MGT501 Business Environment, Semester 2: Initial Statement of Intent

This assignment, submitted by a student for the MGT501 Business Environment course, presents an initial statement of intent. The student defines business, differentiating between B2B and B2C models, and outlines their reasons for choosing the course, emphasizing their interest in entrepreneurship and the understanding of business environment components like global, technological, competitive, social, and legal factors. The assignment details the student's past experiences in a cafe and how these experiences have prepared them for the course, highlighting their skills in marketing and customer service. The student also discusses how they will ensure the course outcomes are met, including understanding environmental scanning tools and the use of financial information. Furthermore, they outline their goals for the course, which include developing critical thinking, professional communication skills, and applying learned concepts to their future business ventures. The document also provides a list of references used to support the student's points.

Subject code: MGT501 Business Environment
Part A: Initial Statement of Intent
Student Name:
Student Id:

Business
According to me, business is a type of activity in which consumers are provided with services
or goods for an objective of earning more profit. Business involves mutual profit to sellers
and the consumer as well(Babińska&Witczak, 2016). Business can be B2B (Business to
Business) and B2C (Business to Consumer). B2B is applicable to organizations that want to
sell their services or goods to other organizations (businesses) not directly to the
customer(Saha&aman, 2014). On the other side, B2C is applicable to organizations that
really wish to sell their services/goods directly to customers(HANS, 2018).
Reasons for choosing this course
I chose this course to understand the basic components of the business environment such as
global, technological, competitive, social, demographic, legal, economic and political(HANS,
2018).I decided to opt this course because it helps to understand how different conditions and
events affect firms in the business environment (Saha&aman, 2014)t.This course helps
students to make aware of unique set of opportunities and challenges for business.I chose this
course because I have deep interest in the field of business. My learnings from this course
would help me to become a successful business owner.Hence, it can be said that I have
chosen this course in order to meet my career goals and dreams.
Interest in this area
I really want to start my own business after taking more experience in the field of business.
There is no doubt that being a business owner (your own boss) is not an easy task but
becoming a famous and successful entrepreneur demands a strong execution strategy,
innovation, and creativity(Eruemegbe, 2015). I have deep interest in improving my
entrepreneurship and creativity skills so that I would meet my future business dreams
successfully. I have past experience of work in a café where I learned how marketing
strategies, quality of customer services, new entrance and product differentiation factors
affect business growth. By analyzing and reviewing the business management strategies of
managers, I came to know how technological advancements and pricing strategies used by
competitors affect the customer segment of my café.
How my experience prepared me for this course?

From my work experience, I observed that professionals could not cope with potential
business threats and uncertainties if they are unable to understand the business environment.
To stay competitive in the market, managers should have analytical skills by applying which
they can understand the nature and type of competition in the market and act accordingly. In
order to achieve my career goals, I have to enhance my professional skills and acquire
knowledge about basic business concepts. My work experience and interest in becoming an
entrepreneur are the main two reasons that are prepared me to opt this course(Saha&aman,
2014).
How do I ensure that required course outcomes are met?
Following points will be considered to ensure whether the course outcomes are met or not:
1. I will ensure that required outcomes of the course are met if I familiarize with the all
components of the business environment (global, technological, competitive, social,
demographic, legal, economic and political) and their influence on the business
profitability(Saha&aman, 2014).
2. Along with this, I can also ensure that required outcomes are achieved if I
successfully learned contemporary business practices that have a significant impact on
the business and economy.
3. Thorough understanding of environmental scanning tools and techniques such as
SWOT analysis, PESTLE analysis, and Porter’s five forces analysis.
4. Understanding the role of continuous learning, self-development, analysis skills,
interpersonal skills for becoming a successful professional
5. Understanding how different entities operate in the national and international business
environment
6. Utilization of financial information in business growth(Saha&aman, 2014).
Managing and monitoring studies to meet a successful conclusion
I can manage and monitor my studies to a successful conclusion based on the grades that I
acquired in the class tests conducted by the professor. There is no doubt that grades could not
showcase actual scores so I have to evaluate my progress in academics by interacting and
getting feedback from my professor(Ibrahim, 2015). This is the best way that will help me to
evaluate my progress and get to know about the areas in which I am lacking. I will follow the
instructions and suggestions provided by my professor to meet a successful conclusion.

However, positive feedback boosts encouragement and gives extra motivation to students to
get better(HANS, 2018).
Applying my studies in later life (future)
I will apply my learnings (skills and knowledge) from my studies in later life to become a
successful professional(Saha&aman, 2014). I would use the acquired knowledge for
exploring the interconnections between different modes of engagements in the business
market. Along with that, prior to starting my business, I will critically analyze the basic
components of business environment including cultural, regulatory, political, governmental,
legal, technological, etc. to prevent the chances of failure. However, my learnings from this
course or study would help me to achieve my career goals.
Goals
In the following section, I have listed various goals that I really want to specify and achieve
with regards to this course:
1. To learn the theories and concepts related to the global business
environment(Serdyukov, 2017).
2. To become an effective problem solver and critical thinker by thoroughly understand
how sustainability can be maintained in the business environment(Eruemegbe, 2015).
3. To become a professional communicator by learning professional ways for delivering
well-structured, clear and focused presentations during this course.
4. To gain a thorough understanding of business environment concepts that will be
applied in the later years when I will be starting my business(Babińska&Witczak,
2016).
5. To improve my personal and professional development skills(Serdyukov, 2017).
I hope will achieve all the above discussed goals with regards to this course. For becoming
my own boss, these goals are essential for me to achieve.
References
Babińska, D., &Witczak, O. (2016). Developing students’ knowledge, skills andsocial
competences in international marketing research– cooperation of academia and
business. Journal Of Economics And Management, 26, 34-51. doi:
10.22367/jem.2016.26.02
Eruemegbe, G. (2015). IMPACT OF BUSINESS ENVIRONMENT ON ORGANIZATION
PERFORMANCE IN NIGERIAA STUDY OF UNION BANK OF
NIGERIA. European Scientific Journal. Retrieved from
https://pdfs.semanticscholar.org/2c9d/76f12c8f91c5d867715f21dc4aad6d4d5e7f.pdf

HANS, D. (2018). BUSINESS ENVIRONMENT – CONCEPTUAL FRAMEWORK AND
POLICIES. I N T E R N A T I O N A L E D U C A T I O N A L S C I E N T I F I C R E S
E A R C H J O U R N A L, 4(3). Retrieved from
https://www.researchgate.net/publication/324280605_Business_Environment_-
_Conceptual_Framework_and_Polices
Ibrahim,, R. (2015). Influence Business Environment On The Organization
Performance. INTERNATIONAL JOURNAL OF SCIENTIFIC & TECHNOLOGY
RESEARCH, 4(4). Retrieved from https://www.ijstr.org/final-print/apr2015/Influence-
Business-Environment-On-The-Organization-Performance.pdf
Saha, S., &aman, A. (2014). A Comparative Study On B2B Vs. B2C Based On Asia Pacific
Region. INTERNATIONAL JOURNAL OF SCIENTIFIC & TECHNOLOGY RESEARCH
VOLUME, 3(9). Retrieved from http://www.ijstr.org/final-print/sep2014/A-
Comparative-Study-On-B2b-Vs-B2c-Based-On-Asia-Pacific-Region.pdf
Serdyukov, P. (2017). Innovation in education: what works, what doesn’t, and what to do
about it?. Journal Of Research In Innovative Teaching & Learning, 10(1), 4-33. doi:
10.1108/jrit-10-2016-0007