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MGT501 Business Environment: Initial Statement of Intent Assessment 1 Part A Answer

ASSESSMENT 1 BRIEF; Part A
Subject Code and Title
MGT501 Business Environment
Assessment
Part A: Initial Statement of Intent
Individual/Group
Individual
Length
1000 words
Learning Outcomes
This assessments addresses the following Subject Learning Outcomes:
  1. Develop and apply a conceptual understanding of reflective practice in a business context.
  2. Critically evaluate economic principles and stakeholders viewpoints in business environments.

Weighting
25%
Total Marks
25 marks

Context:

Self-reflection is a way of assessing yourself and the way you work and study. Reflecting helps in developing your skills further and linking practice with theory. It is about analysing what you do and why you do it and applying what you have learned in the future. Reflective self-awareness leads to better leadership skills and performance. More importantly, an enhanced understanding of oneself also provides a solid basis for empathy and leading others.

In Assessment 1, Part A, the focus will be on you to reflect on the motivation for undertaking postgraduate studies and expectations regarding the course and ensuing career path.

Part B, which is due in module 6, requires you to revisit Part A and do a short video presentation on your learning experience and thinking, and how they might have evolved during the course of the subject.

Instructions:

Assessment 1; Part A is a statement of intent which should document your intentions regarding your studies at Torrens University and how they might help you develop professionally.

The purpose of this reflective assessment is to help you become aware of your thinking and how it can be used in describing, analysing and evaluating learning experiences.

  • How do you define business?
  • Why did you choose this course?
  • What kind of past experience (or interest) do you have in this area?
  • How has your experience (academic, work, etc.) prepared you for this course?
  • How do you ensure the required outcomes of your course are met?
  • What can you do to manage and monitor your studies to a successful conclusion?
  • As you think about the future, how might you apply your studies in later life?
  • What kind of goals would you like to set for yourself with regards to this course?

Your Assessment 1; Part A should also include a brief description of your initial understanding of Business Environment and Economic Principles.

In writing your reflective statement of intent, you should justify your choice of studies; identify how your studies relate to your own experiences and how you may apply your knowledge in the future.

Think carefully about your previous experiences and current expectations. Your statement should be clear and succinct showing that you have short-term and long-term goals and an understanding of what you want to do with your degree.

Please Note:

Your statement of intent is a reflexive writing piece, to be presented in the first person (I, Me, My, Mine) and should be written in accordance with the following:

  • You should write in the first person, because this is about YOU, your reflections and your interpretations. (e.g. “I considered this advice  to be…because it had a big impact on

my……...and it helped me to understand my”).

  • Try to be as specific as possible, use brief examples to illustrate your points and select examples that enable you to demonstrate learning against the attributes in the rubric.
  • All other principles of academic writing apply, including strict referencing, acknowledgement of the work of others and avoidance of plagiarism.

Answer

Part A: Initial Statement of Intent

Introduction

The purpose of the assignment is to create a self-reflection and understand the business environment. To find out about the business environment and relating it with the given factors, is the main reason of assessment. The external and the external factors which can be linked to our learning’s and analysis can help us to  evaluate and grow (Anseel, 2020).

Vision and Mission

My own vision to be an entrepreneur who can lead changes and my mission is to choose the course that can help me to have professional sound knowledge and drive the organization through difficult times.

Background

As a background, I belong to the business class family, who always has the orientation to become an entrepreneur. Due to this, I always use to resource myself, fully equipped and ready to explore the market by understanding its vitality and determining suitable engagements.

Define business

According to me, business is an entrepreneurial activity wherein I create wealth by using the help of multiple staff and create jobs, manufacture products or involve in trading or services. Business to me means working more than 24 hours on the day by involving people and thus having more than two hands working for me daily and thus my work gets multiplied. An entrepreneur is the one who is a visionary and is a risk-taking individual and has a desire to grow exponentially. (Brand, 2019). It is very important to upgrade and be at par if not ahead of the changing dynamics of modern-day business especially after the impact of globalization.

