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4th Annual-Entrepreneurship-&-Family-Business-Conference

4th Annual Entrepreneurship & Family Business Conference on “Changing Paradigms: Innovation, Entrepreneurship and Family Business”

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IILM institute for Higher Education organized the Fourth Annual Entrepreneurship and Family Business Conference on 6th April 2018 at its Lodhi Road Campus. The conference was centered on the theme “Changing Paradigms: Innovation, Entrepreneurship and Family Business“. This conference aimed to explore the importance of innovation and sustainability for an entrepreneur and associated opportunities and risks. The conference also uncovered the key challenges faced by Family Businesses in high potential economies such as India in the era of digitization and the need for digital transformation for sustenance. The Conference was structured around three key sessions.
The conference began with the welcome remarks by Dr. Daisy Mathur Jain, Dean IILM-UBS. In her welcome address Dr. Daisy gave an overview of the Entrepreneurship focus at IILM with special focus on opportunities that students get to gain experience and hone their skills. She also spoke about the various international affiliations IILM has with Universities across the globe. IILM is also affiliated with the Family Firm Institute (FFI), Boston. This year, IILM is also introducing an M.Sc. in Family Business as a post graduate specialization in partnership with SBS Swiss Business School, Switzerland.

The Inaugural session comprised a keynote session by Ms. Sonu Bhasin, Founder, Families and Business, highlighted that family businesses are the unsung heroes of the Indian economy by citing interesting figures to support her claim. She fervently held that Entrepreneurship is a state of mind and an ability to get things done, using the analogy of a line black ants and the flow of water. She also underlines that failure does not stop entrepreneurs, rather it eggs them on, because they believe in their purpose. She added that it is important to remember and keep the focus on the family values for a family business to succeed and remain successful. She ended on a positive note that today the time is right to start and entrepreneurship because digitization has reduced capital requirements, technology is an enabler that has opened a plethora of opportunities to this generation that earlier ones did not have access to. She urged the youngsters to go ahead and start something new.

The first plenary session was entitled “Entrepreneurship, Innovation and Sustainability”wherein Ms. Guneesha Kohli, Business Head Malika International, Mr. Sameer Talwar, Founder Entrepreneur of Excellence, Mr. Raman Talwar, Founder Simulanis and Mr. Rijul Bajaj, Co-founder Samshek Foundation shared their insights. The speakers emphasized that innovation is nothing but challenging every assumption and reinventing what you do to make it faster, more efficient and better. Each of them, through personal examples, underscored the need to be open to failures, to learn from them, to stand up once again and to not give up on the dreams.
The second plenary session on the topic “Digital Transformation of Family Business Firms” was also the closing plenary. Mr. Virendra Teotia, Owner Umrao Hotels, Mr. Ridhay Khanna, Owner, HH Global and Mr. Aviral Aggarwal, Director Bikanerwala, shared their experience and paved the possible way forward.Each of them spoke about the role that technology and digitization plays in reducing costs in massive ways for marketing and for reach, for building customer relationship and branding. They also underlined the need to be flexible and adapt to technological change by transforming business and the way it is run.

Active participation from students and faculty made the conference a great success.It provided an opportunity for students and faculty to engage with and listen to new ideas and experiences from distinguished speakers and also to network with established entrepreneurs and investors.

Fitness Future with Internet

Envisioning a New Fitness Future with Internet of Things (IoT) and Built – In Artificial Intelligence

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The world is continuously growing and changing. Various advancements have also occurred when it comes to the technology used in rendering healthcare services. The technology has also played a big role in patient registration and data monitoring. Now there are technologies that allow a healthcare provider to monitor their patients in their own mobile phones.Internet of Things could be the driver for health care’s new visage and revolutionize patient care transcendentally.

They are also now capable of sending and receiving patient’s information in their mobile phones and provide brisk alerts at the health threshold alert points. Devices that can help monitor one’s fitness,health and vitals are easily available in the market. As a matter of fact, there are even sensors that are capable of collecting data that would of course help the doctor to be informed in case it exceeds the breakeven point during an aberration case. This extended offering deems to have parity with all stakeholders like hospitals, ICU, ambulatory other than patient and doctor. This allows them to provide the right medication and treatment to their patients fast. On the other hand, although great improvements have been made in the healthcare industry, one can still expect that a brighter future awaits in the next years or decades.Within five years, the majority of clinically relevant data will be collected outside of clinical settings.

