Assessment 1 Part B: Business Environment Reflection

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MGT501 Business Environment
ASSESSMENT 1 Part B
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Introduction
How my understanding of business has changed since the start of
this subject
The subject which I am currently studying is MGT501 Business environment. I have
selected to study this subject because I aspire to be a manager in my future and therefore this
subject holds a vital utility in the same. The study of this subject changed my whole thinking
about business. Earlier I was not aware of all the factors that affect the functioning of the
business practices. For me, the business was just dealing between the manufacturer and the
customers (Prajogo, 2016). It was just a process of exchange of commodities from the
producer or the entrepreneurs to the actual consumer. But with the help of this study, I was
made aware of all the internal and external factors that have a lasting impact on the practices
of the business. This subject helped me in understanding that business is not complete with
the involvement of only two parties it is a lot more. An organization is impacted by a number
of factors and they all are incorporated in the environment of the business. In order to
maximise the profits, the managers have to study a variety of aspects such as the nature of
customers, changes in legal policies, changes in trends and so forth. All of these factors have
a lasting impact on the sales of the firm and their evaluation help the business in the long run.
Has your definition of business, economic principals and business
environment changed?
This subject clearly changed by thinking regarding business, economic policies and the
environment of business. Earlier I used to think that being an entrepreneur is a very simple
process (Prajogo, 2016). We just have to implement innovative ideas and then have collect
resources for its implementation. But with the study of this subject, I realized that business is
a lot more than innovative ideas and some funds. It is a process in which entrepreneurs have
to analyse the whole market and study all the impacting elements. With the help of this
process, they will be able to identify the strategies and can fulfil their individual and
organizational objectives.
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Outline professional objectives and how I might apply my
learning in this subject to achieve those objectives
Professional goals
In academic period every student has some goals or objectives. They study and try to take
participate in the academic activities to fulfil their objectives in a sound manner. In a similar
manner, I also have a variety of objectives. My primary aim was to enhance my skills and
capabilities in order to become business analytics in a renowned organization. Along with
this I likewise wanted to enhance my communication and management skills. Both of these
are an integral part of management (Krstic, 2014). With the help of effective communication
skills, I will be able to enhance the scope of my professional objectives (Huang-Horowitz,
2015).
Learning-related to the present and future
With the assistance of the respective subject, I can learn to plan for my aspirations or
objectives. With the help of this subject, I can develop the ability of planning or scheduling.
This will help me in a lot in shaping my future. With the help of this ability, I will be able to
perform all the tasks of the firm in the most effective and sound manner. Apart from this, the
subject will likewise enhance my capability to adapt as per the change in the situation. With
the help of this academic session, I will be able to make myself flexible (Krstic, 2014). This
will help me in my future and will help in developing my professional identity. This subject
will provide me with information about different business practices and structure. With the
help of this information, I will be able to select the most effective for myself and function as
per my objectives of the future (Huang-Horowitz, 2015).
What do I want to learn more about, and how could it help in my
professional development?
With the help of this course, I was able to learn a variety of elements regarding the business.
All of these elements or approaches will help me in advancing my growth in the near future.
Apart from all of these elements I wanted to learn about the macroeconomics elements. These
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elements will help me in understanding the scope of business in the macro-environment
(Huang-Horowitz, 2015). With the help of this study, I will be able to extend the scope of my
business in the international market. This subject will help in enhancing my area of
knowledge in this period of globalisation.
How I will apply my learning experiences in later life?
The study of this course holds a vital utility in my personal and professional development.
With the study of this subject, I am not only able to enhance my communication and analytics
skills and I am likewise able to enhance my area of knowledge regarding the economy of
business (Krstic, 2014). The subject provided me with knowledge regarding micro and macro
business environment. With the help of this topic, I was made aware of all the internal and
external stakeholders of a business. This knowledge will help me in becoming a successful
entrepreneur or business analytics in future (Fitzell, 2013).
Professional development outside of formal studies
Apart from the academic background, I can likewise initiate activities to develop myself in an
informal environment. I must try to work in any organization and should try to evaluate the
activities that impact the activities of that business. Along with this, I must invest my time in
reading articles and journals of different authors. This will help me in understanding the
current trend of the market and will likewise help in enhancing my skills and knowledge
(Fitzell, 2013).
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References
 Accipio. (2018). The Triple Bottom Line. Retrieved
from https://www.accipio.com/eleadership/mod/wiki/view.php?id=1865
 Fitzell, J. (2013). Reflective practice – a personal productivity tool for managers.
Retrieved from http://www.professionalsaustralia.org.au/blog/reflective-practice-a-
personal-productivity-tool-for-managers/
 Huang-Horowitz, N. (2015). Public relations in the small business environment:
Creating identity and building reputation. Public Relations Review, 41(3), 345-353.
doi:10.1016/j.pubrev.2014.10.018
 Krstic, N. (2014). Stakeholder Management from the Business
Perspective. Megatrend Review, 11(2), 165-182.
 Prajogo, D. (2016). The strategic fit between innovation strategies and business
environment in delivering business performance. International Journal of Production
Economics: Part 2, 171, 241-249. doi:10.1016/j.ijpe.2015.07.037
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