Digital Marketing

dm1In today’s hyper-paced modern world, development does not mean just transforming economies; development today is about transforming the lives of people. According to the report, ‘India@Digital.Bharat’ 2015, by the Boston Consulting Group and Internet & Mobile Association of India, India’s internet economy is expected to grow $200 billion by 2020 and will contribute 5 percent to the gross domestic product (GDP) of the country. Growth of internet in India has helped companies to lower their cost of marketing and reaching customers with more personalized approach to sell the goods and services around the world. This represents the underlying rationale of transforming India into a digitally-empowered society and a knowledge economy.

Marketing is a process. The basics of marketing involve telling the story of a brand to people and persuading them to be a part of it. Its ultimate purpose is to communicate the value of a product or service to people to such a level, that either they purchase the product or service, or at least, are interested to learn more about it.

Digital marketing has opened innovative ways of doing business. It is shaping the world of marketing and advertising with its striking advantages like cost effectiveness, instant responses, flexibility, reach, convenience and effectiveness. Community-driven initiatives, such as Barefoot College in Rajasthan, Chanderiyaan in Madhya Pradesh and AirJaldi in Himachal Pradesh are marketed digitally, and have established their presence in the market. Therefore, digital marketing today is about personal, one-to-one interaction rather than one-size-fit-to-all approach.

During 2016-17, most of the industries were struggling with growth rates ranging in between 6 percent to 11 percent, only the digital industry saw a growth rate of 41 percent which is expected to continue in 2017-18. The Indian digital media segment is set for disruption with growth expected to reach Rs 20,000 crores by 2020. Rapid rise in the use of online banking, virtual personal assistants such as Siri and Google Assistant, the online payment gateways, like Paytm, Mobiwick and BHIM, buying and selling through online virtual stores like, Flipkart, Big Basket and OLX are some of examples of the emerging digital India. Other major developments that are shaping the marketing landscape include better integration of brand, lead generation, improved cross-device measurement, and enhanced targeting/addressability by companies to provide customized and personalized services to customers resulting in developing long lasting relationship with them.

Need of the hour is, that the organizations should develop their digital vision, design new digital business models and determine how to acquire the necessary digital skills and capabilities. Business requires analyzing huge volume of data and its complexity in the shortest possible time for decision making and reaching to the customers. Hyper –personalization would be the next big move with the major challenge to keep pace at which the consumers expect to interact with companies. To avoid falling behind the competition, organizations need to rethink how they do business in the digital era, in which change happens at warp speed. Those that cannot keep up will lose business to competitors that respond quickly. It is therefore, crucial to develop a digital strategy and begin the digital transformation sooner rather than later.

                                      Prof S.C.Sharma, Director, IBS Gurgaon

Challenges faced by Businesses

ChallengesIndia has attained the status of fastest growing economy in the world. Implementation of GST from 1st July, 2017 is expected to lend further momentum to the growth trajectory. Despite several favorable factors, such as, low level of inflation, subdued global energy price scenario, strong fiscal consolidation of central government finances, low current account deficit, higher agricultural output, growing FDI, and higher wages in rural areas, certain sticky constraints arresting Indian growth story refuse to abate.

The most worrisome of these developments is the declining trend in gross saving and investment. The gross savings as percentage of GDP has fallen from 34.7 in 2011-12 to 29.8 in 2016-17. During the same period, gross investment has shrunk from 38.9 percent of GDP to 31.3 percent. These trends have significant implications for capacity of Indian economy to create fresh jobs in rural and urban India. They also create a wedge between the real and financial economy. Within this overall scenario, the decline in private sector investment is critical and needs strategic intervention. It has also severely affected the credit growth of banking sector, as corporate India refused to take investment calls and the growth of credit in the world’s fastest growing large economy was just 9.4% during 2016-17, a 53-year low.

The state of balance sheet of corporate sector, their declining bottom line and falling credit appetite have serious implications for the profitability of banks and (falling) prices of banking stocks. Put together, these developments shape the investment climate. Analyzing these developments, Financial Stability Report of RBI released on 30th June, 2017, concludes as follows:

“Weak investment demand, partly emanating from the twin balance sheet problem (a leveraged corporate sector alongside a stressed banking sector) is a major challenge. Retrenchment of credit by public sector banks is partly offset by NBFCs, mutual funds and the capital market but they cannot fully substitute for banks in a bankbased financial system like ours. Hence, steps to restore the health of the banks assume urgency.”

The concerted movement by the Government and RBI to fight black money, fake currency and terror financing, although laudable objectives, produce certain unintended consequences. Banks are still fighting with the adverse effects of demonetization on demand generation, credit delivery system, supply chain management, and logistics.

In addition to this, there are legitimate concerns about how markets would react, given uncertainties in the global economy, weaker exports, and the possibility of capital outflows.

India has experienced several highs and lows in the last year. Businesses faced several impediments in the form of excess capacity, regulatory and policy challenges, and rising corporate debts resulting in the slow growth.  Private sector firms are also facing several internal problems such as leadership issues, IT sector downsizing etc. Startups are functioning on weak business model.  On the other hand many other sectors– like Steel, Telecom, and Aviation are facing huge losses because of excess capacity, cut throat competition resulting in outright losses or low operating margins.

