Demystifying the Dragon - ISB's Emerging Market Club !!!

Emerging Market Club at ISB kicked off today with an interesting speaker series from Professor Ram. Prof Ram has an interest in entrepreneurship in emerging markets and he engaged the whole audience with his vivid description of anecdotes of his experiences in China and statistical data about China / India.

He opened up the conversation by stating that he continues to consider himself a student of China since its nearly impossible to understand a complex country like China in couple of years that he has spent there. Before China, Prof. Ram spent 21 years in India, 20 years in Europe, and 4 year in US. He worked as faculty at IESE Business School in Spain (One of my fav schools). He quoted some of the comments that his colleagues made – pun intended – that he is not qualified enough to teach management if he hasn’t been to China. Prof. Ram added humor to the discussion further when he mentioned that most Chinese, especially older generations, sing Indian songs from the movie “Awara” but they invariably make it sound ‘Chinese’. Further he mentioned that China especially Shanghai offers you infrastructure of developed countries of luxuries of developing countries i.e. Housel hold help!! He reflected that he has noticed three categories of Indians – in large numbers – in China a) Indian Business People b) Indians working in Indian MNC c) Indians working in top positions for US / European MNC. He was intrigued by the third category given that you don’t find similar proportions in India. That is reflective of demand supply and comparative language advantage of Indian Managers to integrate with Global economy.

The discussion became analytical from here on and Prof. Ram showed us several key data elements for India and China, providing his analysis and inference of each. Some of the figures that I noted down include:




* Chinese market is several times bigger than India since income level is higher in China
* Technology Diffusion: China has 10 times fixed landlines, 1.5 times mobiles. 4 times internet users
* Almost all women in China are working, huge labor force. Literacy, Healthcare, and gender equality drove the Chinese economy & were not a result of the growth.

India’s Advantages

1.Democracy – Slow but sustainable
2.Free Press
3.Younger Population – Advantage if employment gets up
4.Economy is dependent on Private Initiative
5.Lower Dependence on Foreign trade (37% vs 62%)
6.Stronger in Pharma & IT ( IT China – 8 Billion vs. 40 Billion)

India’s Disadvantages
1.Literacy
2.Healthcare for masses – Innovate at top but not for masses
3.Gender Equality
4.Fiscal Position – P & L statement
5.Infrastructure – Airports in 2/3 tier better than Delhi. Huge investment in Railways
6.Speed of political decision making
7.Manufacturing Costs – Gap is narrowed, if India moves quickly, we can expand a lot. Labor cost of china is going up as impact of single child is coming up. Labor environmental legislation that increases Chinese cost n leadership things cost based strategy is not sustainable.

Challenges to open business
1.Language
2.Unstructured business environment – Negotiation and Indian people are equipped. American/European are not.
3.Communication in queues – Seating arrangement in Dinner, Chinese will never say no, as they don’t want you to loose face.
4.Networking – Difficult for Chinese do business with stranger. They want to know you first.

Key Trends
1.Composition of Entrepreneurship is changing – More first generation, self motivated, young people opening start-ups on their own choice rather than opportunity driver model earlier.
2.In China, imitation with brief innovation leads to be good enough product to keep international MNC’s at bay. This is primarily due to the language factor e.g. Baidu, Tudou (Chinese Youtube), Dangdand. These companies although providing similar features to MNC, hold around 80% of Chinese market share.
3.In both the countries, growth in knowledge industry that requires less capital is also leading to more first generation entrepreneurs.
4.Growth of PE/ VC Investments in happening India and China. Early stage VC invests more in China than in India because it has higher diffusion of technology (Mobiles, Telephones, and Internet).

In all it was quite an informative and learning experience. I enjoyed the Dragon ride and hope to visit the country in near future. Hearing someone sing Chinese “Awara Hoon” would be pretty cool :P !!

PACIS Conference at ISB !!!

