Masters of Business Administration - Reflection - Coursework Example

Reflective Essay Client Insert Name Unit Code Date It has always been my dream to excel in business and finance. This is the number one motivation behind my decision to take on an MBA course. Masters of Business Administration refers to an academic degree pursued by students who have shown great mastery in the field of business administration. Administration of business can be defined as the act of managing operations of a business and the decision making process. It also involves efficiently organizing people and resources towards the achievement of mutual goals and objectives (Dale 2009). It is exactly for this reason that I wanted to pursue this course whole heartedly and am glad I have been able to finish it successfully. I cannot wait to set my foot out of the school compound, go out there and empower people with the skills and knowledge I have gained in these two years of studying this course. I strongly believe that I’m fit enough as I have established my self-understanding as a qualified professional. I have been able to build up my professional identity by being conscious of the ethical and professional practice. Throughout the study, I have been able to grasp all the processes involved in the business or a project cycle, from inception of the idea, planning until its conclusion. When a business is operational, I have learned about the tactics and strategies that can be used to make it more profitable and successful. There is a whole package on how to run a business effectively and efficiently in the MBA course. This runs from financial accounting, management, finance, decision making, marketing, cost accounting, taxation, and economics among others. All these fields have one way or the other enhanced my skills and knowledge both in personal and business life. Despite the MBA course having several disciplines as I had mentioned previously, am going to focus on three of these fields that I feel that they have had a huge significance in my growth, both personal and in business life. The three disciplines include Economics, Marketing and Management accounting which can be incorporated by leadership and governance. The MBA course in general has had a great impact in my life but these three disciplines have had a great significance in my life and I feel like they are the cause of my positively changed life. Every person has his/ her different intelligence and ability. He identified seven different intelligences that each individual possesses. Students have different types of minds to learn, perform, understand, remember and do things differently. According to Gardner’s theory, “we all have the ability to understand the world through mathematical analysis, musical thinking, language, visual representation, using body language in solving problems or making things, understand other people and ourselves. Individuals differ in the strengths of these intelligences- known as the intelligences profile- and in the manners through which these intelligences are combined and invoked to perform several tasks, progress in certain domains and solve different problems” (Gardner 1993). Through this theory I have been able to identify three intelligences that I associate myself with. Visual-spatial intelligence is the first one. This is defined as thinking in terms of physical space. This has been enhanced by my interest in Economics. I’m now able to read the economic environment, interpret the figures and be able to know what is anticipated in the economy. This is very helpful especially when it comes to planning and forecasting which is among the responsibilities that I am assigned to do by my company. The company relies on the information I give them about the economy in order to make the right decisions about investment. The second one is the interpersonal intelligence. This is depicted in the way one understands and interacts with other people. I have had many friends that we have walked this journey together. I have interacted with them and formed a very solid networking that has helped me grow the business. My company, being in the service industry, marketing is the key. Through this intelligence my marketing skills have really improved and sometimes one may hear clients just wanting to talk to me directly. I have managed to bring forth a huge client base that has seen 50 per cent increase in the last one year. The third intelligence I possess is the logical- mathematical intelligence. These are people who are reasoning and calculating. These people tend to think abstractly, conceptually and have the ability to explore relationships and patterns. Before dealing with details of any idea, I tend to learn and develop some concepts about it. This is one characteristic of this type of intelligence. At this juncture I would like to celebrate my dream achievement of being able to open up a consultancy firm of my own. Thanks to my MBA course, my dream is now a reality. The business knowledge I have gained is so massive that am now able to open my own firm. It should be operational from next month, am still doing the final touches on legalities and I have three clients already, thanks to my marketing skills. I would now like to discuss comprehensively about the three distinct subjects that I can say have really changed my life for the better. I will start with marketing. By definition, marketing is the process by which information about a product or service is communicated to a potential buyer with the aim of selling that service or product profitably (Abrams2008).It also entails market research and promotion. It is what one says and how he or she says it in explaining how wonderful the product or service is and why the potential buyer should actually buy it. Throughout the MBA coursework I have been able to learn and acquire a range of knowledge and skills on effective marketing. For marketing to be successful one need to advance their skills and those of their team members. This is what earned me my promotion to be the regional manager in my company. While one can continuously improve their marketing skills and those of his or her team, there are three key marketing areas where one should be 100 per cent confident in their ability to market (Abrams 2008). These three areas have been the motivation towards my new upcoming company. These areas include good communication skills and a smart business operator. Good communication skills help in making deals with clients or even other people, sustain positive relationships with clients and develop valuable networks in the business market. In my upcoming business, I have been able to navigate complex discussions where my good communication skills have helped me in negotiating my marketing goals with my team members. The second area is good collaboration with the sales team. As the saying goes, two is better than