Your Assessment 1; Part A should also include a brief description of your initial understanding of...

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Your Assessment 1; Part A should also include a brief description of your initial understanding of Business Environment and Economic Principles. In writing your reflective statement of intent, you should justify your choice of studies; identify how your studies relate to your own experiences and how you may apply your knowledge in the future. Think carefully about your previous experiences and current expectations. Your statement should be clear and succinct showing that you have short-term and long-term goals and an understanding of what you want to do with your degree.

Soumi · Accepted Answer

Running Head: BUSINESS ENVIRONMENT AND ECONOMIC PRINCIPLES		1
BUSINESS ENVIRONMENT AND ECONOMIC PRINCIPLES 	6
MGT501 BUSINESS ENVIRONMENT
PART A: INITIAL STATEMENT OF INTENT
BUSINESS ENVIRONMENT AND ECONOMIC PRINCIPLES
Table of Contents
Introduction	3
Justifying Choice of Study and Defining Business	3
Relating my Study to my Present and Previous Experiences	4
Application of Knowledge and Degree in Future Long-Term and Short-Term Goals	4
Conclusion	5
References	6
Introduction
Business environment and economic principles are a collective approach towards maintaining a sustainable business with an economic approach. It comprises of a business that is economic and sustains the dynamic market. However, business environment solely is a term that can be defined as using the external forces such as the emerging trends, competitors, marketing strategies, market’s difficulties and consumer groups for profit that are not directly linked to the business.
Justifying Choice of Study and Defining Business
The market is ever changing and dynamic. However, a flexible business does not stand a chance against these changes. A definite and specified approach is needed in order to direct a path through these changes and an adaptation strategy is must. Lee, Kim, Seo and Hight (2015) mentioned that only those organisations or businesses are able to cope with the dynamic market that are based on a sustainable business model with a modified approach of business environment and economic management. Therefore, I chose this course because I wanted to understand the ways to sustain a business. Since, it is easier to invest by taking loans and develop a business; however, it is very difficult to sustain it in the competitive market and generate revenue from it. Hence, I believe that this course would teach me the way to incorporate the external forces for profit generation. I would be able to use competitors, media, government, technology and market conditions that are not directly linked to my business.
Business is an activity by means of which, an individual earns capital for living.

Your Assessment 1; Part A should also include a brief description of your initial understanding of Business Environment and Economic Principles. In writing your reflective statement of intent, you...

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