According to my idea, business is an organizational entity for making profits and fulfills the charitable needs. Trade is also the efforts and activities of an individual to make profits for an organization

INSTRUCTIONS TO CANDIDATES

ANSWER ALL QUESTIONS

Business Environment

Assessment 1: Part A

Introduction

Graham Gibbs, the sociologist, and psychologist from America published the Gibbs reflective cycle model in 1988. This model helps to encourage an individual to think in a systematic way from their experiences during a specific situation or an event. The experiences are structure in a phase by using this model. This model helps me to explain about my feelings and the experiences gathered from Torrens University to become an entrepreneur (Reyes and Neuhoff, 2018). 

Description

According to my idea, business is an organizational entity for making profits and fulfills the charitable needs. Trade is also the efforts and activities of an individual to make profits for an organization. I can say that a company includes the behavior of the organization, the theory of an organization, deciding according to the situation. My basic idea about a business is that it always starts with a concept and needs a name. It is essential to research the market for a company to determine the area of implementing the idea (Misra and Poorsolhjouy, 2016). One of the crucial factors of a business is its name or brand value. The first step to proceed towards business is making a business plan which includes its goal and long term objectives. The basic idea of business for me is that it is only to earn profit by selling goods and services to their customers and serve society.

Feelings

 I wanted to become an entrepreneur since childhood. The new ideas were precious for me. I often get more excited about a new idea than my actual work. I have a problem with questioning the teacher and other students of my class on lecture materials. I always think unconventionally and try to maintain positive feelings in every situation and handle them accordingly. I am never scared of taking a challenging decision, and I love to make my own choices about my work and my life too. I naturally take responsibility and charge in every situation, like leading my team in a football match or guiding my friends to solve their problems (Reyes and Neuhoff, 2018). The above feelings are the main reasons for choosing a management study for me. I prove myself right by selecting the management study in Torrens University.

Evaluation

I have done an internship in a business organization for a year to know the working environment, organizational structure and the way to communicate with each other. I developed my communication skills and the practical working idea from my internship (Misra and Poorsolhjouy, 2016). One of the best skills is to evaluate new and innovative ideas. I am always ready to learn new skills and learn from my mistakes in my life. I still love to take the risk on every unique opportunity. These are the key strengths of me. Sometimes I become impatient in some situations as I am a detail-oriented person. Therefore, I spend too much time on small details of a project (Cheung, and Bansal, 2017). I cannot bring myself to say no because of my dedication level and eagerness to take a new project. Those are my crucial weakness, and I need to work on these points to become successful in my life. 

Analysis

This management course study helps me to experience real-life business challenges and make decisions according to them. This study also improved my skills like communication, management of different aspects, decision making according to the strategies, etc. The management study in Torrens University helps me to understand the internal and external environment of a business organization using SWOT and PESTEL analyzing tools. SWOT-analysis helps to identify the strength, weaknesses, opportunities, and threats for a business organization. The PESTEL analysis tool is used to analyze the external factors of a business. The political analysis includes government policies, foreign trade, tax policies, etc. The economic influence is the rate of interest, taxes, and other economic factors for a business environment. Therefore economic factors can impact a business negatively, positively, or both (Reyes and Neuhoff, 2018). Social factors examine social activities, cultures, behaviors, and social attitudes, etc. The technological element includes infrastructure, automation, research, and innovation, etc. Legal factors are legislations, law, and policies, etc.

The business economy field of a business includes the financial, market related, and environmental aspects faced by a business. There are three economic principles for a business. They are tradeoff, margin, and incentives.

This management study in Torrens University helps me to understand the overall structure of a business.

Summary

The main aim of a business organization is to maximize its profit margin and to serve for the social causes. Business always needs a concept, brand image, and brand name. I always wanted to be an entrepreneur. The management course of the University of the Torrens helps me to achieve my dreams in my future life.

Action Plan

I always wanted to be an entrepreneur since childhood. Therefore, I joined the management course of the University of Torrens. This study helps me to improve the overall knowledge of a business and its environments. The short term and long term goals of my life are represented through an action plan. 

The above action plan clearly shows the short term learning and the long term implementations from that knowledge. The learning skills provided by this University to me are team mentality, communication, problem-solving, leadership, and diversity. Those skills will help me to start my own business with an innovative idea. To implement this idea I need to find the investors accordingly, new skilled employees, and a proper supply chain for the raw materials for my business.

The above action plan represents the timeline of my long and short term activities. The short term activities as per the plan will take not more than six months. The gap of six months will take me to proceed for my long term activities with those knowledge provided by the University. In order to implement the business idea will take one to three years and simultaneously I look for the investors for my business. After this step, I will hire well-skilled employees and a proper supply chain for my business. Those steps will help me to achieve the ultimate goal of my life.

Conclusion

This study helps me to gather knowledge of a business organization with respect to its internal and external environments. It is concluded that the Gibbs model helps me to improve my problem-solving ability. It is clear that the management study of this University gives me the overall knowledge to become an entrepreneur.  

References  

Misra, A. and Poorsolhjouy, P., 2016. Granular micromechanics model of anisotropic elasticity derived from Gibbs potential. Acta Mechanica, 227(5), pp.1393-1413.

Cheung, S.H. and Bansal, S., 2017. A new Gibbs sampling based algorithm for Bayesian model updating with incomplete complex modal data. Mechanical Systems and Signal Processing, 92, pp.156-172.

Reyes, M.G. and Neuhoff, D.L., 2018, February. Minimum Conditional Description Length in Spatially Invariant Gibbs Fields. In 2018 Information Theory and Applications Workshop (ITA) (pp. 1-9). IEEE.

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