'PACIS conference was conducted for first time at ISB during July. Interesting set of events where Panel discussions were conducted among industry leaders from IT sector. I prepared a brief scribe of a panel discussion conducted by Mr. Bipin Paracha & Mr. Narsimha N'

On the third and the final day of PACIS conference, Professor Nishtha opened up the panel discussion introducing Mr. Bipin Paracha from Wipro & Mr. Narsimha N from Infosys. Professor Nishtha laid down the background of linear growth of employee count and revenues for Indian IT firms, an unsustainable business. Hence, the topic of the discussion was – Indian IT: Moving up the value chain.

Mr. Bipin Paracha (Wipro)

Mr. Bipin provided his insights into how the role of Indian IT is changing over time. He mentioned that IT has transformed from providing the ‘Mainframe’ oriented solutions to ‘helping businesses perform’ better. Prof. Nishtha then enquired about Wipro Consultancy and the acceptance of the same among the corporate. Mr. Bipin provided an excellent framework for Wipro Consulting position:-

Value Chain Progress path: - Provider > Contributor > Facilitator > Advisor > Change Agent

Further, Mr. Bipin emphasized the Wipro Brand has played a significant role in getting acceptance for Wipro Consultancy among clients. Along with Indian clients, Wipro Consulting is getting increased traction in Australia where bigger markets in US & UK still relate Wipro with only IT. However, Mr. Bipin was optimistic about a gradual diffusion process in these markets.

Mr. Narsimha N (Infosys)

To start with, Mr. Narsimha provided an account of gradual progression of Infosys. Initially, the company started as a cost arbitrage, with quality and quantity as its distinctions. However, the organization later realized the pivotal important to add more value to businesses and hence, moved from technology focus to Business solution provider. They focused o capturing the space before the execution stage that includes the elements of problem identification, problem solutions, and solution design.

Mr. Narsimha also mentioned that due to past success stories of solution implementation, Infosys holds an advantage over companies such as Accenture, as end-to-end solution implementers. He also suggested that within next 5-7 years, different Indian IT providers will differentiate in different capabilities and will offer a wide array of services.

Later, Mr. Narsimha also provided his insights about the growing trends in Industry due to emerging use of Profit revenue sharing model, where IT companies hold a stake in the game. For instance, TCS is conducting the Indian Passport project where TCS gets Rs.200 for every passport issued. These types of projects will bring more accountability and increased role of IT companies in various businesses.

Finally, before closing of the discussion, Mr. Narsimha reflected upon the opportunities provided by global recession. As industries change fundamentally and seek opportunities for cost reduction, it’s up to IT companies to up the ante and provide avenues for businesses to do so.

ISB Essay Analysis & Tips

Just thinking for a rare moment about the world outside ISB, especially about the aspirants who are eager to transition from the world outside to the universe inside ISB, I reflected on the Essays posted by ISB this time. I have taken a shot at analysis of these essays and hopefully will help some of the potential candidates.

Here you go:

Essay 1

Give 3 reasons as to why you should be selected to the class of 2011. These reasons should ideally differentiate you from the applicant pool and should be backed with some data. (300 words max)

This essay is direct challenge to candidates to state three to-the-point and specific things why ISB should worry about your candidacy and read your application any further. The fact that ISB has specifically asks for data to back up your claims demonstrates that you need to be direct in your approach and provide examples of your claims.

Explore your finest accomplishments and fit the best three here. It is important to maintain a fine balance among the points you choose. A good balance will consist of Professional demonstrating your uniqueness, Extra-Curricular manifesting your leadership potential, and Academic / Personal stories that personify you. You also need to consider that peer learning is a crucial aspect at ISB. While words will be scare, you also need to succinctly cover the ground about how each of your accomplishment will add value to your peers at ISB. Such corroboration and direct connection to ISB’s resources will provide a much more coherent view to your stories. Also, remember to take care of the overall structure of the essay through a short and crisp opening statement and a coherent & impressive ending statement.

Being the first essay, you need to create an impact on the reader and give her an “Aha” moment that makes her interested in you at the onset.

