1) How do you think MBA students’ attitudes and motivations toward the degree and, more broadly, toward business education have changed in the past 10-15 years? How do you see them changing in the next 20 years?
MBA students nowadays are more perceptive of the job market & seek meaningful careers post their MBA. They seem to be much more focused than before. There is a greater emphasis on Critical Thinking and Analytical Reasoning in the students’ approach, which stems from the change in the approach towards management in the Corporate World. Having plucked the low hanging fruit of systems and processes, companies are increasingly emphasizing on an entrepreneurial mindset to be developed by their employees. The next 20 years will see business education laying greater importance on “Soft Skills”. Skills such as communication and team work in particular will become important.
2) Where do Indian management institutes stand in the global scene? What factors can make a management institute in India at par with the best in the world?
In the present scenario of management education, there are very few institutes that are in the reckoning in the global scene. This is partly because of the lack of research and publishing in top tier journals. Management institutions with strong research and publication potential need to come to the fore-front to have a global presence. International students should be part of Indian Business schools to add an international perspective to the class. For management institutes to be at par with the best in the world, global exposure and experiential learning techniques have to be adapted. Research and Publication have to become an integral part of an institute. Students have to be given international faculty and global exposure to be able to perform well in international markets. The curriculum should be more focused towards developing entrepreneurs.
3) What is it that you intend to establish at Woxsen School of Business over the next few years? What would you like to see it evolve into, maybe in the next 3 years?
Students at Woxsen will be trained to think strategically with an entrepreneurial approach. We intend to nurture the entrepreneur within every student. They will be moulded to do critical thinking and develop their analytical and people skills. In the next three years, I see Woxsenites growing in their careers by first, helping companies to enter newer businesses. These intrapreneurs will then go on to start ventures of their own 5-10 years down the lane.
4) How do you help those who plan to realise their (Woxsen graduates’) entrepreneurial dream right after the graduation?
As per the research done in the US, only around 5% of students pursuing MBA become Entrepreneurs immediately after graduation. This percentage goes up to about 30-40% after a period of almost 10 years. The Trade Tower, unique to Woxsen, is committed to contribute to the overall development of entrepreneurs. The concept has been designed in such a manner that students who may go through some or all of the levels at the Trade Tower will be trained to approach managerial situations like an entrepreneur. Their plans will be scrutinized subsequently as they clear the levels. We intend to churn entrepreneurs with the requisite funding at the end of the five levels. If a student wishes to pursue an entrepreneurial career not immediately but later in the future, he/she can access the Trade Tower as an alumni and put his/her learnings into action. Until then, the focus is to explore intrapreneurial roles in leading organizations and contribute to the sustained growth of the organisation. After spending some years in the corporate, gaining exposure to organisational dynamics through intrapreneurial roles, most of the Woxsenites will be job creators rather than job seekers.
5) What are the qualities you look for in a candidate you would finally offer an admit in your program?
The qualitative prowess of a candidate is very important. Woxsen’s programmes being unique in their approach, we look forward to candidates who are committed, bright, willing to work hard, open-minded and always ready to learn. An aptitude for management and a strong entrepreneurial dream are very important as well. Candidates should be good academically and should showcase an ability to handle people and work in teams.
Globally renowned and revered across the academic fraternity Dr. M R Rao is the Provost – WOXSEN School of Business.
In his current role, Dr Rao provides strategic foresight to the Senior Leadership at WOXSEN.
Prior to joining WOXSEN, Dr. M R Rao was Professor and Dean Emeritus at ISB. He also was the Dean at ISB between 2004 and 2009, which during his tenure was ranked in the top 20 by the Financial Times. He was also a leading architect of excellence at the Indian Institute of Management, Bangalore that during his tenure as Director was ranked as the best B-school in India by the Business Today – Cosmode survey. He held various positions at IIM Bangalore including that of Professor, visiting Professor, Dean, Director and Professor Emeritus. He has taught at University of Rochester, University of Tennessee and as a tenured Professor at New York University.