Management education is often seen as a double-edged sword when one tries to critically evaluate its impact on cultivating entrepreneurial attitudes. On the one hand, it helps young people with an entrepreneurial mindset to refine their entrepreneurial ideas, develop an understanding of different aspects of running a business, and build networks. On the other hand, it provides them with better seating opportunities and prevents them from drowning by persuading them to dream of a safe haven and a fruitful career path. A good business school will align these conflicting objectives in these roles – both will nurture the dreams of entrepreneurs and ensure that they are fully supported to grow quickly and healthily. The entire process of management school from student admission, inclusion, course curriculum development, delivery, additional curriculum activities and final placement is ready to achieve this mission.
The current young generation is influenced by successful entrepreneurs like Elon Musk, Bill Gates, Steve Jobs, Kiran Majumdar-Shaw and Narayan Murthy, or by new age entrepreneurs like Baiju Rabindranath. They follow their live stories deeply, value their achievements and understand the value they have created for their stakeholders and society. It is gratifying to see that they are leading social entrepreneurs such as Muhammad Yunus, Dr. Their examples serve as a daily dose of classroom discussion in several important courses such as economics, economics, strategy, marketing, operations or human resource management. These are a great way to understand the application of management theory, warm up class participation and persuade students to find innovative solutions to a given problem.
The content of the MBA program discusses self-employed, small, non-profit and small and large organizations that provide a smogboard for reflection. Learning is a combination of educational theory and new knowledge supported by application-based case studies, simulations and internships that are useful inputs to become an entrepreneur. Outside of class, they are encouraged to get live projects and participate in competitions, providing a fertile ground for learning and networking. Courses predict business uncertainty, market trends, navigate resource constraints, and understand weak philosophies that provide business challenges that create an overall business outlook.
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Student life includes volunteer membership on the committee, which is a key element of energetic passion and learning through real-life practice. It helps to create a bias for action, a feature that can be noticed among entrepreneurs. It is therefore safe to claim that entrepreneurship has been integrated into the management curriculum.
Although the question is whether the entrepreneur can learn at all? This question gains relevance because many successful entrepreneurs either drop out of school or start their own ventures at a young age. The belief is that an entrepreneurial mindset can be learned and is effective for both a startup and interprene organization in existing organizations. Also, the urge to start-up may start on campus, sooner or later in the future.
A growing trend can be noticed that a growing number of management aspirants want to start their own enterprises and gain autonomy. A strong entrepreneurial campus ecosystem includes exposure to an entrepreneur’s life through books, articles, guest lectures, immersion, meeting successful entrepreneurs, case study analysis, setting up campus companies, and learning to work. Familiarity with the travels of former entrepreneurs improves education. Management curricula are also actively changing to meet the changing aspirations of students. New courses on design thinking, new entrepreneurial marketing, new entrepreneurial investment, creativity and innovation, or social entrepreneurship are being introduced, providing exposure to opportunities and challenges in the exciting world of entrepreneurial creation. The presence of entrepreneurial cells that conduct idea pitches and business plan competitions, and incubation centers broaden the imagination of entrepreneurs. Top institutions provide alumni mentoring support through networks and placement subbitals that form the basis of entrepreneurial success.
The focus of learning and assessment is also changing. Entrepreneurs thrive on teamwork, building relationships with customers, strategic partners and investors. Current pedagogies emphasize team performance rather than individual performance.
At the KJ Somaiya Institute of Management, the effort is to create a strong entrepreneurial ecosystem by encouraging young people and out of the classroom to conduct discussions, workshops and training programs, provide hands-on learning experiences through live projects, work with startups, and encourage them. To get a business management experience to join various student committees, engage with their campus incubator – “RiiDL” and network building.
After all an MBA degree is not only important for entrepreneurial success but it is also a place where students can test, through their experience and provide an edge over others. The dream is to nurture the next unicorns in the future!
Author: Dr. Rad Radha Iyer and Dr. Prema Basargekar
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