MGT501 Business Environment: Initial Statement of Intent Report

This assignment is a reflection report for the MGT501 Business Environment course at Torrens University. The student provides an initial statement of intent, detailing their motivations for undertaking postgraduate studies, expectations regarding the course, and aspirations for their future career as an entrepreneur. The report reflects on the student's understanding of the business environment, economic principles, and the importance of reflective practice within a business context. It also includes an analysis of the student's past experiences, goal-setting, and how they plan to apply the knowledge and skills gained from the course to their future endeavors. The student discusses their long-term, medium-term, and short-term goals, and how they intend to integrate academic knowledge with practical skills. The report concludes with references to supporting literature and emphasizes the importance of self-awareness and SWOT analysis for personal and professional development.

Running Head: REFLECTION
0
MGT501 Business Environment
Initial Statement of Intent
(Student details :)
7/1/2019

Reflection
1
Initial Statement of Intent: Business Environment
This discussion is containing a statement of intent, with the help of which I will
document my intentions in relation to my studies at Torrens University. This initial statement
of intent will help me to grow professionally and personally as well. In this way, my focus
will be on reflecting on the lessons and learning acquired form postgraduate studies which
can facilitate my future professional development. Based on (Bassos, 2016), I will also reflect
upon the motivation for undertaking postgraduate studies along with the expectations
regarding the course as well as the ensuing career path.
In order to develop and apply a conceptual understanding of reflective practice within
a business context, here I will reflect and describe my own thinking. Based on (Heyrup &
Bente, 2009), I am going to describe, analyze, and evaluate learning experiences within a
business environment context. In this way, my initial understanding of the business
environment helped me to gain detailed knowledge about business and economic principles.
In the beginning, I was having only superficial knowledge over the concept of business, while
after studying post-graduation subjects I have become eligible to become a business person.
Based on (Enterslice, 2017), I can define business as an economic system or
organization where products and services are exchanged among people for money. I also
learned that every business needs basic input of investment as well as an adequate number of
consumers so that business product and services can be sold for making a profit and return.
When I was studying into this module business environment, then I observed that businesses
might be privately owned or state-owned. However, some businesses are running worldwide
for non-profits objectives hence they are known as non-profit organizations (Shenkar, Luo, &
Chi, 2014). For instance, the catering business is an example of a privately owned business
whereas PepsiCo is a corporate business example (Sim Sheng & Wahidah, 2012).
I chose the course of MGT501 Business Environment because I wanted to become an
entrepreneur in the long-term. In this way, studying this course and gaining skills from this
course will allow me to nurture and develop desired organizational behaviour and skill-set in
my personality. I realized that becoming an entrepreneur is not an easy task hence this course
learning has prepared me for the competitive business environment which is essential to
become a successful entrepreneur.

Reflection
2
In the context of a business environment, I also have some relevant past experiences
and interests due to which I got motivated for studying this course on the business
environment. For instance, when I was studying in school I participated in many business
workshops and activities. In this way, I found that business is my core interest and I should
pursue my future studies into the course related to the business environment so as to become
a great entrepreneur.
In the context of my preparation for this course, my past experiences during high
school and graduation course helped me a lot while preparing myself for this course. For
example, I have observed my family members while doing private owned businesses and that
made me prepared for, apply and study this course. As I want to become a successful
entrepreneur hence ensuring that all learning outcomes of my on-going business environment
course are met, is essential. Therefore, I will first assess and study all subjects’ learning
outcomes so that I can ensure learning all lessons and content required to achieve those
course learning outcomes. Here, I am developing and applying a conceptual understanding of
good reflective practice within a business context so that I can integrate all learning
experiences during the course with my future professional practice. Besides, I will attend all
value-added workshops and seminars which can help me to achieve all learning outcomes of
the course while participating in all course-related activities effectively.
In addition to that, managing and monitoring my studies to a successful conclusion is
necessary for me to become an entrepreneur within my set timelines (Zahra & Nambisan,
2012). I realized that by setting short-term, medium-term and long-term goals in my life I can
manage as well as monitor my studies to an effective conclusion. Based on (Zott, Amit, &
Massa, 2011), I will assess, re-assess and re-evaluate my goals on a regular basis in order to
reach a successful conclusion. Moreover, while thinking about the future, I will definitely
apply my past and present studies in future career endeavours in the following ways:
 I will integrate all of the academic knowledge and skills acquired through studying
subjects within this course to acquire practical skills in later life
 I will apply theoretical skills and concepts while converting them into practical skills
at workplaces
 I will reflect on past learning experiences throughout my studies so that I can apply
them in later life

Reflection
3
 I will conduct a SWOT analysis of self-evaluation and self-awareness so that I can
find my strengths and opportunities as the key selling points of my personality.
 I will identify my weaknesses and threats so that I can convert them into strengths and
opportunities respectively.
 Post-learning into business environment module, I will use all possible knowledge
related to business while working in future workplaces from the perspective of
personal and professional development
In the context of goal-setting with regards to this course, I would like to set three
kinds of professional goals for demonstrating all of the acquired learning in later life. For
example, my long-term goal with regards to this course will be becoming a successful
entrepreneur. On the other hand, based on (zkjadoon, 2015), I will get industry experience in
the relevant field where I want to set my business in the future being a medium-term goal.
In whole, with the help of this initial statement of intent I have successfully provided
a brief description of my initial understanding of the business environment as well as
economic principles. I found the reflective practice as a means of learning by doing in real-
time within a business context. Apart from this, I critically evaluated economic principles and
stakeholders viewpoints within different business environments from the perspective of
future career endeavours.

Reflection
4
References
Bassos, B. (2016). What is reflective practice? In The reflective practice guide: An
interdisciplinary approach to critical reflection. Oxon: Routledge.
Enterslice. (2017). Introduction and Types of International Business Environment (IBE).
Retrieved 12 02, 2018, from https://enterslice.com/learning/international-business-
environment-ibe/
Heyrup, S., & Bente, E. B. (2009). Reflection: Taking it beyond the individual. New York:
Routldge.
Shenkar, O., Luo, Y., & Chi, T. (2014). International business. London: Routledge.
Sim Sheng, H., & Wahidah, H. (2012). A Study on Integrating Business Intelligence into E-
Business. International Journal of Advanced Science, 2(6), 430-434.
Zahra, S., & Nambisan, S. (2012). Entrepreneurship and strategic thinking in business
ecosystems. Business horizons, 55(3), 219-229.
zkjadoon. (2015). 17 Different Types of Business Communication Theories. Retrieved 12 04,
2018, from
http://www.businessstudynotes.com/others/business-communication/different-
business-communication-theories/
Zott, C., Amit, R., & Massa, L. (2011). The business model: recent developments and future
research. Journal of management, 37(4), 1019-1042.