Business Environment and Leadership: MGT501 Reflective Report

This report is a self-reflective analysis of the student's learning experiences within the MGT501 Business Environment course. It explores the student's understanding of leadership, business operations, and economic principles. The report details the student's perspective on the significance of the learning process and how it has helped them develop their understanding of business administration, stakeholder viewpoints, and external environmental factors. The student reflects on how the course has enhanced their critical thinking and leadership abilities and how they can apply this knowledge to their professional career. The report also highlights the importance of economic principles in business decision-making and performance management. The student concludes by emphasizing the value of the course in enhancing their professional capabilities and ability to make informed decisions in the future.

Running head: MANAGEMENT
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Name of the student
Name of the university
Author note

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Table of contents
Introduction......................................................................................................................................2
Discussion........................................................................................................................................2
Conclusion.......................................................................................................................................4
Reference and bibliography.............................................................................................................5

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Introduction
The term conceptual understanding describes process for identifying the subject specific
elements that helps to improve the professional knowledge (Siu, 2019). The purpose of this study
is to assessing the self-reflection regarding the significance of learning process adopted during
the course. In this study, I have shared the knowledge, which has helped me to understand the
significance of leadership and performance skills. The purpose of the study is to help me in case
of understanding how the learning experiences of mine can help me in terms of developing my
career.
Discussion
I believe, business can be defined as the organization or institution, which is involved
into the professional, commercial and industrial activities. The business success can be defined
as the organized effort for gaining the high profit by selling the service and goods. As per my
understanding, it can be considered as the charitable mission for the social cause. Business can
be ranged in the scale of sole proprietorship to the international corporation. During the learning
period, it has been analyzed by me that the business administration is the complex process in
which the entire operations are being described. By choosing the course, it has become easier for
me to undressing the key influencing factors that can bring the positive impact in business.
I believe, through this course, I have got the detail idea regarding the key principles of
business environment. It has been identified by me that the business environment consists of
political, legal, economic, demographic, social, technological and global sectors. It has also been
identified by me that depending on the effective contribution of suppliers, customers and
employees, the entire business performance can be managed. I have knowledge regarding the

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entrepreneurial activities and the impact of external environment in case of driving the business
performance. By continuing this, I can also say that I have knowledge regarding the importance
of leadership practices in the workplace and its impact in case of driving the organizational
performances. As per my understanding, choosing the course I can be able to develop my critical
thinking ability which can help to develop my leadership abilities. I also believe, with this course
I can develop my career graph as a leader.
I believe, from my previous experience, I have the little knowledge regarding the
business activities as well as associated factors with this topic. I strongly believe, with my
previous knowledge, it was easier for me to understand the significant impact of economic
principles.
During the learning process, I have got the clear knowledge regarding the significant
impact of both the external and internal environment in business operations. During the learning
process, it has been identified by me that depending on the behavioral characteristics of
individuals in the workplace, the performance ability as well as cultural aspects in the situation
can be managed. I have also gathered the knowledge regarding the importance of political, legal,
economic, demographic, social, and technological environment in a country and those impact on
the business performance. During the learning session the trade economic principles such as cost
verses benefits, scarcity forces tradeoff, market coordinate, future consequences count, business
margin and incentive related knowledge and those significant impact have been gathered
(Thagard, 2018). As per my understanding, the economic resource utilization process has strong
impact on the governments, households, business and individuals. In that case, I strongly believe,
the course has met all the learning outcomes. In order to manage and monitor the study, I can
follow the revision process. I can also use different journals and articles for analyzing the topic

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in more descriptive manner. By continuing this, I can also say that by involving myself in
different test, I will be able to understand my critical thinking ability on the particular topic.
Analyzing the entire course, I can say that the knowledge which I have gathered during
the course can play an important to enhance the knowledge of mine regarding the emerging
business environment. Highlighting the economic principles and those impact in case of driving
the impact of business practices, I have got the knowledge regarding those impact on the
commercial and social field. I strongly believe, this knowledge which I have gathered during the
course can help to improve the professional ability of mine. In my professional career. If I would
have given the position of an operational manager, the knowledge regarding economic principles
can help to improve my decision making process as I will be able to analyze the situation based
on the stakeholders’ viewpoint, which can not only improve the organizational situation, but also
it can play an important role for ensuring the employee engagement.
The course is about enhancing the knowledge regarding economic principles and those
impact on the organizational activities. In this courses, I have also gathered the knowledge
regarding the effective leadership abilities and those impact on the performance management.
During the course I would like to enhance by leadership as well as critical thinking ability so that
I can be able to take the decisions by understanding the viewpoints of the stakeholders.
Conclusion
In this study, it can be concluded that I have got the detail idea regarding the key
principles of business environment. The course can help to enhance my abilities in the
professional field.

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Reference and bibliography
Jiang, Y., & Hu, Z. (2019). Discussion on Business Administration Functions, Management
Principles and Methods.
Meyer, N., & Meyer, D. F. (2017). Best practice management principles for business chambers
to facilitate economic development: evidence from South Africa. Polish Journal of
Management Studies, 15.
Siu, R. C. (2019). Economic Principles for the Hospitality Industry. Routledge.
Sud, M., Hartman, L. P., Werhane, P. H., Clark, C. E., & Vansandt, C. V. (2017). Strategic
global strategy: the intersection of general principles, corporate responsibility and
economic value-added.
Thagard, P. (2018). Conceptual revolutions. Princeton University Press.