Update December 26, 2012:
I just became aware of the following offer from the Indian School of Business:
“20 Scholarships worth 400,000 USD to study in INDIA from the Indian School of Business a globally top 20 ranked B-school” – Note that the deadline for application is January 15, 2013.
This is why you should seriously consider this! Note the deadline date of January 15, 2013!
It’s about the demographics!
So, what’s this got to do with the MBA decision? If you believe that “the trend is your friend”, it’s clear that there are huge populations in Asia. India and China have particularly large populations. You knew that. But, let’s focus on India. What you might not know is that approximately 2/3 of the population in India is under the age of 35. This is evidence of a gigantic consumer market with huge potential for growth. The Indian School of Business – which requires a very high GMAT test score – estimates that India will need millions of new MBAs to guide India through the inevitable growth. Even the Educational Service (ETS) is benefiting. The number of GRE test takers in India is exploding. The Law School Admission Council is now marketing the LSAT in India. The markets in North America and Europe are “mature markets”. Given that a business is either growing or dying, it’s clear that those companies that don’t focus on Asia will die. India should be at the forefront of the Asian marketing strategy.
If you accept the principle that India is a country with huge growth potential, then shouldn’t all businesses have a strategy for India? Downtown Mumbai features huge billboards advertising Franklin Templeton Mutual funds. Franklin Templeton is spending money in India. By way of contrast, Franklin Templeton is no longer offering their annual “investment opportunity” forums in Toronto, Canada. 2011 was the final year. What does this tell you? It means Franklin Templeton (one of the world’s biggest mutual fund companies) is investing in India and not in Canada.
Whether your company is based in North America or India, a strategy for operating in India is essential. India is a huge country. But, is it really one country? Actually, India was founded from a number of different kingdoms that are bound together as one political entity. You cannot understand India without spending time there. And even then, you won’t know much about India. Those companies that approach the Indian market with North American assumptions are sure to fail. One of the goals in India is to create products that the masses can afford. Who would have thought, that the way to market refrigerators in India, would have been to design a refrigerator without a freezer? (The freezer made the product too expensive.) Who would have imagined that the world’s first $2000 car would originate in India? (I predict that the $2000 car will be a product that India will export to the world.) In other words, success in India, depends on developing products for the India market. But what is meant by “India market”? There is no one “India market”. What works in North India might not work in South India.
Some of the world’s biggest brands are developing products specifically for the Indian market. For example:
Bottom line: There are great business opportunities in India. But, you need to work very hard to define and understand your market as McDonalds is clearly doing.
Opportunities in Education:
Interestingly during the summer of 2012 the Ryerson MBA Program in Toronto, Canada ran a week long course which they described as:
The Ryerson MBA is offering an intensive week-long a special course entitled “Doing Business in India”. Professor Rajeev Gowda from the Indian Institute of Management in Bangalore will teach the course.
The Ryerson course is an attempt to bring India to North America. Why not go and see India yourself. Consider an MBA at the Indian School of Business. I recently visited the school and I was impressed! It features a fantastic campus with “state of the art facilities”. The curriculum features the best of some of the world’s best MBA programs including: Wharton, Kellogg, London Business School, MIT Sloan, and the Fletcher School. ISB uses case studies that come from the Ivey School of Business at the University of Western Ontario. The faculty comes from leading business schools throughout the world. The ISB MBA program lasts one year, and is very competitively priced, at a cost of approximately $45,000. At least one ranking places ISB in the top 20 MBA programs in the world. English is the language of instruction. (Did you know that India is actually the largest English language speaking country in the world?) But, the best part is that you will experience an introduction to the culture of India. Furthermore, to attend ISB is to make friends with those who are certain to be the India business elite. ISB graduates are very proud of their school.
Admission is very competitive . (The average GMAT score is over 700, with a range of 570 – 780.) But, the payoff is surely worth it! For those who have sense of adventure and a desire to see the world, a year at ISB could make you aware of opportunities, that you could never have known of, if you had stayed in your homeland.
Bonus: you could have the time of life!
Why choose among Kellogg, Wharton, LBS, MIT Sloan, and the Fletcher School, when you can get the best of all five?