Corruption Is the Root Cause of Economic Slowdown in India

Corruption is omnipresent. From micro-institutions to macro-institution, from local to government institutes each operated and continued to exist and flourish with its own set of corruption activities.  What should be noted here is that corruption is going to exist as long as planet earth does. There is plausible end to the institution of corruption, which though illegal is unconsciously legal, especially in developing countries like China and India. Not with the intention of promoting corruption but the truth is that, India has to grow with it and yes it is growing with it , of course the slowdown is partial but it nothing as compared to how slow things would become without it.

In a diverse and developing India the root cause of corruption is the low quality integration of the executive body and the judiciary. This is the key link to the successful management of any state or governing body. The executive body in India comprises of selfishly motivated politician and bureaucrats that make a low impact on the policies and society at large. Delving deeper into the core issues that trigger bouts and make corruption rampant are the desires for more luxury, more money, more power. More the power more is the capacity to circumvent the law, thereby making space for more corrupt practices. The education and literacy levels are low and thus people get attracted to illegal practices to move higher up in any aspect of life, be it buying seats for children in educational institutes or buying seats to bolster their career development. Alright, corruption happens everywhere but the real problem maker in here is the easy going punishment system with lax rules of punishing offenders.  Also an associate of corruption that works in closely is nepotism that kind of protects and promotes the entire idea of corruption. In fact, MBAupdates feel that nepotism is the real cause of corruption. Most of the offenders are people who feel they have the power to commit a crime as they have the power the go away scot-free and this is exactly where India makes it different form the other countries where citizens fear law and punishment if nothing else.

We conclude that corruption though illegal is quite an inevitable institution that one has to deal with, whether one likes it and promotes it or not, economic growth will occur with it, rather have to move simultaneously. It has become such an integral part of the bigger development and macro functioning of the economy that to get rid of it and to remove it from your growth equation may shift the entire growth trajectory. The structure of the country, the formal and informal sector, the black and the white sector, the blue collar and the white collar, the privileged and the under-privileged, the urban and the rural, the fundamental dichotomy does not allow corruption to die away as long as growth is on the agenda. Nepotism though, still remains on the top of list, a prime mover of the corruption in India today. Maybe it’s too late for growth to be entirely affected by it. 

Source :- mbaupdates.com

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Importance of GD in MBA admissions

Group discussions have their own importance in the procedural MBA admissions, no matter which college or B-school we are talking about, group discussions essentials can take one a long way securing a steadfast admission into the college. These group discussions are good, and well, they are good for a reason. Merely preparing for them during admission actually does prepare you for the coursework of your MBA class. We tell you why group discussions matter for each of you desiring to step up into a good B-school or even for those who have managed to get their seat secured.

Shared knowledge runs deep

It is a fact that when you are studying alone for an exam you don’t remember key points, but if you discuss an answer with your friends just before the exam paper you tend to remember it better. The more you discuss the better you learn. This is one of the key essentials that make out an MBA programs from the rest of the general course ware. MBA classes and even entrance exams encourage students to speak up which makes a difference to their knowledge quotient. This knowledge of one person kind of challenges another during entrance exams groups discussions which heats up the discussion even further and reveals the best of each person, which is essential for the examiner.

Leadership Value

The leadership value in each student is recognized in the preliminary stage of group discussion itself. These group discussions actually navigate the discussion towards the students and voice the best leader‘s strongest voice which is an acceptable and most preferred option at that point in time, given the current argument.

Confidence Givers

Most of the MBA students are scared during admission as well as during the start of the coursework. However, very soon this fear dissolves right in the beginning with the group discussion that marks the cloaking of fear with a public platform to speak on, argue on and prove your point right. Whether the student’s viewpoint is taken or forsaken the student gains the podium to talk, speak and express, which is in all cases an essentially these days, especially for MBA students.

Communication and interpersonal skills

As expressed in the earlier point, students are scared. Think about it, how many of you are scared of talking in front of people, making presentations, answering in public and making your viewpoint felt and ascertained? Yes, there are umpteen people, in fact 7 out of 10 people suffer from these frights and they are natural. The great news is that no MBA grads suffer from these frights even though if they did before the MBA program. This is exactly how the group discussion pre and post MBA admissions help.

Thus, there is no doubt that a group discussion is the forerunner of the breaking the fears of expression and communication which MBA aspirants have and which they ideally should not have.

Source :- mbaupdates.com

Experience and education – A perfect balance.

