MGT 501: Business Environment, Economic Principles and Reflection

This report provides a reflection on the business environment and economic principles, emphasizing the importance of understanding both external and internal factors that influence business practices. It discusses the significance of economic principles in strategic decision-making and highlights the development of understanding regarding the business environment. The report also delves into the author's professional goals, focusing on teamwork and problem-solving skills, and identifies areas for personal improvement, such as communication, decision-making, and computer skills. An action plan is proposed to address these weaknesses and enhance professional development, with a focus on acquiring necessary knowledge and skills to achieve future aspirations. The report concludes that a dynamic understanding of the business environment is crucial for organizational success.

MGT 501

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAN BODY....................................................................................................................................1
CONCLUSION................................................................................................................................1
REFERENCE...................................................................................................................................2

INTRODUCTION
Business environment includes those factors which influence company practices. In the current
market situation it is important that business should have consider external business environment
because that can affect profitability of business. This report will discuss reflection on business
environment and economic principles.
MAIN BODY
I believe that business environment means the surrounding in which business operates. Business
affects from external as well as internal environment. It is important that business should have
evaluate environment properly if they want to work for the longer time period. Contemporary
business environment is complex. i believe that economic principles are important because it
helps the company in making strategic decisions. Effective strategic decisions will help
company in achieving their objective timely (Gaganis, Pasiouras & Voulgari (2019)). There are
various economic principles which provides help to the company in gaining marginal cost,
opportunity cost, law of diminishing etc. I believe that after o have attend the module I have
develop understanding about business environment and also how positive business environment
can be helpful for the company. I have studies various models and I have found that business
environment is important and positive business environment is more important. I also believe
that having practical knowledge can help employees in attaining the organisational objectives
(Hamilton & Webster (2018)). My professional goals are achieving teamwork skill. I am
lacking this skill and I think that company gives preference to those candidates which have
teamwork skill. When you work in a team than objectives can be easily attained. Teamwork also
brings collaboration and coordination. My another professional goal is problem solving skill.
Problem is normal to arise. There can be small or large problem. By using problem solving skill
I can able to solve problems which will come in my professional career.
I have found that modules which are business environment, economic practice,
contemporary business etc can be derived (Črešnar, & Jevšenak (2019)). Now I have attain
knowledge about current market trend, sustainability etc. I believe that if company have
knowledge about the current market trends than they can easily achieve their objectives. I think
that there are many personal objectives which I wanted to achieve which are improving
communication skills, my personality etc. if I wanted successful career than it is important that
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after finishing this module I should have list down the skill which is required in the professional
career.
Communication is the most vital skill. Both verbal and non verbal communication is important.
If I have effective communication skills then there are high chances that I will get job in good
and reputed organisation (Escaleras, & Chiang (2017)). Personality development is also required
and for this I should have start reading personality improving books. Good personality comes
with confidence. I should have make sure that I always feel confident no matter what is the
situation.
Although there are areas on which I am lacking. So I think that I have to make improvement on
the areas on which I am lacking. I don't have decision making skills and computer skills. Having
decision making skills are require these days because in the organisation employees have to
make important decision and for that decision making skill is must. Another skill which I am
lacking is computer skill. In every organisation it is important that employees should have
computer skill (Chukhray & Mrykhina (2018)). Technology is evolving so having advanced
computer skill is important. By using computer skill employee can make their work easy and
effective. Time management is also the skill which I am lacking. Managing time is not easy but
if it gets managed properly then it helps in achieving tasks on time. In the organisation I have to
met various deadlines and for meeting deadlines it is important that I have time management
skill. I have also noticed those people who is having time management skill is able to achieve
more success in life as compared to those people which does not have time management skill.
The importance of time can be defined from the quote that time is money. It means that time is
more important than money so that is why managing it is important.
On the basis of the above material it can be concluded that business environment is the
important subject. It is required to make the implementation plan for those skills which are
lacking. Action plan should be made so that improvement can be done. As action plan will
consists of resources, strategies and time frame. I should have also focus on gaining the
knowledge which I do not have. I should have read book by which I can develop problem
solving and decision making skill (Bruijl (2018)). I should have also start reading online so that
my communication skill can be improved. In order to attain future aspiration it is important to
work on the weaknesses. This module will definitely help me in attaining my professional goals
because it is having topics which will develop understanding in regards of professional skills.
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Professional development is important also helps in improving professional career. Formal
studies which I am doing will help me in doing so.
CONCLUSION
Through this report it can be concluded that business environment is not same nut it changes. So
it is important that company should have understand those changes and act accordingly. The
reflection model is used in this report which has explained the professional goals and the
importance of professional development.
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REFERENCE
Books and Journals
Bruijl, G. H. T. (2018). The relevance of Porter's five forces in today's innovative and changing
business environment. Available at SSRN 3192207.
Chukhray, N. I., & Mrykhina, O. B. (2018). Theoretical and methodological basis for
technology transfer from universities to the business environment. Problems and
Perspectives in Management, 16(1), 399.
Črešnar, R., & Jevšenak, S. (2019). The millennials' effect: How can their personal values shape
the future business environment of industry 4.0?. Naše gospodarstvo/Our
economy, 65(1), 57-65.
Escaleras, M., & Chiang, E. P. (2017). Fiscal decentralization and institutional quality on the
business environment. Economics Letters, 159, 161-163.
Gaganis, C., Pasiouras, F., & Voulgari, F. (2019). Culture, business environment and SMEs'
profitability: Evidence from European Countries. Economic Modelling, 78, 275-292.
Hamilton, L., & Webster, P. (2018). The international business environment. Oxford University
Press.
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