• Internal Code :
  • Subject Code : MGT501
  • University : Laureate International Universities
  • Subject Name : Management

Business Environment and Economic Principles Assessment Answers

Introduction

This assignment aims to reflect my understanding on the business environment and economic principles and how this subject will help me to conduct business in the world market in future (Markkanen, Välimäki, Anttila & Kuuskorpi, 2020). It also highlights my past experiences in this concept and future goals which I will set for myself. 

Description

Business can be defined as a process by which a company sells goods and services to consumers for making a profit. There are two types of business organizations namely public and private. Conducting business is not that easy there are some government regulations which are to be followed by the companies who are doing business. I choose this course because I want to be a businessman and for being successful I need to understand the business environment along with economic principles and policies. I do not have much experience in this field but I am aware of how a business is conducted but lack knowledge in business and government regulations which is very important for conducting a fair trade-in competitive business environment. It is due to this course I realized that for conducting business, I will have to ensure that the business can operate according to the business and environmental laws, intellectual property law and import and export laws(Prajogo 2016).Apart from this, I never thought that there would be different types of competitions as well. It is during the study I realized that there are different competitions like perfect, monopolistic, oligopoly and monopoly. I am keen to learn about these. I also want to know how to price influence the supply of the commodity that is how it can increase or decrease the supply.

Feeling

I am very curious to learn about business and its environment because this subject will help me in understanding consumer rights, product safety laws, environmental and cultural concerns while conducting business operations, privacy legislation and so on. I will be able to learn about taxations, Gross domestic product, monetary and fiscal policies, type of competitions, supply and demand theories and so on(Akhmetshin, Danchikov, Polyanskaya, Plaskova, Prodanova& Zhiltsov,2017). All these concepts will help me in starting my own business in the Australian market. My curiosity for business increased when I was small and used to reside in a rented house. We had to face a lot of hardships to pay the rent and that moment I decided that to fulfil my basic needs and of people of my community who suffer from financial crises I will start a business and will provide them job opportunities in it so that my community children do not have to experience what I have experienced in my childhood. Since then my excitement for studying business environment evoked and today I am learning it. It gives me immense pleasure to be a part of this course study. 

Evaluation

Exam score will help me in analyzing whether I have achieved the desired outcome of the course. There is another way also but it is for the future (Curtis, 2018). If I will be able to establish my company, then it will make sure that all the concepts learnt during the course study are met. I will try to learn all the concepts daily. Monitoring my study is very important because it is the only way I will be able to improve myself. I will create a time table and will study accordingly so that I can cover all the concepts of Business environment. In case if someday I lose to meet my daily learning target due to come reason, I will make some adjustments. Apart from this, I will also complete the assignment given by the professor on time based on my understanding so that the grades received can also help me know where do I stand and how much improvement is needed from my part. 

Analysis

The real analysis of the study will be in later life because it is during that period of life where I will use the theoretical knowledge learnt in the class by applying in a practical environment. It may happen that I will fail to establish my company because of lack of resources but once I will settle down I will never leave the dream of opening a company and giving job opportunity to people like me(Whittaker & Watson, 2020). There are chances that I may get successful in the very first attempt. But opening a business is not enough to make it run properly in the competitive environment and to earn profit from it are other challenges which I need to cope up. The best part of it is that this subject has given me the hope of fulfilling my dreams and I will make sure that I achieve it. 

Conclusion

It can be concluded that for operating a business it is important to learn all its concepts because if a person is unaware of the laws and regulations of the government then that person company has to suffer by paying penalties. This course has allowed me to learn and explore the business in the market (Matsushita, 2018).It has helped me to understand how companies earn profit and how they try to influence their customers. It will help me to select a business structure and all the business regulations pertinent to that business. It will also help me to understand what tax system would be mindful for the particular type of business which I am thinking of after completing my studies here.

Action

I believe in setting small but achievable goals. My first goal is to pass out this course with good grades and the second goal is to work towards achieving my dream of conducting business. I know I have to face a lot of challenges while achieving these both but with hard work and determination, I will achieve both of them(Niiya, 2019).After establishing business my first goal would be to increase productivity as it will help the organization to generate revenues for the company. All this will be possible because of this course study. 

References

Prajogo, D. I. (2016). The strategic fit between innovation strategies and business environment in delivering business performance. International journal of production Economics, 171, 241-249.
Markkanen, P., Välimäki, M., Anttila, M., & Kuuskorpi, M. (2020). A reflective cycle: Understanding challenging situations in a school setting. Educational Research, 1-17.
Curtis, D. M. (2018). They're Digging in the Wrong Place How Learning Outcomes Can Improve Bar Exams and Ensure Practice Ready Attorneys. Elon L. Rev., 10, 239.
Niiya, Y. (2019). My time, your time, or our time? Time perception and its associations with interpersonal goals and life outcomes. Journal of Happiness Studies, 20(5), 1439-1455.
Whittaker, E. T., & Watson, G. N. (2020). A course of modern analysis. Dover Publications.
Akhmetshin, E., Danchikov, E., Polyanskaya, T., Plaskova, N., Prodanova, N., & Zhiltsov, S. (2017). Analysis of innovation activity of enterprises in modern business environment. Journal of Advanced Research in Law and Economics, 8(8 (30)), 2311-2323.
Matsushita, K. (2018). An invitation to deep active learning. In Deep active learning (pp. 15-33). Springer, Singapore.

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