A group discussion is mostly used to screen applicants, particularly for educational institutions and entry-level positions. The general discussion (GD) round evaluates candidates based on their speaking, communication skills, ideas, and personalities. It shows the candidate’s capacity for interaction and performance in a large group.
A topic is allotted to the candidates on which they have to speak for a fixed duration of time. Before the GD round commences, the candidates are given a few minutes for preparation and to consolidate their ideas on the topic.
The GD topics revolve around current affairs, business, economy, and other abstract themes. However current affairs make up the majority of the topics, and the finest resources for preparation are newspapers and magazines. Therefore, it is important to read magazines and newspapers regularly in order to be informed about current events.
Newspapers and periodicals will undoubtedly provide you with profound knowledge, but having knowledge be enough to get you selected for the group discussion round?
The answer is “NO”.
In addition to knowledge, the GD is dependent on a number of other crucial factors. And it is quite challenging to influence other candidates without them.
Here are a few of those key points:
Attitude toward other candidates
Interaction with the group
One must engage in peer-to-peer GD practice in order to have a full grasp of all of the above elements.
To move on to the personal interview round, one must clear the GD first. And while appearing for the GD, a candidate needs to focus on a couple of the points listed below in order to pass it:
Give everyone a fair chance to speak: In the GD round, not only your speaking skills are evaluated but also your listening skills. So, you should not only speak but also let others speak.
Listen actively to all the other member’s opinions: To evaluate the points you have kept forward; you should listen to others also. It can also be the case that the other person’s points are stronger than yours. Therefore, actively listening to others’ points will help you in adding to your points.
Avoid using offensive language: GD round is meant for keeping your views in the discussion. However, it is never appropriate to communicate in an offensive manner, the opinions might be different.
Try to initiate the discussion: One should always try to initiate the discussion. But this initiative should only be taken when you are well aware of the topic. Because a poor start can also reduce your chances of being chosen.
Be confident: Always appear like you are well-prepared, unnerved, and capable of handling any situation.
Always maintain eye contact: Maintaining eye contact with the team members will speak of your confidence.
Allow other team members to speak: Never interrupt anyone speaking. Write down the point you have and speak out when the person finishes. You may use the phrases like, ‘To add on to your point’, ‘ I also agree to the point….’, ‘I have a different viewpoint…’ etc.
Involve other members too: For members who are not involved in the conversation or not getting a chance, try to involve them. This will show your leadership qualities.
Keep the discussion on track: If members are diverging from the topic, remind them of what they have to discuss, and bring them back on track. This will show that you have the power to lead the team, and how focused you are.
Speak sensibly and only as much as required: Do not speak unnecessarily or go in depth about the topic than required just for increasing your speaking time.
Summarize the GD: Once all the points are covered, one should always summarize the GD in the end by clubbing all other members’ opinions.
During GD, a candidate may ask the other candidate a question if he doesn’t understand any of the points, and this way he can even smoothly enter into the conversation.
Keep in mind that this is a conversation, not a monologue. If you don’t understand something, you can clarify and ask questions.
Example: ‘Hey, it seems quite intriguing. Could you provide an example?’
Can you elaborate a little more on your point?
This will give the impression to the person evaluating you that you are actively participating in the GD while you are also gathering information on the subject.
GD is not just about how much you know about the topic. It’s a situation that candidates are put in. It is more about how each candidate responds to the situation. Does he have the ability to come out as a winner even in difficult circumstances? That is what is more important.
Last, but not least, the important point is to PRACTICE. You may practice for different topics along with your peers. The more you practice, the more confident you will become.
College entrepreneurship is starting and running a business venture while attending college or university. It involves developing a product or service, creating a business plan, securing funding, and marketing the venture. The idea of college entrepreneurship has grown in popularity in recent years as more students look to get valuable real-world experience and possibly begin lucrative entrepreneurial jobs after graduation.
Many successful entrepreneurs, such as Mark Zuckerberg, Steve Jobs, and Bill Gates, started their businesses while still in college. By establishing a business while studying in college, students can build a strong foundation for future careers as entrepreneurs. They can develop a network of contacts, gain valuable experience, and potentially secure funding for future ventures.
BENEFITS OF BEING A COLLEGE ENTREPRENEUR
One of the considerable advantages of being a college entrepreneur is access to a range of resources and support services. Many universities and colleges have entrepreneurship centers, accelerators, and incubators to support student entrepreneurs. Together with funds and resources, including office space, equipment, legal counsel, and networking possibilities, these centers frequently offer mentoring, training, and mentoring opportunities.
The primary benefit of college entrepreneurship is the opportunity to gain valuable real-world experience. Starting a business venture in college allows students to apply the theoretical knowledge that they have gained in the classroom to real-world situations. This experience can be invaluable for students interested in pursuing a career in entrepreneurship after graduation. By starting a business during college, students can learn the practical skills they need to succeed in the business world, such as marketing, management, and financial management.
Another benefit of college entrepreneurship is the opportunity to develop skills in leadership and management. Starting and running a business venture requires strong leadership and management skills. Students who start a business during college can develop these skills by managing a team, making important business decisions, and solving problems on a day-to-day basis. These skills are highly transferable and are beneficial in a variety of careers.
Making the most of these resources requires being proactive. Attend workshops and events hosted by your university’s entrepreneurship center, and network with other student entrepreneurs to share ideas and learn from each other’s experiences. Don’t be afraid to reach out to mentors and advisors for guidance and take advantage of any funding opportunities available.
CHALLENGES TO OVERCOME
College entrepreneurship offers several benefits. However, it also comes with numerous challenges and risks that you will need to navigate.
One of the biggest challenges is balancing your academic workload with the demands of running a business. It is sometimes hard to find the time and energy to juggle coursework, exams, and assignments with the day-to-day responsibilities of running a business.
