Education, in a country like UK, draws a lot on both the private as well as the public money. At an age where an MBA worth about £68,000 has become a necessity for any job seeker, the expectations from it have become higher. It is not enough to get a good job after completing MBA; it should also help the student to develop entrepreneurial skills considering the fact that the UK government is spending about £7.5 billion a year for higher education and there is hardly any increase in employment to show for the expenditure.
Even a few years back it was not as difficult as it is today for an MBA to get a job that they aimed for. But now with the fast changing job scenario, not only in the country but throughout the world, getting a job is not a cake walk any more even for the MBA degree holders.
Why has the need to have more entrepreneurs suddenly increased?
With the increase in the competition on the global market where the business houses are trying to increase productivity at the expense of man-power, there is a heightened need for entrepreneurs who are more focussed on creating job opportunities. The US economy has not seen, according to Carl Schramm, former president of the Kauffman Foundation, the creation of a net job in the past four decades.
Even though it is the common notion that the entrepreneurs are born and not made, it is becoming more and more clear that like any other discipline that is taught and mastered at the various levels of education, entrepreneurship is also a discipline that can be taught and developed. Slava Menn, CEO of Gotham Bicycle Defense Industries, feels that an MBA program can teach lessons that will be invaluable for someone starting their own business, however small.
What does the job market need?
Masters in Business Administration has long been about churning out post-graduates who are reservoirs of information and knowledge. Now, however, with the change in the scenario throughout the world the Masters in Business Administration programme has now the huge responsibility to mould the students into future entrepreneurs so that there is higher employment for the graduates and the post-graduates.
Entrepreneurship is not a born quality anymore. It can be inculcated into the students by carefully designing the curriculum with that objective. It has to be geared in a way that the students are able to think and act as an entrepreneur. They must be self-driven and not just be a passive learner. The world of employment is changing and with it the B-schools are also changing the way they impart education.
The Road ahead!
The time has come when it has become important for the MBAs to yield the value of the money invested in them for their education by the State. It is now time for them to stand up as independent and proactive decision makers who are bold enough to forge their way ahead confidently and help the economy climb the ladder of prosperity.
The present generation is facing a terrible situation with respect to job prospects. Therefore, it is of utmost importance that students take the initiative in making some practical use out of their high-flying MBA degree. It is not just enough to get a good job for the post-graduates; one also has to think about creating more jobs and to yield returns on the money invested in them.