Government and RBI seem to be having different perspectives on various issues like interest rate, agricultural loan waivers and measures to stimulate demand and private investment. While Ministry of finance seems to be looking for a reduction in Bank Rate to stimulate investment, RBI is according higher priority to hold rate of interest for the present to contain inflationary expectations

 RBI Governor has opined that loan waivers engender moral hazard. A debt waiver solution to farmers only provides short-term relief generally not to distressed and small farmers but large farmers who have cornered disproportionate gains of green and white revolution.  It also leads to a bad credit culture, besides exerting pressure on state finances.

India now stands at a critical juncture and progress is required on many fronts. Many studies undertaken by international bodies have concluded that Indian economy is expected to emerge as one of the leading economies in the world and likely to become a $5 trillion economy by 2025. We have to marshal all possible resources and ignite the proverbial animal spirit of our entrepreneurial class to make it happen.

Prof S.C.Sharma, Director, IBS Gurgaon

7 Right Reasons to do an MBA.

See if you are doing it for one of these reasons.
 

1.To Fast Track Your Growth.
A good MBA program gets you ready for the corporate world. With an MBA, it is likely that you will start 3-5 years ahead in terms of role and responsibility as compared to a graduate without any professional qualification.

Fast Track Your Growth2.To Earn Money.
Making good money is one of the reasons that people pursue an MBA. It is a fair reason. A good MBA institution assists you in getting a job with an established company and good salary.

EARN money3.For Better Career Prospects.
If you want to lead a company, MBA is a good bet. All other things being equal, a company will choose someone with an MBA to lead.
For Better Career Prospects4.To Build a Network.
Ask a person with some degree of success in life – about keys to success. This person will most likely tell you that – hard work, perseverance and right connections – are required for success.

Who you know, matters a lot.  At a good MBA college – you meet a large group of students from diverse background. Many of these students will become CEOs, famous entrepreneurs, and established leaders. When you need the right connections – they will be there to help you – like you will be there for them.

Then there are alumni of that college – the students who have passed before you. These alumni automatically become part of your extended network.

To Build a Network5.To Acquire Knowledge.
Knowledge is power. At work, it helps if you know more. MBA is a mental and physical boot camp where you learn to acquire, process and retain knowledge. You not only acquire knowledge but also get different perspectives, and learn new skills that help you move forward.

To Acquire Knowledge6.To Understand the Business World and Get Ready Before You Get an Actual Job.
Summer internship program (SIP) is an integral part of management education. SIP prepares you to take up the challenges of the real world in future.

Understand the Business World and Get Ready Before You Get an Actual Job7.To  Grow with Better Communication and Interpersonal Skills.
Making presentations on different topics is an important part of a well rounded MBA program.
This helps in improving communication and interpersonal skills (because you work with a group of students).
Interpersonal SkillsThese skills help you make a good impression in meetings and win over people. Effective communication also helps in developing and maintaining relationships that helps you grow in life and at work.

Now you know the right reasons to do an MBA. Do you want to pursue MBA for one of the reasons shared above or you have another reason of your own?

Contributed By : IBS India

Personal Effectiveness

photo-with-blur-backgroundEveryone wants to have a fulfilling career. But what do you think you need to have it? While there are many possible answers, in my opinion there are at least two things you should have.

  • First, you should follow your heart. Following your heart means working on something that matters to you. It’s something that you do not because of money, but because of love and care.
  • Second, you should live your fullest potential. It’s not enough just to do what matters to you. You should also grow your capacity to the fullest. I don’t know about you, but I feel deep satisfaction whenever I know that I’ve done my best.

The key to living your fullest potential is developing your skills. You can only live your fullest potential if you always develop your skills so that you can give better and better value over time.

Here are few tips for developing your skills:

  1. Learning skill

Learning skill should be the first skill you develop because it greatly helps you develop other skills. An essential ingredient to have good learning skill is motivation. If you are motivated to learn about a subject, it will be much easier for you to learn it. Again, curiosity plays an important role here because a curious person is naturally motivated.

  1. Be curious

Curiosity is essential because it makes the process of developing skills much more enjoyable. If you are curious, you will naturally want to know more simply because it’s fun. You will go further and deeper than those who develop their skills because they must.

Here are some things you can do to build curiosity:

  • Don’t say that something is boring
    Saying that something is boring is killing curiosity since it closes door of possibilities.
  • Make asking a habit
    Often we take things for granted and accept them as they are. Don’t. Build the habit of digging deeper below the surface. Your tool to do that is questions.
  • Make things fun
    Don’t just look at the serious side of things. Look at their fun side too.
  1. Be a versatilist

A versatilist is someone who can easily adapt to new situations and quickly develop the skills necessary to excel. Being a versatilist essentially means being a smart learner who knows what to learn and how to quickly learn it.

To know what to learn, a versatilist should anticipate the future. That way he will get a sense of what new skills will be in demand and prepare himself before most people do.

  1. Find your mentors

While having role models is good, in many cases you can’t connect directly with them. But developing skills will be much easier if you work with those who have gone through it. That’s why you should find not just role models but also mentors. Ideally your mentors are also your role models but at least they are those who are more experienced than you. These people can teach you what to do and what not to do so that you don’t have to find them yourself the hard way. You can save a lot of time.

Finding mentors, of course, is not easy. Often you should give first before someone is willing to become your mentor. Try to be useful to them by helping them in whatever way you can. Give them a reason to invest their time in you.

  1. Get feedback through real projects

The best way to develop your skills is through real projects. Why? Because real projects give you the much needed feedback to hone your skills. While many people prefer to wait until everything is well-prepared before working on real projects, you will learn faster by working on something real. You may face failures in the process but they are your stepping stones to success since they give you precious lessons.