To overcome this, one must efficiently manage their time and be professional. Establish specific objectives for both your academic work and your business, and then break each one down into achievable tasks. Use tools such as calendars and a to-do list to keep track of your commitments and deadlines, and make sure to schedule regular breaks to avoid burnout.
Another challenge of college entrepreneurship is the risk of failure. Starting a business venture always comes with the risk of foundering, and it can be high for college entrepreneurs who may not have the same level of experience or resources as more established entrepreneurs. Failure can be particularly devastating for college entrepreneurs, as it can affect their academic performance and their future career prospects.
One challenge that college entrepreneurs often face is accessing funding and resources. It will be challenging to obtain funding or business collaborations without a strong track record or network. However, there are still ways to access funding and resources, such as crowdfunding, grants, and competitions.
Crowdfunding platforms such as Kickstarter and Indiegogo can be a great way to raise money for your business, as they allow you to pitch your idea to a large audience and raise funds from individual backers. Grant programs such as the National Science Foundation’s Small Business Innovation Research (SBIR) program or the U.S. Department of Education’s Small Business Innovation Research (SBIR) program can provide funding and support for research and development projects.
Competitions and pitch events can also be a great way to gain exposure for your business and access funding and resources. Many universities and colleges host pitch competitions and startup weekends, and there is also a range of national and international competitions that you can enter.
Many universities and colleges have entrepreneurship centers, accelerators, and incubators to support student entrepreneurs. These centers often provide mentoring, training, networking opportunities, and access to funding and resources such as office space, equipment, and legal and financial advice. One of these management colleges is IBS.
IBS offers numerous opportunities to its students to develop entrepreneurial skills. Entrepreneurship Development Cell (ED-Cell) is an initiative by the college to foster the spirit of entrepreneurship among students. It is a cell that gives a platform for students to learn, explore and execute their ideas, develop business acumen, and cultivate an entrepreneurial mindset. ED-Cell at a college plays a vital role in shaping the future of its students by providing them with an opportunity to learn and grow as entrepreneurs.
Here are some pillar aspects of an ED-Cell at IBS Gurgaon: E-Cell offers a mentoring program where experienced entrepreneurs, industry professionals, and college alum guide students on various aspects of entrepreneurship like idea validation, business planning, funding, and marketing.
E-Cell organizes workshops, seminars, and events to educate students on the latest trends and technologies in entrepreneurship. These events provide a platform for students to interact with industry experts, share their ideas, and learn from their experiences.
ED-Cell organizes competitions and challenges to encourage students to think creatively and find innovative business ideas. These competitions not only provide students with an opportunity to showcase their skills but also offer a chance to win prizes.
ED-Cell organizes competitions and challenges to encourage students to think creatively and find innovative business ideas. These competitions not only provide students with an opportunity to showcase their skills but also offer a chance to win prizes.
ED-Cell offers various skill development programs that equip students with the necessary skills to become successful entrepreneurs. These programs include communication skills, negotiation skills, leadership skills, and time management skills
ED-Cell also organizes outreach programs to promote entrepreneurship in the local community. These programs can include training sessions, mentorship, and networking events for aspiring entrepreneurs.
Ultimately, being a college entrepreneur requires a lot of hard work and dedication, but it can also be an incredibly enriching experience. By taking advantage of the resources and support available, prioritizing your time effectively, and staying focused on your goals, you can build a successful business while still pursuing your academic studies.
ED-Cell at IBS is an excellent platform for students to explore their entrepreneurial aspirations, learn from experienced entrepreneurs, and connect with like-minded peers who share their passion for entrepreneurship. It is a valuable initiative that provides students with a platform to learn, explore and execute their ideas. ED-Cell has played a significant role in shaping the future of many successful entrepreneurs and will continue to do so.
Business education has evolved significantly, and the digital age has changed how business schools approach teaching and learning. With the increasing reliance on technology in the business world, it has become imperative for business schools to adapt their curriculum and teaching methods to prepare students for the dynamic and ever-changing landscape of the digital age and for succeeding in the corporate world, staying up-to-date and relevant, has become more crucial than ever.
Many organizations and businesses have quickly adapted to the digital mode during the Covid epidemic. The ICFAI Business School (IBS) is one organization that promptly transitioned to digital mediums through a Learning Management System (LMS), one being Quicforce.
The Quicforce provides a platform for students to access study materials in a structured way. This met the urgent requirement and allowed students to continue their studies regardless of the situation. But this transition to digitization is more than just a band-aid for a short-term issue. Digital transformation is a trend that has created a viral buzz during the Pandemic. Due to its numerous advantages and benefits, businesses and educational institutions must follow the digital trend because:
Digitization makes things more flexible and accessible. Students now have 24/7 access to educational materials, thanks to digital platforms. This implies that education is now available to pupils even when they are not physically present in a classroom. This gives new opportunities to students who may need access to higher education.
It increases efficiency. Businesses and educational institutions may automate numerous procedures with digital platforms. This makes resources available for other projects, such as research and development or enhancing the learning environment.
Digitalization fosters more extraordinary invention and creativity. Businesses and educational institutions can experiment with new technology and ideas on digital platforms, iterate quickly, and then build upon them. This makes it possible for even more fantastic invention and creativity, which results in new goods, services, and business strategies.
The advantages of digitization have been embraced by Quicforce, which continues to provide its students with lots of tools and chances to excel in the corporate world. Students can access various resources via its digital platform, including online courses, e-books, and webinars. Also, students can message their respective faculty members for any kind of query.
This helps students to stay up-to-date with the latest trends and advances in the business world and build the skills and knowledge necessary for success.
The other digital medium, IBS, uses is Student Information System (SIS), A student information system (SIS) software that helps educational institutions handle information about their students, including grades, attendance, and other administrative responsibilities.
Students at IBS can access various essential data related to their academics, which include:
assessment scores for each topic,
registration status for each semester,
faculty members assigned to each subject, and
cumulative grade point average (CGPA).
Business schools must incorporate technology into their curriculum to equip students for this demand. An excellent example of how technology can improve the educational experience is using a System Information System like the one used by IBS.
