MGT501 Initial Statement of Intent Course Content Using Gibbs Refection Cycle
Subject Code and Title: MGT501 Business Environment
Assessment: Assessment 1, Part A: Initial Statement of Intent
Business Environment is comprised of the external and internal environment in which the business operates. Therefore, internal organisational factors and external environmental factors influence the business-decisions, operational functions and overall workings of the business. Business economics involves economic principles detailing market economic conditions of demand and supply that affect business performance (Głodowska, 2017). The economic environment is part of the external business environment and comprises of the economic conditions of GDP, demand and supply of the geographic area and industry where the business is operating (Panayotou, 2016). Considering these initial understanding regarding the business environment and the economic principle, I have developed this statement of intent that reflects on my understanding of the course content using Gibb’s refection cycle (figure 1).
Statement of Intent
“The statement of intent” section for this paper comprises of my understanding, thoughts, feelings and understanding of the course content for module "Business Environment”. I have followed Gibb’s reflective cycle to detail my understanding using different stages such as description, feelings, evaluation, analysis, and conclusion and action plan.
Figure 1: Gibb’s Reflection Cycle
Source: (Potter, 2015)
Business can be defined as an economic system where and organisation or person exchange goods and services with either money or some other goods and services (Pereira, 2018). Therefore, in my opinion, business involves some type of economic transaction involving commercial, professional and industrial activities and trade. The post-graduate studies on the business environment and economic principles understanding the foundations of business, economic principles and stakeholder’s viewpoints in business environments in order to construct professional value as a business practitioner.
As I have undertaken undergraduate studies on business management, the natural course of action for me was to undertake post-graduate studies on the same in order to gain in-depth knowledge on theoretical aspects of business management. I aspire to start my own business venture someday and to do so I must have a thorough understanding of the business environment, economic principles driving business decisions as well as success or failure of any business and must have an idea of doing a cost-benefit analysis of a business idea. This course involves learning outcomes which provide me understanding regarding these areas. Thus this has also been a driving factor for me to choose this course.
My past interest in starting my own small business venture has inspired me to undertake this study. My undergraduate study has given me a basic idea of what comprises the business environment, who are stakeholders and why the economy is a major driving factor for business. In addition to this, while I was undertaking my undergraduate studies, I was employed by a shop owner part-time to manage his stores. During that tenure, I have experienced that my boss needed to make many decisions on a daily basis such as what to stock in the stores, how much stock should be there in the inventory, how customers should be attended etc. I have experienced that these decisions are results of careful thoughts on consumer demands and market conditions. This inspired me to take post-graduate studies because if I am to run my own business, I must also have clear understandings in these areas which I can gain from this course.
During the course tenure, the University course module requires us to complete the different assignment that involves reports, essays, case study analysis covering specific learning outcomes. The assignment involves particular questions or requirements that we must fulfil. On submission of the assignments, we receive grades. If a passing grade is achieved, we become sure that learning outcomes are achieved and if we fail, it means we need to retake the assignments and that learning outcomes have not been met. In order to successfully achieve all learning outcomes, I attend regular classes, tutorials, and follow all lecture notes accompanied by additional readings. I practice writings and prepare formal reports covering course content and ask my tutor to roughly give me initial feedback on what more improvements are needed in work. I follow those feedbacks and make necessary corrections and thus when I submit my final work, I am ensured that I will attain a passing grade.
In order to manage and monitor my studies to a successful conclusion, what I do is keep a reflective journal of daily activities, lessons learned and further improvement needs. While the journal helps me to keep track of my learning and improvement needs, reflection helps in gaining more insight into my actual progress. I take extra initiatives to manage my studies, such as I frequently watch YouTube tutorials on specific topics that I think I do not understand well, or I perceive that I need to make further improvements.
When I think about my future on how I could use my studies in later life I think until I start my own business I need to be employed to a reputed organisation in an executive and later in a managerial position. While my degree can help me to secure the job, in order to be successful in my job, I need to convert my theoretical knowledge that I would gain during this course tenure to practical experiences. The theoretical understanding of specific topics would help me to execute practical decisions. Coupled with my theoretical knowledge and practical experience, I can successfully establish my own business venture where again, I can use my knowledge and experience on a daily basis as well as gain new experience and knowledge.
With regard to this course, I would like to set the following goals for myself as an action plan.
- To gain insight and in-depth knowledge of the functional operations of the business and the environments in which it operates.
- To successfully analyse the economic, social, political, legal, technological and ethical aspects that influence daily business operations
- To understand the viewpoints of internal and external stakeholders and their impacts on business operations.
In conclusion, I can say that my studies at Torrens University would help me to successfully develop as a small business owner gradually because by the understanding of the business environment and economic principles would not only help me to establish my own venture but would also help me in running it to a successful outcome.