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Can an MBA college enable you to transform a lightbulb moment into a business idea?
- January 17, 2023
- | adminblog
- | MBA
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Can an MBA college enable you to transform a lightbulb moment into a business idea?
The citizens of ancient Syracuse may have been surprised to see a man run past them naked, dripping, and shouting, “Eureka!” which means that he had found it. The person who ran naked was Archimedes – a very celebrated mathematician, scientist, and inventor, who was known to be the king’s confidant.
He seemed to have discovered the ‘principle of buoyancy’. He was so deeply focused on the problem that he just forgot everything about his surroundings while being at the zenith of joy. We call it a Eureka moment or a ‘Lightbulb’ moment.
What do we not know about Lightbulb moments?
A lightbulb moment is celebrated, written about, and read for centuries as we have seen above with Archimedes. However, a lightbulb moment occurs when one is deeply immersed and focused on a mission or a goal – for weeks, months, or even years together. You have to be devoted to the mission for a long period of time to discover the Eureka or the lightbulb moment.
Lightbulb moments may happen anywhere and not necessarily in the labs or a controlled environment that you may be working in. When the apple fell on Newton’s head, he wasn’t in his lab, right?
What’s the genesis of a great business idea?
If you read about great businesses and entrepreneurs, they will tell you that they may have pondered about a problem for long, and then a ‘lightbulb’ moment gave them the confidence to take the leap of faith.
However, between the ‘lightbulb’ moment (business idea) to creating a sustainable venture that will significantly impact lives is a long and arduous journey.
How can one transform a ‘lightbulb’ moment into a profitable business?
Almost all of us may have had ‘lightbulb’ moments at some point of time in our lives. However, pursuing it relentlessly to build a business is not everyone’s cup of tea. While some may have the entrepreneurial zeal and courage to keep going, the entrepreneurial spirit by itself may still not be enough.
It requires a clear ecosystem around the idea to enable the founders (or entrepreneurs) to transform the idea into a sustainable business.
The role of management colleges and start-up incubators
No one can stop an idea whose time has come. We have all heard that and know that. However, it is important to take note of well-experienced educational institutes and incubation centers that accelerate the journey of transforming ideas to realization.
An engineering or management college is often the place of birth of many ideas. There are a number of well-covered stories in the media about entrepreneurs who built businesses out of an engineering college or a management college.
It comes as no surprise then that many of these colleges have in-house start-up incubators to enable their students to capitalize on their lightbulb moments and convert them to sustainable business ventures by providing them with tools, resources, network, connections and mentors.
What are the resources that these colleges provide to empower ‘lightbulb’ moments?
“Ideas are no one’s monopoly”, said visionary business leader Dhirubhai Ambani, the founder of Reliance industries. It is also true that it is not directly correlated to your age or experience. It is why some of the most innovative companies of today have come from dorm rooms of colleges when founders were in their late teens or their early twenties.
However, that is more of an exception than a rule. A young bright person may have many ‘lightbulb’ moments but may not necessarily know how to structure them for transformation into a business or a company.
That’s exactly where some reputed colleges and their incubation centers step in. The resources that they might offer are as below: –
- Well-connected Digital Labs – A ‘lightbulb’ moment is important but it is just the beginning. There is a need for resources so that one can research further, build on the idea, file for patents, own the IP, and create a scalable business from it. Such innovation would need access to resources that help them to stay connected with the best insights in the world. A reputed management college may provide students with such labs to work on their ‘lightbulb’ moments. For example: – At N. L. Dalmia Institute of Management Studies and Research, the students can make use of an always open state-of-the-art digital lab which can accelerate their research and enable them to convert their ‘lightbulb’ moment into a prototype/ initial outline/ business plan in no time. It is just the thrust that a ‘lightbulb’ moment needs to get off the ground.
- Experienced Mentors – You may need to vet your ‘lightbulb’ moment. It must be run through eminent professionals with great experience and expertise in these fields. A PGDM college with the best professors across subjects ensures that you have access to the best in the business and their extended network would help you to connect with the best in the industry. This connect with mentors is invaluable at an early stage and is often the key differentiator between a successful start-up and one that failed to take off.
- Testing Ideas – Colleges often have the resources or facilities that can help you to test an idea. An engineering college may enable you with the resources and facilities to build and execute pilot products/ projects. A management college may help you to validate models and ideas that you may have built to give you the confidence required for it to scale. At N. L. Dalmia Institute of Management Studies and Research (NLDIMSR), the students are empowered with Asia’s largest Bloomberg Lab which has 24 Bloomberg terminals. If your ‘lightbulb’ moment is in the field of finance or financial markets, there probably won’t be a better test space for you than such a lab.
- Finding Co-Founders – If you ask venture capitalists about their investment decisions, one of the common ones that you will find is that the founders are very compatible with each other and their skills were complementary. If founders know each other well, it is always an added advantage. If you start from a management college and your founders are from the same batch or same college, it is an added advantage in terms of enabling you to secure capital or initial funding to get the venture off the ground.