It has been said that healthcare in the future would become more personal offering. Thus, one can expect that personalized medicines or medicines that have been created specifically for an individual would be available. The way doctors diagnose their patient’s disease and provide treatment to them would be largely based on IoT paradigm. In the IoT paradigm everything in the world will be smart, allowing them to communicate with each other through internet technology either physically or virtually. IoT allows people and things to be connected Anytime, Anyplace, with anything and anyone, ideally in any path/network and any service.Following are few applications of IoT in healthcare industry.

1) Remote patient monitoring

Remote patient monitoring (RPM) uses digital technologies to collect medical and other forms of health data from one individual in one location and electronically transmit this information to the health care providers. RPM can help reduce the number of hospital readmissions and lengths of stay in the hospitals.

2) Clinical care

Hospitalized patients whose physiological status requires close attention can be constantly monitored using IoT driven, non-invasive monitoring. Sensors are used to collect such information and using cloud this data is analyzed and sent to caregivers. It replaces the need for the doctor to visit the patient over regular intervals for checkup. This will also help to improve the quality of care through constant monitoring.

3) Device monitoring

An IoT connected metal device can notify when there is a problem with a device. This will prevent the device from shutting down and avoid patient rescheduling.

4) Outpatient Monitoring

This IoT solution enables doctors to capture health parameters and advice patients remotely. The patient’s hospital visit is therefore limited to visit only on need basis. This solution helps hospitals manage hospital beds and consequently increase revenues while at the same time delighting customers.

The Howard case below highlights the key role of a business model in ensuring the competitive advantage and sustained success of a business venture. It appreciates the market attractiveness and future of wearable technology.

GOQii’s product-service offering of wearable fitness band technology was supplemented with remote personalized coaching. With its launch in the Indian market, and its emergence as a pioneer of a new category of product in the health and lifestyle space had the ability to integrate human assistance with built-in artificial intelligence. Gondal realized that while people were adopting wearable technology solutions for healthy living, there was still a lack of awareness and an air of hesitancy about the usefulness of and need for wearable devices in India. Gondal’s dilemma: whether to continue GOQii’s positioning as “wearable technology with personalized coaching” and aggressively expand globally, or consolidate and broaden his present offering by embracing the customer more fully and focusing on the “customer healthcare journey” in India. Case B picks up from October 2016, by which time GOQii had consolidated and broadened its offering by focusing on the “customer journey” in India. It had successfully on-boarded different service providers such as doctors, a diagnostic center chain, a hospital chain, sports and grocery stores and Axis Bank (for payments) on their platform, thus providing a complete health ecosystem to the GOQii user. By the second quarter of 2016, GOQii had achieved the number one spot in the Indian wearables market. The immediate decision that GOQii core team need to make is whether they should tie up with multiple insurance providers or explore the possibility of partnering with a reinsurer to complete the entire health spectrum services offering on their data platform.

Shweta Nanda
Assistant Professor – Technology & Operations

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Is BBA Beneficial for a Student of Science Stream?

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Choosing a stream post the reception of the Secondary School Certificate (SSC) is one of the most significant decisions. However, as you go along you might realize that your talent really lies in another field of study altogether. While it is a matter to be considered, it is nothing to give yourself a headache over.

Students choosing a Bachelor of Business Administration (BBA) course after completing school in the science stream is not very different from Technology graduates going for an MBA. The best BBA colleges in Delhi NCR offer the degree to students from all streams with minorly varying selection criteria. Here are a few things you need to know:

Will the science stream affect a career in BBA?

The BBA course proffers basic business values regarding financial management, economics and the principles of management. The 3 years are structured to imbibe appropriate communication skills that make up an important part of managerial life. Your assessment as a business graduate will depend on how you perform in the course instead of your high school education. So, the science stream will not affect a career in business.

Eligibility Criteria:

You will need to, however, prove your ability to grasp the essentials of the B-world over the course of the next 3 years. BBA admission in Delhi and other states is dependent on your performance on the entrance test. The entrance examination is a conventional method of identifying the eligible students with exceptions in a few colleges and universities. You may enroll for centralized examinations that offer admission in a number of colleges if you pass.

