Strengths, Weaknesses, Opportunities, and Threats analysis (SWOT) of a Student in Business Studies
|
STRENGTHS |
· I have good skills of communication and I am good at team-work. I engage with effective communication with my colleagues and have good skills of negotiation. I am well aware about the principles of ethical communication. · I can manage my time well by completing tasks within deadline and avoid procrastination. I have good networking skills. |
|
WEAKNESS |
· My weakness is that I need to improve my technical, analytical and decision making skills. I am intimidated by uncertainty. · I need to improve my soft skill of cultural sensitivity. I am often culturally biased. |
|
OPPORTUNITIES |
· I would like to learn advance MS Excel and statistical software to increase my skills and ability · The scope that I have understood works on my favor is the industry that I want to build my career hence it is one of the biggest opportunity I have is that the industry is not stagnant rather it is dynamic and growing · I can use my networking skills to develop contact s which is going to assist me in my career growth and opportunity (Blythe & Powell 2015). |
|
THREATS |
· There are a number of people who want to enter in the industry I am looking ahead of working; hence it is important that I gather all my strengths and opportunities to strive for the best. · Another threat that I feel that I pose to my career is that I cannot give up on an idea until it is too late. Sometimes I can be stubborn and that has worked on my favor but I have realized that I need to keep an open mind and should welcome changes and opinion of others (Knott & Scragg 2016). |
The subject of business is impacted by the environment. The micro environment is the internal factors that affect business and the macro-environment are external factors like the political, economic, social, technological and legal factors that impact business. The BREXIT is a macro-environmental factor which will have impact on the job opportunities, labor market, business studies and life of international students in the United Kingdom (Dorling 2016). The United Kingdom voted in a referendum to leave the European Union and after a span of 2 years the real exit of Britain from the United Kingdom will take place thereby impacting business studies.
The decision of Britain to leave the European Union has raised uncertainty about the fact whether the students who pursue business studies will have freedom of movement in the United Kingdom after March 2019. BREXIT can have impact on the decision of students from European Union to study business studies in the United Kingdom. There are countries like Sweden and Netherlands which offer business studies degree in English and students can opt to study in those countries due to the decision of Britain to leave the European Union. The Universities in the United Kingdom which offer business studies degree are often funded by the European Union; the BREXIT can adversely affect this funding process thus adversely impacting business studies.
The research projects related to business studies will also be adversely impacted because of BREXIT. The arrangement for visa will also change for the European countries thus impacting business studies in the United Kingdom. The United Kingdom has witnessed shortage of teachers and vacant positions in the field of business education could not be filled by teachers from the United Kingdom. Britain had to hire teachers from Canada, Australia, Ireland, Netherlands and Belgium to fill up the vacant positions of teachers of business studies. The BREXIT will have impact on the recruitment of teachers in the field of business studies in the United Kingdom (Dorling 2016).
It is evident that the major hit that the business and the management sector have received is in the export department. According to statistics, United Kingdom exported goods valued at £133 billion to the countries of the European Union. It had been predicted that the country will experience almost a loss of at least £4.5 billion a year if the negotiation in the trade policies are not clear. The cost of supply will increase because BEXIT will not promote free trade between the European Union and the United Kingdom the limitations that are going to be imposed on the international trade is going to effect the overall business environment of United Kingdom .
The higher tariffs and costs will adversely impact the export business of the United Kingdom. This in turn will reduce the opportunities of the corporate sector in terms of expansion or growth. One of the direct impact of the increase growth of the cost of supply is the cost of production which will one the other hand increase the price of the commodities (Miller 2016).
The Impact of BREXIT on the Students’ Job Opportunities in the United Kingdom
The business studies are boosted in a global environment where students from different culture study together. The globalization has made the business environment open and students get the opportunity to work in different countries across the globe. Thus management of cultural diversity, for instance, both surface level diversity and deep level diversity becomes essential for students of business studies. The BREXIT will have adverse impact on the business studies environment because international students will not prefer to study in the United Kingdom. The BREXIT will also impact free trade between countries and thus the business environment will be adversely affected (Moffitt 2014).
