Team name: innovative student

Team member:

1.Vivek vaghasiya (MBA Pursuing )

Email:vivek.kgibm@gmail.com

MO:09662361964

2.mahesh vahghasiya

MBA

Buster

Academy (Heart of Real Education System PGPM)

WITH

WHATE WE FACE TODAY IN A PG IN BUSINESS MANAGEMENT

*Current ration of unemployability of PG (IN MBA) and graduate student in India

*In India graduate unemployment ratio are increasing in day by day. What is rezone behind that is a ????

*not proper education system in India???

*We are believed in book education but market

Expectations are something different????

: Abstract:*4000+ Management institutes in India having intake of

370000+ facing a situation of crisis because of some specific problems. This Academy attempts to solve these problems by Providing survival model for these institutes. Another objective of academy is to introduce a new Experiential Learning Pedagogy (ELP) to these institutes, where students can learn through experience along with their MBA program. Observing downturn in Management education in India, this experiential approach to management education could be the only way of providing management education in future for India.

OUR VISION

To aware the students about present situation of business field in India.

(For the purpose of increasing the employability of youth)

OUR MISSION

To establish an academy where student can utilize their own thought to become entrepreneur.

Table of Contents

Sr.no Particular

1 Introduction

2 Literature Review

3 Model for MBA buster academy

4 MBA buster academy and learning mode of education

5 MBA buster academy and learning theories

6 Low cost industrial solution

7 Application of ELP in other than management area

8 Our marketing strategies’

9 Organization structure

10 Our financial plane

: Introduction:

Learning is Experience, Everything else is just an Information.

-Albert Einstein

Nobody would be surprised when we say that Indian economy will be sluggish thermostats, and it will definitely be in crisis if not focused well now. Just because when we observe that management education itself is in crisis, how can we expect other spheres of management and our economy to be renewing and transformational?

Bluntly speaking, those who are teaching management can’t manage their own stability, how could they teach others to be stable in their Business?

Recently published article in “The Hindu” depicts that “Management education has grown Quantitatively, but not qualitatively, and contributed too little to the labor-rich but skill-poor economy” (Patil, 2012).

Profit orientation is mushrooming management institutions like anything quantitatively, but they have no answer for improvisation of students in forms of knowledge increment, skill Enhancement and attitude development.

May be one of the answers lies in above mentioned quote by Albert Einstein, where many of the 4000 management institutions focuses on “everything else (i.e. Information), but experience”

To prove this sentence true another evidence is the international best seller book of Mark H. McCormack titled “What they don’t teach you at Harvard Business School – Notes from a street smart executive” (McCormack, 1986). Preface of his book says that any businessman needs two important things namely *Business Shrewdness *Street Smartness Further he opines that these two will come only after * Experience *Struggle

The problem and solution both lies in-here.

We do not provide management students an opportunity to learn the things throughexperience. Properly saying, whatever opportunities we are providing to students forexperiencing the corporate life through Summer Internship Projects (SIP) or other tools ismay not be enough for today’s highly competitive, changing and hyper turbulentenvironment. MBA buster academy – Post Graduation Practices in Management could be one of the best solutions to these problems where students will be having an opportunity to consistently learn the things practically through Experiential Learning Pedagogy (EPL) for two years along with theoretical pedagogy for seeking important information about their field.

: Literature Review:

There had been many of works done regarding problems in management education and re-orientation for the same.

*Herminia Ibarra and Urs Peyer (2010) declared the list of the Best 50 CEOs of the world in Harvard Business Review. The review says that only 14 (merely 28%) out of these 50 CEOs are having formal management degree while 36 (staggering figure of 72%) are not having formal management education. (The Best performing CEOs in the world’s Harvard Business Review, January-February 2010, Page 104-113)

*Mark H. McCormack advocates “Street Smarts” in his book “What they don’t teach you at

Harvard Business School”. Here, street smart means having an ability to make active and

positive use of your instincts, insights and perception. Can you really apply gut reactions to

business? Perhaps not totally, but what you can learn may not the result of management

education but the result of street smart thinking which again he says that comes “only after

experience”. (McCormack, 1986)