one. The sales team is an integral part of the marketing success of any company. Thus, making them part of the team coming up with marketing strategies will surely motivate them in achieving the marketing objectives set. Currently am working towards ensuring that my marketing objectives are going consistently with my set sales targets and the overall goals of the business. The last critical area in marketing is about knowing your strengths and weaknesses. Evaluating one’s business strengths, weaknesses, opportunities and threats helps one to make informed decisions and thus be able to deliver his or her marketing effectively. As studied in the MBA coursework, the SWOT analysis is an essential marketing tool. Conducting a SWOT analysis before one embarks on a marketing campaign helps in identifying needs for training and effective marketing decisions (Abrams 2008). The other area or field in MBA course that I believe has transformed my life is economics. Traditionally, economics’ main agenda is to grasp an understanding of the whole process governing production, distribution and the consumption of goods and services (Wessels 2006). Having an insight on how economic agents behave and interact in the exchange market is very essential for decision making. The MBA course has enhanced my knowledge of microeconomics which studies individual agents in the economy and macroeconomics which studies and analyses the entire economy. In economics, I have been able to study the market and know the interactions in the economy. Am now able to explain the shifts in demand and supply in the market and thus am able to make informed decisions based on the economic agents’ interactions in the market. I can interpret inflation, its consequences and what is required to be done during the time. The theory of specialization has enhanced my understanding in the division of labour, comparative and absolute advantage and also gains from trade. For the proper functioning and success of any business or company, then economic information is of essence. This information is used in the decision making and thus determines the direction of the company depending on the interpretation of the economic information. For example under the principle agent theory where the principal is the owner of the business while the agent is the person whom the owner has chosen to be his manager. In this case my boss is the principal while I am the agent and starting from next month I will be the principal in my business. I have studied this relationship and know how to make it effective. In terms of information I can use the theory of markets for lemons where sellers of used cars have more information on the condition of the cars than the buyers (Akerlog 1970). This satisfies the saying that information is power. The last field of study I would like to share its significant impact in my life is leadership and governance. This incorporates managerial accounting and strategic management. There is a difference between a manager and a leader (Cooper 2005). A leader develops while a manager executes. Despite the difference the two must go hand in hand for success to be achieved in a business. Leadership entails the process of influencing people’s activities towards achieving a goal in a given situation. After studying MBA course, this is exactly what I gained especially in the first year that earned me my promotion. Normally a leader is made contrary to being born. Undergoing the MBA training has enabled me to acquire leadership skills that have affected my work. Management on the other hand involves coordinating people’s efforts in order to achieve the set goals and objectives by using efficiently available resources. This is my day to day work. I have mastered my leadership and management skills. Going forward I believe the knowledge and skills I have gained have enabled me to advance my career and improve my personal life as well. I have learnt to do things in a professional manner no matter how small it might seem to be. I wish to continue working in my current company as many individuals are benefitting from my expertise. Transferring the skills and knowledge to other people gives ne real satisfaction. I wish to keep on doing this in my new company that is opening next month as well. Am hoping to combine the two businesses as am not yet ready to quit as a manager in my current company but I will effectively lead my new company to profits and soon it is going to expand regionally just as I have been able to expand my current company. Initially I knew that I was a great thinker who could come up with any idea depending on the circumstances. This was my main weakness. I have to a great extent sharpened my analytical and critical analysis throughout my MBA coursework. Thus, instead of just coming up with an idea based on a certain theory or background, I find myself asking the ‘why’ questions most of the times before validating my ideas. This has helped me develop an interest in the greater understanding of the business world. It is challenging to identify any gaps in my business knowledge, I just feel like I have learned a lot. I have greatly expanded my thinking, analysis and decision making knowledge but I still need to validate my ideas all the time. This has encouraged me in my day to day activities as I aim to improve every day. My team mates are finding it useful sharing my ideas with them and taking part in helping me validate them. This motivates me so much since I am aware that my skills and knowledge are being beneficial to everyone around me. CONCLUSION I toughly believe that doing MBA was the right and best choice I made. It has enabled me practice what I was taught in class, advanced my career and has made me a better person. I have the skills and expertise required to run any business and how to handle different business challenges amicably. According to Spence’s theory of job-market signalling, education is just a signal (Spence2002). The employer assumes that education is positively associated with great abilities but to me great ability is putting into practice positively what I have gained and bringing forth a positive impact. Learning on the other hand is an everyday process. I would recommend MBA course for any business minded individual. It is a lifetime investment worth every second of your time. References Abrams, R., 2008.Successful Marketing: Secrets & Strategies. California: planning shop. Cooper, L., 2005. Leadership and management in the 21 Century. New York: Oxford University Press. Dale, E., 2009. Management: theory and practice. New York: McGraw- Hill. Gardener, H., 1993.Multiple Intelligences: The Theory in Practice. New York: Basic books Spence, M., 2002. Signalling in Retrospect and the Informational Structure of Markets. American Economic Review92 (3): 434–459 Wessels, W., 2006. Economics. New York: Barron’s Educational Series. Read More