- Capital or funding – Once you have a ‘lightbulb’ moment, you may need seed capital to get it up and running. A good word from your college and your affiliation with its brand is very useful in helping you with the initial funding. Only if you have the initial funding will you be able to transform the ‘lightbulb’ moment into a business.
- Global Pilots – When a ‘lightbulb’ occurs, you may dream of making it a global business venture. An MBA college, especially one that offers Global MBA Programs, can be very useful in such an endeavour. At NLDIMSR, the Global MBA Program offers its first/ foundation year in the Mumbai campus of the college. The second year is conducted at the University of Wisconsin-Parkside (UW-Parkside), USA. This enables you to meet students from different countries and cultures. It may help you to test your ‘lightbulb’ moment across cultures and strengthen your belief in making it a global business.
- Business Plan creation – A business plan is the ‘preamble’ for your business success. A good MBA institute will enable you to convert a ‘lightbulb’ moment into a business plan – a very critical step in the journey.
Wrapping Up
A ‘lightbulb’ moment to a sustainable business is a very significant and difficult journey. If it weren’t, there would have had more than 4 billion entrepreneurs in the world. (that’s the world population aged 20-60 years old).
Hence, it is very important for countries to build institutions and incubation centres that can tap into the ‘lightbulb’ moments and convert as many of them into entrepreneurial ventures or start-ups as possible.
An MBA college can offer the resources, pilot test environments, peer groups, mentors, advisors, and networks for funding such enterprises and enabling them to begin their journeys. So, if you are at an MBA institute such as NLDIMSR, do not let your ‘lightbulb’ moments go waste. Transform them into a great business and let it be your first and last job! There is no greater joy than building a venture and creating an enterprise!
Global MBA v/s regular MBA – Which one to choose?
- November 21, 2022
- | adminblog
- | Global MBA, MBA, MBA Advice, MBA General
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A Masters in Business Administration (MBA) program is a pass to managerial and subsequently, leadership roles in a company. An aspiring student or professional who wants to pursue an MBA must make a choice between opting for a Global MBA v/s going for a regular MBA course offered in his own country. Let’s take the example of India here for explaining the concept better.
The Similarities
Whether one opts for a Global MBA or a regular one, the course content and structure is designed around key concepts such as finance & accounting, marketing & brand management, human resources management, operations management etc. In addition, the key aspects of managing teams and leading them, and organizational behaviour is also taught. Business strategies touching upon the above mentioned subjects make MBA a very interesting and enlightening course. A Global MBA and a regular MBA will both cover the above aspects in vivid detail.
What’s the difference then?
There are a few differences that clearly demarcate a global MBA from a regular one. We highlight it as below: –
- The Outlook: A Global MBA program is designed to enable the aspirants to gain the desired knowledge, skills, training, and interactions that can accelerate their journey towards becoming global business managers. The emphasis on international trade and business, and how it impacts organizations is touched upon more in a Global MBA program. A regular MBA program may not delve into International business and laws governing it in depth. However, it might enable the students to learn about each department of an organization in depth and apply the same in managerial roles.
- The diversity: A Global MBA program enrols students/ professionals from various nationalities. The faculty is also from different nationalities and backgrounds and hence it offers a truly global experience. The diversity that each group brings to class is significant and hence, offers great learning enriched by diverse perspectives and approaches to solving case studies and problems.
- The Prospects: A Global MBA program might offer enhanced prospects as companies from across the globe may be looking at placing bright students into their companies. It may enable students of the global program to tap opportunities in the world’s most exciting companies, leading technology behemoths, consultancy firms etc. A regular MBA would also enable you to get great opportunities, but may not be as diverse as a Global MBA.
- The Network – A regular MBA may provide a network that might be limited to a particular country (India, in our case). Of course, with the premier institutions, the alumni network may enable the students to expand their network, but it may still have a limited reach. With a Global MBA, the network that you will create will also be global. It may become easy for global MBA students to reach out to various companies, industry types, countries, and communities.
- Job Opportunities: A global MBA will open a plethora of opportunities for MBA students. What’s more, the remuneration may also be comparatively higher than a regular MBA. However, one must also consider such aspects along with the cost of a global MBA. The total cost of a global MBA would be much higher than a regular MBA.
Wrapping Up
While a global MBA looks like a clear winner, it may not be so. Students must consider the cost of a global MBA in terms of loans and funding required for travel and accommodation. A global MBA may also get impacted depending on economic cycles. For example – during a recessionary time when companies are likely to cut down on costs, a global MBA student may not find it easy to get the lucrative job that we have mentioned above. Also, a global MBA may often mandate a few years of relevant work experience which might make many MBA aspirants ineligible for it. While a regular MBA may not match up in terms of international exposure or global learning, it still offers great learning (both theoretical and practical) and enables students to become one of the most sought-after professionals in the country, especially if they have obtained their MBA from a premier business school. Aspirants must carefully consider all aspects of a regular and global MBA program before taking up either. It wouldn’t be a great idea to choose a Global MBA over a regular one without giving considerable thought to the merits and challenges that both bring along
5 Must-Read Books for a Business Analyst
- November 18, 2022
- | adminblog
- | Career, MBA, PGDM
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A business analyst is one of the most sought-after roles in the industry today. A business analyst is a solution-oriented person who is responsible for enhancing operational efficiency, reducing costs, and augmenting the company’s top-line. To attain this objective, a business analyst comprehensively understands the processes in a company, their interlinkages, and usage and consumption data arising out of such processes and operation. With a holistic view of processes and operations and equipped with the relevant data points and insights, a business analyst suggests ways of enhancing efficiencies and profits of a business.