*More recently, Vijaykumar Patil also criticizes contemporary management education in

India with the element of “Skill quotient”. Which he says is not appropriately addressed to

add value to the education. In turn, this can be solved by Experiential Learning Pedagogy

(ELP) to Management Education. (Patil, 2012)

*Hercules Visser submitted Ph.D. thesis in “transformation of management skills of

engineers” at Rand Afrikaans University. This research agrees that there is a difference in

leadership style between experienced and inexperienced engineers in South Africa. It was

found that experienced engineers in Eskom were more transformational, more transactional

and having better managerial skills compared to inexperienced post-graduated engineering

students at the Rand Afrikaans University. This study helps us to impart managerial skill

through PGPM in engineering students of India. (Visser)

*Henry Mintzberg (1973), in his book “the nature of managerial work” (cited by Robbins,2003) provided ten roles of managers for increasing managerial effectiveness,

which can be divided into interpersonal roles, informational roles and decisional roles. In order to play these roles effectively, managers need some sets of skills: Robbins (2003) also cited Robert Kaltz’s three types of managerial skills, which includes technical skills, human skills and conceptual skills. As known commonly, all of these three skills can be imparted in a better way through experience than just classroom teachings. It also supports the ideas presented in the book titled“Managers not MBAs” written by Henry Mintzberg. (Mintzberg, Managers Not MBAs: A Hard Look at the Soft Practice of Managing and Management Development, 2004)

*Local newspaper in Rajkot, “Gujarat Samachar” in August 2013 reveals that the number of vacant seats of MBA in Gujarat. Gujarat Technological University, main body responsible for management institutions in Gujarat having 132 affiliated colleges having 11,557 intake capacities fills up only 6218 seats where remaining 5539 seats are still vacant, showing students facing off towards MBA course. (Gujarat Samachar, 2013)

Even in 2007 through same source of research Chhavi Dang from TNN in his article dated 1 st

Feb, 2007 reveals that only 23% MBAs are employable, which shows the consistently downgrading of management education. (Dang, 2007)

: Model for MBA buster academy:

For reducing the problem faced by management education in India, as stated earlier, solution is Experiential Approach to management education which combines both MBA and PGPM in MBA buster academy .

In lower tier B-Schools MBA is being almost non-experiential program, where students generally focus only on theoretical aspects of the subjects. Summer Internship Trainings is being a Joke, where students take it as a vacation and spends more time at home rather than on industry.

What is MBA buster academy (PGPM)?

Post Graduation Practices in Management is 100% by nature a practice on some specified subjects of management, where theory and practice differ in it self. MBA provides theoretical aspects where as PGPM provides practical aspects.

(Box:1)Example: In MBA, students will “study 4Ps of Marketing” from the book of Philip Kotler in a classroom settings. Where as in PGPM he will be actually examining Product of some company, deciding Price of that product, setting up distribution (Place) strategies and Promotion strategies of that product in actual environment simultaneously through OJT and PEPT.

Here as we are not at all neglecting theory portion of education, students will do MBA and PGPM simultaneously.

(Figure: 1)OJT for Entrepreneurs

OJT is popular training technique used to train people, to which we call “On the Job Training”. Management students who want to be entrepreneur in future after their management degree will be placed in actual business conditions.

They may choose their family business to continue with and run their family business on beta level along with their management degree. Here, students will have opportunity to face problem in doing business during their MBA, and those problems they may discuss with their professors and other experts.

Students will be having an opportunity to put their theoretical knowledge of business in actual business conditions and test it for betterment. They even can open a small scale business and take practical know how of starting a business, growing a business, managing a business and so on and so forth.

PETP for Job seekers

A student who wants to do a job after their MBA will be placed in Professional Employment for Training Purpose. In actual, students will be pre-placed in a sector or industry where they want to get a final placement. They will be placed on the basis of part time/full time depending upon the mode of their MBA. Distance learners will be placed on full time job, where fulltime MBA students will do part time jobs.

Here, in PETP student will be 100% focused on where he needs to be trained, what kind of skills he wants to aquire through his job, in which industry he wants to work, which sector he wants to look for etc.

