B-school experience raises some existential questions, particularly when one is not, say, a consultant or an IB, who had a clear idea of why he is coming to a b-school – to get his promotions. When you come with such focused targets, you know what to do and what not. Focus on learning, get your grades and go back to your organization, which is waiting to pick you up. Or even better, have a great time doing a lot of co-curricular activities, if the organization has committed to taking you back.

But how about others, who have come keeping options open? Wanting to know what is that a b-school can do to them, only to slowly realize what it cannot do to them. To focus on grades or not; to network with a few people and make a few good friends or network with a wide range of people and have a lot of acquaintances; which clubs to participate in or play safe by participating in all clubs formed in the school; which co-curricular activities to do or wonder if these activities kill time which alternately can be used for studying. What is it that you want and what is it that you have to do to get there. What is life when you do not have answers to either of them? Difficult.

This is not the case only at ISB. Almost all b-schools, including H/S/W, have good number of students undergoing this confusion and trauma. The answers are not easy to come by. Sometimes the process of finding answers is so excruciating that one tends to question the very rationale why one came to b-school. The grades, competition and the bedlam that class participation creates – all only complicate the process of decision making. People start to question their own strengths, innate capabilities. The pressure here tests one’s nerves, puts question marks on self-confidence.

A very few give up in the middle. Some reconcile to their fates and take whatever comes their way. But at the end, many people come out successfully. Nature / Market is quite effective. Only the strongest and enduring survive.

MBA education, particularly one offered in one-year format, is no child play. It takes great amount of intellectual ability, physical endurance, emotional maturity, and spiritual depth to come out successfully. When I say successfully, I mean realizing the objectives one had set for oneself at the beginning of the course. Not just a job. An MBA experience can be life-changing only when one wants it to be. Else, it will just be an exercise in getting grades, degree and job.

Preparation to get into a b-school should not be restricted to GMAT, essays, recos. It should cover training the mind to get stronger. ‘Getting in’ is easier, getting through is the difficult part. Life will be so much better here when one prepares for both getting in and getting through.

Till I came to ISB, I always thought that the biggest differentiator between developed economies and developing ones was availability of capital. I thought given more capital, developing economies would develop, which would lead to convergence or catching up of these economies with developed economies. My thinking was not without any basis. Look around, and we can find a lot of loans being doled out by World Bank and the developed nations to the developing economies. The developing economies are to a good extent dependent on this capital. I thought that by giving capital to the developing nations, they are making available what differentiates developed nations from developing nations.

But as I cover ‘Global Economics’ during Term II, I realize it is the Total Factor Productivity (TFP), contributed mainly by education levels, new technology, openness of economy, etc, which is the biggest differentiator. This is slightly different from pure labor productivity. What it means is that the higher the TFP, the better the utilization of capital and labor. As the developing economies keep getting more capital and have a lot of cheap labor, what would happen is not increase in economic strength, but increase in debt. With the same levels of TFP, beyond a point increased capital will not result in any further development. The key to development is how well we utilize the resources of capital and labor.

But TFP can happen only if we improve out levels of education, improve or import technology, improve law and order, encourage our financial markets, etc. These things are not going to happen in short run; nor are the developed nations willing to be too active in improving the TFPs of the developing nations. It is a lot cheaper for them to keep giving developing economies capital and giving them some jobs (outsourcing) than transfer technology and improve TFP. So, keep looking around. The best way to improve performance is not by putting longer labor or even by investing hugely in physical capital, but by focusing on productivity.

Even for individuals, there is a lesson to learn. Do not work hard (labor); work smart (TFP).

PS: For further reading, please refer to the Economist. This is the best magazine one can subscribe to. I learnt a lot more of economics by reading this magazine than our standard text book

Good decisions and good outcomes are not necessarily correlated. What appeared to be a good decision at one point, need not result in a good outcome. Good outcomes, apart from depending heavily on good execution, result also from various factors not considered at the time of making decision and from factors, which emerge after the decisions are made. Despite improvements in simulation and various other models/techniques, it is very difficult to predict outcomes. Any decision making, for instance, in the corporate place, without considering what competitors may do, may not be a good decision. Of course, there may be exceptions in terms of some path breaking innovation or a very large scale launch, where competition will be very weak, at least in the short-run. Anticipating competitive response is nonetheless difficult.

