Sibm As An Entrepreneurship Hub

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A Blueprint for SIBM Pune For becoming a Preferred Place for Entrepreneurship Education in India in the next 3-5 years SUBMITTED TO: Prof. Vinod Shastri SIBM Pune SUBMITTED BY: Indra Adhikari Div: Marketing A Roll No: 35169 Introduction: Background There are about 4500 B Schools in India (Source: January, 2013 NDTV profit) and number keeps growing. Here, most of us when think about an MBA imagine a high salary, a business class flight and luxury stay and vacations. For most of us, running our own business is not even an option to think about. Long nights, long journeys, working at every level and dealing with all sorts of people and other hassles make it even less glamorous. However, becoming and entrepreneur could be one of the most fulfilling career choices. If we look from service provider’s side also then there are very few institutions in India, who focus in entrepreneurship education. We have become more of a job seeker than a job creator. Entrepreneurship education focuses on enhancing entrepreneurship, which is not very common in India. A step ahead to address this situation would be to develop entrepreneurship education in India. Even though it’s late the number of institutions with focus in entrepreneurship education is growing. XLRI Jamshedpur, EDI Gandhinagar, SPJIMR Mumbai, NMIMS Mumbai, XIME Bangalore, Univ18 Business School (Online MBA in entrepreneurship) are the amongst those few institutions to name. SIBM Pune is a late addition to these lists of B Schools. (Source: SIBM Pune has started Entrepreneurship as a part of regular MBA program, which is the cradle of developing the entrepreneurship education amongst SIU institutes. As of now it is just an internal subject of 2 credits. Being a well renowned B School and known for its marketing and HR majors, SIBM Pune if looking to build a name as a preferred destination for entrepreneurship education should work more and it needs a roadmap. I have some objectives set, planning guidelines and suggestions to contribute to achieve such a wonderful goal by this institute. Objectives of SIBM to be a preferred hub for entrepreneurship education The idea of being a top destination for entrepreneurship education is a challenging task but not a mission impossible. Hence it needs a set of objectives, which can be useful in the future. They are listed below:  Entrepreneurship should be different major along with existing majors.  Family Business, Entrepreneurship and New Business formation should be taught as basic subjects to other students also to develop Intrapreneurs and enhance the goal of being preferred institution for entrepreneurship education.  Organize seminars, workshops and conferences for providing a forum for interaction and exchange of views by various agencies and entrepreneurs to motivate young entrepreneurs.  Document and disseminate information to understand policies related to new business formation.  SIBM should publish literature related to entrepreneurship development and its offerings to attract the potential students.  SIBM should also partner with small scale industries, CCI and other organizations to make it Current scenario of Entrepreneurship Education, Challenges and Learning Few institutions offering entrepreneurship education:  NMIMS conducts a two-year, fulltime program on family business management.  ISB Hyderabad has partnered to Wadhwani Foundation to offer entrepreneurial and incubation assistance.  IIM Calcutta has an entrepreneurial cell that holds one of the biggest B plan contest in Asia. The program is known as i2I, ideas to implementation in partnership with Yale University.  NS Raghavan Center for Entrepreneurial Learning in IIM Bangalore (NSRCEL—IIMB) carries out international collaboration projects. Challenges and solutions for entrepreneurship education in SIBM The challenges to SIBM’s journey for entrepreneurship education are closely related and similar in many aspects to that of India. SIBM Pune needs to cope with them and get out of that ghetto of failure. a) Cultural barriers: Our society has not been very supportive to the entrepreneurs. People think that it is wiser to do a routine job than to risk starting a venture. We are taught by our parents to be a job seeker and our education system is also supportive of that. This is cultural behavior. To remove this misconception SIBM Pune should put forward the cases of those entrepreneurs who were part of SIBM Pune earlier. One example I would like to cite here is Mr. Govind Shrikhande, Shoppers Stop. These people should be the face of the program, which can hit the target and change the negative perception. Failure is a pillar of success should be the tagline. b) Difficulty for start-ups: India possibly is a good place to do a business but not an ideal place to start it, especially for new projects. It is really difficult to get the funds and even if people get the funds they are mingled in bureaucratic hassles. What really hurts is that even in neighbors Pakistan, Nepal, and Bangladesh, it takes just 24, 21, and 35 days respectively to do so (Ashish Gupta, 2004) This is not a hygiene factor. So, motivating students to be an entrepreneur in this situation is a challenge ahead for SIBM Pune. c) Lack of differentiation from other B Schools: Unlike other B schools SIBM Pune should come of its own ideas to support the entrepreneurship education. It probably can be done by helping them reach the equity investors, motivating, training and providing legal support (association with SLS). It should be different from general management course. Classroom education should be minimal to make it a great learning process. SIBM Pune should have its own incubator to support its students. Basic Guidelines to make SIBM Pune unique and the best in coming years:  Faculty: I believe faculty for entrepreneurship education should be from similar background. Otherwise teaching quality will be compromised.  Suitable Candidates: Students profile should be such that a student has a zeal for entrepreneurial education. A tag of SIBM MBA can entice everyone so college should make the process of selection very dynamic unlike the present system of SNAP and GDs. Rounds of interviews and essays could help more.  Collaborations: As other institutions of India, SIBM Pune also should partner with global B Schools to make it more effective and efficient.  Research Development: There should be fellowships to students from various corners of the world and projects along with the involvement of government. We can take ideas from Australian and American Uinversities. Conclusions and Suggestions: As the population grows and the demand for jobs keeps on rising there will be shortage of recruiters. Providing entrepreneurship education is an ideal way to tackle this problem. Employment pressure actually makes it more important but the barriers to start ups prevents people to aspire for entrepreneurship education. So, apart from providing entrepreneurship education, SIBM Pune should take initiative to address such issues. For this SIBM should develop it as a culture and nurture the young entrepreneurial minds. A key idea could be to develop SIBM’s own techniques of entrepreneurship education: Apart from key elements of entrepreneurship education, Indian culture, policies and special trainings can be provided to the students. Also students need to be taught with the motivational aspects which creates an aspiration and improves confidence level of students and make it popular. Other way towards it is to partner with best B schools in the world like University of Michigan, Harvard Business School, Babson University, etc. to develop the world class curriculum with Indian and Asian touch. These are my own views and ideas to help achieve the goal of developing SIBM Pune as a preferred place for entrepreneurship education in India.