Business people are the happiest people in the world. This is what we believe. I don’t know how much truth in it however this is being taught to us that if you have a business (well-established business) you can get every possible thing in the world. It is a saying that if you have the money you can buy anything. One of my friends told me one day “You know what a job is like a slow poison that does not kill you however it does not allow you to live (satisfied) even”. If a salaried person faces any unexpected expense in a month then all the plans go for a toss and he has to manage the budget for the next 2 to 3 months to come back to normal financial health however it’s not the case with a Business person. He can manage an unexpected expense unless it is massive.
Whenever a month ends you have a fixed salary in your bank account no matter how hard you work for the organisation because it is a part of your job. Nothing extra. It is being said that if you would like to be a successful Business person then “Don’t be a part of the crowd” however I have some reservations against this statement. Let’s talk about one of the most successful companies of recent times: “Apple”. “Steve Jobs” the man behind Apple’s foundation. Was it possible for a single individual to start such a successful organisation? No, it was not. There were a group of people who helped him to shape up this company what it is today. It means sometimes being a part of “CROWD” is essential and beneficial for the crowd as well as to an individual.
So, what is essential to be a successful Business Person in terms of Educational Qualification (If we have to choose one), PGDM or MBA? PGDM stands for Post Graduate Diploma in Management. On the other hand, an MBA is a Master of Business Administration. Lloyd Business School teaches both the courses MBA as well as PGDM with different specializations to be chosen from. I would like to be neutral for both the courses however if I have to choose one then I will open the curtain after some discussion. Just wait and read. Let’s start with exploring the educational qualification of successful Business Persons of a different era.
Chairman,Tata Sons & Tata Trusts
B.Arch., Cornell University, USA
AMP, Harvard Business School, USA
Chairman & MD,RIL BE, Madras University
MBA, Stanford University
Chairman Emeritus Infosys
BE, University of Mysore
MTech, IIT Kanpur
Mr Ratan N Tata,, A Businessman with B.Arch. and Advance Marketing Program. He has run the most successful Indian Conglomerate of Tata Group.
Mr Mukesh Ambani, Chairman and MD of India’s most valuable company by market value. He has BE and MBA as his educational qualification.
N.R. Narayana Murthy, Chairman Emeritus of Infosys (Second largest Indian IT Company). He has BE from University of Mysore and MTech from Kanpur.
As we can see that the above mentioned three very successful Business Persons of India have three different degrees. Mr N.R. Narayana Murthy did not even have any management degree however he founded one of the most successful technology companies of India (Infosys). It is not essential to pursue a management degree to become a successful Business Person. There are many people whom I can quote here however as my topic of discussion is “what should I prefer to do Business: PGDM or MBA”. I have to select one or the other. I would go with an MBA. I know some people have some apprehensions however it is my personal opinion and everyone is entitled to his opinion in a democracy.
MBA is a degree program i.e. when an individual completes the program in two years, he/she is awarded a Master Degree of Business Administration from one of the many universities running in India. It is one of the must pursue courses for BBA students if they want to pursue Masters. It opens up many channels of recruitment opportunities for the candidates.
MBA starts with a general Master's degree during the first year of study and offers many specializations during the final semester or year. The list of colleges offering MBA or MBA with a specialization is endless. If I start mentioning these colleges one by one, I will run out of memory however I would like to mention the name of Lloyd Business School offering MBA with many specializations from the lush green area of Knowledge Park II.
The campus is beautiful and amazingly designed providing a calm learning environment. The students are provided with ample opportunities to learn from various practical sessions in many leading industries in and around Delhi NCR. Lloyd believes it is the practical methodology of learning that makes a student productive from day one rather than offering them only theoretical aspects of Business Administration. MBA courses have to run according to the university guidelines. The institute cannot change or modify the course by itself.
PGDM (Post Graduate Diploma in Management), Many things that PGDM and MBA are the same. They are the same names used differently however that’s not the case. They are different in the sense that one course is autonomous and the other one is not. Can you guess which one is autonomous? Yes, you guessed it right. It is a PGDM (Post Graduate Diploma in Management).
It is generally believed, as this course is not controlled by the universities it can be modified as many times as it can be, to make it more industry oriented. It is this ultimate charm because of which many students like to join PGDM. Lloyd Business School (LBS) is also running three specialised PGDM courses from Knowledge Park- II campus. The courses are PGDM (BA), PGDM(SCM) and PGDM(HRM). BA stands for Business Analytics, SCM stands for Supply Chain Management and HRM stands for Human Resource Management. The contents of the courses are designed keeping in mind the industry-relevant paradigm.
So, if you are deciding to start a Business after completing your graduation you can decide from an MBA or PGDM to hone your Business Management skills. Let me conclude by taking an example of Dhirubhai Ambani, the man who founded India’s Biggest Private Company Reliance Industries.
“Reliance”, the name speaks for itself. India’s biggest Private Sector Company. He never attended formal business management education in any college however it was his sheer determination and hard work that made Reliance the household name of every Indian. I am not saying that we do not have to go to college or enrol for formal education. We must do it however if somebody is not able to attend the college for some reason, it should not have discoursed that the person is not qualified or eligible enough to lead a company or management.
Real-life is the best teacher in any situation. It teaches the real aspect of any management. So, my dear students, don't dishearten me. I am not here to discourage you, it is just that I am telling you the true nature of the outside world. We can read as many management books as we can however when we come out in this cruel world then it is our sincere, honest and dedicated efforts.