If the outcome cannot be good, how can we call it a good decision at all? The reason is that, at a point where one has to make a decision, given the variables, given the assumption, numbers and expectations, if there was another decision, which gave better indication of future, then the decision made cannot be called a good decision. A good decision is, by definition, one which was the “optimal” decision given all the factors leaving aside the error factor (?).

Coming to ISB was a good decision for all of us. Otherwise, we would not have come here. Whether the outcome would be good or not depends on what we learn, where we would get placed. It is hoped that for many students, it will turn out to be a good outcome. Not necessarily for all. Some of us may fail to leverage the resources available at ISB. Some others may have made improbable assumptions.

It is important that one consider all the variables, consult people who can proffer good advice, think about the worst possible scenarios, etc before leaving a job and going to a b-school. But there is no point getting into analysis paralysis, which many people keep doing. “Seek advice, but keep your own counsel”, is the golden mantra. There is a higher probability of a good decision turning out to be a good outcome.

I will report at the end of the course, if my good decision does result in a good outcome.

• Man is a creature of habit. Not necessarily because Nature ordains him to be so. Man seeks to be guided by a set pattern in the way he lives. Routine is easy to follow and does not need thought. He deliberately pursues activities that allow him to set a routine. He keeps doing the same thing over and over again and almost starts looking forward to doing only those things that he has been doing or remain not do anything at all. This routine formation may happen over short period or longer period.

Our second term schedule at ISB is quite different and dynamic than the first term’s. Our classes come up at odd hours on the days when the classes were not supposed to be there (not supposed to be because classes were not scheduled like that in Term 1). Apart from causing discomfort, it has resulted in disorientation in some cases. Once routine is set changes to it are usually irritants. However, to moderate my extreme statement, add that Routine is a preferred behavior. This does not mean that all people are only routine oriented all the time and cannot adjust or improve. The development in the world provides proof to the contrary.

• Markstrat is simulation software, which works on a complex algorithm. The entire ISB students will be playing around with this for the next coming weeks. We are given an assignment whereby we have to assume the role of a marketing team of a company. We are given certain products (brands), a given market share, production assistance, a team and budget. By the end of this term, we are required to make various decisions in different periods. By the end of the term, we have done well if we have increased the net contribution and thus share price of the firm. All these decisions are made in Markstrat. Just came back from our group’s first discussions to make decisions for our Round 1. It was quite engrossing and should say I really learnt a lot. I am told this software is quite powerful and this entire simulation exercise provides learning opportunities / great insights into the marketing discipline/function.

• My marketing score for Term I was out. The score was pathetic, however, not as bad when compared to some people’s. I knew I did this badly, but the evaluation was quite strict too. Accounting results were out as well. I did reasonably well and should be well above the average and perhaps could end up with A-.

Life does not understand separation of disciplines. Problems are problems. They are not marketing problems or strategy problems or economic problems or emotional problems. Given this, it appears that there can be no one way of explaining a problem. As our strategy professor was mentioning in the class today, who knows if Agassi’s being bald was, perhaps, one reason why he performs well. There is no way one can explain his performance using any language of sport or for that matter any discipline. Given this, the question that “is knowledge attainable” arises. This was the question, which plagued Philosophers for long centuries. While other scientists have amassed mounds and mounds of knowledge, Philosophers are still debating if knowledge is possible. But when you question whether knowledge itself is possible, then no progress could be made.

An easy way was to just divide what was happening in nature into many disciplines so that observation, explanation and understanding becomes easy. Today, this phase of sub-dividing disciplines into specialized areas has gone to the extent that people choose such narrow topics to complete research that sometimes it looks quite funny. The division of knowledge, or what is knowable, has been so extreme that it is well nigh impossible to integrate all these sub-divisions to make sense out of a situation. A problem in a firm is explained by a marketing guy in marketing terms or if he wants to put blame on other divisions, then in operations terms or even strategic terms. Even to analyze the issue, only one framework is used, because no one knows the entire picture as no one has ever studied all subjects in full, because studying all subjects is humanly impossible. Since all that is required to be known is not known at any point of time, a problem is only solved at a very sub-optimal level. Solving a problem at sub-optimal level only further complicates the problem. Consequently, it appears that specialization, while it has helped improve efficiency, has caused greater misery, which is not easily observable.