Using SIS has many advantages, one of which is increased effectiveness. Paper records and spreadsheets are two standard traditional student data management techniques, which can be time-consuming and error-prone.
With SIS, faculty members can quickly enter and retrieve data, and students may access their information in real-time. This simplified data management method allows faculty members to track information regarding student attendance and other related information.
Another benefit of adopting SIS is better access to information. As long as they have an internet connection, students can access their grades, attendance history, and other information from anywhere. As a result, students may keep track of their development and make educated choices regarding their academic careers. Faculty members have easy access to student data, which enables them to give students prompt comments and help.
To be better equipped with the corporate world and their insights, IBS has a separate portal for case studies, Case Research Centre (ibscases.org) where IBS students can log in and access the various case studies according to the specific subjects.
For business students who want to learn more about the opportunities and problems faced by real-world businesses, the IBS case study portal is an invaluable tool. Students can access various case studies of some of the most well-known companies in the world through the platform, including Amazon, Airbnb, Starbucks, Alphabet, and Infosys, according to the subjects they are studying in a particular semester.
Each case study thoroughly examines a genuine business opportunity or difficulty, as well as comments and advice from industry professionals. Reading and reviewing these case studies can give students more profound knowledge of the real-world ideas influencing corporate strategy.
The IBS case study site closes the knowledge gap between theoretical concepts and real-world business by giving students access to these case studies. It helps prepare students for the future of work in the digital age by giving them a valuable and exciting way to learn about the opportunities and difficulties businesses face and develop critical thinking and problem-solving skills.
Business education has undergone a massive transformation with the advent of the digital age. IBS Gurgaon business school is leading the way in providing its students with the latest tools and techniques to stay ahead. The college recognizes that it cannot rely solely on traditional teaching methods and has adopted a more innovative approach by offering online certification courses from industry leaders.
One of the most sought-after fields in today’s world is Analytics, and IBS Gurgaon understands the demand for this skill set in the business world. Therefore, it provides students with online certification courses from industry leaders in the Analytics field such as
Certification course in Data Analytics by Henry Harvin, and
Certification course in Business Analysis for Decision Making by FOREVISION Academy, etc.
This allows students to gain practical knowledge and skills in high demand in the job market. By offering such courses, IBS Gurgaon ensures its students have the latest skills and expertise to help them succeed in the digital age.
IBS is helping its students through the above portals, keeping themselves updated towards digitalization, and trying to enhance their learning and convenience, which can result in better communication with the students. Students can make the best of it.
The Digital Marketing cell at IBS Gurgaon has been actively creating and sharing content on various social media platforms, including LinkedIn, Twitter, Facebook, YouTube, and Instagram. By leveraging the power of digital platforms, they have reached a wider audience, engaged with potential students, and promoted the school’s programs and initiatives. This is a clear example of how digitalization has transformed business education and how embracing it can benefit businesses and institutions.
In conclusion, the digital age has substantially changed the business world. Business education is now more crucial than ever to keep up with these developments to best prepare students for the future workplace.
There is a need for a more dynamic and inventive approach to business education that embraces technology and teaches skills like digital literacy, data analysis, and problem-solving. There needs to be more than the traditional approach to business education.
The goal of business education in the digital age is to equip students with the skills they need to succeed in a quickly evolving, technologically advanced business environment. It should give them the abilities and information necessary to successfully traverse the challenges of the digital age and rise to the position of leaders in their areas.
An internship along with professional training also provides practical learning implications that help students gain experience and knowledge related to the field of study or career interest.
Now, what is SIP?
SIP is a Summer Internship Program with a duration of 14 weeks offered by all 9 campuses of ICFAI Business School. It starts in February and ends in May. It is mandatory for all the students as a part of their PGPM/MBA program. IBS provides an opportunity for interested students to apply for as many companies as they want to apply for their SIP and gives them a chance to choose among the various companies.
SIP is considered to be the most crucial decision for all students. It helps a student to gain exposure and ample knowledge about the industry and how corporate works. It also helps the students practically learn about the domain in which they want to pursue their careers.
Internships not only provide experience but are also a fruitful source of connections and acknowledgment regarding the working environment and people working there.
At IBS, since the start of the second-semester students are brushed up with all the requirements to get ready for SIP.
How to appear for an interview?
How to carry yourself?
What to say and what to avoid in an interview?
What type of questions could be asked in an interview?
IBS provides its students with the best source of learning. Students are prepared for every step. With great enthusiasm and energy, every student with great excitement starts their preparation for the same.
Seniors become a great source for gaining knowledge from their experience, which eventually helps juniors gain insights about their SIPs. Many companies come for SIP to offer students with differential roles. These companies with their code of conduct, organize their selection process at various stages for interested students.
A proper briefing is being given to all the students regarding the whole SIP process from the start till it ends.
This briefing is conducted by the Summer Internship Program Cell, wherein the students are briefed about the whole process by the Senior Director. During the SIP, every student is appointed one faculty guide and one company guide to acknowledge the work of the students performing under them.
Students are prepared with the required skills like:
1. Communication Skills
It is one of the most important and required skill sets in each domain. Great communication power brings along a lot of excellence in the area of accuracy and timely delivery of information in the best possible manner. The ability to communicate effectively is certainly one of the most important skills one should possess to make the flow of information
2. Organizational Skills
Organizing is a technique of scheduling things in a straight line in the order of priority. With this skill, it becomes easy to process things on time and deliver the highest quality output.
The one who initiates gets the opportunity first. This trait helps an individual become independent in the decision-making process and also helps in the right implication at right time.
4. Adaptability and Flexibility
With different working environments provided by different organizations, adaptability has become one of the major factors one should indulge in. This helps in smooth working for an individual. This also develops flexibility.
