Excellent article, very clear in thought (rarely seen by an MBA). The writer has simplified the point by giving real examples and analyzed it very well. Though taking risks is totally an individual's ability, strategies can be taught to measure or score the risks. Taking calculated risk to get a definite success and coping up with failures after taking calculated risks can be the key points.
MBA essentially teach you the details of the Business and Risks involved but ultimately it is an individual who has to take the 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 are put over here for the Readers: 1. Formulating and Implementing Strategy, 2. Managing Cross Cultural Issues, 3. Talent Management, 4. Investment, 5. Kind of Business Activities, 6. Stretch of Business, 7. Competitors, 8. Kind partnership. 9. Cross cultural and multilingual business around the world.
Then, there are few who balance both %u2013 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 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 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 them over this issue and they were humble enough to say that they only know how to do business they don%u2019t 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 the Risk and Do the Business, hence, thos
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 MBA 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%u2019t 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 than employer but cumulatively employer 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 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 %u2013 formal education and business skills
No business school will teach taking risk. A calculated risk can be taken but that also can be fatal sometimes ! So it is upto the individual to take risk.
