The new age leader – a coach and a mentor

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We live in a world of flux – a world where change is the only thing constant.  

I remember when I was a kid, my father would tell me about his job and the management style at his office. He worked in a semi-government organization where hierarchy and command-and-control leadership dominated. A more technically qualified and experienced leader would lead a team or a department and evaluate each team members’ performance against a pre-set benchmark. Little or no importance was laid on developing the skill-sets of employees or encouraging innovation.  

Fast forward 20 years, the leadership styles shifted dramatically. The existing (ancient, in my opinion…) management styles were not sustainable and organizations begged for a radical transformation; transformations that would inculcate new energy, ideas, motivation, commitment, and innovation. 

Leaders are expected to step up and assume the role of a coach and a mentor

Types of coaching styles 

Coaches come from a variety of backgrounds. Having a consultant coach from outside the organization could be helpful for developing specific skills or as a one-off motivational camp. A modern learning organization would invest in a coaching style appropriate to the needs of the company. Keeping in view the long-term goals, the leaders within the company are expected to step up and fulfil the need of the hour – the need to assume the role of a coach and a mentor.  

The leader may adopt one of the many leadership styles, with some of the most popular being: 

  1. Democratic: This style as the name suggests, encourages the general principles of democracy and takes into consideration the opinions, ideas, and interests of the people involved.  
  1. Laissez-Faire: This style is the minimum leadership style when the team members operate at their maximum efficiency and vigor and do not require any supervision or direction.  This is generally seen as inefficient, and depends largely on the ability of the teams to self-manage and self-regulate. Not recommended.
  1. Directive: Quite contrary to the Laissez-Faire coaching style, directive leadership requires the leader to ‘tell’ people what is expected of them, assign necessary resources for successful completion of their job, and convey the expected results as well.  
  1. Holistic: No organization today operates in isolation. Businesses are global and companies all over the world are taking wholesome decisions for the greater good. This leadership style recognizes the connection between leader, follower, and organisation, and focuses on a people-in-environment and developmental approach. 

Mentor or a Coach 

People usually use the term coaching and mentorship interchangeably. This is not correct. Mentoring is offering advice based on knowledge, expertise, and experience. Coaching, on the other hand, is inquiry-based. A little push with insightful questioning can spark a person to see themselves and the world differently and solve their own challenges. 

Mentoring is more formal and structured, where a mentor helps his mentee gain a broader and deeper perspective and understanding of the business (and life). A mentor, based on his own experiences, guides and channels mentees by illuminating the right path for them. It is, therefore, more directive in nature and could be related to a directive leadership style. Mentors offer exposure and connections to other functions and levels of the organization.

A coach supports, challenges, and encourages. A coach approach for leaders, on the other hand, uses very different techniques for developing people. The role involves asking and listening rather than knowing and telling. The coach empowers the employees, by making them fully capable of finding their own answers to their problems. Employees have more self-awareness and experience an increased performance.  

Now, this is easier said than done. While leaders may recognize the need to embrace the idea of coaching and mentoring their employees and subordinates, the flair does not come naturally to every leader. However, using right set of tools and resources, anyone can become a seasoned coach. 

Using right set of tools and resources, anyone can become a seasoned coach. 

Our MBA in Coaching, Mentoring, & Leadership programme creates opportunities for you to develop through practice a range of coaching and mentoring skills and techniques and enables the development of a critical understanding of issues related to the design and implementation of coaching and mentoring schemes. The programme is delivered in such a way that you are encouraged to utilise your professional and work-based context as a resource in which to practice and develop your skills in coaching and mentoring. Feel like you could benefit from this? You are not alone! Apply now to join our more than 150 students currently taking the programme!

Should you consider a career in International Business? Here are 3 reasons why you should!

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I dislike starting a blog using a cliché, let alone one the is well worn. The world today is really small. One could even call it a “global village”. There are several reasons for this: cheap, quick travel across the world to clear, instantaneous, and secure audio and video communication and conferencing. Decisions can be made from across the world, data and finances can be transferred securely and instantaneously to execute decisions, and human resources, if required, can be flown in overnight.

Small world/global village. Photo credit: Bill Oxford on Unsplash

As the result of all this globalisation and economic barriers disappearing, businesses, even small businesses, have become multinational.

Having said that, there are still several barriers businesses must overcome to be genuinely international or multinational such as language, culture, local labour laws, politics, economy, and geographical distances, to just name a few. A business will have to overcome at least as many difficulties as there are countries to truly operate internationally.

There are several ways companies overcome these challenges, from recruiting locally to creating or recruiting specialists in international business who are familiar with the local laws, culture, etc., and who can learn and adapt quickly. These specialists will not only be familiar with the working of the company but will also be familiar with the expectations of the company from their local subsidiaries, partners, and vendors. 

These international business specialists will have to work closely with their local agents communicating the company’s policy and expectations. They will, in all probability, have to travel to the new country of operation as a representative of the company and spend a substantial period in-country to ensure the processes are set up correctly. 

More prominent companies will also set up an international office with the primary purpose to troubleshoot any issues that might arise from operations in any country. 

