May
04

Leadership Vs Management

 

Gone are the times when the terms ‘manager’ and ‘leader’ were used interchangeably. With ever-evolving business paradigms and a smarter globally-conscious audience, these terms have come to be interlinked, sure, but are now clearly demarcated. Consequently, to become a trustworthy leader or a better manager, you would first need to understand what the terms mean and entail.

Fundamentally an employee of an organization, a manager is responsible for carrying out four crucial functions—planning, organizing, leading and controlling. And before the term ‘leading’ confuses you, it would be important to remember that even managers can have leadership qualities, but to a certain degree. How efficiently do they effectuate these qualities makes the difference between their subordinates complying with their demands out of will or obligation. The managers also follow certain protocols and use quantitative data to maintain the status quo and meet organizational goals and objectives. Because they are held responsible for their own actions as well as of their subordinates, they enjoy the privilege of promoting, hiring, ousting or rewarding employees based on their performance and behavior.

Leadership, contrastingly, is the ability of an individual to inspire or influence others towards a common goal. Leadership is about three things: to listen, to inspire and to empower. Effective leadership includes strong character and communication skills, along with traits like honesty, integrity, trustworthiness and ethics. A leader is a person who creates an inspiring vision for the future, motivates and inspires people to engage with that vision and manages the delivery of the vision. He finds answers to challenges, shows optimism and provides positive energy to people around them. He is someone who looks at the bigger picture and plans long-term goals accordingly.

FIIB is not just a business college providing a PGDM degree, but rather it’s an educational institution where young managers are nurtured and future leaders are born. It makes us truly prepared for today’s business challenges with quality activities and projects that push us to walk an extra mile, thoughtful case studies that make us think beyond and come up with a feasible solution and exciting conclaves and events that teach us teamwork and leadership. FIIB Alumni who are now spread across the world in top business roles are a testimony to that.

by Akash Ranjan Patra

Class of 2018

Apr
27

5 Business Lessons from Baahubali: The Beginning

Why did Kattapa kill Baahubali? This is the question that’s been irking the cinemagoers after the phenomenal success of the first part. Baahubali: The Conclusion will surely satiate that curiosity. For MBA aspirants, entrepreneurs and anybody with interest in business management, however, it’s worth knowing that there’s more to the first chapter than meets the eye—and don’t we all love what meets the eye?

Below are 5 commandments from Baahubali: The Beginning that when efficiently followed will refine your business acumen and keep you sure and confident, no matter the odds or the competition.

  1. Thou shall research, and then some

Reel Life: After finding out that a spy has stolen the military secrets of the Mahishmati kingdom, Sivagami (Raj Mata) sends both the princes—Baahubali & Bhallala—to catch him and extract valuable information on possible threats.

Real Life: An integral aspect of any business venture is extensive research, be it about target customers, marketplace trends, production processes or financial practices. This can help you predict trends, spot opportunities and avoid potential problems.

  1. Thou shall strategise smartly and prepare proactively

Reel Life: To oust Kalakeya from the kingdom, Mahishmati’s core leadership comes up with a sound game plan backed by effective strategies. From checking out all possible means to make a foray into the enemy camp to deploying all available resources, the leaders make their way into the battle field prepared and confident.

Real Life: In the business world, the importance of setting lucid goals and preparing for contingencies can’t be stressed enough. It’s only when your employees make rational decisions and come up with pragmatic strategies do they nurture excellence.

  1. Thou shall use thy resources creatively

Reel Life: Partial towards his son, Bijjala Deva provides Bhalla Deva with the best weapons, while Baahubali is given inefficient second-grade weapons. Considering this an opportunity to innovate and improvise, he devises a way to use an oil-drenched cloth to set his enemies ablaze.

Real Life: In any business venture, especially in its nascent stage, there will always be the dearth of resources. But a leader should always take this opportunity to come up with innovative solutions and creative strategies to gain an upper-hand against the competitors.