  1. Find your role models

It will be easier for you to grow if you have concrete examples of what you want to be. That’s why it’s important to find your role models. Your role models give you a standard to achieve so that you know where and how far you should go in developing your skills. It will also motivate you since you know that someone has already achieved such high standard.

  1. Shorten your learning cycle

The speed of your skill development depends on the length of your learning cycle. The shorter your learning cycle, the faster you will develop your skills. Here are some ideas to shorten your learning cycle:

  • Make quality effort
    I already mentioned that you should work on real projects since they give you important feedback. But having feedback alone won’t help you much. You must have quality To have it, ensure that your effort is qualityeffort. Prepare yourself as good as you can (without being over prepared) before launching an initiative. This way the feedback you get will be of higher quality.
  • Measure comprehensively
    The feedback you get should also cover as many dimensions as possible. You can achieve it by measuring your performance comprehensively. The more metrics you measure, the better feedback you will get. Of course, the metrics should be chosen carefully so that you don’t waste your resources on measuring.
  • Act upon the feedback
    After getting the feedback, you should act diligently upon it. Learn as much as possible from the feedback to get the most possible points for improvements. Then choose the most potential ones and do your best to improve them before launching your next initiative.

Conclusion

These tips will help you develop your skills and make your career more fulfilling. Not only will you do what matters to you, but also you will get the satisfaction of knowing that you’ve done your best.

Contributed By : Suchin Kulshrestha, Class of 2008, IBS Hyderabad

What makes a company so exciting to work with ?

2015_6$largeimg30_Jun_2015_231559020 copyOne day, I asked my friend, who has been employed with an IT firm based out of Bangalore for the last five years that what is so good about his company? He answered that it is the food! I asked, “Did I hear you say food?” and he joyfully explained that his company has catering tie up with Taj hotels and they offer all three meals buffet at subsidized rates. Apparently, this wonderful company has a huge cafeteria with a lot of options in eatables. A full time catering staff to tend you your desired coffee and assorted salads and what not! I smirked and told my friend “that explains your overtly good health!”On my way back I thought to myself – what a way to motivate your employees. You serve their palate and they would spend the entire part of the day from breakfast to dinner – working for you!

But it also made me thinking that what really makes a company so great to work for? Why it is that people would die for a job at Google or Facebook? What constitutes the X-factor in an employer?

No company is perfect and will be able to offer you everything. But there is a specific index of satisfaction and feel good emotion while going to work which is driven by work culture, employer – employee trust, management’s credibility and due consideration of each other’s needs and goals.

Our workplace is like our second home; the place other than home where we spent most of the time. Good employers understand this emotion and therefore take care of you, your career growth and aspirations, your achievements, your personal situations. They have a way of winning hearts and you feel like giving your best. So there is a mutual affair that exists between you and your employer.

As simple as it sounds, you will still find lot of your friends dissatisfied with their jobs. No doubt, human resources today have advanced a lot. Companies take efforts to keep their people happy and satisfied. But their efforts do not always show the desired results.

So let’s face it, no company can ensure job satisfaction to 100% of its employees and there will always be things to crib about. Even the ones with the most satisfying careers look forward to the weekends.

Much have been researched, written and published about the employee happiness index across the world. Out of all the reasons given by different workforce, I shortlist the following, which according to me make a workplace really happening (I would be happy to spend my life working for such organization):

  • Communication: An office culture where people talk to each other, both professionally and personally with equal comfort is a winner. It gives you a sense of ease and prevents you from over stressing.
  • Transparency and independence: The management treats you like grown-ups, shares information with its employees, listens to them and considers them responsible and mature enough to manage their own time and work. This gives you ample space, a sense of freedom and pride. By working at such a place you end up feeling more responsible and complete.
  • Work-Life balance: It is super relaxing to have an employer who understands that their people have life outside work, which might sometime take over their time and attention. They respect and believe that offering some work-life balance will earn them commitment and loyalty from their employees.
  • Fair and impartial treatment: It is a real deal to work for a company that treats you fairly, compensates you justly and rewards you without any discrimination. It gives you an opportunity of self appraisal, lets you have an insight in your work, lets you see your areas of improvement and encourages you to overcome your weaknesses. Lay-offs are a last resort and benefits are well covering your needs. Yes, such place to work is a dream for most of us. It gives you a sense of security and you can proudly say…your job has got your back!
  • Work hard and play harder: They believe that fun, frolic, humor and relaxation are the allies of hard work. There is enough emphasis on extra-curricular activities and helping you explore your hobbies to keep you engaged. Every April fool’s Day, Googlers for instance are permitted to plan and implement some major gags and tricks to the world. Google is known to conduct activities, games, workshops etc to promote self learning, team building and other qualities while having fun at the same time.
  • Innovation: Twitter conducts its team meeting on the roof. Meeting rooms at Google Dublin resemble a pub. Reebok converted one of their warehouses into a CrossFit workout center exclusively for their employees. Participants collectively lost over 4000 pounds during 2011. These companies promote unique and out-of-the-box ways of engaging their employees and boost productivity. Having themed office days, team photos, exotic offsite visits; these and many other ways are there that can make you love your company.
  • You can stretch your brains and use your skills: It will be a dead place to work at where there are no challenges to overcome. After all, human beings are wired for that. We would love to have a job, where we figure things out, solve problems, make breakthroughs or create a difference. Nothing is more satisfying than claiming ownership of great achievement. Hence this is an exciting aspect.
  • Altruistic work culture: A place of work that promotes friendship among employees over competition. Everyone takes charge and is ready to help each other in times of crisis and crunch – big designation or small – all alike. Manager takes up the task of execution if needed. There is a common goal more important than a personal one. Now that’s where you will not get hypertension or stress induced diabetes, because you have people to look up to.