Marketing, finance and operations are important in the functioning and growth of an organization. While marketing is very essential to make sure the right word about the company’s product is reached to its customers, finance forms the backbone of profits & losses and operations is as important as any. However, the challenge lies in having the right people for the right jobs, thereby making HR an important field. But what kind of a person would be beneficial to the organization for making critical decisions? The toss-up of choosing between experience and education is critical for the functionality of an organization.

A large number of people finish their MBAs and are directly placed at responsible positions in organizations. Although they undergo extensive training, the lack of experience in practically handling real life situations makes it a huge challenge. Apart from that due to better educational qualifications as compared to their subordinates, who might have ages of experience, inexperienced managers have to control not only their team but also make sure that they deliver the required results. Thus, when newer employees are added into the hierarchy of the organization, it is pivotal they understand their respective strengths and weaknesses, and work as a combined unit.

In manufacturing units, it is the experience of the workers which leads to efficient and quick processes. Their knowledge about shop-floor activities, machines, production, processes is more in terms of experience as compared to a new manager. Thus, in manufacturing plants, workers form the backbone because of their skill, labor and experience, even though they are less educated and qualified. But the expertise of qualified people can’t be ignored in making coordination easier.

However, the scenario is different is firms like consulting companies. In knowledge based firms, education is more important than relative experience as the ability to provide solutions requires calculations and analysis. Here the subordinate staff is primarily concerned with accumulation and interpretation of data, but providing solutions and recommendations is the responsibility of the manager. Here, education scores a little over experience.

Sometimes better remuneration for qualified people causes a tension with the workers. Similarly lack of understanding of new concepts by the workers leads to frustration amongst the managers. These problems if not attended to might lead to failure of human resource machinery, thereby causing issues in the company. Therefore the right amount of training, interaction and confidence in each other’s ability between experienced people and qualified managers is essential.

Managers should respect the experience of workers, and consult them on critical decisions so as to work as a team. Similarly, if workers admire the manager as a team leader, it would lead to favorable results. Thus, for the success of a company, the human resource pool has to be managed efficiently, and there has to be a perfect balance and coordination between education and experience.

 

Source :- mbaupdates.com

Are Coaching Classes Necessary for MBA Preparation?

This is a very crucial question that crosses each aspiring MBAs mind. Are coaching classes or additional tutions really required? This question is essential for two main reasons, one, because it determines the total cost of the MBA including the official tuition fees in the MBA program and secondly it also controls the students position in terms of the cutting-edge competition in the competitive exams. Here is a brief on the research done by our team.

What Coaching Classes Do?

Coaching classes for MBA and their own personal curriculum is based on precisely the things that will matter to the students. They narrow down to the bare essential of the study course and train the students in terms of other result improving significant factors like the time, metal abilities, grasping power, vocabulary etc. They make life simple for the student by offering them to the point notes, vocabulary cards, intensive tests and mock exams which accustom the student for the future exams. These are their motives and this is what the coaching classes more or less manage to attain.

The Mantras of Coaching Classes and Their Significance

Other than the teaching, the English, the general knowledge, the current affairs, the mathematics and other essential subject oriented studying, the real worth of the coaching classes is in the fact they offer a competitive environment similar to that of the actual exams. They offer an overall MBA preparation and thus also include the following game changing training.

Communication

Communication is an essential factor, may be not in the written tests but in the group discussion and other interviews that the student may have to face in the future. This is something that helps the person build an edge over the rest of the students, though no guarantees but the process of honing the communication skills starts soon enough.

Personality Development

Group discussion and especially personal interviews rely mainly on the personality and the capability assessed through the way the students talk and the confidence he exudes. The coaching classes train the students with mock GDs and interviews by trained and reputed faculty which prepares students on the kind of questions that they may have to face. The students will not b baffled at the brink of time.

Time

Time is more important than the knowledge the student has while giving a competitive exam. If the student has no time, the knowledge is of no good use. Coaching classes recognize this crucial factor and conduct mock tests to offer more finesse to the student’s time management skills.

What judges and actually decides the efficacy of the coaching classes is their student’s excellence track record which more or less shows their success rate with the teaching strategies. There is no doubt they try bringing in the best of the faculty and offer the best possible education inputs that could offer more holistic approach.

 

Source :- mbaupdates.com

The Balancing Act

Written By :- Akanksha Thakore

One of the many forms that pre-MBA anxiety takes is the worry that one won’t have time to give to the leisurely pursuits of life, or even to non-academic passions. I have often been asked (even from incoming batch freshers at IIM A whom I was taking an orientation session for last year) – ‘Will we get time for extra-currics?!’ Perhaps what many expect is a firm, decisive, ‘No.’ But surprisingly (or not, for those who’ve been there), it’s a heartening ‘Yes!’