  1. Thou shall inspire

Reel Life: Seeing Kalakeya’s army invade their territory, Mahishmati’s army loses all hope of victory and begins chanting about death. It is then that Baahubali rises to the occasion to use his motivational skills to encourage his comrades to never give up and give their best.

Real Life: It’s only when employees start losing morale or motivation at the workplace that a necessity for a true leader emerges; a leader who will not only stand steadfast with them but will also resuscitate their impetus and inspire them with an example.

  1. Thou shall not allow ambition cloud compassion

Reel Life: During the war, Kalakeya holds the innocent citizens of Mahishmati as a defence against the incoming attack. Bhalla Deva, blinded by his thirst to kill Kalakeya and become the king, remorselessly rampages through the citizens and kills a lot of them. Unlike Bhalla Deva, Baahubali first secures his innocent people before proceeding to attack Kalakeya.

Real Life: Instead of just focusing on acquiring market shares and winning over the competition, any business venture should first concentrate on the well-being of its stakeholders—a big part of which are its employees and workers. A leader should always remember that care and compassion are as integral to a company’s growth as ambition and vigour.

For leaders of tomorrow who aspire to become Baahubalis of their respective domains, there can be no better place to hone their skills and begin their epic journey than at Fortune Institue of International Business.

Apr
17

Learning inside Vs. outside the class – CIP Journey

Recognizing the need for our future leaders to operate in a global setting, the PGDM course of the college focuses on providing all our courses provide relevant multinational inputs that help learn the best practices in differing socio, legal, cultural environments.  As a summer intern, our students are assigned to projects from various companies. Assignments cover various areas of work throughout the specializations Marketing, Finance, Human Resource Management, Operations Management, Information Systems Management, International Business, Strategy, and Entrepreneurship.

While most of our students have already joined most of the Big 4 organizations for their Internship, we spoke to Akash Patra to give us some insight on the difference he spotted in the classroom learning and learning outside the campus.  Here’s what he had to say:

In order to be a successful manager, it is important to get corporate exposure, which is possible through application of therotical concept into practical one’s.  1st year at FIIB, taught me basic concepts from diverse subjects of management. Individual and group assignments gave me the understanding of working in a team and better understanding of  subjects.  After I used different concepts of class room learning while working on projects in various subjects,  I knew how and where to apply them, which increased my understanding of the fundamental concepts and it’s applicability. Guest lectures were also an add-on for me in understanding various management concepts and thier implementation in the industry.

Understanding concepts in a classroom and applying them practically in real life work environment is a whole new ball game. Internship at Birla Sun Life Insurance is  coming out to be a great opportunity for me to showcase my skills to the company and at the same time get maximum learnings from my 3 months of work. To me, Skill=Concept+Application and Learning=Mistakes+Failures. My 1st week at Birla Sun Life Insurance was really a good start. My primary duty is to make a communication strategy for Birla Sun Life Insurance by analyzing consumer behavior data, understand their values and belief and matching them with Birla Sun Life Insurance product. This is a pretty exciting project to work on and I as an intern will contribute to the growth of Birla Sun Life Insurance.

Internship at Birla Sunlife.

Apr
10

Careers in the area of Sustainability Development

While looking at the recent jobs and career options in the field of management, I couldn’t help noticing job profiles such as Specialist-Corporate Environment Social Responsibilities, Manager EHS (employee health and safety) and many more. Clearly, in the past few years both govt. and the private MNC sector has seen a creative change in the job market with interesting, yet skill based careers slowly taking lead along with the conventional career options. The increasing numbers of careers evolving in the field of sustainability (development) are not only a good news for the job seekers with a management education as their background, rather it also generates hope that we are doing our bit in promoting the cause of sustainability.

Almost two decades ago the study of management became utmost important for job seekers or even tenured employees to get to that next level or get a dream career. However, with the fast changing world and its political, social, and environmental upheavals it has to lead the world leaders and policy makers to give the long due attention to the safety and sustainability of this planet and its environment.

