MGT501 Business Environment: Self-Reflection and Future Plans Report

This report provides a comprehensive reflection on the business environment, as defined by the student. It begins by outlining the student's understanding of business, economic principles, and the business environment, both before and after the course. The report then details the student's professional goals, relating them to their current knowledge and future aspirations. The student identifies key learning outcomes, discusses how they relate to their present and future, and highlights a desire to learn more about systems thinking. The report also covers how the student plans to apply their learning experiences in later life and outlines professional development strategies. The student concludes by emphasizing the importance of practical learning in corporate life and the value of reading business cases for professional growth. The assignment addresses the learning outcomes of the MGT501 Business Environment course, focusing on reflective practice, economic principles, business fundamentals, and professional development.

BUSINESS
ENVIRONMENT
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My previous definition of a business,
economic principles and business
environment
■ Business is the process of an exchange of any product or a service for
a monetary value.
■ Economic principle refers to meeting market needs with the finite
organizational resources.
■ Business environment refers to the forces and factors that are
affecting the business processes in a given market.

My current definition of a business,
economic principles and business
environment
■ A business is any endeavor that is taken towards making profit by
providing individuals, groups or other organizations some or the other
form of goods or services, with the most important aspect being
profit.
■ Economic principles refers to satiating the unlimited customer
demands in the market with the limited resources of the company.
■ A business environment refers to the various forces acting upon a
business in a given market affects the business processes of an
organization and customer relations.

My professional goals
■ I want to firstly work for a reputed business organization that has
global presence.
■ After some time I want to work with smaller companies and help them
to grow after gaining significant experiences.
■ Later on I would like to open my own consultancy firm and help other
businesses to grow and develop.

Relating learning outcomes to
my present
■ At present, I have gained significant knowledge on how a business
works, and what an ideal business model should look like.
■ This is immensely helpful for me to design a business process model
for own self.
■ Furthermore, the clear conception that I possess in my course gives
me an edge in applying for large scale business firms.
■ Today, I have cleared out my doubts that I used to have about a
business, owing to my course, such as business ethics, how
communication flows in a business, and how pricing and marketing
strategies are set for a firm.

Relating learning outcomes to
my future
■ In the future, I would be faced with a number of business challenges.
■ It is important that I am able to tackle such challenges by applying the
knowledge that I have acquired throughout my course.
■ The practical experience that I have gathered would enable me to
integrate it with my theoretical knowledge to be able to effectively
come up with solutions to any business problem.

One thing I want to learn more
about
■ I would like to learn more about systems thinking.
■ This is because systems thinking provides a framework solution for
complex business problems, which could not be solved effectively
otherwise.
■ As a future manager, this is important for me to know about since a
firm would often be faced with complex business problems, that would
have various stakeholders associated with it.
■ Being able to solve such problems would be the key to my
professional success.

Applying learning experiences in
later life
■ In the future, I would feel the constant pressures of corporate life.
■ The only way I can tackle the challenges that come with corporate life
is to apply more of the practical sides of the learning that I would be
gathering from the course.
■ I believe that both the theoretical and the practical part of my
learning would actually help me to perform better in my corporate life
moving forward.

Professional development
outside of formal studies
■ What I could do further enhance my professional development is to
start reading various business cases from around the world, from
business journals and magazines.
■ This would be helpful for me in understanding how various business
problems are existent in the market and how to mitigate those risks.
■ This is critical for my professional development, since it would help
me in the future to tackle various business situations as a business
professional.

Thank you!