The international students often require working in the United Kingdom after completion of their education to repay their educational loans. The BREXIT will create an environment of uncertainty and students of business studies will be reluctant to study in the UK because business studies often require huge funding, thus students will be inhibited by lack of job opportunities in the UK due to BREXIT (Tilford 2015). It has been stated by a report issued by BCG that the business units that are going to be most affected by the exit of UK from the EU is the small and medium enterprises.
One of the positive impacts of the situation is that the country is no more bound by any kind of rules and regulations. The country will also not have to pay the membership cost per year which amounted to almost 8 billion in a year. The country is free to negotiate their terms and conditions of trade with other country which is more profitable and advantageous for the external business environment. The country has the opportunity to build trade relations with countries that pose opportunity for the development of the economy and business of UK.
Prospective countries with whom the UK is going to formulate new trade deals are China and Australia. The exit from the EU will further will decrease the hindrance from the UK’s service industries like banking and insurance, along with other UK consumer product industry as well. UK will no longer be obliged to pay the union for the betterment of the countries associated with the Union; instead as one of the largest contributor the country can invest in itself for the development and expansion of the business environment. As the exit procedure of will take at least two years there is time for the country to decide on all the aspects and negotiate the policies and treaties in the terms which is profitable for the company (Miller 2016).
Impact of BREXIT on Management
Britain voted to exit from the European Union in a referendum signed on June 23, 2016. I can contemplate that Britain is one of the best countries for management studies and to start a business but the BREXIT will have impacts on the arena of business in the United Kingdom. I am analyzing this impact based on the simplest concepts of business and economics of demand and supply.
I have gained insight that the supply chain process of the country will also be affected by the decision of Britain to exit from the European Union. There are several companies that operate within the geographical location of UK but import the raw materials from a country where the price of the raw materials are low, the exit of Britain from the European union may cause a decrease in the credibility and reliability of the firms (Miller 2016).
From the research that I have conducted on Brexit I can also conclude that the decision will have an impact on employment in the field of business and BREXIT will also influence the labor market. The migrants will start searching for jobs outside the European Union because of BREXIT. This situation may cause the job opportunities within the United Kingdom will decrease. There are many employees who belong to other countries of Europe but work in the United Kingdom. These employees will plan to go back to their home country because of the impact of BREXIT (Dhingra et al. 2016).
I can contemplate that the United Kingdom should engage in the negotiation of the Free Trade Agreement with other countries of the European Union and also with different countries across the globe during the timeframe of 2 years from the decision of BREXIT to the exit of the United Kingdom from the European Union. In my opinion, The Free Trade agreement will boost the macro environment of the business in the United Kingdom and will also support the opportunity for business related studies in the United Kingdom. The ease of doing business will be favored if the UK engages in Free Trade Agreement (Lim 2017).
Reference Lists:
Blythe, T., Allen, D., & Powell, B. S. 2015. Looking together at student work. Teachers College Press.
Dhingra, S., Ottaviano, G., Sampson, T. and Van Reenen, J., 2016. The impact of Brexit on foreign investment in the UK. BREXIT 2016, p.24.
Dorling, D., 2016. Brexit: the decision of a divided country.
Knott, C., & Scragg, T. Eds. 2016. Reflective practice in social work. Learning Matters.
Lim, W. M. 2017. Exiting supranational unions and the corresponding impact on tourism: Some insights from a rejoinder to Brexit. Current Issues in Tourism, 1-5.
Miller, V. 2016. Brexit: impact across policy areas.
Moffitt, R., 2014. Unemployment benefits and unemployment. IZA World of Labor.
Tilford, S., 2015. Britain, immigration and Brexit. CER Bulletin, 30, pp.64-162.
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