So here you go! A couple of markers to make you ponder over your happiness index in your current organization and more importantly think if anybody care about that happiness index of yours. Some of us do not have a choice and we have to stick to our occupation before we find that right place for us. But for those who have it, I would say, hang on to it. Because it is easy to desire but hard to find; simple to demand, but difficult to build – a company that makes it employees call it the most exciting place to work for!

Contributed By : Isha Jajodia, Class of 2010,IBS Gurgaon

What should I do after my graduation

After graduationA question which hampers sleep of most of you. It also hampered mine. It is better to get an answer for this then to ignore the question. The question may be difficult to answer but answer to the same can make your life and decide your fate. Usually it’s human tendency to run away from questions which bother them and doesn’t have a clear answer. This can lead to trouble. Its better you sleep over it and get a solution for the same so that you get a clear picture of where you are and where you want to head towards.

“It’s not what you achieve, it’s what you overcome. That’s what defines your career.”

I will try to help you to get answer for the same. It is very important to know each and every career aspect in your field. Once you are aware about it you can evaluate the same. It is very important to know each and every possible career path in your stream as at times it happens that we are unaware about some of the possible courses and in future we regret of not selecting the same.

Courses after completing Bachelor’s –

Commerce graduate –                            

  • A. – Chartered Accountancy course helps you to become certified auditor. This course helps in preparing accounts for companies and authenticates the same.
  • S. – Company Secretary Course helps you to become high caliber professionals facilitating good Corporate Governance.
  • ICWA –ICWA helps you to develop among the students the necessary skills required to apply theoretical knowledge of cost and management accounting to practical situations in different professional fields.
  • B.A. – The core courses in an MBA program which cover various areas of business such as accounting, finance, marketing, human resources and operations in a manner most relevant to management analysis and strategy

Science Graduate –

  • M- Pharm – This degree helps you to get specialized knowledge in Pharmacy. It gives you in-depth knowledge of drug and helps you in understanding its ingredients.
  • M-E. –Master of engineering helps you understand different engineering products and how to utilize them and make the best out of it.
  • D. – The post graduate degree courses offered in various medical subjects lead to the degree of MD, MS, DM or MCh. The surgical courses lead to the degree of MS or MCh whereas the courses related to medicine lead to the degree of MD or DM.

Importance of selecting a good career path:-

  • It decide you future success or failure.
  • Helps in developing skills for your successful career.
  • Prepare you to enter corporate world which is different from social world.
  • Makes you confident for your future course of action.
  • Helps creating passion for your profession.

Few Examples of successful people who selected the right course and attained zenith-

Warren Buffet {Berkshire Hathaway} –In 1947 Buffett entered the Wharton School of the University of Pennsylvania. He studied there for two years and joined the Alpha Sigma Phi fraternity. He then transferred to the University of Nebraska–Lincoln where at nineteen; he graduated with a Bachelor of Science in business administration. After being rejected by Harvard Business School, Buffett enrolled at Columbia Business School after learning that Benjamin Graham taught there. He earned a Master of Science in economics from Columbia in 1951. Buffett also attended the New York Institute of Finance.

Career

“Someone is sitting in the shade today because someone planted a tree a long time ago.”

MukeshAmbani {Reliance Industries} –He received his BE degree in Chemical Engineering from the Institute of Chemical Technology, Matunga.Mukesh later enrolled for an MBA at Stanford University but dropped out to help his father build Reliance, which at the time was still a small but fast growing enterprise.

““I think that our fundamental belief is that for us growth is a way of life and we have to grow at all times.”- MukeshAmbani

Jeff Bezos {Amazon} – Bezos often displayed scientific interests and technological proficiency; he once rigged an electric alarm to keep his younger siblings out of his room. The family moved to Miami, Florida, where he attended Miami Palmetto Senior High School. While in high school, he attended the Student Science Training Program at the University of Florida, receiving a Silver Knight Award in 1982. He was high school valedictorianand was a National Merit Scholar. He attended Princeton University, intending to study physics, but soon returned to his love of computers and graduated summa cum laude, with a Bachelor of Science in Engineering in electrical engineering and computer science. While at Princeton, he was elected to the honor societies Phi Beta Kappa and Tau Beta Pi. He also served as the President of the Princeton chapter of the Students for the Exploration and Development of Space.

“Life’s too short to hang out with people who aren’t resourceful.”

Being on flight with Chennai Super kings team players gives me a good opportunity to learn from few of them and share their experience with you as well. Here I would like to share experience of Performance analyst of CSK team. Lakshminarayan, is associated with CSK. He did his Bachelors of Mathematics from Jain school, Chennai. He wanted to do MBA from a top B-School but due to family circumstances he could do it, and ended up taking a job in Sports Mechanics India PVT LTD. He was very clear about his love for cricket and wanted to do something related to it. He worked hard and found out an answer that he is good in Analysis and he can relate technology to cricket. He started working on it and became part of the same. The best thing about him was he was clear on what he wanted to do and was passionate about it. This made him successful. He was associated with Indian under 19 world cup team 2008, which we won. He was also associated with CSK in two of the IPL victories.