Contrary to the popular belief, sustainability isn’t an area limited only to the students and scholars of bio-technology, rural management, and social work. In fact, a plethora of options is available for the students of management as well. We can’t really deny the advantage that a student of management gets over other candidates as almost all the working models in various organizations now work in accordance with the rules and dynamics of management.

Leading organizations now have a prominent CESR (corporate environment social responsibility) department, which takes care of handling and generating initiatives to protect and nurture the society and the environment at the particular scale. This may include MNCs adopting an entire local village and taking care of the children’s education and health, planting more trees in the vicinity, organizing sustainability awareness events for the employees and the locals, or even encouraging their employees to observe carpooling and using shared rides to help reduce the traffic on the road and leaving a smaller carbon footprint.

There is a widespread belief that sustainability is a sector fixed for social workers and selfless people who have no big/real career aspirations, and a regular job aspirant can never really make a decent earning out of it. Thought times are changing and the world over the youth is talking charge of protecting their environment, however, it may take a few more years for sustainability development to become a full-fledged sector and the preferred choice of the fresh graduates and experienced professionals alike.

Again the onus will be on the education sector and parents to some extent, to inculcate the values of respecting and protecting the environment in the children and the youth which would fill the gap of learning about it only as a social cause which only belongs to NGOs and social workers who.

To know more about sustainable activities in FIIB, visit our website here.

 

Apr
06

The benefits of a study abroad program.

A study abroad program can bring one the most important significant changes in a management student’s growth and learning. Here, we are talking about different ways in which a study abroad programs can work wonders for the students:

Practical learning: Based on your college/university, you may go for 3 years, 1 year, or a month long study abroad program, but an unmatched learning is guaranteed. Visiting a country is a wonderful opportunity to not only enhance the knowledge of a given subject but also expand your exposure to a new culture, customs and traditions and how people do business and what are the values and beliefs they uphold. For example, one student who went to Dubai, was excited to know about Islamic Banking and its norms, a practice, he only heard of but never really saw in action back home.

Cultural exchange: In a new country you can pick up activities and interests which are usually uncommon back home. For example learning a new language, learning a new skill like: pottery, painting, a traditional dance form, and of course cooking! And through all this build friendships and bond with people around.

Opportunities: to support your study program, you might want to have a side earning in your free time. From working in a corporate firm to working in a restaurant, the opportunities are in abundance. This would also look good on your CV and prove how resourceful and hardworking you are. To be able to grab a job with your studies that too in a foreign land, is totally an achievement worth mentioning on you CV and can improve your chances of understanding the work culture and social fabric of that country. In case you are required to write a report/project on your study abroad program, your experience will come handy and you can mention all personal experiences and encounters.

A holistic development: in case you are already familiar with the language of the new country then your stay can work as an opportunity to polish your language skills by practicing with the natives. On the other hand, if you go to a country where there is a fair chance of picking up another language or accent, it would also serve as an opportunity to learn a new language. Together, becoming proficient in a language and learning a new one almost always works in your favor during a job hunt or further internships. Also, once you graduate, you might want to go back and find an employment opportunity in that country and your language skills will put you in more comfortable situations with the locals and in day to day life.

At FIIB, every year a study abroad program is conducted for its second year students, right after their 3 month long Corporate Internship Program. In the past, students have been taken to locations such as Slovenia, China, Finland, and Dubai. Apart from experiencing the thrill of traveling to a completely new location, we ensure that our students get to the very core of how management takes place at various working setups in those countries. This program gives them an experience which is unmatched, in terms of global exposure and lateral thinking.

Apr
04

Why Business Analytics?

The theory of bounded rationality proposed by Nobel Laureate Herbert Simon is evermore significant today with increasing complexity of the business problems; limited ability of the human mind to analyze the alternative solutions and the limited time available for decision making. Introduction of enterprise resource planning (ERP) systems has ensured availability of data in many organizations; however, traditional ERP systems lacked data analysis capabilities that can assist the management in decision making.  Business Analytics is a set of techniques and processes that can be used to analyse data to improve business performance through fact-based   decision-making. Business Analytics and Business Intelligence create capabilities for companies to compete in the market effectively. Business Analytics and Big Data has become one of the main functional areas in leading companies.  Analytics companies develop the ability to support their decisions through analytic reasoning using variety of statistical and mathematical techniques.