Purpose of the course

The purpose of the course is not linked to having a limited scope of operations in a rapidly changing world and also wants to enjoy access to global markets and want to work with a skilled global workforce and be respected by them as well. The course would make my vision broader and help me impart knowledge of management principles and guiding factors which otherwise would take some more time for me to understand and learn.  Thus my expectations from the course are to make me a better individual with a broader and logical approach and also being more professional and skilled personnel (Babatunde, 2019)

Kind of experience

My kind of experience are linked with the academics and inclination towards business and commerce have made me dream of being an entrepreneur someday and this desire is keeping me motivated to study management more and emerge as an entrepreneur material. I am keenly looking forward to becoming a better individual and be seen as a mentor and a leader post finishing the course (Mladenovic, 2019)

Experience (academic, work, etc.) prepared 

Currently the experience I have relates to the academic and workshop, is to be prepared to the set goals and having an objective. The past track record it is a proven institute and course for the aspiring young entrepreneurs as it let them think out of the box and inspires them to challenge themselves and thus it is a great motivation for me and I am looking forward to it spend good learning time herein (Brunstein, 2019). Also, I am very much sorted and ready with my agenda and what all I could learn and take form the course and my priorities are aligned to meet them.  With my research about the course and the results it has been providing to its alma mater, I am positive that the course would provide a tremendous upgrade to my skills and I would be more refined in my approach and would be able to think rationally with better focus.  Taking a close look at the curriculum, one would understand that the studies are divided into various parts spread across semesters and thus I can analyze the flow of lectures and knowledge given threat. 

Outcomes 

Ever since my memories, I was fascinated by the big businessmen around and the power of entrepreneurs changing the lives of people by producing products or other offerings and also empowering other people and workforce (Babatunde, 2019). Also, an entrepreneur is responsible to help many other stakeholders like vendors to get work and also helps in nation-building by paying taxes and other acts of corporate social responsibilities. A good businessman can change or have a better impact on the country and economy and help it grow and become stronger. 

Manage and monitor your studies to a successful conclusion

In order to manage and monitor with the studies, it is important to pursue with the course prepared for real practical life faced by the entrepreneurs, the curriculum besides imparting learning about management principles, it also teaches and prepares the students by putting them in real-life problem or situation wherein they have to think and act as a manager or entrepreneur and solve the same with available resources so that organizational goals are achieved to the fullest.  Thus we are prepared for the life ahead of us in advance and thus the real problems do not look that big or rather we develop skills to negotiate such issues with a certain ease. With the curriculum designed in keeping in mind the practical scenarios, the goal set by myself is to enjoy and live life at campus and be happy while learning and understand the thought process of an entrepreneur, his negotiation skills, his problem-solving tactics and how does he manages resources including human capital so that the management goals could be achieved and desired results are met.  Thus I am looking forward to this course to help me live the life of an entrepreneur in advance so that I could be better prepared for the role I aspire to be in my future.

Future, how might you apply your studies in later life

From the future point of view, the studies and the experience can be helpful to be applied in our current studies. History is full of examples of great visionary leaders who have changed the course of times with their vision and never-ending efforts and spirit. I am moved by such examples and knew it in my heart that I am not someone to work for fixed hours and be content with fix salary rather I am a risk-taking individual who prefers to do something which does add value to the economy and also my lifestyle gets upgraded and I am seen as a leader and be known and remembered for my vision and mission for working towards a better livelihood for all and increasing sustainable growth and development (Brand, 2019)

Goals would you like to set for yourself with regards to this course

The goals are linked to the set outcomes and having an entrepreneur ideas (Mladenovic, 2019). I would be keen to learn the concepts of management, economics, and others and understand case studies and practical live situations and would try to visualize them as a situation at my office as well and try and imagine the solution as well bringing back the peace and work. Thus I am looking to a great learning spree wherein I would be loaded with studies and experiences of the past and I would try to inculcate and incorporate them in my office as well. I am very optimistic about my course to fulfill such aspirations as it is because of much research and feedback that I have decided to do this course.

Conclusion

To conclude, how their can business environment of any deviation, we can always inform the college authorities for help and ask them to arrange for certain additional classes for topics and also give real feedback to college on students' perception of lectures and way curriculums are headed to thus it improves deviations if any form the curriculum.

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