If you have a knack for problem solving and analytical thinking and a flair for technology, you could graduate into a business analyst role. It would be immensely beneficial to have a great understanding of the domain in which the company operates. For example: a great understanding of banking can help you to become a business analyst in a bank or in an IT company with a bank as its client. You may also be in-demand with fintech and payment companies.
While no amount of reading can substitute relevant work experience, listed below is a curated list of 5 books that can enable business analysts to accelerate their growth. For a budding business analyst, it may be just what you need to kick-start your career as a business analyst.
Book 1: Business Analysis Body of Knowledge (BABOK) guide – Published by International Institute of Business Analysis
BABOK Guide is a bible for any business analyst. It is a must-read to understand the benchmarks in business analysis. It covers all areas of work that a business analyst is likely to undertake during his job.
The book covers perspective on agility in business analysis, the role of information technology, business intelligence, business architecture, and management of business processes. The book has elucidated concepts of business analysis, areas of knowledge that the analyst must acquire, and the competencies that he must hone to improve as a business analyst. The book also covers in detail over 50 techniques that enable a business analyst to thoroughly analyse a business. The BABOK guide has been updated multiple times, so do ensure that you grab the latest copy before starting to read it.
Book 2: Agile and Business Analysis, By Debra Paul and Lynda Girvan
From a linear ‘waterfall’ model of development, digitalization has shifted focus to an agile model of operations. An agile model helps companies to build new-age digital/ mobile-first applications from scratch and take it to the market (customers) fast.
Business Analysts with knowledge of agile methodologies and experience at handling projects that work in agile mode are invaluable.
This book is not only a great introduction to ‘Agile,’ but also a great playbook for you to understand and adopt an agile framework. As a business analyst that is equipped with understanding of ‘Agile’ methodologies, he/she can contribute to enhancing the experience of both internal stakeholders (business users) and external stakeholders such as customers, regulators etc. A Business analyst who is well-versed with agile is strategically placed for companies (especially with IT at its core) to make well-informed business decisions and create an immersive digital experience for all relevant stakeholders.
Book 3: Business Analysis Agility: Solve The Real Problem, Deliver The Real Value, By James Robertson and Suzanne Robertson
The authors have again emphasized on the use of agile techniques to shorten the time taken to deliver value to the customer. This means that the techniques mentioned in the book will help the company to analyse information faster and make decisions swiftly.
The book offers a framework to solve problems (especially customer problems) very fast. It gives ideas on converting the problem into an opportunity to offer value.
Any business analyst (experienced or a rank fresher) can easily understand the content in the book. The authors have emphasized on using story-telling methods and narratives to enable analysts to focus on customer solutions. The book offers a framework which can be practiced easily for success as a business analyst.
Book 4: How to Start a Business Analyst Career, By Laura Brandenburg
Firstly, the author Laura has learnt her ropes in editing and publishing before having moved into a business analyst role. Her own career path and experience form the basis of this book that has enabled many young students straight out of MBA or PGDM courses to become successful business analysts.
The author lays emphasis on the fact that a business analyst can directly come into the managerial tier from a completely different industry type, domain, or primary skill set just like she did. As many youngsters could vie for a business analyst role, the author’s simple and easy to comprehend book can make the difference between you beating the competition for the coveted role of a business analyst.
Book 5: Sprint: How to solve big problems and test new ideas in just five days, by Jake Knapp
Author Jake Knapp enables business analysts reading this book to leverage the power of design-thinking to comprehend all factors and enhance probability of success of any new product or idea. It enlists a clear stepwise process that elicits how a business analyst could define a target, arrive at the most feasible solution, create a prototype, and test it.
What’s more; the book will enable a business analyst to do this all in just 5 days and be well-equipped with vital information to gauge readiness for launching a product or innovative idea.
While there are more books that business analysts must read, the five mentioned above could be a great start. At a junior level, the business analyst role is in high demand and the competition is intense. Any candidate that has read the above books will have an edge over others who haven’t read it.
Interesting Career Prospects after completing PDGM or MBA in HR
- November 18, 2022
- | adminblog
- | Career, MBA, PGDM
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Human Resources (HR) is increasingly becoming one of the most critical departments of a company. With the proliferation of digital technologies and the services sector in India, human capital has become the most important asset of a company. The companies that can retain the best talent cost-effectively will beat their competition by garnering higher revenues, and profits. In the process, they will also gain market share and start compounding their free cash flows (FCFs). They will be in a better position to reinvest this into the business to enable it to attain scale and operational excellence.