5. Problem-solving and Decision-Making Ability
With appropriate leadership skills come problem-solving skills. Initially, the identification of the problem is the biggest task followed by the solution to be incorporated. The efficient implication of the solution is done only with effective decision-making ability. Not only in corporate but at every stage, it is important to have a strong hand in problem-solving and decision-making ability.
6. Interpersonal Skills
It includes soft skills, teamwork, good communication skills, collaborative working ability, leadership skills, and many more. These help in upscaling oneself.
Curiosity helps in taking initiative at every possible stage. This helps in building a sense of interest in accomplishing the desired goals increasing the efficiency of an individual.
8. Planning and Prioritising Skills
Better planning and proper prioritizing of important things increase productivity, efficiency, impact, and organization.
Better planning comes with proper time management. It avoids stress management and helps in achieving success.
When given conflicting situations or several tasks all with a high priority and less time, proper prioritizing plays an important role.
9. Critical Thinking
In an organization, critical thinking often differs from the working environment of different organizations. Critical thinking goes hand in hand with making good decisions and being well-informed about all the possibilities. It prepares you to answer difficult questions, equips you to back up your reasoning with adequate proof, and your ability to view issues from all perspectives.
Not just honesty is a part of integrity, but ethical working and a sense of accountability also fall under it. Committing mistakes is still OK, but hiding them is not. As humans we tend to make mistakes and accepting them is the best inherent integral value one should possess.
At IBS, it is such a good environment provided to students that they can freely ask their queries related to anything which helps them make better decisions, build a strong base for communication eventually inculcate leadership qualities that help in planning more efficiently, and work more effectively, making the most out of it.
In the end, we can say that this becomes the start of students’ corporate journey and the exposure that student gets at their SIP stays with them forever like remarkable learning.
For management students, a summer internship is a fantastic learning opportunity. It gives you the chance to put what you’ve learned into practice, test your theories, and hone your professional and interpersonal abilities in a practical situation. You’ll be able to stand out from other applicants using this. A terrific professional and social experience can be had through an internship. There is no other method to learn how to effectively lead others and collaborate with a team. A summer internship is crucial for an MBA for this fundamental reason. A summer internship program is a perfect opportunity to explore career options and grow personally while immersing yourself in new experiences and exploring new places with friends.
The importance of Summer Internship Programs is listed below:
Networking: Internships are a great way to network with people in your industry. If you’re living and working with people in your field, you’re bound to make lasting connections that can help you in the future. That connection could be your next job or even a lifelong friend! Whether you’re working directly with an executive in your industry or with someone who works for them, you’ll have an insider view of the industry that no one else will have. This insider view can give you an edge when it comes time to apply for jobs because you have connections that others don’t have. Even if you don’t meet the CEO, you’ll still be working with people in your industry who can help you get jobs in the future and make lasting connections.
Builds your resume: A summer internship can be a great way to build your resume. Depending on the company or industry you choose to intern with, you may be able to add that experience to your resume and get hired by your mentor company after graduation. Depending on the internship, you may be able to add it to your resume as paid or unpaid experience. It’s helpful to find an internship that is related to your field of study so that you can use your experience to help in landing a job after your higher studies. Remember to keep track of all the skills you develop throughout your internship. It doesn’t matter whether your internship is paid or unpaid, this phase in a management student’s career is considered the learning phase, during which he/she can apply the theoretical concepts in real life scenarios.
Better job prospects: If you’re pursuing a summer internship program that is related to your major, you may be able to use your internship to help you find a job after your higher studies. For example, if you’re pursuing a degree in journalism, you could intern at a newspaper or magazine. If you’re pursuing an internship in the field you plan to go into, it can be much easier to find a job after your higher studies. Employers are often inclined to hire people who have worked in their industry because they can bring their knowledge from the internship into the company.
Discover your likes and dislikes: A great thing about internships is that it can help you discover what you like and don’t like about a certain career field. For example, if you intern with a magazine and realize that you don’t enjoy writing for magazines as much as you thought you did, you can explore other career paths. If you don’t enjoy what you’re doing, there’s no point in pursuing a career in that field. It’s a good idea to pursue a summer internship program in a field that you’re interested in so that you can discover whether or not it’s right for you.
An opportunity to work with smart and talented people: You may find working at a company where employees are eager to arrive every day invigorating and enjoyable if you are able to thrive off of ambient energy. You’ll likely have a more enjoyable experience and be more likely to seek out a similar workplace culture in the future if you seek out an internship at a firm where people are enthusiastic about what they do.
Access to mentors: While choosing a profession, it’s critical to have mentors who can guide you through the professional environment. Seek out workplaces that offer an infrastructure for interns to meet senior executives. Not only will this increase your exposure inside the firm, but you will also learn from people who have been working in the business or industry with expert-level knowledge.
Validating theoretical knowledge: By putting what you’ve learned to the test, you can confirm your interest in the sector you’ve chosen. Consider whether you could see yourself doing this for the long term and seize the chance to investigate various career options within your field of expertise. The chance to experience a potential professional path without having to commit to it long-term is provided by internships. Use this opportunity to better grasp what you enjoy doing.
A kick start to earning: Money shouldn’t be the sole consideration while selecting an internship, but it should be kept in mind, especially if you depend on it for support during the academic year or the summer.
ICFAI Business School is one of the fastest growing B-Schools in the country and offers an elaborative 14-week Summer Internship Program that assists the students in developing skills that the recruiters look for in a candidate. Furthermore, a 14-week long period also makes a student habitual of the industry dynamics.
Gaining experience in the workforce before entering the corporate world after graduation is crucial, but you also want to be sure that the internship you select will be advantageous to you in multiple ways. You’ll locate the ideal internship by using these suggestions.
Different individuals have different ways of learning. Instead of simply memorizing, many students choose to understand concepts. They enjoy taking in lessons from examples. Therefore, using case studies in the classroom is a very effective technique.
Case studies make the students understand real-world issues that businesses are confronting and help in developing a problem-solving
mindset. This approach also helps in developing analytical and decision-making skills.