Essay 2

Describe a challenging assignment you have handled (at work or outside) to date. What were the challenges and how did you handle them. What were the personal learnings you derived from this assignment. (300 words max)

It is recommended to pick up a professional story either if you belong to non-traditional background (chance to score points on diversity) or if you handled a really challenging situation. If you have compelling story from your extracurricular, it will click as well. Many a times, in extracurricular setting you deal with people who have no formal obligation to respond to your initiatives. Such stories speak volume about your ability to influence people. The objective of this essay is to demonstrate your ability to take ownership, handle ambiguity to bring focus on the problem at hand, and take corrective measures to achieve your objective. Try to reflect to stories where you lead / contributed out of turn to a team rather than a stand alone accomplishment. Also, remember that a key challenge in this essay will also be to avoid repletion from the already stated stories in the first essay.

As for the structure of your response, read the question carefully as the structure is already inculcated in it. Follow the START framework (S – Situation, T – Tasks, A – Actions, R- Results, T- Takeaway) to craft your response. Don’t forget to devote a good chunk of space to the personal learning because the chances are that most of the candidates will come up with solid stories, it’s your learning and self-reflection that will give Adcom a peek into your personality.

Essay 3

Briefly assess your career progression till date along with your assessment of your future career goals. Discuss how your career goals will be met by the ISB’s one year program. (300 words max)

Aha! Finally, ISB has also come with a standard goal essay in sync with most global business schools. Ideally this essay is asked in 750-1000 words by most schools and ISB once again compels you to draft story of your lifetime in 300 words. Fun, isn't it.

While the structure is implied in the response, remember to address adequately each of the following five components:

Career Progression: Detail your career progression while keeping an eye on your goals and keep your theme limited to the same.

Goals (Short Term & Long Term): Be as specific as possible. Your short term goal shall be tangible and direct. Explore school's website or your contacts within ISB to find out exact positions offered at ISB and stick to the same. Further, avoid putting a blanket statement in your long term goal. If you came up with "I want to be CEO of XYZ Company" you need to think deeper.

Why MBA: If you have done good job in the above two section, you must have created a void by now that only a MBA education can fill in. Bring out the specific things you need from MBA that will bring you closer to your goals and this piece shall further your candidacy.

Why Now: It is extremely important to bring a crisp argument about why you think now is the right time for you. Don't make the mistake to leave a gap for Adcom to think that you need another year or two before coming to ISB.

Why ISB: Goes without saying, this aspect is extremely important and will speak volumes about your passion for ISB. An ideal strategy is to connect ISB's resources - Academic programs, Clubs, and Special programs to your specific needs. Attempt to write a paragraph with each sentence containing something unique about ISB.

Again, remember to take care of the overall structure of the essay through a short and crisp opening statement and a coherent ending exclamation statement.

Wish you Gud Luck! Interesting times await....

*Note - My analysis for ISB as well as for other international schools can be found at General Education's website as well. Click here to view the same.

From an INFOSCION to a POLITICION - Nandan's Chronicles!!

"An absolutely brilliant write up. I love the subtle message in the note :)"

Continuing my tryst with capturing the life and times of Nandan Nilekani in his new avatar as a Cabinet Minister, here is what he had penned after his first day in the Parliament. The last entry stopped when the House was just about to begin. Let’s see what happened thereafter….

The House was in pin drop silence. I was brimming with anticipation and excitement!!!! Manmohan had informed me that my introduction was one of the important points of the agenda. I hoped that I will be able to make my speech properly. After so many interviews and conferences, I was nervous today!!!! After the Speaker indicated that the proceedings of the House could begin, Manmohan formally introduced me to the entire House. He mentioned that as the head of the Unique Identification Authority of India, I was responsible to ensure that each and every Indian had a digital smart card as a proof of his existence.

Manmohan spoke about why I was selected and also some references to the various projects executed by me in Infosys were mentioned. The House listened with rapt attention. I was asked to say a few words and I did exactly the same!!! I thanked the Government of India for having given me this opportunity and I assured the House that I would strive to successfully deliver this project. The Speaker then formally inducted me into the House and before the proceedings could move any forward, there was a small commotion on the other side of the hall.