The universities require a minimum of 50% aggregate score in your 12th standard examinations for you to be allowed to appear for the entrance exam. The exams usually consist of the following sections:

  • General Awareness
  • Reasoning
  • Quantitative Aptitude
  • Language (English)

Follow your disposition:

Essentially it boils down to your interests and calling in life. If you are sure that you need a shift from practical or theoretical sciences to managerial sciences, nothing should stop you. As you might have heard, an MBA is almost necessary to ensure a promising career after a BBA education. Nonetheless, it is advisable to seek advice from your parents, seniors, and peers. You can save a lot of time and effort by consulting an individual who has taken the same step earlier.

Take the example of Edwin Hubble; his studies were focused on jurisprudence at the University of Chicago given to his father’s wishes, but he never let his goals out of his sight, worked hard, believed in himself and turned out to be one of the most prominent astronomers in the world. You can do it as well!

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My MBA Experience at IILM

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An MBA is not merely a degree. It is not merely a course that allows us to gain an entry ticket into the world of corporate functioning and entrepreneurship. It is a pool of experience that we dip into time and again to gain valuable pearls of wisdom and insight.

My reflections may resonate with those who have graduated from the best MBA colleges in India.

Developing Business and Relationships:

Even as I embarked on my MBA journey in one of the top MBA institutes in Noida I was aware that I would be specializing in entrepreneurship. My greatest learning during my time at IILM, however, was developing relationships. Closely interacting with the faculty and business leaders was an eye-opener.

Add to this the fact that each one of my peers added to the wonderful network I was developing. While I did have some idea about the work of an entrepreneur, I was soaking in all the aspects of business development.

Career Growth:

My MBA experience at IILM, refined my views on career development. One of the greatest mistakes that our generation makes is to equate ambition with shortcuts to growth. Even for those who achieve a phenomenal amount of success in their careers in a relatively short time, life is never a bed of roses.

Setbacks, struggles, and an occasional failure are inevitable. Getting past career hurdles is something that I would not have learned without spending the time I did studying the nuanced lives of various industry leaders and pioneers during my MBA. The course equipped me with the skills that I require to get ahead in my career.

Personal Development:

The time I spent at IILM pursuing my MBA degree was not only a defining phase as far as my career goes but was also instrumental in shaping my own personality, my personal ambitions, and outlook. It taught me the value that we add to goods and services by way of our work is not defined by the profits we rake in, but by the difference we make to the lives of people across the globe.

From our stakeholders to colleagues, from those in need of our solutions to the common man of our nation – our dreams must necessarily be from the growth and development of everyone around us. Our growth lies not only in our own prosperity but in the growth of all the lives we touch.

My MBA experience at the IILM was an exceptional one that opened up numerous avenues for me to explore through my professional life. It also connected me with many brilliant people who had made their mark in the business world or set out on the wondrous journey with me.

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Procedure to Get Admission for MBA Degree in IILM

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MBA aspirants have a rather overwhelming experience while applying to B-schools. Most colleges have a complicated and exhaustive admission procedure. Unlike them, IILM provides the applicants with every help they require to simplify the application process. The admission procedure is easy and uncomplicated and has been thoroughly explained under the ‘Admissions’ section of the website: https://www.iilm.edu/admissions-process/

For aspirants who still have queries about the process, the following blog comprehensively explains the procedure to admission for MBA degree in IILM. Read on to know everything you need to.

Before we start it is important for the aspirants to know that IILM’s admissions process for PGDM full-time-2 year is approved by AICTE and is also accredited by SAQS (South Asia Quality Improvement System) program for the 2018-20 batches.

The first step in the admission process is to fill in the application form.

Aspirants planning to apply to the IILM PGDM 2018-20 are required to fill out one common application form. The form would have 3 IILM campus options to choose from. Aspirants can indicate their preferred location amongst campuses in Lodhi Road, Gurugram, and Greater Noida.

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The IILM’s application form is available Online and is free of application fee. The aspirant will also need to scan documents like the photograph, passport, and income proof and mark sheets (Class 10, Class 12, graduation and competitive exam score card) and send along with the form. The competitive exams for which scores are accepted are CAT/MAT/XAT/ATMA/CMAT/GMAT.

Additionally, a single window interface has been designed for all admission-related queries for all locations. This makes processing much simpler and centralized for IILM PGDM.