Many businesses, legal and medical schools employ this practice to ensure students fully comprehend concepts, although very few institutions use it exclusively as a teaching strategy.
ICFAI Business School uses the case study method as a critical part of
the teaching pedagogy. With the aid of this approach, students are made to make decisions and their analysis gains a practical edge.
All the cases covered in the class are available on IBS’s website, www. ibscases.org. Access to this website is restricted to licensed users. These cases are used by professors to teach students concepts through real-time application. These case studies are also the foundation for students’ individual or group presentations in class. Students must analyze the problem the company/firm in the case study is facing and then propose solutions to it. Each student must present a problem-solving strategy and a suitable justification during a class discussion that resembles a debate. Because of this, the sessions are highly engaging and interactive.
Since every day presents a new challenge, business concerns also
change. As circumstances and challenges evolve, solutions to problems also change. Therefore, IBS Gurgaon has established a new cell in the college, “The Case Writing Cell” to develop and update the required skills for analytical thinking and problem-solving skills among students. Both teachers and students will contribute to the writing of new case studies. The active collaboration of the students with teachers is an innovative approach to student and institutional development. Prof. Jean Saldanha is the Coordinator and Dr. Vibha Arora & Prof. Rajesh Mishra are the Joint coordinators of the cell.
Together with IBS G students, they will explore the following areas or topics for writing case studies.
Human Resource: The success of business is driven by its people. In
order to convey to students, the necessity and significance of HR, cases will include a deep understanding of Diversity, Equity, and Inclusion, Upskilling, New age training tools, Mapping competencies for business success, Change Management, Agile organizations, Landscape for hiring in light of The Great Resignation and Automation in HR.
Marketing: Innovation and marketing of products are the major two
tasks that a marketing manager has to perform. If his performance is
not able to yield profit to the company, then he will not be of value
to the organization. In order to ensure that a future marketing manager has all the necessary skills, the following factors will be considered while writing cases: Sustainability, ESG, Omni channel, Consumer experience, Artificial intelligence, Chatbots, Artificial Intelligence, Machine learning, and Service recovery.
Finance: A thorough understanding of all the fundamentals of
financial management is crucial since finance without strategy is just
numbers. The following subjects will be some areas covered in cases
prepared to help students gain a thorough understanding of all financial concepts: Capital Budgeting, Working Capital Management,
and Investment analysis.
Operations: Nothing can be accomplished if the work isn’t done. The
operations manager has a major role to play in the continuation of
work. As a result, the cases will be prepared with the following topics
included in order to build the skills: Operations Strategy, Inventory control, Quality management, and Supply chain management.
Strategy: Any work that is pursued without a strategy is futile.
Therefore, developing strategies for carrying out the assignment is
necessary. The following topics are being covered under cases in order to strengthen this skill: Business Strategy, Formation of startups, Platforms business, Business Model, and Adapting to Technology developments.
IT: Information technology and business are now closely intertwined.
Without mentioning the other, no one can effectively discuss the first. Therefore, the following topics will be discussed in instances to instruct students on the value and application of IT: Adoption of blockchain, Mobile fitness applications, and Recommender systems in social media marketing and promotion, and Fraud analysis using machine learning.
All the cases that are written, will first be introduced in class before being sent for publication, to ensure that they are adequately tested.
Students will give feedback on the case, outlining what they learned
from it, what was missing, and what else could be added.
Through this cell, students will get opportunities to explore the changing dynamics of the business environment, and the challenges
that industry faces as it encounters various problems. They will also get an opportunity to create forums for discussion and brainstorming.
For writing cases, both primary and secondary techniques will be employed. These techniques will give students real-world knowledge and experience about real-world enterprises’ difficulties to survive. The student will have a greater understanding of the present working circumstances in any business through frequent visits to the industry and interactions with employees, enhancing their employability skills.
Have you wondered how the world would have been if we didn’t accept the changes and didn’t have to change ourselves with the latest skills?
As an entrepreneur, a new change has emerged, i.e., creating your start-up where you can operate the business in the market according to your terms and conditions. Where you didn’t need someone, who would be overseeing you, or you worked under someone whose synergy didn’t match with your options.
First of all, what is Entrepreneurship?
Entrepreneurship is starting and running a business, typically involving risk-taking and innovation. It consists in identifying a market opportunity, developing a product or service to meet that need, and building a team to bring the idea to fruition. Successful entrepreneurship requires combining skills, creativity, problem-solving, financial management, and salesmanship. Many entrepreneurs desire to be their boss, create something new and innovative, and positively impact the world.
There are four types of entrepreneurships generally in the market:
Social Entrepreneurship: This type of entrepreneurship involves using business strategies to solve social and environmental issues. Examples range from education start-ups to microfinance institutions.
Small Business Entrepreneurship: This type of entrepreneurship involves a single individual who owns and operates the business. Examples can be as diverse as your local electrician or the store next door.
Large Business Entrepreneurship: These are the entrepreneurial behemoths that have developed into full-blown companies that operate on a large scale. Think Amazon and Google.
Scalable Start-up Entrepreneurship: These are the start-ups in tech hotspots around the globe; they start small and quickly seek to scale up their operations with rapid innovation and global funding. Examples are the social networking sites that started small and rapidly grew.
You nowadays must hear the buzz about entrepreneurship, that many young entrepreneurs are starting their businesses, so why is there a buzz about entrepreneurs?
There has been a buzz about entrepreneurship in recent years because people are seen this as an opportunity to take control of their careers and create new paths for themselves. Starting a business allows individuals to be their boss, set their schedule, and pursue their passions. In addition, entrepreneurship can be an attractive option for those who want to positively impact the world by creating innovative products or services that solve problems or meet unmet needs.
There has also been a trend towards valuing the qualities that entrepreneurs possess, such as innovation, risk-taking, and adaptability, which can be helpful in any career. Finally, the rise of technology has made it easier for people to start and run a business, contributing to the buzz around entrepreneurship.
