MGT501 Managing Innovative Development Assignment Sample

• Subject Code : MGT501
• University : Laureate International Universities My Assignment Services is not sponsored or endorsed by this college or university.
• Subject Name : Management

Business Environment

How do I incorporate the understanding of reflective practice in business? How should the economic principles revolving around the business environment be understood?

Business is a financial system that runs on the exchange of products in return for monetary benefits. It is mostly a commercial practice that aims to earn hefty profits for better establishment in the market place and improved livelihood.

Torrens University is a top-notch educational institute for higher studies in Business Environment and Management. It is recognized worldwide and students across the globe travel to benefit from the curriculum. Pursuing my master’s from Torrens University was an aim since my graduate studies. I have been preparing well and have been taking more interest in Business Environment Studies so that I develop a better understanding of the subject by bringing conceptual clarity.

It has been a long journey with this curriculum and selecting it as my future career aspect was not a difficult task for me. All my life, I have been surrounded by businessmen and entrepreneurs. My father being a small rather stable businessman aspires to expand his market value in the coming years. Having experienced a similar kind of background and enjoying its statistical approach, I have been always interested in marketing and business analytics. Since my father expressed his goal of expansion; it has put me into a secure calm and mindset. I majorly want myself to be bigger and better businessmen than anybody in the nearest neighbourhood. Therefore, I made up my mind to help my father with his business ethics and strategies by building up an academic career in Business Environment and Management.

My family background inspired me to take up Business as a professional career and make myself content and satisfied with my career goals and expectations. This would not only assist my family business currently but also help me establish brand value in the market. With pursuing my post-graduation from Torrens University, the course would prepare me for the future and would help me face challenges in my life. The theoretical approaches would build my business ethically stronger and better. I can positively face challenges with confidence and stern attitude. Coming from a similar background, my parents have imbibed the feeling of competitiveness. This would help me grow in the market place by expanding my family business in an enhanced way. The group discussions and personal viva session have helped me to stand by my opinions and thoughts. It has carved my thought process with a wider ideology.

I would ensure that my requisites are met for building a better future. According to me, motivation is the reason behind any action. My step to pursuing post-graduation from Torrens University has the back of my parents. Their sincerity, their trust and believe in me, would always keep me motivated and full of zeal.

To monitor my studies and career goals, my planning for the next few days, months, and years should be sorted. This would acclaim better results. Regardless of my curriculum, my aim is to expand my family business with the studied implementations and practical approach.

Business does not operate with no force. In a vacuum space with no external entity, organizations would not run accordingly. Target accomplishments are the most tedious and vital job to be done. The external business situations are differently operated and are governed and hence, influenced by majorly seven aspects (Geraskina, et., al., 2018):

Economical aspect where the business holder and the stakeholder have to undergo certain negotiations for improving profit rates and eliminating discounts and losses to minimum rates. The legal aspect of the business says that the business environment should run ethically and for the law. The social desparities must be mend and scrutinised in a way that social-economic effects are minimized for developing better business environment. With new businesses comes up new innovative ideas. Creativity is the most crucial element of expansion or establishing brand value. For example- the FDA has come up with generic medicines that contain the same composition but are cost-effective and accessible. The global expansion should be encouraged. Expanding horizons must be a vital aspect of the business environment. With this approach and zeal, we must grab opportunities for better understanding of market and business growth (Akhmetshin, et., al.,2017).

The owners of firms and businessmen are entitled to make important decisions. However, the small decisions like hiring process, up-selling, and profit margins are also decided by the business owners of small firms. Employees should be allowed to decide their role and make suitable arguments as pert the approach. Employee dignity and consideration is an important step for the business environment. The internal business surrounding affects the outer market value and eventually influences the growth of the company. Therefore, it is advisable to ensure that the internal business environment is calm and balanced. The environment, in general, must be studied well for stable and less disastrous approach. The experienced and well-known entrepreneurs study the climate, environment and its behaviour in case of any considerable change. The external force can be very harmful and potentially disastrous for the business and market value (Fabuš,2017).

Business financial matters is a field of applied financial matters that reviews the budgetary, authoritative, market-related, and ecological issues looked by enterprises (Finagina, et., al., 2018).

Business financial matters survey certain variables affecting partnerships—business association, the board, extension, and procedure—utilizing monetary hypothesis and quantitative techniques. Exploration points in the field of business financial matters may incorporate how and why enterprises grow, the effect of business visionaries, communications among organizations, and the part of governments in the guideline (Hamilton, et., al., 2018).

References for Managing Innovative Development

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, 30 2311-2323.

Fabuš, M. (2017). Current development of business environment in Slovakia and Czech Republic.

Finagina, O., & Pankova, L. (2018). Key interests and principles of using the capacity of cluster policy. In Sciemcee Publishing, London 264-279. Sciemcee Publishing, London.

Geraskina, I., & Petrov, A. (2018). Basic principles of constructing a convergence model for managing innovative development of the economic and social system. In SHS Web of Conferences 44, p. 00034. EDP Sciences.

Hamilton, L., & Webster, P. (2018). The international business environment. Oxford University Press.

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