INDUSTRY SPEAKS ON ANALYTICS:

  • A report released last spring by the McKinsey Global Institute predicts that by 2018, the United States could lack 140,000 to 190,000 workers with deep analytical skills and another 1.5 million managers and analysts who know how to use analysis of large data sets to make effective decisions
  • Global executive search firm Heidrick & Struggles estimates that India has 50,000 highly qualified analytics professionals, but demand is running at five times this number, says C K Guruprasad, the consultant for the technology practice at the firm.
  • Consulting firm McKinsey estimates that India would need 2 lakh data scientists in the next few years. The extent of hiring for analytics can be gauged from the fact that a single company Wipro, already has as many as 8,000 people in analytics functions, as per a Heidrick & Struggles report.
  • Companies such as Amazon, Google, HP, Netflix, Proctor and Gamble and Capital One use analytics as competitive strategy
  • Capital One has managed a profit of close to $1 billion in their credit card business in the recent past, where as many of their competitors have shown a loss of several millions in credit card business.

ABOUT THE FIIB AND IBM PARTNERSHIP

IBM business analytics

IBM and FIIB have partnered to be recognized by the industry and academic world as one of the preferred locations for acquiring relevant analytical skills with specific focus on managerial decision making and strategy using sophisticated software. The collaboration has resulted in providing FIIB with latest analytical software content, practical industry experience, hands on Business Intelligence & Business Analytics lab courses, best practices, and case studies.

The unique feature is the IBM Business Analytics Lab set up in the college premises, where relevant IBM Software is provided to facilitate:

  • Multi-year curriculum adoption on Analytics
  • Faculty Development Program at Campus
  • Students training conducted both by University Faculty Members & IBM SMEs’ on   regular basis
  • IBM Courseware (offline and on-line)
  • Co-Branded Certificate / Diploma / Degree Program

To help students and professionals to jump start their career FIIB announces on ‘Analytics for All’ program in collaboration with IBM. Click here for registrations and more info on the program.

Apr
03

Reflections from the ‘Closeted Conversations ‘

The theme of ‘Closeted Conversations’ and discuss ‘Women of Substance’ as a broad segment was being presented in the conference which was held by shift series. Speaking on different aspects of empowerment and equality, women change makers such as Pooja Bhatt, Sarwar Khan, Namrata Joshipura, Shreiyah Sabharwal, Prakashini Tomar (Revolver Dadi), Sundeep Rao, Kavita Arora, Sonali Rastogi, Nithya Shanti, Ashwini Bhadur, Shalini Kochher, Ani Choying Drolma and Sonal Munjal took to the stage to share their experiences.

Revolver dadi share her story from where all she started her shooting and how she attained her dream of becoming oldest sharpshooter in the world. She started the conversations telling the background of village and the culture of her village where girls are not allowed to step out of their houses but dadi break all the stereotype she began learning to shoot by chance, when her granddaughter wanted to learn shooting. At practice session dadi accompany her granddaughter. From there the actual journey was started where she learn those skills and won 25 national championship throughout the India. I really like her determination and confidence on dadi and one thing which she said in conference is that I like to quote here is education is the only medium which will provide platform to all the girls and girls are not behind the boys in any term they can become more successful in right platform is being provided to them. Revolver dadi gives training to girls and 20 girls from her academy  played internationally. She comes from the place where the girls and women are supressed and being dominated by male but dadi gives tough fight to all the rules and reached here where she is being recognised in such a big platform I really salute revolver dadi.

Sonali rastogi:-

She is very successful business woman and a very successful architect and the owner of morphogenesis. She is also the cancer survivor. Her journey is the true inspiration for many person. She narrated her emotional journey of the fight with the deadly disease in the session A Life by Design. To her, design is a result of different stimuli, ranging from climatic conditions, urban fabric, local traditions, and human activity. She always tries to find silver lining in the bad situation which always keeps her inspired and motivated to fight against difficult and odd situation.

