Does management education matter? Yes, indeed, it does; we need management education for a better world. Our generation is facing innumerable, intricate challenges. The world is rife with inequalities— economic, education, environment, freedom, and opportunity. Social and business organizations are the institutions that have tremendous potential for renovating today’s world into a better place for all to live in. A large number of institutions, social organizations, and business firms across the world have demonstrated their capability of transforming their societies and improving the quality of life of their people. The quality of these organizations is attributable to the quality of people managing and leading them. A large number of these people have been trained in management institutions or centers of educational excellence. Some of them are not formally trained; they are born with or have developed the ability and passion for managing organizations of economic and social importance. The fundamental role of management education, as visualized in Delhi School of Business, is to create and develop people with enlightened minds, inculcate in them managerial and leadership qualities and human values so that they are capable of creating organizations, and lead them towards making the world a better place for all.
Given the complexity of the challenges arising from the economic and social inequalities, cultural diversities, political differences, and, at the same time, globalization of business and societies, it is imperative for management education to shape managers and leaders who have an entrepreneurial mind-set, who have global perspectives, who are sensitive and responsive to the societal needs and aspirations, and who conduct themselves ethically with a societal mission. In its earnest endeavor, Delhi School of Business has created academic atmosphere and curriculum that is expected to rise to the challenge of producing globally responsible entrepreneurial leaders and managers who can make a difference to the lives of millions of people not only in India but around the world – much beyond the personal wealth accumulation. We are in the process of reorienting management education towards creators of enterprises and wealth and not merely managers of wealth.
Management education has the potential of creating tremendous value to individuals and organizations and, thus, contributes to the society at large. It helps individuals to acquire personal and organizational skills and competencies; develop capability to adapt to diverse cultures, socio-economic environments, and organizational and institutional set-ups; create wealth for themselves and the society; and share their knowledge and wealth with others. A good management education produces missionary leaders who are adept at creating and leading not only the private sector business firms but also the government companies, public systems, and all types of social organizations.
At Delhi School of Business our efforts are to redefine the objectives of business in much broader terms rather than merely as managing productive units concerned with maximization of profit and creation of wealth within a legal frame. Profit or wealth creation is indeed necessary but it is not a sufficient raison d’etre for the existence of a business given the needs and complexities of the modern world. In the light of the philosophy of Swami Vivekananda, we believe that business firms should be responsible for the well-being of all including poorest of poor, making meaningful social contributions rather than merely focusing on financial performance. Management education should enable leaders to convert business organizations of today into social organizations; they should be vehicles of economic and social change and development. The business organizations should be the creators of social value or wealth rather than shareholders’ value alone. They have to be concerned with environmental issues and corruption. Ethics and social responsibility assume a central stage for modern business organizations. All business organizations, even if they are located within domestic boundaries, collectively influence the global society and environment. It is a challenge for them to think in the global context and to develop a globally responsible orientation.
We aim at developing managers and leaders who are professionally skillful, who can create value for all stakeholders and, at the same time, address the societal concerns and operate under uncertainty and ambiguity and handle corruption, fraud, and mismanagement. We intend to produce graduates, who understand the complexity and global nature of business; who can blend theory with practice; who are able to appreciate different perspectives and different cultures; who can think comprehensively about a solution; and who are innovative and creative to serve diverse populations.
A critical element of management education is the availability of qualified facilitators of learning (called teachers/professors) who can combine theory and practice. There are good practices and bad practices, and there are good theories and bad theories. A qualified facilitator knows these practices and theories and is able to encourage learners to distinguish good from bad. At Delhi School of Business, we have properly trained industry experts and eminent academicians as management education facilitators (faculty).