These days, my larger problem has to do with synthesis and not analysis. How do I integrate all the knowledge that I have gained in the last sixty days at one point to look at a problem and explain it. When I am in a strategy class, all that occurs to me is a Porter model or a Prahalad’s Core competence; but when I move to marketing class, all that occurs to me is 4P or 5C model or at best BCG matrix. Regression analysis is about statistics and not a tool that I can use in marketing or strategy, to better understand problems or even define them. I realize that the best effort I can make in the coming terms should circle about synthesizing all that I have learnt into one framework, which can define/explain a problem in a holistic manner and hence can provide a sustainable solution. Easier said than done.

A good teacher is one who ignites the minds of the students; makes them think. Prof Jagmohan Raju (of Wharton), who is here to teach us Marketing Decision Making, is thus far the best Prof at ISB. He has a great ability to be able to explain complex subjects in a simple fashion. Add to this, he brings wit into his discussions. He is not so much concerned about what the answer to a problem is as he is about the way one approaches the problem in arriving at the answer. The process of thinking matters. He also has been doing a great job in making us relate what we learnt in other subjects to the marketing concepts/issues. A unique feature about his classes relates to the method he applies for cold calling. The photo of the student who he is going to cold call appears on the screen. I guess during his ten sessions, he will cover entire students. He has also been able to enthuse student interest in the subject and enable them participate in classroom discussions. It just took him one class to bring new perspectives about marketing. Will I develop interest in marketing before the course ends? Perhaps, yes.

If someone wants to specialize in marketing, ISB is the place to be.

An MBA experience has to be more than just academics. If someone is looking to do only studying, he is better off doing an executive education where the only takeaway is academics and of course a certificate. An on-campus MBA experience has to include a few sport, group work, involvement in club activities to develop one’s interest in fields, industry and leadership skills and can include a host of other things. I realize this more and more as the days go by. I am never going to get another time in life when I will not be responsible to anyone but myself. Nor am I going to get a time when I can think of playing a sport whenever I want, going to library at 1 am, or get to interact with people from such diverse backgrounds. Now is the time. If I allowed myself to shut up in my room and keep to books, I have surely wasted the investment. I have been consciously struggling / trying to keep to this idea and trying to advocate this cause.

Indians are more academically oriented. Our Accounting, Statistics or Decision making Models professors admit that the ISB students are quite easy in picking up quant related topics. Wharton or Kellogg students would fall way behind (not necessarily so in qualitative / nebulous stuff). The students in India also judge other students based mostly on their grade. Hence, the pressure to keep studying / get grades. This is an extension of what used to happen when we were in +2 or in undergrad. There is a urgent need to change this. A few companies that come to campus are a little finicky about grades; but that should not make the entire learning experience redundant so that we end up focusing only on studies and grades.

People at ISB have been successful in their jobs and have some achievement tagged to them. If we could succeed without an MBA degree, where is the reason to think that an MBA will make us more vulnerable if we don’t get good grades. If some firm wants to pick us up based only on our grades, not our work experience, then we should also have reservations about joining such firms. Education, and the related experience, is about emancipation not thralldom.

An MBA experience has to be more than just academics. If someone is looking to do only studying, he is better off doing an executive education where the only takeaway is academics and of course a certificate. An on-campus MBA experience has to include a few sport, group work, involvement in club activities to develop one’s interest in fields, industry and leadership skills and can include a host of other things. I realize this more and more as the days go by. I am never going to get another time in life when I will not be responsible to anyone but myself. Nor am I going to get a time when I can think of playing a sport whenever I want, going to library at 1 am, or get to interact with people from such diverse backgrounds. Now is the time. If I allowed myself to shut up in my room and keep to books, I have surely wasted the investment. I have been consciously struggling / trying to keep to this idea and trying to advocate this cause.

