Torrens University MGT501 Business Environment Part A Report

This report, submitted by a student, is a self-reflective analysis of their motivations for undertaking postgraduate studies in business and economics. It details the student's background, including their interest in the subject, their decision to pursue a degree at Torrens University, and their expectations for the course and future career. The report discusses the business environment, economic principles, and stakeholder viewpoints. It highlights the importance of understanding these elements for success in the modern business world and emphasizes the need for continuous learning and adaptation to remain competitive. The student concludes by affirming their chosen path and the value they place on their education.

Running Head: BUSINESS ENVIRONMENT PART A
BUSINESS ENVIRONMENT PART A
NAME OF THE STUDENT
NAME OF THE UNIVERSITY
AUTHOR NOTE

1Business Environment Part A
Executive Summary
This assignment will focus on the business as a course to be taken and also about the
experiences I have in this area. How my experience has made me to take this course and what
were the things that were in my mind for the selection of this course. The other step will be to
monitor the studies in order to bring forward the successful conclusion. However, various
goals that has been set are also going to be discussed in this report.

2Business Environment Part A
Table of Contents
Executive Summary...................................................................................................................1
Introduction................................................................................................................................3
Discussions.................................................................................................................................3
Business Environment................................................................................................................4
Economic principles...................................................................................................................4
Conclusion..................................................................................................................................6
References..................................................................................................................................7

3Business Environment Part A
Introduction
Self-reflection is generally a way to assess yourself and also the way you study and
work. Reflecting helps in creating a linkage between the practices with the theory. It is all
about understanding what you are going to do and why you are doing this and what benefits
you are going to get out of that in future. Self-awareness leads to increase leadership skills
and performance. Enhanced understanding of self leads to the development of the strong
sense of empathy for others (Farrell & Kennedy, 2019).
Discussions
I had applied and also got admission in Torrens University for an undergraduate
program in economics in order to pursue my interest and love for the business and economics
subjects. I have decided to go for the economics during my high school days after researching
on the subject and coming to the conclusion that this is the only subject that becomes a
subject in both the science and the arts stream therefore it leads to variety and diversification.
Furthermore, I was astonished over the fact that economics has a large of practical knowledge
which is related to the modern business and is applied in every part of the world. The subject
economics is pretty interesting, the theories and diagrams and its logics has always attracted
me and therefore I used to score really good marks in this subject.
I want to further enhance my skill in the said subject. This will enable me to have an
undue advantage in the job market as well where there is an immense requirement of
someone who has a knowledge of economics and business environment. There are many new
tools getting introduced in the job market one need to have special knowledge of statistics
and economics to handle that since in today’s world, the business is no more a standard affair.
It has much more than that and in order to qualify as the best candidate and to get prepared

4Business Environment Part A
for the better future, a knowledge that matches the pace of the modern world is extremely
required and it will provide me that edge which I am looking for (Villamizar, & Mejía, 2019).
Business Environment
Business can be considered to be the organized efforts of the enterprises in order to
supply different goods and services to the consumers in return for the profit. Business can be
of different kinds and of different sizes, however, it is measured in terms of the number of the
employees and the volume of sales that they made and the kind of profit they earn.
It has to be noted that modern business are different. It has dynamics. The only things
that remain unchanged if we discuss about the modern business is it change always. There are
different things that came up every now and then and therefore it constantly require updated
knowledge and inventions and implementation of new systems. All these require special
knowledge and therefore, entrepreneurs these days are pretty much educated and has degrees
as well as practical experiences that matches with their business plans.
Business environment refers to all the external sources that has an impact on the
functioning of the businesses. Business environment are largely out of control of the industry
and the enterprises and it possess great opportunities as well as threats to the firms and the
businesses. The different environment that affects the business includes the socio-economic,
technological, supplier, competitor and also government. The other factors that influences
business is physical and natural or global environment.
Economic principles
Social organism through which people make their living is term as the economic
system. It is constituted to all individuals, banks and institution and government, which act
and interact in the production of goods and services. Individuals put their resources to one or

5Business Environment Part A
the other sources of alternate to make their living, Firms get involved in the factors of the
production to enable them with the proceedings of the production process. Then produce the
goods and services to sell them to their final consumers. However, it has to be noted that the
modern business economics is immensely surrounded by the complexities. There are no
certain ways or certain people who are participating in the workings, however, there are
different types of people who are contributing and participating to its working from different
capacities whether being a trader, producers, workers, financers or consumers and many
more. There are many people who are involved in the production and distribution cycle till
the products or services finally reaches to the consumers. They pass through a extremely
complex network. Therefore, the proper understanding and thorough study of the subject is
becoming essential if I plan to work towards any aspect related to the business and its
economic structure (Gitman et al, 2019).
Stakeholders viewpoint can be easily understood with the help of the below diagram
which shows their position and how their decisions creates impact among various groups.
Here owners are directly involved in the process and therefore they are known as the internal
stakeholders. Employees and managers also forms the part of the internal stakeholder.

6Business Environment Part A
Fig 1. Source- Business Stakeholders | Boundless Management. (2020)
Conclusion
After analysis over the business environment and the economic policies , I have come
to the conclusion that after taking the course in economics I will be able to have a diversified
options after my post-graduation and also I will be going to have a diversified career options.
Job market is getting very stiff for survival and therefore, one need to be efficiently equipped
with education in a diversified manner to claim the position they are looking for. This self-
reflective analysis has helped me identify that I am choosing the right path to tread over and I
am currently in the right path.

7Business Environment Part A
References
(2020). Retrieved 7 March 2020, from
https://www.waceinc.org/hongkong/linkdocs/papers/Australia/Refereed%20Paper%2024.pdf
Farrell, T. S., & Kennedy, B. (2019). Reflective practice framework for TESOL teachers: One
teacher’s reflective journey. Reflective Practice, 20(1), 1-12.
Villamizar, A. G., & Mejía, G. (2019). Fostering learner autonomy and critical reflection through digital
video-journals in a university foreign language course. Reflective Practice, 20(2), 187-200.
Gitman, L., McDaniel, C., Shah, A., Reece, M., Koffel, L., Talsma, B., & Hyatt, J. (2018).
Understanding the Business Environment. Openstax Introduction To Business. Retrieved
from https://opentextbc.ca/businessopenstax/chapter/understanding-the-business-
environment/
Business Stakeholders | Boundless Management. (2020). Retrieved 7 March 2020, from
https://courses.lumenlearning.com/boundless-management/chapter/business-stakeholders/