Business Environment Reflection Report: MGT501 Course

This report is a reflection on the business environment, focusing on the student's motivation for postgraduate studies and career aspirations. The student discusses their learning experiences, including leadership, teamwork, and motivation gained from a restaurant management background. The report explores the role of stakeholders and economic principles in business, emphasizing the importance of reflective practice and ethical considerations. The student outlines an action plan for personal and career development, including plans to establish a restaurant and expand it through franchising, leveraging IT for management. The report concludes with a summary of the skills acquired and their application to future business endeavors, supported by relevant references.

Running Head: Business Environment 0
Business Environment
Reflection
Student name

Business Environment
Table of Contents
Introduction......................................................................................................................................1
Reflection on learning......................................................................................................................1
Role of stakeholders and economic principles in business..........................................................3
Conclusion.......................................................................................................................................3
References........................................................................................................................................4

Business Environment
Introduction
Business is a process that is based on the various business functions, such as sales, marketing,
advertising, finance, and others. In general, businesses are always a few critical issues because of
changes in processes or many other things, such as employees, crisis, data breach, and many
others. The business environment can be managed with the help of stakeholder’s viewpoints and
economic principles provide help to resolve various issues of the business. I learned that
motivation is necessary to work and set up a business, which comes from different skills of a
person.
Reflection on learning
I choose this course for the development of my career and increase my skills, such as leadership,
teamwork, motivation and many others. There are few things in this course, which are necessary
for career development. This course has provided confidence in me. I found that such types of
courses are necessary for personal and professional development. I learned that business can be
managed using various approaches and it is necessary to reflect on the different experiences of
business, which can be used in the future.
I had experience as an assistant manager of a restaurant. In that field, I learned that leadership is
necessary for a manager in a restaurant. There are many technical and non-technical things in the
restaurant. I learned about various processes at my previous workplaces, such as cashier,
manager, bartender, inventory, and many others. Business requires knowledge, skills to grow,
and success in the market. Therefore, I chose this course to improve my business skills, such as
management skills, behavior, culture, and many others.
I learned about this course from various sources and it is necessary to develop different skills in
myself, which are helpful in the development of personal and professional career. There are
many other things to understand the growth of the business, such as leadership, motivation, and
teamwork. According to (Bassot, 2016), reflective practice is necessary for learning from various
experiences. There are many other reasons for selecting this course, such as motivation,
leadership, and teamwork. Furthermore, it is necessary to provide a code of ethics to know about

Business Environment
their value and it makes a huge impact on the employee’s performance and their following of
rule and regulations. There are four basic ethical theories, which can be used for handling critical
ethical issues in business. In addition, it makes a difference between others and them. Apart from
it, good and bad experiences provide a way to handle various conditions at the workplace
(Royds, 2010).
I found that my skills have improved after that course, such as leadership, teamwork, motivation,
focus, responsibility, and many others, which are necessary for the business perspective. In
addition, that course provides me the confidence to manage various processes at the workplace. I
learned about the course and the Torrens University, which provides this course. In addition, a
person should be a reflective practitioner to understand and learn about various business
problems and their solutions (Lawrence-Wilkes & Ashmore, 2014).
I found various online tools, software, and other methods for monitoring my studies and it was
helpful for managing various activities and long term and short-term objectives. I learned that a
monitoring process is necessary to identify weaknesses and people can easily manage those
things. According to ( Brown, 2018), reflective practice is necessary to learn about specific
issues in the business and their solutions, which will be used in the future as well.
I will apply my learning and experience in my own business. I have an idea to open a restaurant,
which requires all these skills to manage all the business processes. I want to establish my own
restaurant and its franchises in various places in the same city. All the branches will connect to
each other and I can manage all those branches using Information Technology (IT). In addition, I
learned about blog writing and its impacts on learning. According to (Yang, 2009), blog writing
is the best way for reflection and it is available at any time and anywhere.
I created an action plan for the next five years based on this course, which will provide me
various opportunities. I found that the action plan would provide a proper monitoring and
management service. Therefore, I made an action plan for personal and career development. In
the next two month, I will analyze the whole market and its requirement to identify customer’s
demands from the industry. Based on (Bolton, 2010), reflective practice is necessary for learning
from experiences and it will be used in the business to manage various functions in a proper way.

Business Environment
In the next six months, I will set up a restaurant in the city with high quality of services based on
the analysis of the market. In the next two year, I will open more than five branches of my
restaurant in the city. I will use all my skills to manage and monitor all the business processes to
earn more profit and grow my business in the Austrian market. I am fully motivated from that
course about setup a restaurant and used different strengths to develop business.
Role of stakeholders and economic principles in business
I learned that stakeholder’s viewpoint is necessary for the growth and success of the business. I
found that internal stakeholders are important for the setup of business and its continuity, while
external stakeholders will provide huge benefits and revenue to the company. Management
should monitor all the processes of their business to manage them in a good manner. Beside it,
lack of monitoring is the main reason for most of the businesses (Drennan, et al., 2014). The
management is also facing an ethical issue in their business processes. There are many ethical
issues, which are occurred because of dilemmas between employees and management (De
George, 2011).
Conclusion
In conclusion, an organization requires good employees with the qualifications and skills to
manage and monitor various business processes. I learned that leadership is necessary to manage
all the business processes in a good manner.
In addition, reflection is necessary to learn from various experiences of life in the workplace. In
addition, it will provide various advantages in the future. Finally, I have developed various skills
in me, which will provide help into my business in the future, such as leadership, teamwork, and
collaboration.

Business Environment
References
Brown, N., 2018. Reflective model according to Kolb. [Online]
Available at: http://www.nicole-brown.co.uk/reflective-model-according-to-kolb/
[Accessed 17 April 2019].
Bassot, B., 2016. The reflective journal. 1st ed. s.l.: Macmillan International Higher Education.
Bolton, G., 2010. Reflective practice: Writing and professional development. 1 ed. London: Sage
publications.
De George, R. T., 2011. Business ethics.. New Delhi: Pearson Education India..
Drennan, . L. T., McConnell, A. & Stark, A., 2014. Risk and crisis management in the public
sector. London: Routledge.
Lawrence-Wilkes, L. & Ashmore, L., 2014. Reflective Practitioner. In: The Reflective
Practitioner inProfessional Education. London: Palgrave Pivot.
Royds, K., 2010. Using reflective practice to learn from good and bad experiences. , 13(5)..
Learning Disability Practice, 13(5).
Yang, S. H., 2009. Using blogs to enhance critical reflection and community of practice.
Educational Technology & Society, 12(2), pp. 11-21.