Student Enterprises in Management Education
Author: NITIE Center for Student Enterprsies ( NCSE)
Student Enterprises in Management Education:
An Indian Experience
Dr. T. Prasad, Faculty adviser, Entrepreneurship Development Center
Associate Professor, NITIE, Mumbai – 87
Introduction
Geese story of Management
The concept of ‘Student Enterprises (SE)’
What will be the future of SEs?:
Underlying idea of SEs
The benefits of the project
The role out plan for the project
The possible problems and coping mechanisms suggested
Introduction
This paper presents an outline of a teaching innovation titled ‘Student Enterprises’ which can be introduced in all B - Schools as part of regular academic courses. SE may be considered as an important teaching innovation for two reasons. One, such an exercise doesn’t exist to follow any where in the world. Second, the method will impact almost all aspects of management education as practiced world wide at present. A brief outline is provided for initial understanding.
Geese Guide to Management
The concept of ‘Student Enterprises’ is conceptualized based on the five principles of ‘Geese Guide to Management’. The philosophy, vision, mission for SEs are derived from the ‘Geese Guide to Management’.
1. As each goose flaps its wings it creates ‘uplift’ for the birds that follow. By flying in a ‘V’ formation, the whole flock adds 71% greater flying range than if each bird flew alone.
People who share a common direction and sense of community can get where they are going quicker and easier because they are traveling on the thrust of one another.
2. When a goose falls out of formation, it suddenly feels the drag and resistance of flying alone. It quickly moves back into formation to take advantage of the lifting power of the bird immediately in front of it.
If we have as much sense as a goose, we stay in formation with those headed where we want to go. We are willing to accept their help and give out help to others.
3. When the lead goose tires, it rotates back into formation and another goose flies to the point position.
It pays to take turns doing the hard tasks and sharing leadership. As with geese,
people are inter-dependent on each other's skills, capabilities and unique arrangements of gifts, talents and resources.
4. The geese flying in formation honk to encourage those up front to keep up their
speed.
We need to make sure, our honking is encouraging. In groups, where there is
encouragement, production is much greater. The power of encouragement is the quality of honking we seek (to stand by one's heart of core values and encourage the heart and core of others)
5. When a goose gets sick, wounded or shot down, two geese drop out of formation and follow it down to help and protect it. They stay with it until it dies or is able to fly again. They then launch out with another formation or catch up with the flock.
If we had as much sense as geese, we would stand by each other in difficult times as well as when we are strong.
Management students pursuing a common objective of beoming successful business professionals may be considered as the ‘Geesers’ across many B – Schools. The five principles of Geesers Guide to Management’ comes in to effect as a reality in the form of ‘Student Enterprises’ if systematically pursued.
‘Student Enterprises ’ ( SE) : An innovation in Management Education
B- School students during their two years of their academic pursuit are expected to launch their own businesses in the form of ‘Partnership / Limited companies’ and operate them with the exclusive purpose of ‘Learning business’. It is expected that a group of (maximum) ten students form in to a single firm with a capital of Rupees Ten lakhs ( say each student contributes one Rs. Lakh as share capital). Students Comapnies are similar to any other businesses which cater to various customer needs. It is also expected that formation and management of SCs will be done – spanning two full academic years of academic pursuit on campus. The Students’ Owners will be the real owners of the SCs and bear the ultimate fruits or pains ( losses) of their efforts.
The primary purpose of starting and managing the companies is to master the art of managing the businesses for which every student joins a MBA course. The primary focus of this activity is ‘Doing Business for Learning ’. Although issues like the a. Scale / Size of business, b. Profits or losses in business c. Developing entrepreneurship may crop up as other issues that are relevant - not considered as focus points of this exercise.
It is expected that all the MBA course contents are taught aligning with the launching and managing of ‘Student Enterprises’ . Each of the SEs are being evaluated on a predetermined parameters ( say 20 in number ) at specific time intervals spreading over two years of MBA course. Students’ achievement on these parameters is incorporated in to their academic achievement. Students have to furnish all the necessary documental evidences before the Faculty Assessment Committees (FACs) so as to convince the FACs for having achieved the necessary parameters. SEs may be given a weight say, 20 % of overall credits in a given course.
For smooth running of the business, Students will be mentored by the institute faculty and also past alumni including some of the industry captains who are interested and willing to spare time and assume the role of mentors. Student - Mentors may also invest equity money in the SEs. Further, Student - Mentors may also bargain with SCs for equity share for their ‘handholding’ service. Finally, a token ‘Equity’ share of ( say 10 %) will be held by the academic institutes in the SEs for the support and the facilitation that is being extended for the success of the SEs.
