MGT501, Semester 2: Importance of Study in Professional Development

This report, submitted by a student, delves into the significance of education and study in achieving professional goals. The student reflects on their interest in business from childhood, leading to a graduation in business and economics. The report outlines the knowledge gained from these studies, including understanding business structures, market dynamics, microeconomic and macroeconomic factors, and stakeholder analysis. The student emphasizes the importance of continuous learning for becoming a successful entrepreneur and outlines a plan for post-graduate studies to acquire further knowledge and skills. The report highlights the relevance of the course structure and the student's commitment to applying learned concepts through case studies and business plan modeling. The student's ultimate goal is to become an entrepreneur, and they believe this educational path will significantly contribute to their future success.

Running head: IMPORTANCE OF THE STUDY IN PROFESSIONAL DEVELOPMENT
Importance of the Study in Professional Development
Name of the Student
Name of the University
Student ID

1IMPORTANCE OF THE STUDY IN PROFESSIONAL DEVELOPMENT
I have always wanted to contribute to the economy and bring good changes but just
wanting to achieve something cannot take me to the heights I want to reach. It requires thorough
planning and directing the focus towards the actual goal. The most important part of reaching
your goal is to know your goal first. Thus, I realized that educating myself about the relevant
subjects related to my goal is a must. Let me discuss a bit about my professional goal as it is
necessary to describe my choice of study in the latter part of the essay. Fromm childhood I have
interest about business whatever be the kind of it. I went to grocery store with my father during
my childhood and that time I became interested in business. I wondered how grocery shop owner
knows about others demand and supply the exact things (Guiso et al. 2017). Buyers are not
protesting for the price charged for the product even if the price is decided by some other person
or entity. All these intrigued me about knowing the mechanism. It was the origin of my interest
and as I kept growing, many things came across me and converted my interest into a passion of
knowing about business and its mechanisms.
In order to more about business, I chose business and economics for my graduation.
Someone close to told that if you want to know more about business you need know about
economics too. Hence, the choice of my graduation course include the two subjects. During the
course, I learned that any enterprising entity or organization that is involved in industrial,
professional and commercial activities is known as business (Chauhan & Garg 2020). In addition
to that, a business can be profitable as well as not-profit, for example charitable organizations.
The main insight of the business and it is mechanisms I learnt from the study of economics
(Mankiw 2020). How consumers behave to price changes, how demand and supply equilibrium
is achieved in market, different types of market that exists in an economy, how business increase
their profit by efficient use of factors and impact of cost of production on business (Kreps 2019).

2IMPORTANCE OF THE STUDY IN PROFESSIONAL DEVELOPMENT
Additionally, I learnt that not only microeconomic factors impact a business but also the
macroeconomic factors impact it. Macroeconomic factors are important because success of a
business depends on the socio-economic aspect of its consumers and political factors which are
directly influenced by the theories of macroeconomics (Singh & Sharma 2016). I now know that
there are four types of market structure and they are perfect competition, monopolistic
competition, oligopoly and monopoly (Auer & Schoenle 2016). The first is the most competitive
markets structure and in the case of last one, there is no competition. The relationship price share
with demand and supply has a great role in production decisions. The markets is driven by the
demand of the consumers that is businesses try to meet the demand of the people or consumers.
Thus, I feel that it is necessary for a business professional to understand all these factors that
exist in an business environment With rise in demand price of product increases whereas with
rise in supply price falls. The market structure also defines how a business organization would
behave if it is profit making organization (Curto 2018). In monopoly market, a business charges
high price and make super normal profit (Bradshaw, Linneker & Overton 2017). On the other
hand, in perfect competition a business charges free market forces determined profit and earns
super normal profit. Cost of production is very much important and it as direct impact on
profitability and competitiveness. A business firm that has better cost structure than its rivals has
more advantage. These aspects explains for the microeconomic environment but there are other
aspects that entire business environment of an economy and they are macroeconomic aspects.
Gross domestic product (GDP), income distribution, interest charged by the central banks and
trade relations of an economy directly impact business environment. Therefore, in my opinion
learning anything that helps me to understand and apply my ideas in business should be learned.
These are the economic aspects of business but a business is comprised of its stakeholder and

3IMPORTANCE OF THE STUDY IN PROFESSIONAL DEVELOPMENT
due to them, a business becomes successful. As per my knowledge gained from my education
exposure gained so far are the entity or person that have some kind of interest in a business.
Generally, stakeholders of business includes owners, employees, managers, shareholders,
suppliers and the government. Therefore, all these stakeholders behave in their interest in a
business and it is important to have their interest focused in a single direction otherwise a
business would collapse.
Furthermore, I want to add that the knowledge that I have gained so far is enough to
understand the structure of business but is not near enough help me achieve my goal of becoming
an entrepreneur by myself. It is the main reason I chose this course for my post-graduation in
order to gain more knowledge and learn new things that will help me in future to become an
entrepreneur. I have gone through the course structure and I feel that if I make a plan and
maintain regularity in attending class there will be not difficulty in completing the course. In
addition to that, I have thought of making case studies applying my course learnings such that
my skill of application increases. I would like to generate model business plans using the things
that I will learn in the course. I approach to this course will be more empirical than theoretical. I
believe all these practices and learnings in the course will help to become a successful
entrepreneurs in future as the course includes all the subjects and training modules that must be
useful in real life business operations. Therefore, I can infer that choice of my course takes me
one step forward toward my goal.

4IMPORTANCE OF THE STUDY IN PROFESSIONAL DEVELOPMENT
Reference
Auer, R. A., & Schoenle, R. S. (2016). Market structure and exchange rate pass-through. Journal
of International Economics, 98, 60-77.
Bradshaw, S., Linneker, B., & Overton, L. (2017). Extractive industries as sites of supernormal
profits and supernormal patriarchy?. Gender & Development, 25(3), 439-454.
Chauhan, V. S., & Garg, A. K. (2020). Family-controlled businesses in India: a shareholding
pattern-based definition. International Journal of Indian Culture and Business
Management, 20(1), 60-73.
Curto, J. C. (2018, April). Exploring Legal Terminology: Types of Business Organization in the
United States. In Ideas (Vol. 3, No. 3).
Guiso, L., Herrera, H., Morelli, M., & Sonno, T. (2017). Demand and supply of populism.
London, UK: Centre for Economic Policy Research.
Kreps, D. M. (2019). Microeconomics for managers. Princeton University Press.
Mankiw, N. G. (2020). Principles of economics. Cengage Learning.
Singh, A., & Sharma, A. K. (2016). An empirical analysis of macroeconomic and bank-specific
factors affecting liquidity of Indian banks. Future Business Journal, 2(1), 40-53.