'At IIM, we never discussed managing one's own firm'

WHAT THEY DONT TEACH YOU AT B-SCHOOL

The course structure gears you for a high-profile job in a company, but doesn't really hone your skills to become an entrepreneur

When I was selected by the Indian Institute of Management, Ahmedabad in 1991, there were appreciative gasps from my family and friends. It seemed as though I had conquered Everest.

The years in Ahmedabad were tough. There was an atmosphere of intense competition and there was much to learn. It seemed to us that we had learnt it all and seen it all as we passed out of our alma mater.

Joining DSP Merrill Lynch "" a financial services firm "" was a unique experience. People valued my views and it seemed my efforts most certainly mattered.

After working in DSP ML for a while, the entrepreneurial bug in me took over. I decided , with a few like-minded friends , to start my own company. FutureScape took shape amidst a lot of excitement. Naming the company and finalising what it was supposed to do was the easy part.

Over the years managing FutureScape turned into a passion. I am fairly satisfied with the way things worked out. But reflecting on things past, I felt my alma mater could have done more for me in preparing me for my venture.

For one, we never really discussed the issues with regard to managing one's own company and its unique aspects. It almost seemed to me that the education was geared toward getting a high-profile job in a comfortably successful company and not really towards preparing a person to setting up a comfortably successful company.

I can still remember some experiences when I moved into setting up FutureScape. Banks thought twice ( beautiful advertisements aside ) before giving any benefits which on sheer performance FutureScape deserved.

Credit card companies that would have given me a card even before I completed my education, now wanted a status on financial performance first. Surely the education was the same. Perhaps it was considered not very managerial to be entrepreneurial .

Over time I have realised that the issue was not my degree or competency or success but the sensitisation that trust needed to be built with everyone I was dealing with.

After passing out from a B-school, one automatically assumes that the degree itself holds the key to success. And if you join an multinational, the high salaries certainly give credence to this belief.

It is only after a while that you realise that the degree is merely a stepping stone and success is a function of building relationships.

When you start your own business this realisation hits you immediately. Once I was on my own, I quickly learnt that people need to trust to be able to do business. Whether it is a bank, clients, team members or suppliers, you have to be able to build their faith in you and your vision in order to grow your business.

Building trust and managing the expectations of all concerned is the key challenge any entrepreneur faces and that's where I think IIM-A did not quite do justice to its management curriculum.

IIM-A certainly was a great place to get all the theories in the world, but I was never really able to get a grip on how important relationships are in a business environment.

Organisational behaviour and human resources management are perhaps the most reviled courses on campus, and definitely the most theoretical.

As a student one does not realise that these are the only things that actually matter "" relationships with clients, employees and customers. For that matter anyone who works with you, for you, or for whom you work makes the ultimate difference to your performance and success.

Theoretical courses taught in the classroom somehow don't ring true and tend to be ignored by most students. Perhaps a more practical approach would be more useful.

Beyond any great strategy and plans lies the basic premise that the people who interact with you need to believe the promises you are making will yield results. It never taught us how imperative it is to invest your time and resources in building this faith in people.

Namrata Rana is Managing Director, FutureScape Netcom Pvt Ltd