WHY MBA? WHICH B-SCHOOL and WHY?
Why MBA? This is a one of the most uncomfortable questions for many of you, and you struggle to answer if you have really not thought about it. In fact, most of us would have never asked this question to ourselves seriously.
In life we will excel what we love doing naturally. If passion can become a career then one would take giant leaps, whether working for others or for oneself. So questions that we really need to ask are these –
a. What am I passionate about? What do I really enjoy doing? What is it that can engage me for hours on without worrying about anything?
b. Once you have answers to the first question. Kindly ask yourself, which industries will this passion of yours can be a great asset? Where you will enjoy naturally?
c.i. Are there any companies that you would like to be part of? Why?
c.ii. Alternatively, do you have an idea that you want to pursue and make it into a reality? Are you willing to invest time and effort to reap rich dividends?
You need to keep asking these questions, read and read, do a lot of research. Once you start reading in finding answers, interacting with people who are doing work in that industry or a company, I am sure you will answers to yourself.
Once you answer this, then next important question to ask is – Which B-School and Why?
While we (a few friends) started on an entrepreneurial journey a decade and half ago in the education space – k-12 schools, test-prep, vocational schools, employability skills etc. We have been helping MBA aspirants to get into top B-schools (Career Launcher trains almost one-third of IIM joinees every year), we always were preoccupied with – what should an MBA really look for, what would make an MBA most sought after, how should such an MBA programme be…
Many want to do MBA because it is the ‘in thing’. A good family friend has done it; father or an uncle wants you to do it because it ‘pays you well’, ‘It gets you a job at a large MNC’. Is this the way to go or is there a need to delve a little deeper?
We asked a few significant questions to ourselves, five years ago, when we were envisioning to set up a B-school that should stand apart, that should create benchmarks –
- Is it in a large multinational organization or a young and fast growing outfit that rewards more?
- Would you like to be a drop in a large ocean or create a niche for yourself quickly?
- Where will you get greater responsibility and freedom?
- Where will you get more opportunities to learn?
- Where will your work gets recognized and rewarded faster?
- Where are the returns really high for the student?
- If you want to be your own master, how do you go about it? (starting ones own set up)
- How do you get an idea to pursue?
- How to convert your idea into a viable business proposition?
- How do you raise funds to grow? Who will fund?
With these questions in mind, we created the vision for Indus World School of Business(IWSB).
At Indus World School of Business, Entrepreneurial Leadership is a mindset. Entrepreneurial Leadership is as much relevant to a mature business as to a start-up. Irrespective of whether you are working for a large multinational organization, or in a business that you are setting up, entrepreneurial spirit is the key to excellence and success. It defines the outlook and the attitude that you carry into your assignments, job and career.
What is entrepreneurial Leadership?
Entrepreneurial leaders are transformational. They set ambitious goals for themselves and their organizations. They mobilize resources, opinions and action towards the achievement of their goals. They assume full responsibility, personal as well as moral, of the outcome. They have a keen eye for opportunities and a healthy appetite for risk. They are often first movers. They relentlessly push the boundaries of possibilities and do not hesitate to challenge conventional thinking. They shift paradigms, create new insights and change the rules of the game.
With this vision, we worked on designing the curriculum under the able guidance of Prof Ishwar Dayal (founding Director IIML, with over forty years in various IIMs) along with eminent entrepreneurs and entrepreneurial coaches. All interventions within IWSB moved in sync with this vision.
In 2010, the first batch passed out. At the end of it all, in the last few months, we sat to research on whether what we set out to establish, has really paid off the way we wanted it to.
Findings and outcomes –
IIMA names IWSB as top-4 new-age B-Schools for curriculum and execution (HT article), Cherie Blair award for young women entrepreneur, RMAI award, NEN top-7 entrepreneurial campus of India
About seven (on last count) from the 2010 batch have set out on their journey of becoming entrepreneurs : Thinking Big – Starting Small.
In continuation of the entrepreneurial leadership philosophy, as an institution, we focused on placing our students in, Young and Fast growing companies wherein the intrepreneurial orientation is high.
The response and feedback from both, the Alumni as well as the CEOs / Entrepreneurs of these companies have been outstanding. The alumni shared that they indeed have got greater freedom, responsibility and accountability from the word go. They had so many opportunities to learn. In many cases they got into the CORE team of the CEOs and senior management. A few even got recognition in terms of out of turn pay hikes and greater roles. CEOs sharing that they were delighted to see IWSB alum eager to learn, taking responsibility and pushing themselves the way an entreprenuer does.
So placements were outstanding – The best for the first batch passing out – highest 11.45L; Average 5.64L; Work-ex Avg 6.74; Freshers Avg 4.56L – Placement Highlights
I thought of doing an analysis of our placements vis-a-vis other B-schools (with all authentic data provided or available on the websites) and findings are tabulated in the following Return on Investment (ROI) table –
It clearly proves that what we thought and set out for is the right path; With about 90% of the Indian economy still being unorganized, many more sectors (apart from IT, Biotech, Pharma, Automobiles..) have great long way to go. Great deal of opportunities lie ahead for entrepreneurial thinkers. Many accomplished people are stepping into entrepreneurship. One is bound to succeed, with entrepreneurial orientation, either in the organizations that are young, entrepreneurial and fast growing or in ones own entreprise.
With a few of the students starting their own entreprise while still in the first year at IWSB and making a cool 60-70K per month, I am sure the vision and execution are in the right direction.
Ravi Mathai Centre for Education innovation’s (IIMA) report clearly shares about the four institutions, including IWSB. that have stood out. IWSB will undoubtedly be the No. 1. destination for entrepreneurial leadership in India by 2015.
STORIES OF INSPIRING ENTREPRENEURIAL LEADERSHIP
THINK BIG! START SMALL! – INDIA : CHALLENGES OR OPPORTUNITIES?!
– Almost 88% of Indian Economy is unorganized
– The companies, big or small, that we want to work for constitute only 12% of the economy
– Over 70% of Indian population is non-urban and reasonable chunk is well-off
– Majority is still looking for basic amenities and services
– In 2009, The number of work Visas issued to foreigners to work in India is more than number of Visas Indians applied for, to work abroad!!
– Over 30,000 Korean children are studying in Indian Schools under South Korean Government’s Focused program –> to conquer the 88% of the economy!!
So what are the implications?
– India is a vast nation with immense possibilities
– High potential to organize the unorganized
– The world is heading to India to take advantage of this vast potential
– Mukesh Ambani recently said, “There will be over a dozen companies as big as Reliance in 2025, many of those are yet to start their entrepreneurial journey!”; “India will create 20million jobs every year”;
Indian Universities do not cater to a couple of million, where will the rest come from? Watch this youtube video…
– Indian economy has grown leaps and bounds in the last two decades due to a great deal of entrepreneurial activity in IT/ITES sectors. The next two decades will see such huge activities in a range of small and medium enterprises, organizing the unorganized.
– The real opportunity with the statistics that we have, is in the space of entrepreneurship and nowhere. Are you game for it?
Watch more videos on these entrepreneurial endeavours in the unorganized spaces at IWSBINDIA channel on YOUTUBE. Wah India Wah!!
Think Big! Start Small! Watch out for my next tour of India on Entrepreneurship this December!!