The aspirants must take an appropriate amount to fill in the form. Pay attention to the details and proofread once you are done filling it.

Note – The eligibility criterion requires students to have completed their graduation in any stream (minimum 50%) or appearing in the final year of their graduation from universities and institutions recognized by AICTE/UGC/AIU before they apply.

INTERVIEW:

From these applicants, the aspirants who pass the minimum eligibility criteria for admission at IILM, one of the best colleges for MBA, are shortlisted. These shortlisted candidates are then invited for a one-to-one interaction and interview with the faculty members. Students living abroad are interviewed telephonically or over Skype. The students have to contact us over the telephone, on a number given in the interview mail sent to them.

FINAL SELECTION:

Finally, on the basis of the above-listed stages, the final batch of 120 bright, dynamic and passionate individuals are admitted.

We want to mention that the admission procedure at IILM, one of best MBA institutes in India, is absolutely transparent and merit-based. IILM does not have any management quota or special quota. Each applicant goes through the general application process.

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IILM UBS – ENGAGING STUDENTS IN LEARNING

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IILM UBS aims to create a learning environment that is active, collaborative as well as one that cultivates ‘learning relationships’, wherein learning takes place amongst peer groups, allowing students to actively engage and develop crucial social skills. Moreover, these educational experiences enhance the academic abilities of the students, as they are not limited to assignments and tests.

IILM UBS gives students several opportunities to engage in learning through the following initiatives:

Innovation Weeks:

These weeks are designed to strengthen the entrepreneurial spirit of students and nurture their creative abilities. This is achieved through multiple sessions conducted by eminent entrepreneurs, field visits as well as live projects. The themes for these sessions range from social entrepreneurship to starting-up.

Entrepreneurship Development Centre:

Inspired by the belief that entrepreneurs are not always born but can also be created, IILM formed the Entrepreneurship Development Centre (EDC) with an aim to create an entrepreneurial mindset in students. The students of the BBA in Family Business program along with the other IILM UBS courses can greatly benefit from the center as it performs a strong platform for budding entrepreneurs to ideate, validate and develop their innovative ideas.

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From learning to prepare and presenting a business plan to understanding the legal aspects of opening a start-up, the supportive atmosphere at the EDC helps students move a step closer towards the realization of their dreams.

Events:

Numerous contests and activities are organized throughout the year to build a healthy environment and develop the various facets of the dynamic students at IILM. These activities include blood donation camps and donation drives; painting and poster making contests, as well as football matches, are organized to allow students to discover their passions and strengths. Business-related activities include the stock trading contests and group discussions on relevant pressing issues in the industry.

The BBA in Entrepreneurship program, as well as the other programs offered at the Institute, aim to provide students with a holistic experience at IILM so that they walk out of the institute as well-rounded individuals.

Finally, students are challenged to reflect, question, conjecture and evaluate, thereby encouraging them to think beyond the classroom.

After all, a multidimensional, socially responsible citizen is developed out of a student who is actively involved in academics as well as extra-curricular activities.

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MBA Admissions 2018-19: IILM B-School Begins Admission Process

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Every year, up to 120 smart, dynamic and aspirational students get to enroll themselves at IILM, a PGDM college in Delhi NCR unlike any other. With the MBA admissions now open for the next batch which will last from 2018 to 2020, we take a look at the entire process in detail, and why IILM can be the perfect stepping stone to a successful entrepreneurial career.

Choosing IILM:

Before opting to participate in the admission process, one must decide the ideal college for MBA. In IILM, though, you will discover a college and an experiential PGDM programme that tailors itself to your strengths and interests. Backed by a globally benchmarked curriculum inspired by Stanford Graduate School of Business, Wharton Business School, and IIM-A, our PGDM involves business simulations and case studies at its core. This is testified by over 9000 well-placed alumni throughout our 25-year history.

The 4-week global study programme is also a key differentiator which enables students to get adequate and critical global exposure in business studies and environment across various countries in Europe, Asia, and North America.

The backbone of the entire course, though, is the mentoring programme which pairs individuals with a permanent mentor according to his or her interests. The full-time and visiting faculty with vast industrial and teaching experience also plays a huge role in churning out world-class entrepreneurs of tomorrow. A robust placement cell and the mandatory 3-month long internship develop critical skills in students and provide them with a fantastic platform to bag the job of their dreams.

