MBA students should learn from outside of the traditional classroom setting to gain a broader perspective and develop a more well-rounded set of skills. Real-world experiences, such as internships, networking opportunities, and industry-specific training can provide MBA students with valuable insights and hands-on experience that cannot be learned in a traditional classroom setting.
The 10 values MBAs must learn outside the B-school are
Emotional intelligence
Emotional intelligence is a critical skill for MBA students to learn as it enables them to understand and manage their own emotions as well as the emotions of others. This can help them to build strong interpersonal relationships, manage conflicts effectively and create a positive and productive team environment. By identifying their emotional triggers, MBA students can learn to manage their emotions professionally and avoid situations that may compromise their effectiveness as leaders. This could include learning to stay calm under pressure, responding rather than reacting and communicating effectively even when emotions are high. Additionally, understanding the feelings of others can help MBA students to build trust and empathy, which are essential for building strong relationships and leading successful teams.
Cultural competence
Cultural competence is an important skill for MBA students as they will likely work with people from various cultural backgrounds. Being able to navigate and understand different cultures, customs and beliefs can help MBA students to effectively communicate and work with people from diverse backgrounds. This includes being aware of one's own biases and understanding how cultural differences can impact communication and decision-making.
For example, it is essential to be aware of cultural differences in communication styles, such as direct vs indirect communication, and to adjust one's communication style accordingly. Understanding cultural norms and customs can also help MBA students to build trust and rapport with colleagues and clients from different cultures. Additionally, being aware of one's biases can help MBA students make fair and unbiased decisions, which is vital for building trust and credibility with diverse teams.
Leadership
Leadership is a crucial skill for MBA students to learn as they will likely be in positions of authority and will be responsible for leading teams and achieving business goals. Inspiring and guiding others is essential for leading a team towards a common goal.
MBA students should learn to develop a clear vision for their team and to communicate this vision in a way that motivates and inspires others to work towards it. They should also learn to build a team and create a positive and productive team environment. This includes selecting and recruiting the right team members, managing conflicts, and providing feedback and recognition to team members.
In addition, MBA students should learn to lead by example. This means embodying the values and principles they wish to instil in their team and being a role model for their team members. They should also learn to make difficult decisions when necessary. This includes weighing the potential risks and benefits of different options and making a decision based on what is best for the team and the organisation.
Problem-solving and critical thinking
Problem-solving and critical thinking are essential skills for MBA students to learn as they will likely face complex and challenging problems throughout their careers. The ability to analyse complex issues and develop creative solutions is essential for finding innovative ways to address business challenges.
MBA students should learn to break down complex problems into smaller, manageable parts and use a systematic problem-solving approach. This includes gathering and analysing data, generating alternative solutions, and evaluating potential risks and benefits of different options. They should also learn to think critically and to question assumptions to identify potential problems and opportunities.
In addition, MBA students should be able to evaluate the potential risks and benefits of different options and make informed decisions. This includes weighing the potential costs and benefits of other alternatives, considering the impact on various stakeholders, and taking a long-term perspective. They should also learn to make decisions under uncertainty and to be comfortable with taking calculated risks.
Communication and negotiation skills
Effective communication and negotiation skills are essential for MBA students as they will likely communicate and negotiate with various individuals and groups throughout their careers. The ability to effectively communicate and negotiate can help MBA students to build strong relationships, achieve business goals, and advance their careers.
MBA students should learn to communicate clearly and effectively, both verbally and in writing. This includes developing strong presentation skills, conveying complex ideas clearly, and adapting one's communication style to different audiences. They should also learn to listen actively and respond effectively to feedback.
In addition, MBA students should learn to negotiate effectively. This includes developing the ability to identify and articulate one's own needs and interests, understanding the needs and interests of others, and finding mutually beneficial solutions. They should also learn to manage conflicts and build trust and rapport with others.
Adaptability and flexibility
Adaptability and flexibility are essential skills for MBA students as they will likely be working in a constantly changing business environment. Adapting to changing circumstances and being open to new ideas can help MBA students stay competitive and succeed in their careers.
MBA students should learn to be adaptable and flexible to respond quickly and effectively to changing circumstances. This includes being open to new ideas, being willing to try new approaches, and being able to adjust one's plans and strategies as needed. Additionally, being adaptable and flexible can help MBA students to build a strong reputation as someone who can handle change and uncertainty.
Technical knowledge in specific industries
To gain technical knowledge in specific industries is an essential skill for MBA students. It will help them understand the unique challenges and opportunities within those industries and develop the specific skills required for success.
MBA students should gain a deep understanding of the industries in which they plan to work, including the key players, market trends, and regulatory environment. This can be achieved through coursework, internships, or industry-specific research. By understanding the unique challenges and opportunities within an industry, MBA students can develop a strategic mindset and make well-informed decisions.
Entrepreneurial mindset
Developing an entrepreneurial mindset is an essential skill for MBA students to learn, as it can help them to identify and pursue new business opportunities and create and implement a business plan.
MBA students should learn to think like entrepreneurs, which includes being able to identify new business opportunities, taking calculated risks, and being creative and innovative in their thinking. They should also learn to develop strong business acumen and to be able to analyse market trends and assess the potential for new products or services. Additionally, they should learn to think outside the box and question the status quo to identify new opportunities for growth and expansion.
Ethics and integrity
MBA students should learn to act with integrity and to make ethical decisions in all aspects of their work. They should understand the importance of transparency, honesty, and accountability in building trust with stakeholders. They should also learn to recognise and avoid situations that may compromise their integrity and that of the organisation they work with.
Time management and organisation.
Time management and organisation: MBA students should learn to prioritise tasks and manage their time effectively. They should also learn to organise their work and set goals to achieve desired results. This includes developing effective time management techniques such as setting deadlines, creating to-do lists, and avoiding procrastination.
