MBA Education and Taking Risk in the Business

MBA Education and Taking Risk in the Business:
There are many who are skeptic about MBBS, Bachelor of Engineering, and now MBA degree.
All the MBBS cannot become surgeons.
All BE cannot become Technicians, Scientists, or Rocket Technologists.
Similarly, All the MBA's cannot become independent businessmen.
Though now a day, opting for these courses itself has become the biggest risk as there is no guarantee of anything in life. Hence, you can’t say students pursuing MBA are not taking risk.
Another factor, at every moment everyone among us take risk. E.g. While crossing a road, or drinking some roadside fruit juice you take a risk. Thus, in life every person takes a risk. While doing a job also you take risk of some minor level. This smaller risk of every employee is then cumulatively added up to the employer who thus faces the biggest risk.

Further more, doing business in developing countries has become a bit easier now a day than few years ago. However, mindset of common man is 'taking least risk to earn just lively-hood' has not gone. Businessmen take calculated risk, as they either know how to come out of some situation or have links or have confidence in them that they will come out of any crisis, in case.

Another school of thought in some part of world is that, Formal Education makes you slave if you put your head constantly in there. While, to become entrepreneur you need to develop certain skills which can be groomed right from early childhood by taking plunge into some kind of business.

Then, there are few who balance both – formal education and business skills.

Then there are few who in fact are forced to become entrepreneurs because household traditional business.

Then there are some who are highly passionate about the work and business they do. The passionate people like Bill Gates even leave the Formal schools.

Other school of thought talks about only two skills those are required in Business, First being Human dealings and Second being Money dealings, hence, many businessmen coach/ guide/ or become facilitator to their pals on these fronts right from early childhood.

There are many schools of thoughts on this issue; another thought could be that risk taking in business is a quality / trait which can be taught by a methodology which could be called as Dhirubai Ambaniji Methodology. He taught Risk taking to his children and his fellow businessmen and their children. He even taught it to many Indians. He taught / influenced many while he was in the Business.

Thus, observations, implementing and learning is open to all, it does not require MBA.

With due respect, I can quote at least 100 multi-billionaire businessmen examples from India. I had directly talked with some of them over this issue and they were humble enough to say that they only know how to do business they don’t know how to study/ take formal education.

MBA essentially teach you the details of the Business and Risks involved but ultimately it is an individual who has to take that Risk and Do the Business, hence, those who take lesser risk land in job and those who take wise decisions involving some amount of risk enter into Business.

To your kind consideration there are many Entrepreneurship development institutes around India and thus obviously around the world, who so ever wants to pursue MBA they teach candidates how to overcome risks in the business. However, again to pursue such MBA (Entrepreneurship) degree requires some amount of risk to be taken from the individual.
Presently the Risks before the Indian Businessmen and Fresh Business Entrants are put over here for the Readers:
Risk 1. Formulating and Implementing Strategy,
Risk 2. Managing Cross Cultural Issues,
Risk 3. Talent Management,
Risk 4. Costing and Investment,
Risk 5. Kind of Business Activities Processes and the Systems,
Risk 6. Stretch, Place, Depth and Span of Business,
Risk 7. Competitors,
Risk 8. Kind of partnership,
Risk 9. Technology Evolution.

If Readers have some thoughts they may put over here. All the best. Life is short let us give it for the great cause.

Dr. Ashish Manohar Urkude