Finally, the spacious and world-class campuses with all the best amenities located at Gurgaon and Greater Noida provide the perfect environment for learning and fun to one and all.

With so much on the plate, an MBA at IILM is one absolutely worth it.

Getting admission:

Eligibility criteria-

If you have completed graduation in any field with a minimum of 50% marks, or are appearing in the final year of your graduation from AICTE/UGC/AIU recognized universities, you are eligible to apply for our PGDM course.

Valid competitive scores:

Scores will only be counted from either of the following examinations for MBA: CAT/XAT/ATMA/MAT/CMAT/GMAT

Procedure:

The process is divided into three tasks- online application, interview, and selection.

First, you must fill and submit the online application form along with all the relevant documents. Normally, within 24 hours, a reply is issued to the applicant.

  • Thereafter, shortlisted candidates undergo interaction and interview with faculty members. In case you are unable to attend the interview due to location problems, a Skype interview can also be arranged.
  • Once selected, the candidate will have to deposit the required fees before the classes commence in July. Students can also avail the Merit-cum-Means scholarship which varied depending upon marks in graduation, CAT percentile, MAT score, and other socio-economic factors.

Once you clear it all, you can proudly proclaim to be a student of the best college in India for MBA that is more a course in business experience, driving innovation, real-world problem-solving and critical international exposure– IILM.

Are you ready to begin your entrepreneurial journey with us?

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4 Key Career Benefits from MBA Programs

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MBA is often said to be the preferred Master’s education for those looking to work in the corporate world. A degree that grooms you personally and professionally to stay ahead in the rat race, an MBA from a reputed institute can put you miles ahead of your peers at your workplace. Its multidisciplinary approach is instrumental in training the candidates to identify key business opportunities and convert them to avail benefits. With sharpening of the minds and broadening your scope of knowledge, MBA helps you realize your true potential.

The degree’s benefits in the professional field are multi-fold. Here’s why an MBA will give you the edge at work:

You identify your core competencies:

The MBA curriculum is designed in such a way that you identify your core competencies and build on them throughout your time at the business school. You also learn to work on weaknesses to the point they don’t affect your work at all. This is done with the help of case studies, group studies and projects, industrial visits and more. You are groomed to quickly adapt to a dynamic environment ensuring your ability.

You network right: 

One of the biggest advantages of high-quality education at a leading PGDM college in Delhi NCR and other cities is that you meet a great set of peers who can help you grow and who can be a valuable asset in the future, be it for partnerships or job prospects. By interacting with your peers you also learn how to conduct yourself in a social situation and interact in a group, and understand the true essence of teamwork. You thrive in an environment with like-minded yet diverse individuals to form beneficial personal and professional bonds that last a lifetime.

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You understand cultural shifts:

The multidisciplinary aspect of the course gives you a stronger foothold in understanding the cultural shifts. Whether you’re looking to switch streams, using an MBA as a stepping stone to another field, or are getting into entrepreneurship, you will realize that the course has honed your critical reasoning ability. Coupled with your core knowledge of the market and applicable strategy, you become a force to reckon with. The skills embodied help you understand the various complexities of the economy and how you can tackle them.

You become Indispensable:

In highly competitive markets like India, an MBA adds a big value to your profile. Companies also prefer MBA managers who can lead teams, hold strong in tough situations and offer new perspectives to resolve ongoing issues. It adds a layer of job security such that even if the company or the firm doesn’t work out for you, you can turn the tide to work in your favor.

MBA may be a strenuous course that pushes your limits to the point you struggle to catch your regular eight hours of sleep. But what you make of your time here at IILM can truly change the course of your career and set you off to new heights of success.

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Active Learning: Innovative Teaching Methods of IILM UBS

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The very essence of education lies in the evolution of teaching methods to incorporate meaningful learning. By meaningful learning, we mean education that caters to solving real-world problems. If IILM UBS has the tag of being one of the best business schools in India, then a lot of it is down to the innovative and relevant teaching methods that nurture hundreds of entrepreneurs and corporate leaders every year.