The above examples show how the professional have selected right career path and have attained zenith in the same. Similarly if we choose right career path then we can also do good in our career and attain zenith in the same.

“Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.” (Thomas A. Edison)


Contributed By : Kandarp Gandhi, Class of 2014, IBS Mumbai

Where have all the leaders gone?

Leaders‘Where have all the leaders gone’ is a book from Lee Iacocca. Mr.Iacocca was the president of Ford Motors, Chryslers Motors, and Senator. He has also founded Iacocca foundation for his philanthropy activities. His book is all about leadership lessons, philosophy of life, business lessons, winning strategies in a most narrative manner. In this book, Mr. Iacocca has boldly analysed leadership crisis in the USA and further talks about how and what mistakes USA made?

Though the book is America centric and is of 2007 time period but it isquite relevant today. It squarely addresses questions of today.The book tells us what the qualities of a fine leader are, be it in politics, business, philanthropy or any other field. I must tell, even if we imbibe some of these values, we can be good human beings, if not great leaders. Let’s see what these values are.

  1. The Test of a leader

In the very first chapter of the book, Iacocca has beautifully mentioned “Nine Cs of Leadership”. Iacocca figures out obvious qualities that every true leader should have. These are…

  1. Curiosity

A leader should have Curiosity. He has to listen to people outside ‘Yes Sir’ group in his inner circle. If he doesn’t steps outside his comfort zone to hear different ideas, to get a different perspective, then he never grows.

  1. Creative

A leader has to be creative and adaptive to changes happening around.Moreover, he should be thinking out of the box and finding innovative solutions for the problems.

  1. Communicate

He should talk clear and truth. Though, my personal view is that 100% honesty is not good for human beings but you cannot expect a dishonest leader. He should have ability to communicate his ideas, thoughts, vison to the mass and in a simplest manner.

  1. Character

Character is above all and it decides everything.Power corrupts and absolute power corrupts absolutely.Sign of a true leader is that he never changes his originality or losses his morality evenat the top.

  1. Courage

A leader should have got tones of guts. He should be ready to fight against the entire world for the truth and things he believe in. However, courage is not always about fighting and talking tough, but as Iacocca says, ‘nowadays courage is a commitment to sit down at the negotiating table and talk’.

  1. Conviction

To be a leader, you should have fire in your belly. You really something to gets done and finish something. A true leader is a passionate for his work and hence his people also take him seriously.

  1. Charisma

As Iacocca says, a leader should have charisma. He should be able to inspire people. He should be able to make them follow with him.

  1. Competent

It is obvious that a leader should be competent. Moreover, it is important that he should have surrounding people who are equally competent.

  1. Common Sense

The last thing is of utmost importance. Iacocca says, you can’t be a leader if you don’t have common sense. 

  1. Qualities of a leader

  1. Ability to motivate people

A rare quality of a leader is that he can motivate people even when they are struggling. He does not jump on every mistake and rule by intimidation. He may express his anger but eventually he motivates people to give their best shots. He builds faith in them.

  1. Everyone’s involvement

Based on his experience, Iacocca shares that sometime we (leaders)fascinated by some individual and start thinking that the person is some kind of magician. In fact, the reality is that the quality of team will ultimately make or break success. It is never just one person. People who work together will win – period.

Leaders1

  1. Ability to priorities

The leader should be able to write down his top priorities on a single sheet of paper. If he can’t state a priority in 50 words or less, he is in trouble.

  1. Business lesson

A leader has to know who his true friends are, and it’s not always the ones who agree with everything or follow blindly. Further Iacocca shares an important business lessons for leaders thatif you are getting a single point of view from your team- (usually your point of view) – then you have got to worry. You can get your own point of view for free.

  1. Generous

A leader should be kind and generous. By quoting an example of Sandler O’Nil (one investing firm) of USA, Iacocca shares that how asurviving partner of this firm (Mr. James Dunne III) helped families of 64 employeeswho died in the 9/11 attack of the World Trade Center. He and his firm took care of their families, arranged full pensions, set up foundation for their children’s education etc. And it is absolutely true that ‘When true leadership is being practiced, it never fails to make the heart soar’.

  1. Does not play blame game

A true leader does not put blame on others for mistakes. He will come forward and take responsibility. At one places, Iacocca writes that everyone makes mistake. The trouble is that most people put blame to others. They will try to put the blame on their wife, mistress, kids, the dog, the weather – anything but themselves. So if you have made mistake, don’t put blame on others.

  1. Lesson for life

The book is all about leadership traits. One of the important traits is ability to rise after fall. It distinguishes winner from a looser. In life you will face different and difficult conditions. It requires immense courage and ability to deal with such changes and succeed.

As Iacocca says ‘Life is full of ups and downs. Business cycles go round and round. Events happen that rock your world: People in family die. You get divorce. You get fired. Your business goes under.

But before you deal with it, you have to see it and then accept it. Sometimes the hardest part is to acknowledge and then accepting that the way you have done business and or lived your life just won’t work anymore.” People, who accept this truth, can face the odds with open minds.

And succeed faster.

Conclusion

Sometimes after reading so much literature on leadership, we still wonder that what the basic job of a leader is.But after reading this book, I could find a reasonably goodanswer.