As someone who had her heart much more in extra-curricular and social activities than academics all through her school and college years, this was a significant sacrifice I thought I was about to make – to give all that up for a grueling two-year professional course. But a few weeks on campus, and I realized that was not the case at all. Like so many other things, this aspect seemed much different from the inside than from the outside. There were groups of people, however small, which regularly played sport/jammed/quizzed/danced as the case may be. Incidentally, many of these were also I-Schols (Institute Scholars, kind of a merit list) whose academic track record remained unaffected by their many extra-curricular involvements. For some, the latter almost seemed to fuel them, energize them.

That’s at the heart of pursuing a passion, a hobby, or an interest – your love for it, or what joy it gives you. When you are in the middle of a high-pressure, rigorous grind in your first year, sport or art gives you a tremendous release, a much-needed break to de-stress and draw energy from. On our campus, regular players (first and second years alike) couldn’t wait for midnight to strike every day, so that they could run out of their rooms and take over the Frisbee field for the next hour or two. Much camaraderie and spirit ensued, and I don’t even need to get into what all sport gives you personally. The bonding holds true for other activities as well – all clubs, societies, organizing committees and so on.

What has been inspiring for me is the passion which some people have for their ‘hobbies’ and how they nurture them despite other demands on their time. Quizzing is supposedly a hot activity on engineering campuses (which they carry forth in their B-Schools), and I have seen quizzers holding informal sessions even the night before exams at times. It is amusing (and delightful) to see faces light up with excitement at getting the right answer, or guessing the movie correctly in a Dumb Charades event. It is even more fun to be one of those faces. And yes, you can do this while you’re doing an MBA, at an IIM or not.

A word of caution here – often, people join committees only because they are expected to (like that of the business festival at a B-School) or because everyone around them is doing it. Peer pressure runs deeper than one would like to admit, and it is not too difficult to get carried away with the flow. Surprisingly, something that is meant to be for enjoyment and learning can also get converted into a rat race – ‘How can I stay out? I will be left behind!’ Not true at all. You can stick to what you really like, enjoy, and believe in, and still stand out. In fact, recruiters across campuses would be used to seeing similar CV points everywhere, so a consistent track record of a passionate hobby can really strengthen your job candidature. For many students, their interest ends up becoming the main focus of even their job interviews! Imagine, if you were to enter an interview and be asked about your hobby and what you have done about it lately, and you were to fumble and answer – ‘Err…sorry Sir, I left all that behind when I came to study so that I could get a decent job at the end of it!’

I would go one step further and say – while you’re thrown into a pool of intelligent, talented people from across the country, jump at the opportunity of taking your interest one level higher. Can you put up a professional play instead of the amateur ones that you’ve done through college? Can you organize a city-level tournament (or even a national one) in multiple sports? Can you compete at other college fests and win a trophy or two for your institute? All of these, just by the way, have been done by students while at IIM, Ahmedabad, the institute thought to suck all your time into academics. It is no longer a big deal once you decide what that passion is, and how you will manage your time. How exactly you do that, we will keep for another post.  🙂

 

Source :- insideiim.com

ENTREPRENEURSHIP & MBA

Contributed by

 Soumitro Mukherjee
 PGPM 2011-13, MDI Gurgaon

 

It is an open secret among those preparing to be selected for an MBA program that most aspirants seek the help of MBA coaching institutes for clearing the CAT, the GD and the PI. Being such a candidate, I remember my counselor remarking during one of the mock PIs that when asked the question – ‘Why MBA?’ there are 2 safe, standard responses. The first one is ‘For further career enhancement’ and the second one is ‘To be an Entrepreneur’.

This blog post is an attempt to relate the second answer with the context of our present reality where:

1) Most of the successful entrepreneurs that spring to our mind, like Dhirubhai Ambani, Steve Jobs, Michael Dell are non-MBAs. 
2) MBAs are increasingly being accused of not being sufficiently motivated to start their own ventures, and instead settling into cushy jobs post their diploma.

     While both the above statements might be true to an extent, they are unfortunately exaggerated, and undermine the importance of MBA. To understand this, the case of Steve Jobs and Apple might be seen in a different light. The initial Apple, which collapsed after the departure of Steve Jobs, had a great product range compared to the dominant force of those days – IBM and Microsoft, who were in fact using a lot of the technology developed by Apple. But still, Apple could not sustain itself. The drivers of Apple’s recent successes – iPod, iPhone, iPad, etc., are also technologically ahead of their times, but this time they are benefiting greatly from smart marketing as well, which links the possession of such a device with a certain ‘coolness quotient’. One may assume here that MBAs might have had more say in this Marketing campaign than non-MBAs.