The integrated and experiential learning-based curriculum with a focus on global teaching methodologies is what sets IILM UBS apart from other BBA colleges. At a deeper level, IILM UBS understands that education lies much beyond simply books. The mantra that is followed by mentors and teachers is simple:

‘Preach and they forget; show and they might remember; involve and they will understand.’

Real-world case studies, simulations, and projects:

At IILM UBS, case studies are an integral part of the pedagogy. Through real-world case studies sourced from reputed organizations, students are encouraged to develop new perspectives and ideas in order to stimulate innovative and out-of-the-box thinking. Simulations provide students a chance to step into the shoes of real-life entrepreneurs and solve actual management problems, allowing students the perfect platform to utilize their concepts and learning. Through group discussions, students learn through feedback and benefit from shared learning.

Guest lectures and seminars by foreign faculty:

IILM UBS brings global experience, knowledge, and expertise through extended guest lectures which also include renowned foreign faculties. Live case studies, seminars, and interactions with successful entrepreneurs enable students to learn from vital experiences and discover their source of entrepreneurial inspiration. Students are also encouraged to take up group projects and develop ground-breaking business plans, thus learning teamwork as a crucial skill.

Guest lectures and seminars by foreign faculty

Entrepreneurship Development Centre (EDCs):

If you have taken a BBA admission at IILM UBS with an entrepreneurial idea in mind, then rest assured that the Entrepreneurship Development Centre (EDC) will help you scale the idea right from inception to development. This is where experiential learning comes into play – if you’re into BBA to be an entrepreneur, why not begin the journey in college? EDC helps students realize their start-up dreams by workshops, and discussions provide students with invaluable networking opportunities, exposure to the start-up ecosystem, entrepreneurial mindset development training, leadership training, and so much more.

 Global Study Programme:

Education nowadays means going global, developing inter-cultural competencies, experiencing international learning, and understanding the global market. This is where IILM UBS’ Global Study Programme comes in handy as it provides students with two weeks of exposure at partner institutions and universities in Europe, Asia or North America after the completion of every year.

Such innovative learning methods paired with specialized mentoring, excellent internship opportunities and world-class infrastructure help nurture the best entrepreneurs of tomorrow at IILM UBS.

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Family Business Expansion: BBA Degree Overview

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In an economy as booming as India’s, a lot has been attributed to the rise of entrepreneurship in the country. Be it your small-scale businesses to large MNCs, everyone has played their role. Family businesses too are extremely popular in India, with many young ones aspiring to join the same when they complete their education. A BBA degree may just be the boost they need.

BBA at IILM UBS is about making the most of that degree to contribute your family business’ expansion in multiple ways. A look at the BBA course details will tell you how the course is designed to introduce multiple disciplines to a person and help them identify their forte. The holistic approach to business education at the college can help you nail your role as the next leader of your business.

Delving into the know-how:

A BBA introduces you to the various aspects of the business. From understanding strategy to marketing, financial and legal knowledge, this degree forms the perfect stepping stone into understanding how your market works. Well-equipped with the basics of every field, you are more in command of your next step. It helps you understand how the sync between two different segments of your business can affect your top line business goals.

Widening your scope of thinking:

Among the best advantages of studying at one of the top 10 business schools in India are the exposure to a good faculty and high-quality peers with goals similar to yours. Interacting with a diverse set of people exposes you to different viewpoints of approaching anything. You get an insight into their worlds and it also helps you understand how they think and feel; this can help you sharpen your interpersonal skills.

Nurturing your strengths:

Every person comes with their own soft-skill sets which are honed in the baccalaureate years.  While you can gain knowledge of everything that governs how a company functions, you’ll be able to identify which fields have your core interest – be it logistics, marketing, finance, strategy, product or more. You can concentrate and build on that knowledge, and even specialize in it. The support you get from peers as you develop is going to be phenomenal making you more confident when you step into your family’s venture.

Staying tuned to the latest trends:

Every business needs to adapt to the changing times and trends that are more dynamic than they ever were before. A degree such as a BBA keeps you updated with the latest tools and marketing mediums, enables you to think beyond the traditional business intelligence, and makes you confident in predicting trends. This can, in turn, assist you in making changes to your business that ensures its strong standing in the market.

BBA degree empowers you with a strong foundation in business knowledge and equips you with soft skills that make you fit in easily in a family-run business. Step into IILM UBS to stand out as a leader for tomorrow.