I have used the Gibbs Reflective cycle to share my experience during the course. These include description, feelings, evaluation, conclusion and action plan for the future.
It gives me immense pleasure to express that throughout the course, I have learnt many new concepts which I wasn’t aware of. At the beginning of the course, I used to think that a business is affected by employees and customers. Later, I realized that a firm’s ability to build and maintain a successful business depends on various internal and external factors. This subject has given me various opportunities to learn new things.
Although due to COVID-19 I had to attend online classes it was still beneficial. It was a new experience for all of us as we were habitual of classrooms. It started with reflective practice to stakeholder analysis. The best part about the activities that we accomplish during the course was a discussion forum. It gave me the space to share my ideas (Curtis, 2018). Apart from the discussion forum, we were given the task to critically evaluate one of the mates work with mine. I critically evaluated the work and identified that at some areas I need to improve and at some, the person whose work I had taken for evaluation has to improve.
In the very first module, I learned that there are different types of business structure. The business structure of an organization influences everything from day-to-day. These structure help in understanding how much of the personal asset is at risk. I realized through the module that one must choose a business structure which gives the right balance of benefits and legal protection.
I have learned from the second module that business environment can be classified into two categories macro environment and microenvironment. I did not hear this term but through the economic perspective of business, I understood that micro-environment consists of factors that affect the company's ability to serve whereas macro-environment emphasizes on broader concepts that affect society on whole.
Before the 3rd module, I had very little knowledge about stakeholders. But after completion, I came to know that both internal and external stakeholders have varying interest and influence on the business (Markkanen, Välimäki, Anttila & Kuuskorpi, 2020). I even realized that it is very important to engage with stakeholders for enhancing performance increasing reputation of the business in the market environment.
The fourth module enlightened my mind completely. This module introduced the two most important stakeholders of any organization. It helped me in understanding that customers are the epicentre of the business. The business organizations priority is to fulfil the needs and wants of the customers. Similarly, this module also ascertained about a government that it acts as a regulator of the business.
The fifth module was very important for me to understand as it will help to identify, attract and retain customers. After completion of this module, I realized that without strategies. If I established a business it will not sustain in the market for long. It is because competition in the market is high and it is very difficult to maintain a brand image with so many alternatives.
From 6th module, I studied contemporary issues in business and how to overcome them through strategies. I even learned about business ethics and social responsibilities. This module helped me in understanding that future prediction is very important in the changing global market otherwise the company will not be able to generate profit for the long term.
At the beginning of the course, I was looking forward to learning new concepts but in the end, I am very happy that through this course I learnt different things which I can apply in future.
I have a professional objective to start my own business in Australia and for accomplishing this task. I needed to understand the theories and concepts of the business environment (Prajogo, 2016). My curiosity for this subject has increased and I am looking forward to learning more about it.
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 are Digging in the Wrong Place How Learning Outcomes Can Improve Bar Exams and Ensure Practice Ready Attorneys. Elon L. Rev., 10, 239.
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