‘The job of a leader is to accomplish goals that advance the common good. Anyone can take up space. But Iacocca says the test of a leader is when he leaves office, we should be better off than when he started. It’s that simple.’


Contributed By : Janmang Mehta, Class of 2010, IBS Ahemdabad

Why is experience more important than money?

experience-than-moneyhumne baal dhoop me safed nae kiye hain!is the phrase, almost all of us have grown up hearing from our elders. It always emphasized the fact that having more experience gives you an edge over those who have seen less of the world.

No matter at what stage of your career you currently are, if you look back, you will find yourself knowing more than what you did a year back. You grow because you constantly learn, and not just within classrooms but also outside of it. Ideally, you are valued based on your experience more than your domain knowledge.

At the budding stages of our career, most of us are all the time more concerned about getting a higher paying job instead of a better one. We are worried that if we start at a low pay scale, we will stay stuck with lesser salary, since we will be appraised on that figure. The whole idea of competing in placements revolves around who got a higher package than whom. In the rat race we forget and ignore to foresee that one of us placed with a lower CTC might eventually end up higher in the career graph than the others.

I realized this through my professional experience that at the starting of your career and sometimes even later on, money comes down in the priority list. Yes, we all are willing to work hard and deserve to be compensated for it, but you cannot put a value to the experience that you gain, to the knowledge that you earn, to the professional growth and maturity that comes with being employed.

There might be people who might disagree with this thought of mine and would refuse to compromise compensation for a better profile of work. I remember a friend of mine though, who unfortunately did not land up with a campus placement at the end of her MBA. She joined a start-up that just had four people and was paid on commission basis. There was no fixed salary that the company could provide. It was a challenging profile and difficult market conditions. But she chose to stick to the company and she told me once that the day she landed the first client for the company was the day she realized her potential, her self-worth and the value of what she has learned in the past few months. She admitted to the fact that she couldn’t have gained that level of exposure, learned to be proactive and independent, had she been a part of the target driven marketing team in a big corporation. After a year, she landed up in a team leading position with a well-known media firm, a role which she would have taken two years extra to reach, if she was hired there at beginner level.

So what added value to the same profile with which she was not able to grab a campus placement? Was that just one year of experience? That experience made her emotionally more mature. She learned the ability to handle stress situations and the potential of working with limited resources.

It is important to understand, that when a firm picks a fresher right after his/her MBA, the only way they can assess your value is through your academic credentials. It is only after some time, when you prove your worth within that firm, that you can raise your market value and be at a better bargaining position in terms of compensation. But before that, you are expected to show a positive return on what a company is investing in you.

I have seen many people, including my friends and colleagues, complaining about how their pay scale is less as compared to the industry standards. But I have always felt that to work with the best, you have to be the best. Even with fairly advanced human resources these days, companies expect you to owe them more in return than what they are paying you.

Yes, getting fairly paid is your right. But before you start feeling disheartened with your annual CTC figures, try looking at the non-material benefits that your job is offering you. You might not be at a best place right now, but in the world of corporate culture, you should learn to bring out the best of your current situation.

When I started working, I was part of a back end research support within an off shore captive unit of a global management consulting firm. The unit was just five years old and my team had 19 people. The pay scale was not at par with what my counter parts were getting. But as the unit grew, I, being a part of the smaller team, got opportunities to make bigger contributions. Within a short span of less than two years, I got a chance to visit one of the company’s consulting offices based in London and gain exposure in different areas, including training, mentoring and recruiting. I then realized the fact that even though I was paid less, the experience that I got through the various opportunities benefitted me in many unknown ways.

Initially in your career, you are in a better position to take risks, explore the domain of your interest and seek expertise in that field. Even though, your functional experience may remain the same, it may vary from industry to industry and can make a significant impact on your career in the long term. Focusing on new opportunities to learn, gaining experience in different areas and doing the work you love is relatively more important than salary. It is rather crucial to define your career objectives in the first three years of your professional life and align with the right opportunities to grow. A few thousand rupees may not turn out to be a good trade-off for the potential of growth when just starting out.

There could be four possible situations while looking for a job:

  1. Good profile and good pay scale
  2. Good profile but poor pay scale
  3. Poor profile and good pay scale
  4. Poor profile and poor pay scale

Situation (a) is very difficult to find. (c) usually does not exist, though there could be a combination of high pay but strenuous working conditions. (b) and (d) will always be there. If you are not lucky enough to land up with situation (a), then you should try grabbing an opportunity with situation (b) or (c). You will gain experience with time, with good salary without good salary even without salary. But question is what you learn from your experience. It is instrumental to give quality time to your job.

There can never be enough in any job, as you will always keep looking for more. But if you like what you do, you can always find satisfaction in it. As our elders used to say, there is no limit to learning. The same goes for experience in professional world. The more, the better; and better the experience, higher is your value in terms of money. Do not walk away from opportunities for reasons involving money or pride without considering the long term doors that you might be closing. While you are young and learning, be active and take risks to reach your goals.

Contributed By : Isha Jajodia , Class of 2010,IBS Gurgaon

5 good reasons to enroll in Management Program

A management program is very well thought about decision these days. Especially for 2 reasons, the fee structure and the sudden influx of colleges, institutes offering MBA programs. All talk about distinctiveness, placements, corporate exposure etc as the reason to be a student’s preference for a management degree. Few of the colleges also allure students by the way of foreign exchange programs to become a choice but what most of them miss out on is to educate/inform the student – on why they should take the program.