Hence, human capital management is extremely critical for the growth and sustainability of companies. Onboarding, retaining, and nurturing human capital is invaluable.
A career in human resources can be rewarding, especially in companies that deal in industries such as IT products, IT services, banks, insurance etc.
Have you Completed your MBA or PGDM in HR?
Here’s a list of career choices that you may want to consider:
HR Manager: An HR Manager connects the prospective candidates to employers. They oversee and manage the recruitments and address employee grievances and issues. They create the framework for reviews, performance appraisals, and compensation enhancement. They also maintain records as prescribed by the regulatory and compliance authorities. In essence, they supervise the company’s human capital and its requirements from all perspectives.
However, it would be difficult to start as an HR Manager on the first day at work. You will have to first learn the ropes of the entire HR function before donning the managerial hat.
You are highly likely to begin as an HR Generalist.
HR Generalist: As the name suggests, this is normally entry level talent, fresh out of an MBA or PGDM course in HR. They must learn to handle multiple HR tasks simultaneously. They get exposure across areas such as:
- Candidate screening and shortlisting
- Interview Process and Onboarding
- Employee Induction
- Attendance Tracking and Payroll Management
- Performance Reviews and Appraisals
- Regulatory and compliance-based reporting
- Creation of operational reports for the leadership Team with information on key parameters such as attrition, revenue per employee etc.
- Employee Engagement and Retention
As you gradually gain a year or two of work experience after an MBA in HR or a PGDM in HR, you will graduate to more focused roles. A few of these are as below:
Staffing and Recruitment:
Technical Recruiter: Their job is to gauge the technical skills of the candidate and understand if he or she is the right candidate for the position. These roles are apt for people who come with technical and domain knowledge and know the process of recruitment too.
C-Level and Executive Recruiter: Such recruiters come with good communication and interaction skills, and they play the role of recruiting executive vice presidents, heads of department, CXO level leadership etc.
Head of Staffing and Recruitment: The head of staffing and recruitment works across the entire gamut of recruitment, training, and creation of organizational policies around these areas. In such a role, the person is also in-charge of enforcing the same and ensuring that the best talent is onboarded, retained, and upskilled.
The next key area is Attendance and Payroll Management.
After an MBA or PGDM in HR and relevant experience, you could graduate into a manager of attendance and payroll. Such an MBA or PGDM in HR would be responsible for ensuring that the salary roll-outs at the end of the month is commensurate to the attendance of the employee. They would also manage or oversee the leave policy, encashment of leaves, calculation and credit of Provident Fund, and other benefits. They may also be entrusted the responsibility of managing compensations, mapping the employee salary costs, and ensuring that it is within the budget. Employee costs form a critical part of the expenses and keeping a control over it is vital to ensure profitability and growth of a company.
Employee Relations and Engagement
A person with MBA or PGDM in HR and relevant work experience may progress in his career to become an Employee Relations and Engagement Manager. Such a professional is responsible for handling and resolution of grievances of employees, resolving disputes between employees, forming policies in areas such as anti-sexual harassment etc.
They are also responsible for ensuring that the employee morale across the company is high. To do so, they may initiate various celebrations on festival days, run contests for employees, plan team building activities etc.
Training and Development:
A company that can generate the maximum value from its human capital will succeed. One of the key aspects of ensuring this is to constantly train and upskill its employees. This can happen with training across new-age technologies, domain, and soft-skills. An MBA of PGDM in HR can graduate into a Training and Development Manager in an organization. They are responsible for identifying the training needs for employees across the organization, creation of training programmes and calendars, and ensuring that all trainings are conducted as per schedule. They may also liaise with external training consultants or organizations to create short courses that can enable the employees in their company to upskill, re-skill, and enjoy seamless career progression.
Wrapping Up
There is no doubt that an MBA or PGDM in HR is the first step towards handling critical roles that impact the most important assets of a company – its employees. With the right experience and exposure, students with an MBA or PGDM in HR can firstly gain practical experience across all aspects of HR and subsequently hone their skills in one or two of those areas. They will be well-poised to handle a strategic HR role too – which has and will always be in great demand if we have employees coming in to work (or even working from home) every day.
What to expect after a PGDM in Business Analytics?
- October 20, 2022
- | adminblog
- | Big Data, Career, PGDM
- | No Comments
Data is the new oil. Oil, only when refined, can create products of value such as chemicals, natural gas, etc. Similarly, data must be cleansed, transformed, and analysed to derive value. If you are wondering what ‘value’ is, that’s exactly what a business analytics course will uncover. It can help you to understand the process of analysing data generated during business operations. If a company can leverage this data to make well-informed strategic decisions, the probability of the decisions being correct is very high. Such decisions, which are rich in data-driven insights, can create a meaningful impact on a company’s top line and bottom line.
A Post Graduate Diploma (PGDM) in Business Analytics will enable you to play a key role in transforming the data generated across the various departments of the company into rich insights. It is probably the only role wherein even at the junior-most level in a company, your work will significantly impact its overall growth and help to accelerate its business prospects.