This would be module based structured approach to job, not haphazard one, where focus would be on imparting sector specific and functional skills rather than earning money.

(Box: 2)Example: a student doing MBA with finance wants to go in stock broking field after MBA, than during his MBA he will be pre-placed in stock broking firm on part-time/full time basis. He will also have a step by step model for imparting industry-specific skills during his PETP along with his MBA. After completing his MBA program he will be having theoretical knowledge of broking field along with skills required in this field.

Mainly PETP jobs starts from trainee level and even sometimes in form of odd jobs in same industry where he wants job after management degree.

: PGPM and learning mode of education :

Post Graduation Practices in Management can be applied to both the modes of learning, distance as well as direct.

Direct learning mode

With direct learning mode of management education student who wants to seek job after management degree will be pre-placed in a part time job format. Where generally he will study theory from 8.00am to 12.00pm and after that he will do part time job in same sector/industry where he wants to seek job after course. He may do this job from 2.00pm to 8.00pm.

In case of students want to be entrepreneur, same as PETP he will have on the job training after his theory sessions of 8.00am to 12.00pm. he will be in his family owned/self established small beta version of actual business from 2.00pm to 8.00pm.

Distance learning mode

Checking feasibility of PETP, it is certainly more feasible in distance learning mode as students can easily get full time job than part time jobs.

PETP students will get full time jobs where they want to develop their career after MBA. Here they can be thought theory sessions on weekly basis. Mostly weekend sessions for theory will be organized. It could be as…

Sat-Sun: Theory sessions (MBA)

Mon-Fri: Full time Job (PGPM-Practical Sessions)

Students will be on ease and will be much relaxed and stress free because of lower work burden in both sessions of his program, theory as well as practical.

Same way, entrepreneurial students will do their beta version of business from Monday to Friday and will have theory sessions on Saturday and Sunday. Here, also it is more feasible to do business for full time as different industry clients has different requirements. But on the whole, PGPM looks more appropriate model with distance learning mode of education.

: PGPM and learning theories :

Many a times it is argued that PGPM model of learning management often hurts the object of academic learning. Academic results of students are deteriorated because of this. Providing explanation to these arguments we have two theories in support namely…

1. Social Learning Theory 2. Schema theory of learning

Social Learning Theory

Social learning theory shows that much of the human behavior is either learnt or modified by learning. Through learning one acquires knowledge, languages, attitudes, values, manual skills, fears, personality traits and self insights.

Theory believes that there are two ways of learning:

1. Learning through re-inforcement or direct learning experience 2. And learning by observing others, also called vicarious learning.

In both these ways PGPM and Experiential Learning Pedagogy remains on top than contemporary approach to management education.

In ELP students directly comes in to contact of real situation, where he can learn very fast than sitting in a classroom. Even if he is not in a real situation but the beta version or simulation of actual business situation than also he can observe the business environment form the nearest point.

Here, social learning theorists also believe that since an individual can make use of complex symbolic processes to code and store his observations in memory, he can learn by observing the actions of others and by noting consequences of those actions. (K.Aswathappa, 2008)

Schema theory of learning

Schema theory depicts that when you experience something from external environment; it is being stored in your schema (part of a brain). Schema has a wide network in a brain which gives and takes incidents or experience or events to each other and based on that makes learning process and generates the decision.

Now, when you read the near to same or same concept in a book which you had experienced in past, It’s being quite interesting as schema recalls that experience while you are reading. By this reason you can memorize your reading very easily.

(Box: 3)Example: a student pursuing MBA with Finance wants to study an option strategy or trading strategy from his book. He may face difficulty in getting that concept clear in his mind. He may even try to mug up, as he finds it complex to understand. But if he has already worked with some broking company in past or having an experience in same field, he sometimes even don’t need to read a book and will be able to write concept or answer very clearly.

So, it is very important to store the experiences of doing business in your schema (brain) before you read the actual concept in books of MBA program. After this process it will be very easy to gain more marks in exam.

(Figure: 2)

So, in actual Experiential Learning Pedagogy (ELP) helps student to enhance their academic performance.