One question that may arise here is the importance of entrepreneurship and why one should think about becoming an entrepreneur and start its journey when there is a lot of uncertainty.
Entrepreneurship is essential to any economy because it can drive innovation, create jobs, and stimulate economic growth. Entrepreneurs are individuals who take risks to start and run their businesses, and they play a crucial role in the development and success of a community or region.
Here are some specific reasons why entrepreneurship is essential:
Innovation: Entrepreneurs are often at the forefront of new ideas and innovations, which can lead to developing new products and services that can improve people’s lives and solve problems.
Job creation: small businesses, which are often started and run by entrepreneurs, are a significant source of employment in many countries. By starting and running a business, entrepreneurs create jobs for themselves and others, which can help reduce unemployment and stimulate economic growth.
Economic growth: Entrepreneurs contribute to economic growth by starting and growing their businesses, leading to increased production and consumption and tax revenue for governments.
Overall, entrepreneurship is vital in driving innovation, creating jobs, and promoting economic growth, which is why it is a crucial aspect of any economy.
Contribution of Startups to the Indian Economy
Domestic startups closed investment deals close to $12 billion in Q1 2022, and India zoomed ahead to become the world’s third-largest startup ecosystem. Startups are flourishing, and the pace from prototype to market has accelerated impressively. Another barometer of the spectacular success of the startup sector in India is that it currently had over 100 new unicorns (A unicorn company refers to a startup or a private company with a valuation exceeding $ 1 billion) in 2022. One unicorn has been added every five days within the first two months of 2022.
Fintech, EdTech, HealthTech, cleantech, B2B SaaS, e-commerce, MediaTech, Agritech, FoodTech, artificial intelligence, nanotechnology, SpaceTech, web3 technologies, and more influence business and lives in a big way. And there can be no disputing the impact of startups on the Indian economy. It is a clutch of startups that would fuel India’s forward march to becoming the third-largest economy in the world.
The startups have scaled up quickly, impacting more jobs across all work levels. Indian SaaS (software as a company) companies are expected to make half a million new jobs by 2030, the travel and hospitality industry 52.3 million jobs by 2028, and the FoodTech industry 9 million jobs by 2024.
Some famous startups in India are Flipkart, Unacademy, Byju, Oyo, Ola, Zomato, Mamaearth, Boat, Lenskart, Cars24, Sugar, Emcure, BhartPe, etc. Apart from these famous startups, some have become a unicorn: Flipkart, BhartPe, Dream11, PhonePe, CoinDcx, Nykaa, etc., mainly these startups are in each sector where they are catering to consumer needs.
The startups significantly contribute to management school by providing students with real-world experience and practical knowledge. Through internships, case studies, and guest lectures, startups can help students apply the theories and concepts learned in the classroom to actual business situations.
Additionally, startups can provide valuable networking opportunities for students, as they often have strong connections with industry leaders and other entrepreneurs. This can help students make connections and gain valuable insights into the business.
Startups can also contribute to developing new curricula and programs within management schools. By providing input on the skills and knowledge that are most relevant and valuable in today’s business environment, startups can help ensure that students are learning the most current and relevant information.
Overall, startups can play a crucial role in helping management schools prepare students for success in the business world.
How is ICFAI Business School contributing towards catering to the needs of the new India as a startup hub?
The Innovation & Entrepreneurship Council (IIEC) at the IFHE is a research and training center that promotes innovation and entrepreneurship. The curriculum offered by the IIEC covers various aspects of innovation and entrepreneurship, including product development, business model design, market validation, funding strategies, and legal and regulatory issues.
The courses offered by the IIEC are designed to provide students with a comprehensive understanding of the innovation and entrepreneurship process and to equip them with the necessary skills and knowledge to bring their ideas to life.
The curriculum comprises multiple weeks of assignments that must be completed to complete the milestone and can go to the following milestones:
Problem Identification and Opportunity Discovery
Customers and Market
Create a Compelling Preposition
Build your MVP
Go to Market Strategy
Managing Growth and Targeting Scale
Milestone 4- Pitch Desk Presentation
Above is the program’s curriculum, and each student has to undergo these stages in chronological order to reach the final milestone.
The IIEC also provides students opportunities to work on real-world projects and interact with successful entrepreneurs and innovation experts. Through its collaboration with industry, government, and academic partners, the IIEC provides students with access to a wide range of resources, networks, and experiences that can help them build successful careers as innovators and entrepreneurs.
In addition to its academic programs, the IIEC hosts several events and activities that promote entrepreneurship and innovation, including
Through these activities, the IIEC fosters a culture of innovation and entrepreneurship and supports the development of the next generation of entrepreneurs and innovators.
The two programs that IIEC runs are namely:
1. IIEC- ANVIKSHANA (Pre-Incubation)
Jointly conducted by IIEC and Wadhwani Foundation and is powered by the highly acclaimed NEN-Ignite program curriculum.
It runs for 14 weeks.
Online Classes on weekends.
2. IIEC- UDVIKAASA is the same as Anvikshana, but the only change here is for anyone with a good idea, a proof of concept, and a product with a pilot customer base.
(The Wadhwani Foundation is a non-profit organization founded by Romesh Wadhwani in 2000. The foundation’s mission is to accelerate economic development in emerging economies by fostering entrepreneurship and innovation; it achieves its mission through various programs and initiatives, including incubators and accelerators for startups, training programs for entrepreneurs, and policy advocacy. The Wadhwani Foundation is headquartered in Silicon Valley and has offices in several countries worldwide.)
The fees for the 14-week IGNITE program is Rs. 1000 for student innovators and INR 2500 for non-student innovators. This fee includes access to the material, a one-to-one mentoring session with the program manager, live online workshops, and mentoring sessions with industry leaders.
The IBS Gurgaon emphasizes entrepreneurship, and with the focus on young budding entrepreneurs, there is a cell also where young entrepreneurs learn new insights about the entrepreneur world.
