MGT501 Business Environment: Reflecting on Postgraduate Studies

This report is a reflective essay submitted by a student for their MGT501 Business Environment course. The essay delves into the student's personal motivations for pursuing postgraduate studies, specifically focusing on their career aspirations within the business field, and their expectations from the course. The student reflects on their existing knowledge of the business environment, including macro and micro factors, and how the course will help them enhance their skills in areas like leadership, time management, and financial resource management. The essay utilizes Driscoll's three-stage reflective practice model (what, so what, now what) to analyze past experiences, assess current skills, and outline future goals. The student plans to apply the course learnings to their family's apparel company, aiming to implement innovative ideas and drive technological transformation. Short-term goals include improved time management, change management, and financial resource management skills. The essay concludes with a positive outlook on the course's potential to facilitate career growth and contribute to the company's and society's success. References to academic sources are included to support the reflections.

Business Environment
[Type the document subtitle]
student name
3/13/2020

Business Environment 1
Business environment: reflection
Business environment as per my current knowledge include various factors and
constraints that are associated with the business activities and are going to affect the
organisational function in some or the other way. The influence can be one of the
environment due to the business, or on the business, thus it is relevant to study business
environment. There are two categories that are macro and micro environment. These include
the factors like suppliers, customers, competitors and marketing intermediaries, which are
influencing the business and are in control of organisation (Schon, 2017). Other than this
macro environment includes the factors that are not in control of business like political, legal,
social, technological, economic and environmental forces. This reflects the economic
principles of business including the factors like production, consumption and distribution of
goods and services considering the business environment and optimum utilisation of the
resources. The reflection will include considering the professional course to opt for further
degree considering business studies (Epstein, 2018).
The existing knowledge which I have included previously needs to be enhanced and
gain additional knowledge in order to consider my career and run a business. The key
purpose of choosing the professional degree includes professional development, which I
believe I do not possess to the extent that is required in a marketplace to become an effective
business person or an entrepreneur. However learning from my experience, and analysis for
this professional course will reflect if this course will helpful in my career goals or not
(Ahlin, 2014).
The reflection of this professional degree course decision making, one of the
reflection model by Driscoll; I would prefer to apply is three stage reflective practice that is
what, so what and not what. Considering the first stage of the reflective cycle, i would like to
add that as per my current knowledge the trading of good or services by creating value for the
customer and earning profit from the same is considered to be as business. The business
function includes a combination of various activities, and need various skills and
competencies to conduct a business successfully. The course that I have been considering to
peruse includes personal and professional development. For instance the course will include
education and workshops pertaining to enhance management knowledge and skills (Tran,
2017).

Business Environment 2
I would be working towards becoming a better business person, as I am going to join
my father’s apparel company, which I want to change through innovative and creative ideas.
Thus, this is the reason to choose the course. From my past experience in academics and
work experience, it can be said that my interest is in studying management of financial
resources and managing customer relations. From self assessment and current academic
experience has improved my communication skills, analytical skills, interpersonal skills,
basic financial and accounting knowledge, which could lead me to take this course. In order
to ensure that the required outcomes, which I am looking for that is improvement in
leadership skills, resources management, time management, and change management
(Tillema, 2000).
Considering the second stage that is so what, From the experience it can be analysed
that in order to manage and get the successful conclusion from the course, it can be said that I
will be engaged in the studies and workshops, and assignment that will eventually help me to
apply the studied knowledge and skills within classes sand university so that this experience
will be helpful in near future. Other than this, in order to monitor the benefit of the degree in
my professional life, I would be considering evaluation and controlling method during the
academic experience, so that the use of the learning are applicable and understand if the
learning is appropriate or need additional learning in that specific are, and this can be assess
through self examination, and taking experience through internships and group discussions
(Brunes & By, 2012).
Considering the third stage that is now what, it can be said that my future plans
pertaining to this course learning includes becoming a business person, where I am looking to
transform the company towards technological transformation. Other than this there are
various short term goals that is looking as outcome from this course I will be taking, in order
achieve my set long term career goal. The short term goals that I will accomplish within this
year of the studies includes practicing time management, in order to accomplish any activity
or project, it needs to prioritise in a business so that the management of the resources that are
crucial or need to consider urgently are taken up on time and eventually the task is completed
on time (Nauman, Khan, & Ehsan, 2010).
Other than this my goals also include change management, I will be looking to
transform my business with innovative and creative ideas to improve business performance.
For this, it is important to learn how to implement the change effectively in the company.

Business Environment 3
Other than this, the goal also include learning financial resource management, which is the
major objective of this course as the key objective is to increase the revenue and maximise
the profit along with optimum utilisation of the limits resources available to the company
(Golaghaie & Asgari, 2019).
From this reflective essay it can be concluded that I found the professional course to
be helpful in my career, which reflect that I will be pursuing this course and gaining skills
and knowledge pertaining to time management, leadership skills, change management, and
managing financial resources effectively from the course. The key objective for taking this
course is to become a success entrepreneur or business person and bring change to the
company and society.

Business Environment 4
References
Ahlin, B. (2014). Entrepreneurs’ creativity and firm innovation: the moderating role of
entrepreneurial self-efficacy. Small Business Economics, 43(1), 101.
Brunes, B., & By, R. (2012). Leadership and change: The case for greater ethical clarity.
Journal of business ethics, 108(2), 239-252.
Epstein, M. (2018). Making sustainability work: Best practices in managing and measuring
corporate social, environmental and economic impacts. London: Routledge.
Golaghaie, F., & Asgari, S. (2019). Integrating case-based learning with collective reflection:
outcomes of inter-professional continuing education. Reflective Practice, 20(1), 42-
55.
Nauman, S., Khan, A., & Ehsan, N. (2010). Patterns of empowerment and leadership style in
project environment. International Journal of Project Management, 28(7), 638-649.
Schon, D. (2017). The reflective practitioner: How professionals think in action. London:
Routledge.
Tillema, H. (2000). Belief change towards self-directed learning in student teachers:
immersion in practice or reflection on action. Teaching and Teacher Education, 16(5-
6), 575-591.
Tran, L. (2017). Time Management Month (Part 1): Introducing the Action Priority Matrix.
Retrieved from https://www.inloox.com/company/blog/articles/time-management-
month-part-1-introducing-the-action-priority-matrix/