: Low-cost Industrial solutions :

Research of KGIBM(MANAGEMENT INSTITUTE ) stimulus (2010) shows that industry has only 4% technical problems where as 96% problems pertains to management. Here, PGPM comes in to play. (KGIBM Stimulus paper, 2010)

Industry needs more and more cost-effective models and peoples to do job. Students doing MBA+PGPM could be their biggest source of low-cost human resources. Students could be employed for market research, direct sales etc. on initial basis with little or no salary. After industry realizes potential in student it may give some stipend and can take work as a trainee.

On the other hand students doing business may provide low-cost outsourcing services like tele-calling to industry which can cost a lot if hired professional consultants. Even students will give whole hearted efforts in doing job as they want to learn. Initial mistakes made by students can cost industry sometimes, but even that could be nullified by hiring some trainers or preparing some training modules.

Obviously hiring trainers will cost much lower than hiring consultant or outsourcing from professional firms.

Here, this ELP model bridges the gap between industry-academia and gives trade-off to both.

: Application of ELP in other than management areas :

ELP method could be very much powerful if applied in every sphere of education. Partially it is already there in CA as article ship and some other professional courses but it applied in totality than it may give some enormous results.

(Box: 4)Example: in Gujarat we have 7 million students studying in higher education. (Gujarat, 2011) If we can apply this mass to industry through Experiential Learning Pedagogy (ELP) to work for industry at low-cost and works 4 hours a day for industry than we can add 28 million man hours at work for our industries. And Every year this number could reach up to 10,220 million man hours of young blood of Gujarat. If these students adds gross value (not net value) of only Rs. 10 per hour to Gujarat state economy than also it can generate Rs. 1,02,200 million to our state economy every year, which is 14% of our Gujarat’s current Gross State Domestic Product i.e. Rs. 7,00,000 million.

It may look an exaggeration but even if fraction of these mass applied well for work in industry it can generate double sided benefit of better education to students and low-cost human resource to industry both.

Market entry strategy

We are started NGO academy. And we are taken a MOU with all the management institution In India. And we also taken a MOU with the different different industries in part time job for pursuing MBA student

In first stage we are introducing 3 module of learning stage Like as a Module 1 is totally market work out research for marketing student Module 2 is financial analysis for broking firm Module 3 for HRM research to the practical industrial HR solution program

Organization structure

Business institute example OUR ONE MOU COLLEGE EXAMPLE

10 Board of Directors

– 7 active students

– 3 faculties

– 1 outsider (Founder:vivek vaghasiya )In every college outsider directors will be same

Rs. 5000 capital from each (BOD)

Prepared by vivek vaghasiya

FinancialsWe want to MOU in first stage with 500 business management institute.

So 500*10 BOD =5000

Need Fulfillment2,00,00,000 fixed cap INR 5000 X 5000

50,00,000 working cap Equity capital=2,50,000,00

Prepared by vivek vaghasiya

: Bibliography and References :

2010, K. S. (2010). Managerial problems of MSMEs in Saurashtra. Rajkot.

(2012, August). Gujarat Samachar .

Basu, S. (2012, August). MBA employability. Economic Times .

Dang, C. (2007, February 1). MBA employability. TNN .

Gujarat, G. o. (2011). Education sector report. Gandhinagar: Vibrant Gujarat Investment Summit 2011.

Hansen, M. T., Ibarra, H., & Peyer, U. (2010). List of Best 50 CEOs of the world. Harvard Business Review , 104-113.

K.Aswathappa. (2008). Organizational Behavior. Mumbai: Himalaya Publishing House.

McCormack, M. (1986). What they don't teach you at harvard business school. Random House Publishing Group.

Mintzberg, H. (2004). Managers Not MBAs: A Hard Look at the Soft Practice of Managing and Management Development. Berrett-Koehler Publishers.

Mintzberg, H. (1973). The nature of managerial work.

Patil, V. (2012). Management education. The Hindu.

Vachhani, D. J. (2012). Need of formal management education for managers. Rajkot: Saurashtra University.

Visser, h. Transformation of management skills of engineers. Rand Afrikaans University.

Prepared by vivek vaghasiya