Every year, the Entrepreneurship Development Cell (EDC) of IBS Gurgaon organizes the ‘Campus Entrepreneur’ event where students become entrepreneurs and do the planning, organizing, directing for their ideas, and selling of their products to the audience. Through this event, participants generate a gist of entrepreneurship and what it is all about by tapping into entrepreneurs’ shoes and managing their ideas.
Entrepreneurship has seen a significant rise in India in recent years. This trend is driven by various factors, including the growth of the Indian economy, the increasing availability of funding and support for startups, and the government’s efforts to promote entrepreneurship and innovation.
Several key trends are driving the entrepreneurship wave in India. These include:
Digitalization: The growth of the internet and the increasing use of digital technologies in India have created new opportunities for entrepreneurs to start and grow their businesses.
Government support: The Indian government has implemented several initiatives to promote entrepreneurship, such as Startups India and the Atal Innovation Mission, which provide funding and support to startups.
Increasing funding: The availability of funding for startups has also increased in recent years, with the emergence of angel investors, venture capital firms, and other sources of capital.
Talent pool: India has a large and talented pool of young professionals who are increasingly looking to start their businesses.
Overall, the entrepreneurship wave in India is driven by a combination of economic, technological, and policy factors. As the ecosystem for entrepreneurship continues to mature, we will likely see even more startups and small businesses emerge in the country.
Do you know that the rate of change in human living standards in the past 20 years was higher than in the last 100 years?
These innovations include major sectors like media, climate action, and healthcare.
Every industry has its own set of principles. Also, they are unique if we compare them with the other competitors.
Being a management student, we must understand the changing marketing scenarios and how industries adapt to them. Also, these changes help industries to fulfill the changing consumer demand or taste and preference with time.
ICFAI Business School always keeps itself ahead to meet the corporate demand. Accordingly, it organized multiple formal industrial visits to make students
aware of the actual working conditions of different industries.
I am fortunate enough to be a student of IBS Gurgaon, where I got the opportunity to visit a manufacturing plant and see how classroom concepts applied to the ground reality.
Now, before moving toward my key learnings from this industrial visit, let us focus on their unique elements based on the classroom principles such as:
Customer Lifetime Value
You must have heard about a story of a company owner who broke the first lot of refrigerators due to a minor defect. After that, they stopped production and re-engineered the whole manufacturing process. Which removed the flaws successfully and brought the customer lifetime value by setting an example wherein the firm will not compromise the quality of their products at any cost. Eventually, once a customer becomes a loyal
Research and Development
With the help of research and development, including surveys, product reengineering, and design updates, the industry learned that refrigerator users use the freeze section more frequently than the freezer section. Due to this, they needed to bend to access the freeze section and primarily, women’s waist was affected and causing pain.
So, companies launched the newly designed Bottom Mounted Refrigerator. It replaced the traditional refrigerator design and put a freezer at the bottom.
Also, research and development help them in technological advancements of their products such as the Magic Convertor Technology, Twin Inverter Technology, Auto Clean Modes, etc.
The market consists of different firms, classified by positionings such as Leader, Challenger, Follower, and Nicher.
If a firm wants to lead the competitive market, it should either become a first mover or be able to distinguish itself from other market players.
Focusing on Electric Vehicle (EV) Segment
Different firms started manufacturing Electric Vehicles and even delivered them as well as efficient, reliable, and satisfactory electric vehicles.
Some firms known for appliances and other sectors took a step towards this EV segment, indicating that they are following the contemporary market demand to become a market leader.
Working for Drone Delivery:
A few years back, the viability of drone delivery seemed to be difficult, but technology brought it to reality. Drone delivery enables the quick and convenient delivery of products to the customer.
Followers can become a leader by moving if they launch their drone delivery service ahead of others.
5G Connect Internet of Things (IoT):
Many market players launched the functional model of smart home appliances, such as the concept of a Smart Kitchen, Smart Bedroom, Smart Bathroom, etc. where you can control and regulate these products through supported devices such as smartphones.
IoT is familiar to the market but still needs many functional updates for smooth processing and adequate output.
Here the Market Players forecasted the future of technology where Automated and Driverless Cars, based on the facets of Artificial Intelligence such as Machine Learning and Deep Learning-Artificial Intelligence, will take over the traditional mechanisms. A firm will become a market leader if it delivers the final product and become the first mover with a viable final product.
You can understand from the above that the market players are moving toward the future with the potential to become global leaders.
But do you know how they keep themselves updated with the concurrent demand?
Initially, the firms focus on mass production rather than demand. But nowadays, they take care of customer’s tastes and preferences. Which helps to bring customer satisfaction first and then profit. Also, it allows them to retain customers and attract new potential customers.
Now, my key learnings from this industrial visit are as follows:
Importance of Operations Management:
The industrial parks exist over a large area with limited manufacturing capacity. Through Operations management, the company uses multiple models to enhance the plant’s efficiency, productivity, reduce cycle time, and waste management.
Here, I have learned how industrial plants work on the Optimal Delivery Model, wherein the production of any specific product is based on the actual market demand.
Need for Supply Chain Management:
The industrial park manufactures the products in bulk and delivers these products across the nation. Complete supply chain management includes the product’s origin from the plant to the retail market or customer, called Supply Chain Management (SCM).
I have learned that the firm should also focus on its supply chain and operational efficiency to reduce waste/ defects and manufacturing costs.
Essential Marketing Strategies:
Companies used to segment their customers and distinguish them from their competitors. And if their quality standards and manufacturing process are in sync with government standards (ISO certification) and after-sales support ( Ten years of warranty). In that case, the customer will accept them with more confidence, resulting in high customer satisfaction.
Here, I have learned the importance of marketing strategies and their synchronization with government terms and conditions.
ICFAI Business School has been known for its delivery of excellence since 1995. These visits enhanced management student’s knowledge about the actual market situation and helped them understand the managerial concepts and their practical implications.