Here’s a list of career opportunities that can be pursued post a PGDM in Business Analytics:
1. Data Scientist: Data can be classified as ‘structured’ data (which is in rows, columns, and tables) and ‘unstructured’ data that could come from email, audio files, videos, social media posts, call center data etc. As a huge proportion of the relevant data across an organization is ‘unstructured’, it is critical to analyze its impact on business and getting an org-level view of its impact as against analyzing data in departmental siloes. That’s exactly where a data scientist comes in. With his expertise in data, mathematical models, statistics, etc., a data scientist can sieve useful insights from humongous volumes of
data. Companies across the world are extensively seeking talented data scientists. A PGDM in business analytics will help you to become a preferred choice of companies that are looking for data scientists and analysts.
2. Analysts across key functions: The scope of a PGDM in Business analytics is wide ranging. It is because the course teaches various aspects of business including operations, finance, marketing etc. and empowers you with the capabilities to transform the data generated from daily operations across these departments into rich business insights. For instance, a person with a PGDM in business analytics is equipped to help a company to streamline its supply chain, ensure optimum economic order quantity to reduce wastage, and enable the company to have ‘Just in Time’ inventory across its point of sale to keep losses to the minimum. Similarly, they can work on various models and share insights that can sharpen marketing campaigns, enhance customer lifetime value (CLTV), and help to onboard more customers by curating offers as per demographic data and buying pattern-based insights.
3. Chief Data Architect: Before attaining a PGDM in Business Analytics, you might have graduated in technology and may have relevant work experience. If so, a PGDM in Business Analytics can add a new dimension to your career prospects. We live in an age of digital/ mobile-first startups that champion the cause of ‘convenience’ that we so dearly love. Such apps that help you get everything at your doorsteps with just a click (literally), need very robust data frameworks and models to enable real-time decision-making with respect to prices, routes of delivery, bundled offerings etc. To manage these aspects seamlessly, companies hire data architects who are the custodians of the organizations’ technology infrastructure that
powers or holds the data. Their technical understanding, knowledge of domains and functions, and ability to liberate data from traditional siloes is invaluable. They can build the required architecture and frameworks to derive rich insights from the data that can be viewed by strategic leaders of the business, not in isolation but in sync with various other parameters to gauge organizational level impact. Hence, a chief data architect is pivotal in creating a digitally transformed data- powered business.
Data and Business Analytics is a very nascent field and companies are still discovering the true potential of the data that they have. This includes the current data that they generate and the data that they must have archived. The scope of a PGDM in Business Analytics will further amplify as companies start discovering means of creating ‘impact’ with the data that they generate. Hence, a PGDM in Business Analytics is not only a course for today’s times but also for the future. It will stay highly relevant in the times to come. Hence, a PGDM in Business Analytics will open a plethora of opportunities across sectors, domains, and geographies for a student. What more can one ask for?
One must read book each for Finance, Marketing, and HR students
- October 14, 2022
- | adminblog
- | Career
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A PGDM in Finance, Marketing, or HR can give you relevant exposure to the functions. A few case studies can help you to envision how the industry puts it into practice. Good books, however, are timeless and priceless. The authors of such books often back their content with deep research. The research and content are woven into a meaningful format to impart invaluable lessons. The lessons are elucidated with relevant examples to illustrate the power of the concepts covered in the book. Spending a few hours in the library and reading the best books is your growth hack into the corporate world.
A PGDM in Finance may give you excellent theoretical knowledge of financial concepts but its application in the real-world is a completely different ball game. A PGDM in Finance may enable you to become a wealth manager wherein you may manage money for either a set of clients, or your company, or the customers of your company. In any case, it is your responsibility to ensure that you make decent returns for the entrepreneurs or investors to whom the money belongs. It’s less about the mind or talent and more about the mindset.
A book titled ‘The Psychology of Money’ is worth its weight in gold for all PGDM Finance students.
Among the many pearls of wisdom, the most important lesson that author, Morgan Housel, shares is that people should leave greed out when managing money. He shares his views on Jesse Livermore who took a short position in the great stock market crash in USA in 1929 and pocketed three billion, only to lose it all a few years later. He couldn’t control his greed and tried his luck once too often. The lesson here is to have goals and ensure that your money can help you to attain them. This will enable you to control ‘greed’ – an emotion which can make one take riskier bets and increase the probability of incurring a big loss.
In the era of digital technologies and social media, financial markets have become omnipresent. What’s more, with YouTube and digital learning tools at your disposal, it is easy to gain basic understanding of the markets to start your investment journey. The impact of digital has been so significant that marketing itself has undergone a paradigm shift from the traditional ways of advertising and promotions.
That’s where the book Contagious: Why things catch on can immensely help PGDM marketing students. They are stepping into an era wherein technology and digital marketing tools have assumed very high importance. Author Jonah Berger has explained why things go ‘viral’. He has laid a strong emphasis on peer reviews and how it can influence purchase decisions. The author enlists six basic principles that form the crux of virality of any product, service, or initiative. The book is a great guide for marketers to use actionable techniques to spread information to the relevant target audience by creating highly viral content.
