MGT501: Business Environment Analysis and Personal Development Plan

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MGT501 ASSESSMENT 1 PART A
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Business has now become a global term which is used in every part of the world. Business for
me is the buying and selling of goods through various means in exchange for money between
two people or two countries. Business can be either done in the domestic market or in the
international market. There are different business environments for domestic market and the
international market. It is the main objective of most businesses to sell their products so that
they can make profits. But there are some businesses in which profit is not the only motive but
they are set up for the improvement of a social cause. I choose this course because I wanted to
expand my knowledge of the business environment. By understanding business environment it
would lead to a better understanding of economic principles because the business environment
would tell me about both internal and external forces affecting the business. This course would
also expand my knowledge in areas like marketing, finance, policies which are involved in a
business etc. I also wanted to understand the principles that are involved in an economy such as
trade-offs in today’s world. To open up a business in any part of the world for any sector is not
an easy task. This course would help me in understanding the various aspects that are involved
while opening and managing the business. My decision making capability would increase as I
would learn about how to manage issues and risks that would be faced in different businesses.
When people make purchases based on whether certain factors like price or quality is known as
economics. The most that I know of economics is that people would buy a product when it is on
sale or when they find that the quality of a product is good and the price is less. When I was
studying B.Ed. I saw how business environment can be applied to this study. It was seen that
there are various healthcare agencies who would give different offers regarding the healthcare
practices and healthcare plans. Selling of medicine in different strategies showed how I could
find various ways to promote the medicine. While studying an article that I came across, I saw
how new and emerging economies like India and Brazil can have an impact on political economy
of the world. It was seen in the article that how emerging economies mostly fall into risks that
are involved with the economic governance of the world. It was also seen how the collaboration
between the state and business would often lead to more exports out of the country rather than
imports (Nölke, et al. 2015). This experience helped in gaining more knowledge about the
subject of economics and enlightened an interest in me to further pursue in this field. By doing
all of this I could get a better understanding of how the business environment affects the medical
market and are the factors of the economy that will increase or decrease the sale of medicines.
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I know that taking this course would be a tedious task. I would have to manage my subjects in
such a manner that I could grasp all the knowledge in them. I would have to give a certain time
frame for each of my work. A proper timetable would have to be maintained to see how much
progress I have made throughout the course. Other than the knowledge which is gained from the
lectures I would make sure to impart knowledge on my own. Meaning that I would look into
articles and newsletters that are related to either business environment or principles of economy
which would expand my knowledge. I would also involve myself in study groups so that I could
learn from other individual’s experiences and use them for my own benefits. This is a hard task
to do but has to be done by me efficiently and has to be managed in a way that I am able to
intake all the knowledge that is presented my way. I would create a journal in which I would
note down how I am progressing in the course. I could prepare a week and daily schedule in
which I would put in short-term goals. When these goals are achieved they would give me a
sense of motivation and satisfaction. This would lead to more interest in the course and also can
be used for self-development. Another way would be to make a career plan so that I would have
an proper idea of what I want to achieve by doing this study.
For my future this study is very useful. It makes me realize how differently the business world
runs than I imagined. It would help me in understanding different strategies and skills that are to
be applied in a business. It would also provide me with better work opportunities as I would have
gained knowledge about the business environment in an understanding way. I would be able to
develop leadership skills by participating in team-related activities. If I want to avail such
benefits from the course then there are certain goals that I would have to set. One of my goals
would be to gain so much experience in this field so that I can start my own business. With all
the knowledge and skills that I have learned would help to see how to run a successful business.
My other goal would be to get a high profile job so I could get the experience I need for starting
my own business. Also one of my goals would be to establish effective communications skills so
that I could come out as a confident person in front of other people. My entire main motive
would be to gain knowledge, skills, understanding, and familiarity with the business environment
so that when I start my own business I do not start from scratch. I will have a clear understanding
of how the business world works.
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References:
1. Nölke, A., ten Brink, T., Claar, S. and May, C., 2015. Domestic structures, foreign
economic policies and global economic order: Implications from the rise of large
emerging economies. European Journal of International Relations, 21(3), pp.538-
567.
2. Education Corner, 2019. Using time management to improve study skills. [Online]
Education Corner. Available at: https://www.educationcorner.com/effective-time-
management.html [Accessed on: 3 April 2019]
3. Schaltegger, S., Hansen, E.G. and Lüdeke-Freund, F., 2016. Business models for
sustainability: Origins, present research, and future avenues.
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