All this stories helped to explore our identity and change mind-sets in the rapidly evolving society. This experience is unforgettable experience which bring shift in our thinking.

Student Entry

Mansi Rawat 

Mar
28

Shifting Thoughts – Richa Singh

As a student of management, in past one year, I have attended and participated in a variety of events, conferences, summits, and seminars, and heard some 50 speakers so far and we tend to learn something good from everyone, however, last week, I got the opportunity to attend the an exciting conference “The closeted conversations” organized by the Shift Series with my fellow students and FIIB faculty. I would confess that by far this was the more interesting events I have ever attended.

The event served as a platform for speakers and representatives from various walks of life. From authors, to Bollywood actors, to rural champions to an unusual stand-up comedian, the event was a celebration of talking to people about what matters to people in a day to day life, irrespective if their backgrounds and social standing.

The first speaker was author Sandip Roy, He talked about his book ‘don’t let him know’ based on family secrets. He shared his experience about being invited to attend an LGBT conference in Mumbai and how his mother was excited yet ashamed of telling it to people the people. He reflected on the sad and closed mentality of our society and the widespread unacceptance in the Indian society of the LGBT community.

The event further proceeded by a panel discussion body image with panelists: Namrata Joshipura, Designer Nonita Kalra, Harper Bazaar’s Shreya  Sabharwal, Model and an actor .  Nonita Kalra taked about ‘making beauty accessible’, and we should all see that It’s fashionable to be intelligent. The panel raised the issue of women being defined by just sizes. She further talked about creating a support system to help women come out of their ‘insecurity’ and leading a fit body with a fitter mind.

The next speaker was probably my favorite ‘Revolver Dadi’. She told about her inspiring story of becoming a National Champion in shooting and how she fought the stereotypes against women in her village. She gave a message to the audience to educate girls and empower them. Next, was a performance by a visually challenged standup comedian, Sundeep Rao, who talked about his journey and why he took an unusual path to a career often not taken by even visually normal people.

We also heard Kavita Arora, a counsellor, who reflected on the sad and horrible truth of drug addiction and alcoholism amongst the youths in the country, and revealed some shocking facts that the average drinking age in Delhi is 14 years. She concluded on the need to tackle this issue and secure our future generation from getting trapped by such addiction. Sonali Rastogi, a cancer survivor and an architect, talked about her hardships during her battle with cancer and how she came out of it with the support of her husband, and learnt to cherish life and live every moment of it as “queen-sized”

I was excited to listen to Pooja Bhatt, a celebrated Bollywood actor and director, as she spoke about getting out of alcoholism and how depression surrounds us in the most unpredictable ways.  She talked about her parent’s divorce and concluded that families are made by ties in heart, and people should have the guts to come out of toxic relationships, they are not comfortable in. At the end a happiness coach, Nithya Shanti gave the audience the mantra of being happy awakening the Buddha within us.

The event actually helped shift my thoughts. It provided me with the platform where I got the opportunity to listen to the stories of some accomplished change makers, out of box thinkers and inspirational people. My perspective towards life was definitely challenged and I found myself far more optimistic towards life after listening to such stories. I hope I maintain this positivity for the longest time.

Mar
27

Corporate Internship: An ideal time to build your portfolio

The modern way to measure one’s success is probably the amount of information available about them on Google and other online professional platforms such as LinkedIn. And it is almost unavoidable to prove your worth in the absence of a solid online presence, in terms of a profile and portfolio which talks about your career and professional accomplishments. Hence it is imperative to have a reliable online profile and connections with the professional world and people who matter, along with your formal educational qualifications.