While PGDM finance and PGDM marketing are both important from a business perspective, a business is nothing more than a set of people with integrity that are working towards a common goal. Hence, people management is a very critical skill. The building blocks for the same is taught at the PGDM HR level. Students of PGDM HR will eventually be the custodians of the human capital – the most important assets that companies possess. It is extremely essential to drive your human capital towards a common goal and enable them to have a sense of purpose.
Hence, ‘Start with Why’ could be a great book for PGDM HR students. Author, Simon Sinek, says that the employees are always inspired by a sense of purpose or the ‘Why’. Hence, communicating ‘why’ an organization is doing things before the ‘How’ and ‘What’ is critical. He calls this ‘the golden circle’ with ‘why’ being the innermost circle followed by concentric circles representing the ‘How’ and the ‘What’. He talks about how companies like Apple and leaders like Steve Jobs have applied this golden circle to create a purpose that drives the culture at the world’s most valued company.
To wrap it up, a PGDM course can conclude in two years, but the learnings are implemented lifelong. Challenges in the corporate world don’t come with a manual to help you untangle them. However, reading books regularly can always give great insights into how businesses could think out-of-the-box to overcome constraints of time, money, and resources and yet become defining companies. PGDM in Finance, or Marketing, or HR is a definite head-start but reading great books on business is a habit that can empower future managers to succeed in their multi-decade corporate journey.
5 Tips to translate MBA Learnings into Corporate Success
- October 14, 2022
- | adminblog
- | MBA Advice
- | No Comments
Ever wondered why the first year of an MBA or a PDGM course teaches you about all the departments of an organization. Why do they delve into finance, marketing, HR, operations, Law, etc.? The answer lies in the fact that a business or a company is not about one area of specialization. A company does well only when all these functions can collaborate efficiently and contribute to the common goal – to accelerate business growth and to enhance operational efficiency.
We enlist five key tips that can help you to translate your learning from MBA or PGDM into corporate success: –
- Understand the business model of the company – “I am an HR professional; I don’t need to sell. I am a finance person, I needn’t pay attention to marketing activities”, these statements are often heard in companies. A siloed approach, especially at the entry or middle level, is commonplace. An MBA or a PGDM comes with a basic understanding of all functions and specialization in one or two aspects of business. The first thing an MBA or PGDM student must do is to understand how their company generates revenue and makes a profit. Everything from income and revenues, to cost and expenses, as well as operating profits and margins must be understood. Any MBA or PGDM student who understands the above will be better placed for success than any of his counterparts.
- Know about the TAM, SAM, and SOM of the company – A PGDM or MBA student would ideally have a few days to himself/ herself from being offered a job to joining the company. They must use this time to find more about the Total Addressable Market (TAM), Serviceable Addressable Market (SAM) and the Serviceable Obtainable Market (SOM) of the company. A deep dive into this will enable them to know more about the market share that the company can obtain and its runway for growth. If they are joining a listed company, reading annual reports of the last few years could be a great exercise to understand the company in-depth and be well prepared on day one of the job.
- Unbox and unleash yourself – It is very common for an MBA or PGDM student to think that they must stick to their area of expertise and not venture into other business areas of the company. A great way to ensure corporate success is to gain exposure to as many areas and aspects of the company and its business as possible. Never think of it as extra work. You will find use of all the work and hours that you put in later in professional life so its better to get early exposure to all areas. Breaking out of the imaginary siloes that one creates in their head can go a long way in enabling PGDM or MBA students to march ahead in their corporate careers.
- Enhance Connections and be Curious – Networking within the organization is as important as building a professional network outside. Request the heads of departments and all key personnel in the company to spend some time with you. You will gain immensely from interactions with them. Their perspectives, ideas, and outlook will enable you to garner rich insights into the business and help you to accelerate your own growth in the company. A PGDM or MBA student must also be curious to understand how various aspects of the business works in tandem. It doesn’t cost to think like a CEO, but it will immensely help when one seeks to understand the business of a company better.
- Be a part of community of like-minded professionals – If you are a PGDM Finance student, you must identify communities and groups (online as well as physical) wherein finance professionals collaborate. The same is true for marketing and HR MBA/PGDM students. It is important to know about the latest trends in the industry and be ahead in terms of your knowledge curve. It can help to accelerate your growth in an organization and will also ensure that you are aware of the opportunities in the industry that align with your career aspirations.
Is this all you need to transform yourself from a bright PGDM or MBA student into a successful corporate professional? Definitely not. However, ticking the above five points could put most of your competition at bay and you will become an invaluable asset to your company as well as the industry.
Why Should You opt for a Global MBA at N. L. Dalmia Institute of Management Studies and Research?
- July 27, 2022
- | adminblog
- | Admission Consultation
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An MBA program gives you the option of choosing from several different disciplines that play a vital part in building your professional career in the field of Business Management. A Global MBA is a specialization of the traditional MBA curriculum which is more focused on providing a world-class learning environment for Business Management studies to leaders of tomorrow through collaborations with foreign universities. The course is structured so that you have a global outlook on diverse business themes and theories. It also prepares you to explore career opportunities across the world.