In 2022, ICFAI Business School completed its 25 years of glory and marked another achievement in management education. All the nine campuses celebrated the Silver Jubilee of ICFAI Business School with pride and respect, remembering the founder of ICFAI Business School, the Late Prof. N. J. Yasaswy.
Every occasion becomes an extraordinary one with the efforts and memories attached to it. Celebrating a span of 25 years in itself is a golden occasion. To commemorate the auspicious Silver Jubilee of ICFAI Group, IBS Gurgaon was pleased to conduct an enthralling Mini Marathon on January 6th, 2023.
The marathon was a torch relay to spread peace and prosperity.
The enthusiasm was not just shown by the students, but the same energy and zeal were also witnessed by the faculty members as well. Several faculty members participated in the marathon.
The Mini Marathon organized at the IBS Gurgaon campus was inaugurated by the Senior Director, Prof. S.C. Sharma.
Ready. Set. Go!
With the announcement of the Senior Director sir, the Mini Marathon was commenced by all the participants with great energy.
The euphoria of all the participants following their energized spirit marked a vigorous beginning of the Mini Marathon of 5 km., starting from the IBS Gurgaon campus, covering 5 different checkpoints in its route in approximately one and a half hours.
All the participants running in the Mini Marathon were provided with a mini refreshment kits.
The Marathon was divided into 5 checkpoints. These checkpoints were situated at every kilometer by the route map. These checkpoints consisted of students and faculty members to cheer the craze among the participants.
Marathon also unveiled the importance of the health benefits, which it brings along. It includes physical benefits as well as mental health benefits.
It’s rightly said, ” Running for something bigger than you is a great way to stay motivated and dedicated, making your running and races even more meaningful.”
Marathon also proved to be a rejuvenating break for all the participants from their daily routine to opt for something different yet productive. It turned out to be an effective one ultimately energizing the participant’s soul for the next coming days.
Taking initiative and running for a cause helps in generating a positive attitude and also helps in inculcating positive energy and motivating oneself towards adopting healthy habits eventually creating a strong positive base.
Wondering for a wonder,
Astonishing wonder you are.
Looking for thunder,
Booming thunder you are.
This initiative taken by the institute to celebrate the occasion of the Silver Jubilee created a dynamic, sparkling, zestful, healthy and lively environment in the institute.
It also improves memory and ability to learn. It also boosts a person’s feeling of happiness and makes the mind feel better. Such outdoor activities also reduce anxiety and depression. These activities help to maintain a healthy relationship and let oneself spend quality time with himself/herself.
All the winners (both faculty and students) of the Mini Marathon were felicitated with a trophy and a certificate as a token of appreciation and taking an initiative for a good cause. Participants wholeheartedly participated in the event which was evident during the Mini Marathon.
Mini Marathon conducted by the Institutional Building Cell along with the Students Council of IBS Gurgaon. The smoothe conduct by the organisers derives applause. It was conducted smoothly. The organising committee did a commendable deed.
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One of the most important competencies for managers nowadays is networking. Organizations anticipate that employees will interact with and make contact with those they work with. This can include customers, sellers, business partners, and government representatives. Individuals in a person’s network frequently receive business possibilities. So, in a situation when someone is trying to create a business, networking becomes a crucial ability. Both parties benefit from the relationship, making it a trait that everyone should possess.
Two years of MBA/PGPM offer an opportunity to connect and interact with a variety of people like faculty members, seniors, fellow classmates, alumni, guest lecturers and various industry experts. Stepping into a completely new environment, adapting to the surroundings and making new connections can be an overwhelming experience. But if we face our fears and step out of our comfort zone, we will be amazed by the effect networking can have on our professional and personal lives.
Networking is the most valuable characteristic an MBA aspirant or student can possess, here’s why:
Networking contributes to your social well-being: You can make lifetime friends and improve your social well-being by networking. It can help you to gel with like-minded people. The relationships which start within the professional atmosphere can go a long way.
Networking leads to the exchange of ideas: You can keep trying new things and keep growing professionally by embracing new ideas. You may be motivated to apply new methods or abilities to your work by learning what others are doing at their organizations. Your innovative ideas can let you stand out and be successful in your current role whether you work for a small firm or a major organization. Talking about your business with new acquaintances offers a distinctive viewpoint. Additionally, it improves creativity and motivation. A useful benefit is having an industry mentor or link outside of your organization.
Networking helps you meet people at all professional levels: In some companies, getting in touch with the higher-ups can be challenging. Networking might help you meet more seasoned professionals in this situation. Your future development depends on having the chance to benefit from their experience and professional guidance. These contacts offer fresh possibilities for job advancement and mentoring. Because of this, networking is crucial. You gain the ability to share your talents as well. Finding a new mentor may result from professional networking with a coworker you appreciate. At business and networking events, all it takes is a brief cup of coffee or some light conversation. Knowing people at different professional levels can open up a larger range of work options for you.
Networking boosts your professional confidence: Professional networking is a confidence-building exercise, particularly for shy or introverted persons. Its avoidance is mostly due to this. However, you’ll realise that networking isn’t that strenuous once you start discussing your common interests with a new buddy. Even if you’re an introvert, networking gatherings are a terrific opportunity to exercise your confidence. Speak up and discuss issues of paramount importance. You can cultivate greater confidence in your professional abilities by building new partnerships. It may also give you more social networking self-assurance.
Following are a few steps to take care of while networking:
As already discussed, approaching people to create a business network is a vital advantage of networking. The truth is that you have to reach out. Start by improving your ties to people you already know. Staying in touch will be ensured through occasional casual mail, thoughtful messages, or phone calls.
Finding out the interests and opinions is the next stage. You must sincerely care about other people’s lives and stories.
You then discover how to listen. This signifies that you are kind by lending others the patient ears they require. This will make the bonds stronger. It will definitely be a game-changer for you. generous acts that are reciprocated without you even having to ask.