     Similar is the case with Michael Dell’s revolutionary Operations model to assemble the laptops at the last possible minute to provide a wider, customizable range of laptops for the purchasers. While the system was a great idea to begin with, in order to effectively implement such a vast operational change with minimal defects and precise timing, the role of Operations Managers, typically MBAs, should not be neglected.

     Most entrepreneurship ventures are built on one key idea, which can crop up in any mind, MBA or not. But to turn those ideas into successful products and services would need an understanding of Finance, Marketing, Operations, Strategy, Information Systems, and Human Resources – subjects which form the pillars of an MBA education. MBAs might not be the ones starting their businesses as rapidly as non-MBAs, but their role in sustaining the fledgling start-ups and turning them profitable, cannot be denied.

     In conclusion, Entrepreneurship ventures need the presence of a person who is skilled in the above mentioned domain to remain relevant, and that is an important way how MBAs are lending themselves to the cause of Entrepreneurship, misplaced criticism notwithstanding. I feel that’s the reason why India’s most successful entrepreneur – Dhirubhai Ambani, himself not an MBA, ensured that both his sons got their MBA degrees from the finest global schools.

Source :- mbaupdates.com

 

 

 

How to choose the specialization area in MBA courses?

A typical two-year MBA program, the first and the second year of which is separated by the summer internship, orients the students to the field of management in a holistic manner. The first year is more generic in nature where the students get an idea of all that they must know regarding various management functions. All introductory MBA courses are taught in the first and second trimesters during the first year. Later in the first year, they are also introduced to the specialized areas.

In the second year, the students have to choose from a variety of specialization choices. There are five main specializations that are offered by almost all MBA institutes. They are Marketing, Finance, Human Resource Development, Operations Management and Information Technology.

Which Specialization?

Dr. SP Parashar, former director of IIM Indore says, “MBA courses do not provide many choices during the first year. Students generally learn core subjects in the first year in all MBA courses. But at the end of the first year, the choice of specialization should become pretty clear.”

Talking about the area of specialization, Dr. BS Sahay, Director of IIM Raipur says, “In the second year, the students take elective or optional courses to specialize in a maximum of two functional areas. These areas are: Finance, Information Management, Marketing, Strategy and Operations Management. To specialize in an area, a student must take a minimum of five elective course credits offered in that area.”

Making a choice

Dr. Pingali Venugopal, Dean, XLRI Jamshedpur gave broad criteria on choosing the specialization of MBA programs. He mentioned, “You have to choose your career very carefully. You should select the right path on the basis of your interest and instincts and not on the basis of peer pressure or high salary.

Students who have mechanical ability, who prefer to work with objects, machinery and tools should choose Production and Operations. Students who love to observe, learn, investigate, analyze, evaluate or solve problems, interact with people and have a good communication skill should go for Marketing.

Students who have artistic, innovating or institutional abilities and like to work in unstructured environment using their imagination and creativity should work for the Strategy sector.

Students who like to work with people to enlighten, inform, help, train, or are skilled with words should join HR and those students, who like to work with data, have numerical ability, carry out tasks in detail or follow through on others’ instructions should go for Finance.”

Specialized MBA institutes offer some specialized options too. Indian Institute of Foreign Trade (IIFT) provides specialized MBA in International Business. The MBA program is also called MBA (IB). While recommending international oriented programs, KT Chako, Director of IIFT said, “Indian businesses are now going global in a big way. Indian companies are now fully participating in the globalization process. Today’s business executives need to be equipped with understanding of international business and trade.”

IIM Ahmedabad has launched an elective course for its PGPM second year students. The name of the course is ‘Contemporary Film Industry (CFI) – A Business Perspective’. The course aims at giving a general background of the film and entertainment industry in India and abroad. It will introduce the MBA students to various kinds of film and entertainment businesses like feature films, ad films, documentary filmmaking, animation films and a glimpse of the global film industry.

MBA experts recommend that passion and interest should be the key, rather than external reasons like market condition and job prospects. While doing an MBA program, the specializations should be chosen on the basis of your passion, choice and capability.

The first year is the time when you will have the hunch regarding choosing your specialization subject. The MBA institutes can only introduce you towards the various domains of an MBA program. But you have to be your own judge to take decisions regarding specializations.

 

Source :- mbauniverse.com