What will be the future of SEs?:
At the completion of students academic course, student owners may continue with their companies ( without looking for placements) as they desire or handover the companies to parties at a mutually agreed upon price.
Underlying idea of SEs:
· Business Studies is akin to any other professional studies like Medicine, Agriculture, Law etc. It is expected that professional education should be taught with ‘Practice’ orientation. ‘Learning by Doing business’ makes the learning process more meaningful, relevant and rewarding.
· The five principles of Geese management comes to live in SEs as learning project for students.
· Given the best Students joining top B – schools of India, SEs may prove to be a great success.
The benefits of the SE project are:
Students being very creative it is possible to see the emergence of the ‘new generation’ companies due to the SE program.
Possible to develop strong business and entrepreneurship orientation amongst the students.
Students have got the more than the necessary intelligence, talent, time and zeal to conduct SEs as part of their academic course.
One of the strengths of B- schools is its large number of students ( around N= 500). Having a group of 500 students at one place for two years , that too residential and full time, provides the best opportunity to conduct SEs.
Being in located in metropolis like, Delhi, Bangalore, Mumbai , B- schools have an added location advantage.
The Indian economy being at its ‘take off’ point, it is the right time to promote SEs
The role out plan for introducing such a course
Incorporating the necessary changes in the curricula including rearranging the courses in accordance with the SEs progress
A 20% academic credits may be allotted to the SE project in the overall course.
Developing the ‘ Assessment criteria’ for SEs
Conducting faculty workshops for preparing the faculty for mentoring the SEs
Seeking industry participation to develop SE mentors.
Establishing a state of the art ‘Business Center’ so as to provide the business related services to the students on real cost payment basis.
Possible problems and coping mechanisms suggested:
SEs being a new concept may face initial problems which cannot be ruled out. Some of the problems are listed below.
Aligning the theory with the practice is the major task before the faculty. There needs to develop basic understanding among the faculty to align the theory with practice.
Some students may express doubts about the success of SE project.
Providing the infrastructure in terms of state of the art ‘Business Center’ on campus may face some problems.
-O-
An Indian Experience
Dr. T. Prasad, Faculty adviser, Entrepreneurship Development Center
Associate Professor, NITIE, Mumbai – 87
Introduction
Geese story of Management
The concept of ‘Student Enterprises (SE)’
What will be the future of SEs?:
Underlying idea of SEs
The benefits of the project
The role out plan for the project
The possible problems and coping mechanisms suggested
Introduction
This paper presents an outline of a teaching innovation titled ‘Student Enterprises’ which can be introduced in all B - Schools as part of regular academic courses. SE may be considered as an important teaching innovation for two reasons. One, such an exercise doesn’t exist to follow any where in the world. Second, the method will impact almost all aspects of management education as practiced world wide at present. A brief outline is provided for initial understanding.
Geese Guide to Management
The concept of ‘Student Enterprises’ is conceptualized based on the five principles of ‘Geese Guide to Management’. The philosophy, vision, mission for SEs are derived from the ‘Geese Guide to Management’.
1. As each goose flaps its wings it creates ‘uplift’ for the birds that follow. By flying in a ‘V’ formation, the whole flock adds 71% greater flying range than if each bird flew alone.
People who share a common direction and sense of community can get where they are going quicker and easier because they are traveling on the thrust of one another.
2. When a goose falls out of formation, it suddenly feels the drag and resistance of flying alone. It quickly moves back into formation to take advantage of the lifting power of the bird immediately in front of it.
If we have as much sense as a goose, we stay in formation with those headed where we want to go. We are willing to accept their help and give out help to others.
3. When the lead goose tires, it rotates back into formation and another goose flies to the point position.
It pays to take turns doing the hard tasks and sharing leadership. As with geese,
people are inter-dependent on each other's skills, capabilities and unique arrangements of gifts, talents and resources.
4. The geese flying in formation honk to encourage those up front to keep up their
speed.
We need to make sure, our honking is encouraging. In groups, where there is
encouragement, production is much greater. The power of encouragement is the quality of honking we seek (to stand by one's heart of core values and encourage the heart and core of others)
5. When a goose gets sick, wounded or shot down, two geese drop out of formation and follow it down to help and protect it. They stay with it until it dies or is able to fly again. They then launch out with another formation or catch up with the flock.
