Gone are the days when business meant plunging deep into the traditional bottomline. Days when setting up a business meant looking solely at mileage, profits and power. The ecosystem in which business survives and thrives worldwide, has taken many shapes, transmogrifying to influences set by politics, economic policies as well as changing social mindsets. Is it then a surprise that when John Elkington, co-founder of SustainAbility, came up with the phrase “triple bottomline”, the world was instantly won over?
You might ask, what has the “triple bottomline” got anything to do with “what I am going to study”. The point is, it has everything to do with you if you’re reading this piece. Because the phrase essentially looks at breaking up the bottomline into three real-time components – people, planet and profits. People comprise all stakeholders in the business, including employees, contractors and vendors and essentially reflect the need to invest in their wellbeing. Put this in contrast to the traditional bottomline model, which only had to do with shareholders. Planet represents the environmental component of re-looking at ecological footprint and taking decisions aligned with the wellness of the Earth. Profits look at long-term decision making dynamics that can make or break the company.
You get the drift. We are living in a climate of development-in-seconds, a climate that demands that business be looked at with perspectives never looked at from before. We are living in a business atmosphere where corporate social responsibility isn’t a nice thing but in fact a need. We are living in times that harp on sustainability every step of the way, and with very good reason.
So, one thing is clear : solid, sustainable businesses can be born only through thought leadership. And thought leadership and more is what you get to access when you sign up for a master of business administration degree. Through education that places focus on day-to-day action in effective business functioning, you can aim at being a thought leader who ideates to shift mindsets while manifesting the ideas.
As an aspiring Master of Business Administration student, are there specific aspects you need to look out for in a course? It turns out there are.
– Experiential integration : If you’re in a course that teaches you theory and practicals, it’s certainly a good course. What can really trump that is an education that inspires you to integrate your experiences and then apply them suitably in simulated work and business scenarios.
– Global business practice considerations : With globalisation and the consequent impact on the planet, more layers of consideration have opened up. A hands-on Master of Business Administration degree can be platform to understand legal, ethical and social dynamics of global business practice.
– Cross cultural nuance and sensitivity : While the theme of globalisation opens up even more as markets relax and invite increased cross-cultural exchange, there’s also the side of specific local contexts that need acknowledgement. Exactly why the education you receive as a Master of Business Administration student must prepare you for it.
– Blend of strategy and innovation : The essence of effective business administration perhaps lies in improved decision-making. From managing employees to communication with investors and financiers or creating a landing ground for business risks, an effective Master of Business Administration program blends strategy and innovation for desired business results.
– Meeting ground of different forms of business knowledge : When it comes to business knowledge, there are multiple facets, accounting, statistics, operations, information technology and quantitative analysis to name a few. When these aspects come together seamlessly in a program, it might just be meant for you.
Even if you’re someone with lesser grades, an option to pursue a certificate in business administration, can in fact open up the brilliant world of functional business for you. Because just as fast the world is transforming in its entirety, business practice globally is turning a new leaf. The idea is to stay a step ahead so that both accountability and alignment are higher. This is your opportunity to steep yourself in the sturdy roots of smart and sensitised business leadership. Are you ready?