Indians are more academically oriented. Our Accounting, Statistics or Decision making Models professors admit that the ISB students are quite easy in picking up quant related topics. Wharton or Kellogg students would fall way behind (not necessarily so in qualitative / nebulous stuff). The students in India also judge other students based mostly on their grade. Hence, the pressure to keep studying / get grades. This is an extension of what used to happen when we were in +2 or in undergrad. There is a urgent need to change this. A few companies that come to campus are a little finicky about grades; but that should not make the entire learning experience redundant so that we end up focusing only on studies and grades.

People at ISB have been successful in their jobs and have some achievement tagged to them. If we could succeed without an MBA degree, where is the reason to think that an MBA will make us more vulnerable if we don’t get good grades. If some firm wants to pick us up based only on our grades, not our work experience, then we should also have reservations about joining such firms. Education, and the related experience, is about emancipation not thralldom.

An MBA experience has to be more than just academics. If someone is looking to do only studying, he is better off doing an executive education where the only takeaway is academics and of course a certificate. An on-campus MBA experience has to include a few sport, group work, involvement in club activities to develop one’s interest in fields, industry and leadership skills and can include a host of other things. I realize this more and more as the days go by. I am never going to get another time in life when I will not be responsible to anyone but myself. Nor am I going to get a time when I can think of playing a sport whenever I want, going to library at 1 am, or get to interact with people from such diverse backgrounds. Now is the time. If I allowed myself to shut up in my room and keep to books, I have surely wasted the investment. I have been consciously struggling / trying to keep to this idea and trying to advocate this cause.

Indians are more academically oriented. Our Accounting, Statistics or Decision making Models professors admit that the ISB students are quite easy in picking up quant related topics. Wharton or Kellogg students would fall way behind (not necessarily so in qualitative / nebulous stuff). The students in India also judge other students based mostly on their grade. Hence, the pressure to keep studying / get grades. This is an extension of what used to happen when we were in +2 or in undergrad. There is a urgent need to change this. A few companies that come to campus are a little finicky about grades; but that should not make the entire learning experience redundant so that we end up focusing only on studies and grades.

People at ISB have been successful in their jobs and have some achievement tagged to them. If we could succeed without an MBA degree, where is the reason to think that an MBA will make us more vulnerable if we don’t get good grades. If some firm wants to pick us up based only on our grades, not our work experience, then we should also have reservations about joining such firms. Education, and the related experience, is about emancipation not thralldom.

This weekend has been more hectic than I had imagined. The article that I submitted to Business week as my entry for MBA journal took up good amount of time. A good friend was not in good mood. Spent a couple of evenings in trying to discuss the business issues that were plaguing his mind and bring him back to normal. There was an economics assignment to work on. It was not a difficult one but an irritant nonetheless. Had to short-list a topic for our Competitive Strategy assignment. Short-listed HDFC Bank’s strategy as a case for our study. Both these were group assignments and this time our group dynamics were much better resulting in positive vibes, agreement on issues and tangible output. Had another couple of individual assignments and scores of pre-reading.

Coming back to the Business week article, I am told that about ten students from ISB have submitted their articles. Whichever article is selected will add to spreading the cause of ISB – that is trying to reach wider audience and getting applicants from all walks of life and regions of the world enthused about the program.

What is good about this term is that I am feeling much more confident. My class participation has gone up and I seem to be able to relate well to the subjects in this term. Some of the topics that have been covered have potential to be applied immediately in the business context (have been trying to help a friend and wife in their business).

Watched a movie called ‘Parineeta’. The protagonist (was he?) of the film sees and believes what he wants to and screws up his personal life but finally garners courage to pull himself out of the mess. This again reinforced my belief that much of life happens between ears, in our minds. People live a world, which may not be real but made of perceptions, beliefs, etc. And tend to keep seeing, hearing and reading only those things that would reinforce their existing beliefs.

PS: Come out with my IPO – check the picture which captures the face behind the blog.