If we had as much sense as geese, we would stand by each other in difficult times as well as when we are strong.
Management students pursuing a common objective of beoming successful business professionals may be considered as the ‘Geesers’ across many B – Schools. The five principles of Geesers Guide to Management’ comes in to effect as a reality in the form of ‘Student Enterprises’ if systematically pursued.
‘Student Enterprises ’ ( SE) : An innovation in Management Education
B- School students during their two years of their academic pursuit are expected to launch their own businesses in the form of ‘Partnership / Limited companies’ and operate them with the exclusive purpose of ‘Learning business’. It is expected that a group of (maximum) ten students form in to a single firm with a capital of Rupees Ten lakhs ( say each student contributes one Rs. Lakh as share capital). Students Comapnies are similar to any other businesses which cater to various customer needs. It is also expected that formation and management of SCs will be done – spanning two full academic years of academic pursuit on campus. The Students’ Owners will be the real owners of the SCs and bear the ultimate fruits or pains ( losses) of their efforts.
The primary purpose of starting and managing the companies is to master the art of managing the businesses for which every student joins a MBA course. The primary focus of this activity is ‘Doing Business for Learning ’. Although issues like the a. Scale / Size of business, b. Profits or losses in business c. Developing entrepreneurship may crop up as other issues that are relevant - not considered as focus points of this exercise.
It is expected that all the MBA course contents are taught aligning with the launching and managing of ‘Student Enterprises’ . Each of the SEs are being evaluated on a predetermined parameters ( say 20 in number ) at specific time intervals spreading over two years of MBA course. Students’ achievement on these parameters is incorporated in to their academic achievement. Students have to furnish all the necessary documental evidences before the Faculty Assessment Committees (FACs) so as to convince the FACs for having achieved the necessary parameters. SEs may be given a weight say, 20 % of overall credits in a given course.
For smooth running of the business, Students will be mentored by the institute faculty and also past alumni including some of the industry captains who are interested and willing to spare time and assume the role of mentors. Student - Mentors may also invest equity money in the SEs. Further, Student - Mentors may also bargain with SCs for equity share for their ‘handholding’ service. Finally, a token ‘Equity’ share of ( say 10 %) will be held by the academic institutes in the SEs for the support and the facilitation that is being extended for the success of the SEs.
What will be the future of SEs?:
At the completion of students academic course, student owners may continue with their companies ( without looking for placements) as they desire or handover the companies to parties at a mutually agreed upon price.
Underlying idea of SEs:
· Business Studies is akin to any other professional studies like Medicine, Agriculture, Law etc. It is expected that professional education should be taught with ‘Practice’ orientation. ‘Learning by Doing business’ makes the learning process more meaningful, relevant and rewarding.
· The five principles of Geese management comes to live in SEs as learning project for students.
· Given the best Students joining top B – schools of India, SEs may prove to be a great success.
The benefits of the SE project are:
Students being very creative it is possible to see the emergence of the ‘new generation’ companies due to the SE program.
Possible to develop strong business and entrepreneurship orientation amongst the students.
Students have got the more than the necessary intelligence, talent, time and zeal to conduct SEs as part of their academic course.
One of the strengths of B- schools is its large number of students ( around N= 500). Having a group of 500 students at one place for two years , that too residential and full time, provides the best opportunity to conduct SEs.
Being in located in metropolis like, Delhi, Bangalore, Mumbai , B- schools have an added location advantage.
The Indian economy being at its ‘take off’ point, it is the right time to promote SEs
The role out plan for introducing such a course
Incorporating the necessary changes in the curricula including rearranging the courses in accordance with the SEs progress
A 20% academic credits may be allotted to the SE project in the overall course.
Developing the ‘ Assessment criteria’ for SEs
Conducting faculty workshops for preparing the faculty for mentoring the SEs
Seeking industry participation to develop SE mentors.
Establishing a state of the art ‘Business Center’ so as to provide the business related services to the students on real cost payment basis.
Possible problems and coping mechanisms suggested:
SEs being a new concept may face initial problems which cannot be ruled out. Some of the problems are listed below.
Aligning the theory with the practice is the major task before the faculty. There needs to develop basic understanding among the faculty to align the theory with practice.
Some students may express doubts about the success of SE project.
Providing the infrastructure in terms of state of the art ‘Business Center’ on campus may face some problems.
-O-