The counseling usually covers selling/over-selling the college to the students without guiding them on why a certain management program is beneficial for them considering the personality traits, the professional skill-set, and the market condition and job opportunities it offers. This particular blog post is been thought of to help the students make the best choice in their careers and professional life.

The 5 most significant and good reasons to enroll in a Management Program are:

Overall Personality Advancement

2 years of an MBA Program helps a student gain overall career advancement. It not only helps one tread the career path in a knowledge driven way but also in terms of personal grooming, professional skill training, power networking etc

In any work profile, communication skills coupled with great listening and ability to work in teams with geographically & culturally different people is considered the biggest challenge for anyone to excel in work abilities. Business communication and the personal ability is given equal weight-age as to business decisions by the hiring experts and an MBA Program enables a candidate to gain that personality advancement in life which is there to stay forever.

Other than that, it enables the students to think logically and communicate sensibly. One will learn to read business statements and help you to analyze the business & market situations and empowers you to lead and react accordingly in the work environments.

Global Perspective

A management program certainly adds a Global Perspective to how a candidate understands, thinks, reacts to a business situation. The business world is forever changing and its dynamics are dependent on many factors which makes it difficult for anyone to translate and understand the situations. An MBA Program is well-rounded education degree which educates a candidate on general management and all the significant aspects of  business situations, also the pedagogy is such that – the entire learning experience is logic driven and hence adds to the global point of view.

A student learns the basics of a chosen stream in the under-graduate courses. Such courses are backed by basics and knowledge and the application of them is not understood in real world. The MBA Programs adds up the applicability to what a student learns in the under graduate programs. In order to work in a robust environment, a student needs to first understand and then think rationally, the mere knowledge of subject is sometimes not enough in those business environments and that is where the practical application and global preview of businesses come into picture which is only due to the global perspective, an MBA provides to a student.

Problem Solving and Decision Making

The education in MBA Program is imparted through a range of applied techniques like case studies, role plays, and business frameworks. They not only teach the business system but make the students learn though numerous opportunities of applying thoughts and practices.

IBS India follows the best of Case Studies enabled education system; their two dedicated bodies for Case Study Methodology are called as IBS Case Development Centre and IBS Center for Management Research. Here we believe that a case study format enforces the thinking ability of a student and also imparts the best lessons of decision making. It not only forces the students to wear the thinking caps and reach to business decision but also helps in team work & group dynamics. A management programs possibly works as the first school to impart the culture of synergy by working together and learning through the process.  The lessons taught for problem solving and decision making also covers the skills like assertiveness, negotiations etc and further touching the aspects of delegation and leadership.

Career Advantage

MBA offers career advantage in the best possible ways. Not only it starts with the grooming and fine-tuning the personality aspects of a student but it also helps in adding value through various other aspects of a business environment.

Power Networks is one of them. It is not necessary that only when a student lands a job, s/he gets into the power networks but MBA Program enables the same during education by means of management fest, annual events – like conclaves, conferences , job fairs provides the required industry interface and hence introduces the students to inner circle.

Summer Internships and Management Projects are other sources of offering career advantage to the MBA students. They enable early exposure and with the help of corporate guides they learn the basics of corporate culture. The placement culture in a management program also provides a lot of industry interface and therefore it adds to the career advantage. The expectations of the corporate world are well explained in the pre-placement talks. Some even arrange the mock interviews, the assignments and the written tests to give students a feel of corporate atmosphere and how they can further grow in the business environments.

Career Change & Future Avenues

MBA is just one program which offers a student with a variety to change careers and choose to switch streams in future. The program doesn’t limit the options for a candidate.  Many a times it is been observed that a student of arts in an under graduate programs – chooses a career in finance merely for the interest s/he develops in the MBA Program. You can see engineers taking up creative genre of careers and there are those who turn to hospitality as the career options.

Not only the career switches and changes, MBA also empower the students to take up entrepreneurial risks for they finish up confidant about the business practices and situations. They are equipped with the networking & people management skills which ease their quest to start on their own and test the market waters.

So, in a way we can say that MBA opens up the future avenues for the students, not only to choose what they to do in life but also the create forces to enable others make & earn a livelihood.

Contributed by : IBS India

A Day at IBS – Sneak Preview

IBS CAMPUS

“This is the beginning of a new day. I can waste it or use it for good. What I do today is important, because I am exchanging a day of my life for it. I want to gain, not lose; want good not evil; success not failure; in order that I shall not regret the price I paid for it”.

If you are an MBA aspirant often thinking on the same lines almost every morning about your day, then you must surely be wondering of how your day would be at a B-School. Let us take a sneak preview of a day at IBS, one of the prestigious B-Schools of the country.  Being an alumnus of IBS Hyderabad, I will take you through what was my typical day at the campus.

6:45 AM: “Good Morning”!!

I usually used to get up at 6:45 AM which was quite a task considering the time at which I went to bed each night.  You will find out the reason for the late nights as you go on reading this article.

7:00 AM: “Wake up and be awesome”!!

There is nothing better than early morning workouts.  There are many fitness regimes that one can follow at IBS, such as a morning walk, jogging round the vast campus, playing any kind of sport, swimming or working out in the gym. I personally preferred hitting the gym for about 45 minutes to an hour.

8:00 AM: “Breakfast time”!!

