Analysis of Business Environment: A Reflective Report for MGT501

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MGT501 Business Environment: Assignment 1: Part A
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Business is a financial activity that is undertaken in order to gain profits and revenues by an
individual or a group of individuals. Business activities and professional operations are executed
for accomplishing certain aims and objectives. As per my understanding business includes for
trade, occupation, profession, and employment etc. (Hamilton & Webster, 2018). I have
undertaken this course of MGT 501 Business environment as it is a field of my interest. This
course includes various modules and subjects that increase the knowledge of business and its
environment. This course will impact on my theoretical and practical knowledge of how a
business is impacted by its environment. The course will also educate me about the internal and
external environment which regulates and develops a business.
I opted for this course as I have significant past experience and interest in the field of business
and its management. I undertook an internship during my graduate program which supported me
in developing an effective understanding of business and its environment. The undergraduate
program provided information regarding business and its management in the contemporary and
dynamic environment. The past experience I gained from the internship enriched my practical
knowledge of how a business is impacted and regulated from its environment. The academic
experience gained from the past education and graduation course developed by understanding the
different elements that develop and construct the business environment. I have learned that there
are various elements such as Political, Economic, Social, Technological, Legal and
Environmental (Hillary, 2017).
The course has aided me in interpreting the manner in which a business is required to deal with
these constraints and develop strategic policies which support for effective business
management. The academic course undertaken has also aided me to function in synchronization
with the dynamic needs and requirements of the business and its environment. The course
educated me with real-life examples and evidence from the business environment. The course
specified with relevant examples and evidence of business organizations working in the current
environment. These examples of the business organization have aided me to develop an
understanding of policies, approaches, and models that have been developed and applied to
function in an effective manner.
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This course will further aid me to develop my understanding of the business environment and its
ancillary concepts and practices. The business environment is made up of different constraints
such as the competitors, government, shareholders and the employees etc. (Gupta, 2013).
This course will construct my interpretation of these key players in the business and how they
must be dealt with for sustainable and effective business operations. I have examined that it is
also necessary for successfully accomplishing the course outcomes and learning materials to
develop a successful career path. I will practice the module content and will engage in practical
knowledge to ensure for the real-time experience of the course materials. The course provides
with different module and course materials that have covered for establishing an understanding
of the business environment.
I expect to develop a systemic and effective interpretation through the completion of this course.
There are various factors that motivated me to undertake this course and develop my career path
in this direction. By undertaking this course I have a future opportunity to develop as a business
manager or a business developing manager. I have an interest in the field of managing and
administrating business or developing the future course of business. The knowledge and
information gathered in this course will aid me to develop strategic business decisions and
programs for my professional and working settings. The course will also aid me in an effective
understanding of the contemporary business challenges and issues a business faces in managing
the business (Prajogo, 2016).
I can undertake various activities that may aid in a successful conclusion of the business. It is
necessary for me to attend all the lecturers and educational programs, participate in all the
activities and assignments provided. Moreover, I will also engage in reading and analyzing
extracurricular and academic pieces of evidence to develop an enhanced understanding of the
course materials. The course will aid me to develop my future in the field of business and its
administration. The knowledge and information I will gather from this course will guide me to
effectively apply theoretical knowledge into practical scenarios.
The course will also develop my skills in an academic manner which will be reflected in my
professional settings. The course will also develop my reflective practices which will aid me to
establish a link between my current requirements and the understanding I develop of the
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information and knowledge I have gathered from my course. The course will provide with an
extensive overview of the internal and external shareholders and how they shape for the business
environment. I will use this information to manage and communicate with my future business
shareholders or stakeholders.
I have goals in both short and long term regarding successful completion of this course and
applying the learning in my future life and career path. I have short term goals to successfully
accomplish the course and gain effective knowledge of the course materials. I have aimed to
conclude the course with distinction grades and develop practical knowledge of the modules. I
also aim at successfully undertaking the course learning and activities required to accomplish the
course outcomes. It is my short term goal to engage in identifying areas where my knowledge
can be applied in practical scenarios and settings.
Further, I have long term goals to be settled in a professional setting where I am provided with
opportunities to showcase my course learning and module information. I have a goal to develop
as a successful business developing manager or a business administrator that guides and educates
the organizations about sustainable and successful execution of operations in the contemporary
business environment. It is my long term goal to apply my course learning and develop a
successful career path. I aim at accomplishing the course and imparting the learning in an
effective manner for my future personal and professional development.
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References
 Gupta, A. (2013). Environment & PEST analysis: an approach to external business
environment. International Journal of Modern Social Sciences, 2(1), 34-43.
 Hamilton, L., & Webster, P. (2018). The international business environment. Oxford
University Press.
 Hillary, R. (2017). Small and medium-sized enterprises and the environment: business
imperatives. Routledge.
 Prajogo, D. I. (2016). The strategic fit between innovation strategies and business
environment in delivering business performance. International Journal of Production
Economics, 171, 241-249.
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