It was Minister of Textiles who had a comment to make before the next point on the agenda. He made a request that I should be attired in a more austere way instead of a flashy suit. It did not go well with the image of a minister who should live to serve the common man and should be less ostentatious in his habits. I stood up to reply. I offered my apologies to the Honourable Minister and assured that I shall be in a more acceptable dress next time. I felt that he was right. We also used to have corporate dress code in Infosys. So it's here as well!!!!

I sat down and felt somebody nudging me. I turned around and to my surprise; it was the former Indian skipper and one of my favourite batsman Mohd. Azharuddin. I remembered that he had recently won the elections. I smiled at him and mentioned to him that I used to like his game very much, shaking his hand. No Rolex, I noticed. Azhar told me that he would “fix” me an appointment with an Italian designer who had designed his dapper Kurta suit. An Italian designer in Milan doing Kurtas!!!!! I made a note of this and reminded myself to give this example to Friedman for his next book,” The World Markets are flattened”.

Since there was no doubt about the “Fixational” capacities of Azhar, I told him to give me the details and I would consider. The proceedings of the House went on with numerous bills being debated and passed as I sat as a passive audience waiting for my project’s turn to come up. After the lunch break, it was the moment for me!!!!

MY PROJECT”S FIRST REVIEW CAME UP FOR PRESENTATION.

I was at sea. My laptop did not have any reserve power. I went to Manmohan and apprised him of the situation. I was sweating. He calmly replied that this would not be a cause of concern. I was flummoxed!!!! The Speaker asked me to explain to the House on what were my plans for the Unique Identity Project. I replied that I have a plan prepared for 30-60-90-120 days’ milestones and I have presentation to make for which I need a power socket, a projector and a screen. I had no idea what was going to happen after this.

The next couple of minutes were a complete jolt for me. I was completely in a tizzy. Let me just summarize what happened. A Joint Cabinet Secretary Committee was set up to judge the feasibility of my request. The Under Secretaries for the Ministries of Power, IT and Broadcasting will prepare a Viability Report after scrutinizing National Security threats to my request. This was because the power socket comes under Power, laptop comes under IT and projector comes under Broadcasting. I have also been told to reconsider my timelines of 30-60-90 days and start thinking in terms of years. Probably, they are right. I did not have the foresight in this matter.

The summary of the issue is that I need to come up with a more inclusive, democratic, comprehensive long term plan for this project to be executed over the next five years. I have also been given a presentation slot 3 months from now (by which the issues related to the power cord etc will also be resolved). I am filled with mixed reactions. I was planning for a quick resolution; the management wants a strategic solution. I come out of the House and text Murthy.

“You won’t believe it but these guys work just like us. I am on a NATIONAL BENCH for the next three months!!!!!!!!”

Golden Words !!

This came across in one of the speaker series at ISB and I can't let my blog be deviod of this Punch Line.

"Your biggest weakness is your last success and your biggest strength is your last failure"

Go soul search, and see what this means for you - In your present and for times to come.....

10 Things MBA school's don't teach you about Start-Ups

In midst of Term3 and while studying fascinating course in Eunterpreneurship, I came across this article.

I guess it would be an overstatement that B-schools don't teach you these aspects. Infact, if you are truely eunterpreneurial, you can't be taught the aspects that define an eunterpreneur - the zeal to execute & ability to manage the uncertainity. Atleast, ISB does a fair job in order to make cognizant of these facts and rest, I trust is up to you !!

25% MBAed - ISB way !!

We are 25% MBA’s now. It time to celebrate!! While the whole campus has gone crazy with parties, I choose to travel back home to take some off. I am celebrating in my own way, through an intense 16 hour sleep schedule at my home. Parents are little concerned with my sleep timings and worry whether this is what I do at as well ISB. 20 Lakh for sleeping is little too much:P. Really, time flies at ISB. I heard that so many times, but its one thing to hear and another to experience the same. Many of us have been caught by surprise that Term 2 has already ended. Most of the people still remember the flow of Term 1 and connect back to things that happened there. But how exactly did Term 2 progress? Everyone thinks they hardly ever interacted with people sitting next to them in Term 2. There was hardly any gap between Mid Terms and End Terms. It’s like just yesterday when we spend 16 hours locked in a room understanding that Mark Start !! How come we ended so soon? Here is the brief snapshot of what all happened in Term 2 – as much as I vaguely remember!

