?
This is true that the formal education is one of the most significant steps in the career of
young professionals (Kolk, 2016).. I have learnt a lot about this discipline of study and some
other transferable skills. I have gradated recently with the Bachelor’ degree in the International
business and now aspire in earning the MBA degree. I believe that insightful knowledge in the
management field, the support of the professors and my self-interest on this subject has prepared
me for this course. Also, I had few friends who jumped into a start-up having little knowledge of

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business without attending the university. Now, they are struggling with their decision when it
comes to the development of stakeholder relationships and networking. These are the
experiences that have strengthened my decision of completing post-graduation in the business
field.
How do you ensure the required outcomes of your course are met?
It is found that most of the economists, the scientists, the mathematicians and the
accountants follow the rules, the laws and the theories for measuring the outcomes of their own
efforts against the set objectives. I ensure the requited outcomes of my course are met through
building some achievable learning objectives. I usually follow the ABCD guidelines proposed by
Robert Mager including the Audience, Behavior, Conditions and Degree. The course elements
are tied to the learning objectives for ensuring the course meets the desired instructional
objectives. I stay very careful about not confusing the training objectives with the learning
objectives of the individuals. For each of the units, I set the goals like having an overview of the
required competencies, the topics that are discussed and the activities that need to be performed.
What can you do to manage and monitor your studies to a successful conclusion?
The monitoring needs reflection leading to the conclusions regarding the extent of the
success or the improvement allowing explanations for the lack of improvement. It further
provides the basis for the establishment of the future goals along with a sense of achievement
(Haywood et al., 2019). I have developed an insightful understanding of my own behavior and
learning. I have decided a straightforward way of reviewing regularly and recording the progress
throughout the whole semester. I focus on developing strategies for identifying easily what
counts as evidence of the progress towards a particular goal. I can make use of the learning logs,

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the portfolios, the learning journals and some other simple devices for reflecting on the recent
work and the way the personal learning goals can be achieved. I can further use the ’60-second
Think’ anytime in the classroom about how the learning is going on.
As you think about the future, how might you apply your studies in later life?
Thinking about the future, I would say that the knowledge which I have gained from the
business degree can be helpful for me in choosing a bank account, a pension plan, managing the
spending, negotiating a rise in pay , investing the money quite effectively, understanding the
recent affairs dealing effectively with thousands of others’ life tasks.
What kind of goals would you like to set for yourself with regards to this course
I will focus on improving the interpersonal skills which is essential for people in the
business field working with other people. My next goal will be to sharpen my strategic thinking
skill that is the cornerstone for the MBA. The communication enhancement will be another goal
which will help me in keeping clarity among different roles in an organization. I will enrich
myself with the marketing and the communication campaigns along with building strategies and
concepts for future development. Further, I will learn the basic understanding of the financial
and the accounting management principles along with the ability of drawing conclusions from
various changes.

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Reference
Bogoviz, A. V., Lobova, S. V., Ragulina, J. V., Alekseev, A. N., & Khachaturyan, A. A. (2019).
The Basic Principles of Functioning and Development of Modern Business Systems.
Specifics of Decision Making in Modern Business Systems: Regularities and Tendencies,
31.
Haywood, L. K., Nahman, A., De Wet, B., Nortje, K., Van Der Watt, C., & Kelling, N. K.
(2019). Principles for internalising systems resilience into business management and
value creation. Journal of Contemporary Management, 16(2), 154-177.
Kolk, A. (2016). The social responsibility of international business: From ethics and the
environment to CSR and sustainable development. Journal of World Business, 51(1), 23-
34.
Kozubikova, L., Homolka, L., & Kristalas, D. (2017). The effect of business environment and
entrepreneurs’ gender on perception of financial risk in the smes sector. Journal of
Competitiveness, 9(1).