Best Institute for Global MBA in India
Many Global MBA colleges provide this specialized course in India. However, before choosing your preferred college, you need to look for the facilities offered by the respective institution, the infrastructure, and future opportunities related to the program.
It is also important to know about the international collaborations the institutions have engaged in. Since a Global MBA is an International Course, it is necessary to know the scope before seeking admission.
If you are planning to pick a Global MBA college in Mumbai, N. L. Dalmia Institute of Management Studies and Research is one of the best and most trustworthy colleges to opt for.
What is the Global MBA program at N.L? Dalmia Institute of Management Studies and Research?
Global MBA is a 1+1 program. The student pursues his 1st year (11 months) at N. L. Dalmia Institute of Management Studies and Research and the 2nd Year at the University of Wisconsin-Parkside, USA.
Why should you choose NLDIMSR for the Global MBA program? What is the advantage of this program?
N.L. Dalmia has a legacy of nurturing future leaders through a comprehensive and industry-centric curriculum under the guidance of highly experienced faculty. The Global MBA program is designed in such a way that every student gets the required exposure that will allow them to grow in their career.
Advantages of this program:
For any student who has taken admitted to this program;
TOEFL, GMAT/GRE is waived off as well as Work experience is waived off. Students who have just graduated can also apply to this program.
Also, when a student in the 1st year gets a GPA of 3.0 and above, he/she is eligible for an International Scholarship of USD 4000- USD 6000
About the 1st Year (11 months) Program at NLDIMSR
- In their first year (11 months), students will complete their foundation course at NLDIMSR, Mumbai. After the completion of the foundation course, students will be acknowledged and certified under PGC in Global Business Management.
- Students will then be eligible to apply for the 2nd Year at the University of Wisconsin-Parkside with a minimum GPA of 2.75 on a scale of 4 in the 1st year (11 months) at NLDIMSR
- Additional certification in the form of Digital Marketing, Bloomberg Market Concept, and Data Analytics, will be offered to the students.
About the 2nd Year Program at Wisconsin-Parkside, USA
- The University of Wisconsin-Parkside was founded in 1968 and is spread across 700 acres, shaping and inspiring thousands of students originating from different corners of the globe.
- The University is recognized among the top 400 Elite Institutions according to the AACSB.
- Students from NLDIMSR will have the opportunity to connect with the faculty, staff, and other students at Wisconsin-Parkside, USA.
- Upon completion of the 2nd Year Program, the students will be acknowledged with an MBA Degree offered by the University.
- The Degree is AACSB Accredited.
- Students have the option of specializing in 6 different disciplines such as – Marketing, Human resources, Data Analytics, Finance, Supply Chain Management, and General Management.
- The special provision for dual specialization is also made available to the candidates who wish to explore this option.
- Students learn under expert faculty with immense experience and explore global placement opportunities.
- Top-notch infrastructure and environment.
Eligibility to pursue a Global MBA at N.L. Dalmia Institute of Management Studies and Research:
A Bachelor’s degree in any field with a minimum 55 percent standard. An applicant at the time of application can be in his/her final year/final semester of graduation.
Career options under global MBA course:
If you pursue a global MBA, many doors open for you. Here are a few opportunities you can jump into:
- International Marketing Manager
- Global Supply chain Manager
- International Management Consultant
- International trade policy advisor
- International business development manager
- Digital marketer
Conclusion
Global MBA has higher chances of growth if done from a good institution. N. L. Dalmia Institute of Management Studies and Research provides the necessary curriculum and offers the best infrastructure for students to develop their vital skills to succeed in their careers and become exceptional leaders of tomorrow.
Entrance Exams Considered for PGDM admissions
- July 27, 2022
- | adminblog
- | Admission Consultation
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Every year, a large number of MBA aspirants appear for different kinds of entrance exams to join the top business schools. It is very important to understand how each of these competitive exams differs from each other and which one is best suited for you. Most of the graduate management entrance exams like GMAT, CAT, XAT, MHCET, CMAT, ATMA, and MAT are considered for PGDM admissions. Let’s understand each one of these exams in brief.
CAT
The Common Admission Test or CAT is a computer-based test for admission to management programs. The test consists of three sections: Verbal Ability and Reading Comprehension (VARC), Data Interpretation and Logical Reasoning (DILR), and Quantitative Ability (QA). In 2020, due to the COVID precautions, IIM Indore decided to conduct the CAT Exam in 2 hours with 40 minutes devoted to each section. The Indian Institute of Management started this exam and use the test to select students for their programs (MBA or PGDM). The test is conducted every year by one of the IIMs based on a policy of rotation.
GMAT
GMAT stands for Graduate Management Admission Test. It is a standardized test to assess the analytical and reasoning skills of applicants who are seeking admission to MBA programs, and PGDM colleges. It is an international standard accepted by more than 2,900 business schools in 108 countries as a valid indicator for admission to business schools worldwide.