Corporate Internship Program

Nearly all management programs from MBA to PGDM, across the globe boast of their ideally created Corporate Internship Programs for their students, and of course it is an integral part of your management education. The 3- 6 months of your internship at a corporate is a part of your journey to learn the art of management, yet this can also be the time you achieve your first milestone of creating a solid portfolio for your future careers and growth. Here are a few steps you can use to utilize your internship time to the fullest:

Using LinkedIn

This is the first and the best way to get started. Make a strong LinkedIn profile and add your neatly written resume along with all the details of your work, internships, summer projects, initiatives taken, and responsibilities handled. Have more industry relevant connections by adding more people to your account, this works a little like Facebook but of course on a far more professional level. One unique aspect of LinkedIn profiles is the recommendation part for your skillset. For example, if you add ‘marketing’ as a skill, you can ask people to endorse you with a feedback or note saying “Stacy has a rich experience and her marketing skills are unmatched. I would recommend her for such roles!”  These recommendations and skills endorsements help strengthen and support your profile can really help you with getting new projects and jobs.

Using Facebook

Yes! You can use FB for professional gains as well, and this doesn’t have to be your ‘only’ FB profile. You can have multiple profiles for different uses. A professional Facebook account can be used to like, share industry and career relevant content like articles, pictures, blogs and you can use the live feature to talk about the events you attend and participated in. Facebook content has a better reach as well, and by becoming members of various professional groups you can reap all the benefits of networking and socializing.

Blogging

If you are passionate about your field of work and reading and writing about it interests you, then without wasting time get on to that blog and start writing about the things that matter to you. Don’t worry about who would read your blog as you have barely begun to work in the industry, it is the very habit and discipline of writing regularly that will fetch you more recognition and rewards in due time. And of course, ever stream of work and industry longs for people who can come up with genuine and creative content.

You can begin with these simple steps and add and edit content to your profile. It is the consciousness of keeping yourself abreast of the changing demands of the digital age, that will help you both personally and professionally.

Mar
27

Big things often have small beginnings

Management students are known for coming up with business plans and income generating ideas but that usually happens after graduation, here a small but interesting story of four FIIB students who have shown early signs of entrepreneurship. Sagar Rajpal (22) resident of Kota (Rajasthan), Mugdha Gupta (22) resident of Gorakhpur (U.P.), Kiranjot Kaur (21) resident of Bareilly (U.P.) and Ishaan Dhingra (24) resident of Gurugram are currently perusing PGDM from Fortune Institute of International Business, and collectively they have come up with their food delivery service called IKMS Foodpal, catering to students living away from home, particularly in PGs and hostels and even the faculty and staff members of their own college.

For many students moving away from home isn’t an easy job and it becomes more difficult when you miss mom’s food! Foodpal the brainchild of Sagar Rajpal, located at Vasant Vihar, New Delhi was the outcome of daily problems that he and his friends were facing ever since they moved to Delhi. The tasteless food served by tiffin wallas or prepared by the cooks at his PG gave him nightmares and adding to his misery were long college hours that left him with hardly any energy to cook for himself. The only solution was to either eat out or order food from outside which was heavy in the pocket let alone the harsh side effects on health.

The group of four decided to give this idea a concrete platform and began working on it.

IKMS Foodpal as their FB page says stands for- Ishaan, Kiran, Mugdha and Sagar Foodpal, they give out daily menu through WhatsApp and Facebook and take orders from the vicinity of their college. Each member heads one department and works in cooperation to achieve their goal of providing tasty and healthy yet affordable home like meals to students.

At Foodpal, Sagar takes care of all the Purchases whereas Kiran looks after funds and everything related to day to day cash inflows and outflows and finally Ishaan and Mugdha together take care of the final product by supervising the chef and making sure that the taste and hygiene of the food is maintained at every level. After an intensive, potential market study the team works on their respective areas, searching and inquiring about the best sources. From procuring vegetables, spices to packing material and delivery everything is planned and worked upon in detail.

IKMS Foodpal has 4 core members, two cooks and a huge support from their families, friends, co-students, and FIIB faculty and staff members. They do have plans to expand their business in future, however, for now, their target is to serve every individual in their immediate circle, who longs for tasty and homemade food at a city unknown and far away from home.

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