“Eat breakfast like a king, lunch like a prince and dinner like a pauper”.  After a rigorous workout I used to go to the mess and enjoy a healthy breakfast. At IBS the menu keeps changing every day for breakfast, lunch, snacks and dinner and it is usually fixed as per the day of the week, so that one can enjoy a variety of food.

8:30 AM: “Get set go”!!

After a healthy breakfast I went back to the hostel to get ready for the classes. They used to start at 9.10 AM and 10.20 AM on alternate days from Monday to Friday, and end by 4:20 PM and 5:30 PM respectively.

9:10 AM: “Its study time”!!

Since it was the first classroom session of the day, everyone used to be fully charged including me and reached the classroom early to catch up with friends for sometime before the session began. The classroom session at IBS is a case study model. The case based teaching method is a unique way of learning things, by applying the theoretical concepts to various scenarios and business problems faced by giant corporations in reality.

To know more about IBS case studies use the following link

http://www.ibscdc.org/1

10:20 AM: “Reading Room”!!

Typically the duration of a classroom session spanned over 70 minutes which was followed by a 70 minutes break in between each session. This time was utilized by going to reading rooms.  In IBS small study groups are formed comprising of 4-5 students each to utilize the time between the sessions. All the students of the group gather in a special place meant for group study called the reading room.

11:30 AM: “Back to the class”!!

After the group study session, it used to be the time for the second classroom session of the day.

12:40 PM: “Lunch Hour”!!

By this time I used to get very hungry. Studying continuously is not an easy task after all. The next class was scheduled at 1.50 PM so we grabbed a quick bite and recharged ourselves for the rest of the day. The lunch usually was a quick one, as I usually needed sometime to go through the case for the next class once again.

1:50 PM: “Session after lunch”!!

I’m sure you might be wondering what it must be like to be in a classroom straight after lunch and  how can one possibly be awake in the class? But as I said, IBS has got a very interesting pedagogy “Case study Methodology”, and not the boring traditional lecture based teaching, hence students are always active irrespective of which hour of the day the session is conducted.

3:10 PM: “Phew…last classroom session of the day”!!

The session after lunch used to get over at 3:00 PM. We used to have a 10 minutes break before the next session, which used to begin at 3:10 PM and end at 4:20 PM.

4:20 PM: “Tea Time”!!

This was the time of the day when I used to feel very relaxed, as all the sessions were done for the day. It was the time to go to the mess, have tea along with freshly prepared snacks, and have fun with friends.

5:00 PM: “Power Nap”!!

I used to come back to my room in the hostel and take a nap for about an hour, begin the second half of the day feeling refreshed.

6:00 PM: “Splash in the pool”!!

I love swimming, and thanks to IBS I could swim daily. Its campus has a very well maintained Olympic sized swimming pool.

IBS has got excellent sports facilities, and hence one has many options in terms of which sport he/she would like to play. There is a separate block called as sports complex, where facilities for many indoor games like Badminton, Squash, Table Tennis, Chess, and Caroms etc. are available.  There are also separate fields and grounds for outdoor games like Cricket, Football, Volleyball, Basket Ball, Lawn Tennis etc.

To know more about the campus use the following link

http://www.ibsindia.org/ibs_hyderabad/

7:00 PM: “Fun n Frolic”!!

After swimming for about an hour, I used to go to canteen with friends and have lots of fun there sitting at leisure having long conversations over juice or pastry or any delicacy for that matter.

8:00 PM: “Project meeting”!!

At IBS, projects are one important part of the academics. We used to have different project groups for different subjects, where each group comprised of 4-6 students; and have meetings at any place in the campus almost daily, based on the priority of the projects as per the submission deadlines.

8:30 PM: “Club meeting”!!

There are numerous clubs at IBS, which are very active and organize events. Clubs are a great way to pursue hobbies or take up activities of personal interest. Just to name a few, there are clubs for acting, movies, sports, adventures, photography, fitness, languages, social activities and entrepreneurship etc.

9:00 PM: “What’s on the menu?? Its dinner time”!!

After winding up all the meetings I used to go to the mess for the dinner along with my friends, and we all took a walk till the main gate after dinner to have ice cream.

10:00 PM: “Study Time”!!

After dinner I used to come back to the hostel and study. Sometimes I studied alone, other times with friends. The study involved preparing for the cases to be discussed the next day.

12:00 AM: “Birthday Celebrations”!!

At IBS there is a custom of celebrating birthday at 12:00 AM, where all the friends gather at a place in the campus to celebrate the birthday by cutting cake and giving birthday bumps to the lucky one.

12:30 AM: “Some more studies”!!

With so many projects, cases and tests going on it is very important to devote time to studies. I usually studied till 2:00 AM.

2:00 AM: “Time to sleep?? Not, yet”!!

Studying continuously is not an easy task after all. The study stretches were interrupted by some sandwiches and maggi, with lemon tea at the hostel canteen called Bingers, which stays open till 3:00AM.

2:30 AM: “Now you know”!!

Yes, finally it was time to sleep. Now you know, why getting up at 6:45 AM in the morning was quite a task!

This is how a typical day at IBS looks like, am sure you must be thinking that it’s very hectic and how is it possible to take time out for so many activities in a single day. But, believe me; one the most important things that you learn at IBS is “Time Management”.


Contributed By : Rohan Jain, Class of 2009-2011IBS Hyderabad

Linkedin Profile of Rohan Jain: http://in.linkedin.com/in/rohanjain88/