Business Environment and Economic Principles
The business environment has a greater impact when it comes to the running of a business. Business environment includes both internal and external factors (Chavis, Klapper, & Love, 2011). These factors contribute to the success or failure of an organization. Internal factors include activities surrounding employees, owners and managers. On the other hand, external factors involve customers, government, suppliers and the society surrounding the business. These factors generate continuous pressure which pushes the business to success (Wagner, 2017). For the business to succeed, it should deal with the business environment in the right manner. One way of doing this is by ensuring that the stakeholders’ demands are met. Economic principles push businesses to succeed, and this means that they push the business to survive in the changing business environment. Economic principles surround the act of satisfying the consumer wants, which forms part of the business environment. These two factors have helped me get a clear understanding of business and some of the factors which affect. The two factors have also helped me in understanding my course in better perspective. I have written this article to show my understanding of this course as well as issues concerning it.
Business definition
I define business as a profit-based activity which groupthe exchange of goods and services. The activity, in most cases, involves two main parties which are sellers and the buyers (Munter, 2017). However, there are other stakeholders who are involved, and they include employees, suppliers, government, creditors, investors and managers. These stakeholders form part of the business environment. Each of these stakeholders has a greater role which they play in any business. No matter how less impact their role seems to be, there is always a greater influence at the end. The main objective of a business is to make more sales and serve a large market. To achieve this objective business should be able to meet their stakeholders’ needs.
Why I chose this course
There are many reasons why I chose this course. The primary reason why I chose this course is to understand certain issues surrounding business. I wanted to understand some of the factors which affect the operation of a business and how to deal with them without any major challenges. I wanted to understand the environmental factors in deeper details. I was eager to know how businesses deal with environmental factors, especially in the technological world, which keeps on changing. I also wanted to understand how to make accurate decisions in a business to avoid failures. I wanted to learn more on strategy setting, especially in cases where a business is facing constant pressure from the internal and external environmental factors. All these concepts will be of a greater application when it comes to my career. I will be able to advise and work together with the team in charge of dealing with environmental factors. Similarly, I will be able to assist in the decision making and planning processes which are very sensitive in running any business.
My experience in this area of study
I have gained experience through different activities which I have carried out during my studies. These activities include different interactions and task assigned during my studies. In the other courses, I have interacted with different classmates, and through this, I have learned several skills which are key in this course. I have gained communication and teamwork skills through discussion. Communication skills are needed in any part of our life (Arnold et al., 2015). Through the research I have done in my studies, I have also gained research skills. I have learned the need for accurate decision making and setting team goals.
How my experience has prepared me for this course
The experience I have gained throughout my studies has prepared me well for this course. I have learned more from the other courses, and some will be applied in this course. I have learned concepts concerning business and its challenges, and this knowledge will be useful in this course. The communication and teamwork skills I have gained will help when it comes to tackling group works assigned in this course. I will have to appropriately interact with my course mates to ensure that the group work is done without any main issues (Solomon & Salfi, 2011). I have interacted with different discussions and assignments, so I have experience on how to tackle assignments and discussions in this course.
My plan to achieving required course outcomes
I plan to make use of all available resources to pass this course and understand all the concepts under this course. I will have to come up with a plan that will guide me into achieving the course objective. My plan will have a timetable which will help me allocate time for my studies. To be able to attend to all assignment, researches, group work and other studies I will need at least five hours. So, this means that I will allocate 6 hours for my studies. By following this timetable without any major changes, I will be able to achieve the required course outcomes.
Management and monitoring of my studies
To manage and monitor my studies without any major challenges, I will have to come up with targets and objectives. I will be comparing my individual performance alongside the targets to confirm whether I am on the right track. In case of any failure, I will be able to notice, and so I will take the right measures to improve the performance.
How I will apply my studies in future
In future, I want to work in a business environment. Mostly I want to be part of the team that deals with business factors and challenges. To be part of this team, I should have enough knowledge concerning the business factors which include environmental factors (Teagarden, 2013). The skills and knowledge I have gained from my studies will be of great application in this field. Communication and teamwork skills will be of high demand in my job position. So, I will be required to apply my excellent problem-solving, teamwork and communication skills in this position.
My goals in this course
I focus on passing this course and understanding all the content shared in this course. I also target on applying the knowledge and skills gained in this course in my career. I target paying much attention to the business environment as well as an economic principle so that I may help businesses in dealing with these factors.
References
ARNOLD, R. M. M. D., BACK, A. L. M. D., BARNATO, A. E. M. D. M. P. H. M. S., PRENDERGAST, T. J. M. D., EMLET, L. L. M. D. M. S., KARPOV, I. P., . . . NELSON, J. E. M. D. J. D. (2015). The Critical Care Communication project: Improving fellows’ communication skills. Journal of Critical Care, 30(2), 250-254. doi:10.1016/j.jcrc.2014.11.016
CHAVIS, L. W., KLAPPER, L. F., & LOVE, I. (2011). The Impact of the Business Environment on Young Firm Financing. The World Bank Economic Review, 25(3), 486-507.
MUNTER, P. (2017). FASB Revises Definition of a Business. Journal of Corporate Accounting & Finance, 28(4), 73-78. doi:10.1002/jcaf.22267
SOLOMON, P., & SALFI, J. (2011). Evaluation of an interprofessional education communication skills initiative. Education for health (Abingdon, England), 24(2), 616.
TEAGARDEN, M. B. (2013). Institutions and Business Success. Thunderbird International Business Review, 55(2), 121-122. doi:10.1002/tie.21530
WAGNER, S. M. (2017). The Business Environment of Europe: Firms, Governments, and InstitutionsThe Business Environment of Europe: Firms, Governments, and Institutions, by GuayTerrence R.. Cambridge: Cambridge University Press, 2014. 366 pages. Paperback. Academy of Management Learning & Education, 16(1), 169-171. doi:10.5465/amle.2017.0053