University Business Environment Reflection Report - MGT501

This report is a reflective analysis of a student's understanding of the business environment, addressing key concepts learned in the MGT501 course. The student reflects on their initial understanding of business and economic principles, highlighting the evolution of their knowledge and the importance of these concepts in the real world. The report outlines the student's professional goals, discussing career options and the value of the course in achieving them. It emphasizes the importance of class attentiveness and how the knowledge gained will be beneficial in understanding market dynamics. Furthermore, the report discusses the value of the post-graduation degree, how it will enhance the student's CV, and how they plan to apply their knowledge in their future career, including the option of teaching or pursuing further research. Finally, the report mentions the importance of research and learning from various sources.

Running head: BUSINESS ENVIRONMENT
BUSINESS ENVIRONMENT
Name of the Student:
Name of the University:
Author Note:

1Business Environment
Table of Contents
Answer to question 1:......................................................................................................................2
Answer to question 2:......................................................................................................................2
Answer to question 3:......................................................................................................................2
Answer to question 4:......................................................................................................................3
Answer to question 5:......................................................................................................................3
Answer to question 6:......................................................................................................................4
References:......................................................................................................................................5

2Business Environment
Answer to question 1:
When I was applying for post-graduation course, I was not that much aware with the in-
depth definition of business and economic principals. After I was introduced with the
foundational concept of the business, I got to know a lot more about the economic principals,
where they are used, what is the actual meaning of business and what its features are. This
improved my knowledge the subject and I was also doing research to know about this topic
because it was very interesting for me as I am interested to be a business practitioner in future
(Xie & Steiner, 2013). I thought business environment will be merely the market situation but
after this concept I got to know that business environment is vaster than what I thought. Business
environment involves all the external and internal factors under it.
Answer to question 2:
One of my main professional goal initially was to become a business practitioner, but I
started doing research about available options of career after post-graduation I got to know about
a lot of professional careers however, I did more research on each possible options to know
about which option will be more suitable as per my subject interest and I came up with few
professional goals like I can do internship from any financial firm, I can opt for PhD as I already
had a lot of interest over the functions of business so it will be better option for gaining more
knowledge. I can also apply for teaching course for the post of professor in subjects related to
economics or business (Matlay, Rae & Woodier-Harris, 2013).
Answer to question 3:
It is very important to compare the knowledge which I gained at present and how it is
going to benefit me in future. Well, I always admit that it is important to be attentive in class

3Business Environment
because each and every minor details provided by teacher will be useful for students in future,
may be not in exam but may be practical world. The topic related to business and economics
principals are used in the real world, so when the topics are thoroughly known it will be easier to
understand the current market position of any particular organization and predict how it is going
to function in near future (Potgieter & Coetzee, 2013).
Answer to question 4:
In post-graduation I was ready to gain knowledge regarding every subject as it will be
beneficial for me in developing professionalism. However, I am more interested towards
knowing the functions, foundations of business, its principals, how it works, knowing all these in
details will help me to become a great business practitioner. Although it is important to know
that each and every subject taught to post-graduation student have a inter link between them
because knowing the economic condition and its principals will help any business to flourish
more, globalization, digitalization and liberalization are a part of economic subjects but it
impacted all the business form all around the globe highly (Mastersportal.com., 2020). So it is
important for me to have knowledge of every subject to utilize hem in my business practice in
future.
Answer to question 5:
Post-graduation degree will add more value in my CV. I can utilize this knowledge in my
business practice, I can become a teacher qualifying relevant exams and tech students with my
knowledge as it will be easier for me to teach something which I have already learned. If I
pursue PhD then this knowledge can be utilized for further study and research work. All research
work need in-depth knowledge regarding the subject area (Lerner & Malmendier, 2013). I can

4Business Environment
apply my knowledge of economics in understanding the economic condition and current
situation of any company before investing on it so that I get minimum risk and maximum return
using proper portfolio investment. I can also help others with the same.
Answer to question 6:
Outside the formal studies I was advised by my teacher to do in-depth research about the
topic discussed in class from internet sources because research on any topic on own also helps a
lot in clearing doubts (Jackson, 2014). Video teaching from YouTube is also a very good source
of learning more. Books and articles are always the best option for extra knowledge. Whenever
any doubt arises over practical lessons then it is better to do it yourself like solving related case
studies, assignments and etc. so that it helps with solving doubts.

5Business Environment
References:
Jackson, D. (2014). Business graduate performance in oral communication skills and strategies
for improvement. The International Journal of Management Education, 12(1), 22-34.
Lerner, J., & Malmendier, U. (2013). With a little help from my (random) friends: Success and
failure in post-business school entrepreneurship. The Review of Financial Studies, 26(10),
2411-2452.
Mastersportal.com. (2020). 7 Reasons Why Masters in Management are the Best Alternative to
an MBA - MastersPortal.com. Retrieved 20 April 2020, from
https://www.mastersportal.com/articles/1253/7-reasons-why-masters-in-management-are-
the-best-alternative-to-an-mba.html
Matlay, H., Rae, D., & Woodier-Harris, N. R. (2013). How does enterprise and entrepreneurship
education influence postgraduate students’ career intentions in the New Era economy?.
Education+ Training.
Potgieter, I., & Coetzee, M. (2013). Employability attributes and personality preferences of
postgraduate business management students. SA Journal of Industrial Psychology, 39(1),
01-10.
Xie, C., & Steiner, S. D. (2013). Enhancing management education relevance: Joint creation of
knowledge between business schools and business. Business Education & Accreditation,
5(2), 1-15.