XAT
XAT or Xavier Aptitude Test is one of the country’s most revered PGDM entrance exams, conducted by the Xavier School of Management. The XAT exam consists of four sections, 100 Multiple Choice Questions (MCQs) each. These questions come from the areas of Decision Making, Verbal & Logical Ability, Quantitative Ability & Data Interpretation, and General Knowledge. The exam is conducted on the first Sunday of every January.
MHCET
The MHCET or Maharashtra Common Entrance Test is conducted by the Directorate of Technical Education, for the fields of Engineering, Pharmacy, Law, and Management. The exam is held for 200 marks and consists of questions related to Logical Reasoning, Abstract Reasoning, Quantitative Aptitude and Verbal Ability, and Reading Comprehension, over a span of 2.5 hours. Like all the exams mentioned previously, this too is an online exam.
CMAT
The common Management Admission Test (CMAT) is a computer-based examination conducted by the National Testing Agency that has been established by the Ministry of HRD. It is hosted for both India’s public and private institutions to select suitable students for admission into management programs that are approved by AICTE, India’s government agency in charge of this sector.
MAT
The Management Aptitude Test (MAT) was developed by a group of subject matter experts to predict an individual’s aptitude for management studies. Since 1998, MAT has been used by over 600 business schools in India seeking candidates for their MBA and allied programs. The test comprises content covering various aspects including English Language, Numerical Ability, and Data Interpretation & Reasoning which require critical thinking across a wide range of subjects.
ATMA
ATMA is a single-window test that is conducted 4-5 times a year by AIMS (Association of Indian Management Schools) on behalf of a number of management schools across India. It provides an opportunity to candidates who have completed their higher education and wish to pursue further studies in business management.
If you are planning to apply to a B-School, then you will want to make sure that you secure a high score on your entrance exam. These exams cover a wide range of subjects and usually do not require much preparation. It is advised to study for entrance exams in the months prior to your exam so you have time to prepare.
How to select the right Business School?
- May 9, 2022
- | adminblog
- | B Schools, MBA
- | No Comments
A Business School will help you become the Business Leader you have always wanted to be. However, the question is not what School you should go to, but which one will be the best fit for you. There are different Institutes that offer different courses and specializations. You can narrow that down to fit your criteria, but that still might leave you with hundreds of options to sort through. Therefore, you need to consider your own goals, skills, and career interests before selecting the right Educational Institute for you!
Here are some criteria you should look at:
1) Areas of Specialization
Choosing the right Business School is a critical decision for aspiring MBA students. There are many factors to consider during the selection process, but one of the most important factors is the range of programs and specializations offered. Most Institutes offer a variety of MBA programs, each with a different focus. For example, some Schools may offer an MBA in Finance, while others may offer an MBA in Marketing or Management. It’s important to research the specializations to check if they align with your goals and interests. The MBA specialization you choose will have a big impact on your career trajectory, so search for some great Business Schools in Mumbai that will offer various programs and specializations to choose from.
2) Staff and Faculty
An experienced faculty will always inspire you to lead you on the way to success. Be sure to research the credentials of the Professors and see what kind of experience they have in the field. Also, check to see if the staff is knowledgeable and helpful. They should be able to answer any questions you have about the school or the program and help you with networking. Selecting a Business School is a big decision, and a great faculty can make all the difference. Take the time to research about the staff and faculty of the top B Schools in Mumbai and make the right decision for your future!
3) Talk to the current students
Before enrolling in an Institute, it is important to check the current students at that Institute. This will give you a good idea of the school’s environment and whether it is the right fit for you. There are a few things to look for when checking the current students at a Business School. First, look at the diversity of the student body. It is important to attend a School that has students from different backgrounds. This will help you to learn from your classmates and expand your network. Second, look at the student’s LinkedIn profiles. This will give you an idea of their career aspirations and whether they are actively pursuing their goals. Finally, look at the job placement record. This will give you an idea of the school’s success in helping students find relevant jobs after graduation. By connecting with the current students at the top B Schools in Mumbai, you can get a good sense of the Institute!
4) Location and cost
The location of the Business School is an important factor to look at. If you want to stay close to home, then select a School in a convenient location. If you are willing to relocate, consider the cost of living in the area and the job market in the region. Another important factor to consider is the tuition fees of the schools you are considering. Check the yearly fees and other miscellaneous expenses and compare the final amount with your budget. There are some reputed Business Schools in Mumbai that offer scholarships and other resources to help prospective students! Do keep an eye on them as well.
5) Placement opportunities
Before selecting the right Business School, it is important to review the placement opportunities of the school. The placements may vary depending on the location, size, and type of School. For example, a small School may have fewer placement opportunities than a renowned Institute. And a School that specializes in a particular type of Business may have more placement opportunities in that area than a School that does not specialize in that area. Thus, it is important to understand the placement opportunities of the school before deciding. You can visit their website and go through the placement details!
Choosing the right Business School is no easy task. Keep in mind the parameters mentioned above to easily get into your dream School. Don’t forget to check out some great Business Schools in Mumbai and make the best decision for your life!