To be on the top, is the core desire of all endeavors be it business, politics, education or administration, but only few could reach and remain at the top. Education is the enabler and rider of acquiring the art and skills of success. Institutes of Management education are either the farmhouses or powerhouse of shaping and sharpening business-talents, who inculcate and facilitate the acts and the process of acquiring and imparting the knowledge of doing business. Institutes of Management those who have transformed their admitted students into business executives and leaders have attained the ladder of success and raised walls and gates their entry.
Realizing that Government alone cannot educate millions of young Indians, Government of India invited private players to join hands. Many entrepreneurs, industrialist and philanthropist became enthusiastic, who had little or no experience in education but were eager to learn. With the passage of time, these private players have built high quality infrastructures and have provided opportunities for millions of Indians for higher learnings. They adopted the policy of lower entry requirements and lower tuition fees but paid greater attention in promotion, in contrast to premier institutions’ strategy of high fees and high entry requirements and less promotion policy. The strategy of lower “fees’ and higher promotion might have worked for few B-Schools, but many new entrants failed to attract sufficient numbers of talented business education aspirants.
The four puzzling questions are:
- What the top Management Institutes do to attract the talented students and teachers?
- How the top Institutes of Management do things differently than the rests?
- What a new entrant should do to ride the leader of success?
- What are the missing keys?
Answers of these questions are vital for the survival and growth of the private players of management education. But there is no panacea of success. Nevertheless, there are some generic truth and many more situational factors. One has to haze the maze and walk the talk.
The truth is that the unlike science and engineering, world of business is volatile, versatile and complex so does the knowledge of doing business, which changes rapidly and consistently with the changes of business ecosystem. Business schools are processional schools, which encompass all the matters related to business, mathematics, material science, economics, psychology, philosophy and sociology and their practical relevance at that point of time. Prudent business leaders are those who can make right decisions at right time with messy and incomplete data. And the top Management Institutes are those who master the art of imparting the critical thinking and analytical skills to their students as well as tie it together as its core value and, which remain intact irrespective of all the pressures (internal and external) and hostile waves of change.
The purpose of graduate business education is to develop executives, leaders and allied professionals. The class rooms are platforms for debates and discussions in which professors with their broad perspective and diverse skills analyze cases to reveal hidden strategic, economic, competitive human and political complexities – all of which must be grasped to make effective business decisions.
Business knowledge is tacit, complex and camouflaged and dynamically changes with passage and progress of business. Elicitation-acquisition-and-transfer of business knowledge requires intense engagement and involvement of all of its stakeholders. It does not glow but flows from teachers to students to industry and finally to the society at large.
I believe that the critical success factors of to-be-a-top-institute-of-management are to make the institute as the home of committed professors and practitioners with diverse and deep business knowledge and skills, value propositions and genomics of the knowledge delivery and finally the human factors relating to judgment, ethics and moral commitments of the promoters and the leader of the institute.
As Professor and Director of Institute of Management of JK Lakshmipat University, I am open to suggestions and ready to learn. I would like to appeal to all my readers and well-wishers to share their views about ways and means of “Making Institute of Management of JK Lakshmipat” as one of top Institutes of Management education destination of Northern India. I would be waiting for your opinions and suggestions.
About the Author:
Dr. Swapan K. Majumdar is an avid learner and a passionate researcher of Management. Dr. Majumdar is a distinguished Professor of Operations Management, Information Systems and Strategy. Dr. Majumdar has 32 years of experience in teaching, research, management consulting and academic administration in India, UK, Morocco and Kazakhstan.Before joining JKLU, he was the Professor and Chairman MDP of Indian Institute of Management, Shillong, Professor Chair of Operations Management and Information Systems at American Styled Universities, namely Kazakhstan Institute of Management Economics and Strategic Research (KIMEP) in Almaty, Kazakhstan and Chair of MIS at Al Akhawayn University-Ifrane (AUI), Morocco.