In terms of Academics, Term 2 will always be remembered as Mark Strat and DMOP term. Two subject where opportunities to learn were immense yet the workload ensured that we succumb to just keeping pace with latest assignment submissions of these subjects. Personally, I really enjoyed the MarkStrat game. I think it helped me conceptualize everything taught in the class and it helped that we did well overall in the game. Given the addictive nature of the game, I am looking forward to participate in E-Strat – the global competition in the game. DMOP was a tough for me as for any non-engineers. Many engineers on campus were actually hiding their identity as engineers – such was the impact of the subject. Understandably the concepts taught in the subject have significant applications once we move to real world but most of us, looking towards marketing or strategy as career options, think we would not be directly involved in Operation related activities. Now coming to the subject that I and perhaps the whole campus loved and learnt most – Competitive Strategy!! Our section was unfortunate to miss out as we didn’t get Mr. Prashant Kale as our prof during first half but we were compensated with even better option – Mr. Harbir Singh. Each of 10 classes of CompStrat covered a case and opened up new dimensions for each of us. Whether it was about Potler’s five forces, or Cost based advantage of Southwest or Sustaining C.A. case for Wal-Mart – everything was so fascinating. The best part of each case was that we used to put over selves on a layer higher that CEO and analyze each and every move the CEO. No wonder Strategy Consulting is most sought after profession among MBA’s. My final comments on the fourth subject – Macro Economics! Excellent subject with huge implication of decoding the complex terminologies of Capital Markets, Labor Productivity, Debt-to-Equity Ratio, Free Trade etc. Economic Times has started way more sense now and I realize how superficial was my reading of ET earlier and what depth I used to miss. Also, I believe Macro Economics may not be of immediate use in short term for our careers but going forward, understanding Macro Economics concepts will be required to take decisions about operating any firm.

Along with these aspects, the number other activities took place at Campus in Term 2. I wish I could write on details of each. GSB Core and extended Core has been formulated, all CLUBs are functional now, already couple of conferences have been held at ISB, the bidding for Exchange Programs is over and many of CMs have got their first choice of exchange programs, ELP projects have already been declared and we have submitted our EOI for the same, ICON – Internal Consulting Initiative of ISB has also been kick started, LDP – Leadership Development Programs are also in progress, B-Plan competition preparations have started among several groups, Section Wise competitions for Relay Race, Swimming, Football took place and my section did well overall, number of Alumni have been pouring on campus to guide us further, and etc etc. It’s amazing how we manage to pull off all these activities along with on-going pressure of studies. I think this will be the biggest take away from ISB. Nothing will seem impossible or even difficult after this. You just need to jump into the waters and you are sure to find your way out.

All said n done, I think there is a huge conspiracy going in time theory. I think someone is manipulating against me and my holidays back home are getting expired quickly. I have mixed feeling while heading back to ISB to face the toughest term at ISB – Term 3. Nevertheless, I will be just matter of few hours (at least that’s what it appears) that Term 3 will be over and I will be writing a similar write up for 37.5% MBAed !!

ISB Application for Class of 2011

ISB Application for next class and it reminds of the applicant days. You will read essays, chew them multiple times, and digest them thinking you got it. Then again, some butterflies in stomach, and you are back to chewing part. Again! Again! It happened to me all the time. Before coming to ISB, writing essays was the best experience I went through. You get to traverse through so much, learn about yourself, about the school, and everything else in life. At the best, the essay you end up after numerous reviews is very different than what you chewed it for. All the best to all applicants for this year! It’s not going to be an easy job but trust me you don’t want an easy task as well. That’s why you choose this track. Good luck!