Here are 3 reasons why YOU should consider a career in International Business

Salary and Demand

Photo by Alexander Mils on Unsplash

As per the National Center for Education Statistics (NCES), in the U.S., only about two thousand students graduate with a master’s degree in International Business every year. To give you an estimate of the earning potential of a career in international business, according to data published by PayScale Inc., in the United States, the approximate early career pay for someone with a bachelor’s degree in International Business is about USD 52’000. I can infer from this that there is an opportunity to get in on the ground floor for a career in international business as the number of graduates is still very low. The salary offered is competitive, and depending on the company and job profile, there is the potential to earn more from the get-go itself. 

Job Satisfaction 

Find a job you enjoy doing, and you will never have to work a day in your life.

Mark Twain

Job satisfaction is very subjective. You might hate to do the work that I love, and vice-versa. So, before you take up a job in international business, ask around, find out what the job entails, how much travel is involved, what kind of job security is being offered? According to a survey by PayScale Inc., about 40% say that a career in international business has “meaning”, here “meaning” means they feel their work makes the world a better place. Whereas about 70% say, they are satisfied with their work. So, the potential of having a satisfying career is relatively high, and maybe even a meaningful career. 

Future-proof 

International business is a people-oriented job. It is dependent on people-to-people interactions, decisions, and analysis made by managers, understanding the cultural nuances of (a) people. As a result, international business cannot be automated. Even if the process you are involved in does get automated, something new will get created just above your current profile in the value chain. So, a career in business in general and in international business in particular will, in general, be future-proof, and unless something goes drastically wrong at your company, you need not worry about losing your job.

If you are ready for great career opportunities, professional growth, traveling and exploring new cultures, then a career in international business might be for you. Robert Kennedy College offers several programmes in International Business. Chat LIVE on WhatsApp with one of our Education Advisors for more information.

Student Interview – Tina

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Henrik Johan Ibsen, the Norwegian playwright and theatre director, once said, “A thousand words leave not the same deep impression as does a single deed.” Unfortunately, after his death, this quote was plagiarized and para-phrased into what we know today.

A picture is worth a thousand words.

Group photo of RKC 2018 Graduation @YorkStJohn in the Quadrangle

But motion picture has completely changed the way we consume data. Not only does it enable us to take in more information in a short time, but it also makes the information more credible. Hearing it straight from the source makes a difference. 

Robert Kennedy College (RKC) is pleased to share with you, our readers, students, alumni, and potential students a series of video interviews with some of our graduates, sharing their challenges and tips and tricks for successful studies. It does not matter the programme or the university these students graduated from, they were all students of RKC, they all faced similar challenges in doing a master’s programme online, they all faced a decision – to do or not to do an online master’s degree.

Here is your chance to hear directly from our students and hopefully help you make an informed decision, to help you study better, or simply to motivate you to live your dreams and to achieve your goals. 

Meet Christina, RKC alumni and graduate of York St John University, as she shares her thoughts and decision-making process on why she choose to get back to studying and the challenges she faced.  

York.mba – student’s story – Tina

Hopefully this interview has answered some your questions about RKC and doing a master’s programme online, and please watch this place for more similar blogs. You can also chat LIVE on WhatsApp with one of our Education Advisors for a more personalised discussion of your needs and best match with the programmes we offer, and the application process.

Attribution, to avoid retribution: referencing and citations for academic writing

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In my previous blog, I wrote a step-by-step guide on how to write an effective abstract for academic papers. Continuing further in the same direction, this week I would like to discuss referencing and citations. As I mentioned earlier, writing an abstract is not rocket science, and neither are referencing and citating.  

Now, referencing is an important academic practice. But it becomes even more important when you are studying at University level. It is thus imperative to understand the correct way to reference and cite your sources in your master’s degree assignments, academic papers, or dissertation. This blog is your one-stop shop about what, how and where, style guides, and examples of referencing and citations.  

PC: Canva.com

Let’s begin! 

So, first things first, what is the difference between referencing and citations? 

While undertaking your masters’ studies, you will constantly hear from your professors to reference your work and cite the sources of your research and ideas.  

Referencing 

As the name suggests, referencing refers to the source of work that you used in your paper. The readers should be able to find and read for themselves the original source of information that one has read or considered in their academic piece.  

Citations 

Citations, on the other hand, are brief mentions of the author or the external source used in writing the paper. A citation is, in other words, an abbreviated reference. While both inform the reader of the sources of information used, there is a fine difference between a reference and a citation.  Here are some key differences between references and citations: 

Scope  

A reference is a complete record of the source that has been sought or cited in the paper.  

A citation is disclosing the source within the main body and thus is also referred to as an ‘in-text’ citation. It provides just basic information such as the authors’ names, year of publication, and perhaps the page number if a sizeable quote is provided.  

Placement  

References are listed at the end of the document, on a page having its own title (“List of references”, “References”, “Works cited”). 

Citations are presented within the body of the document where we speak of the ideas or results of the source we are citing..  

Format  

References provide the reader with information such as the authors’ names, the publication date, the title (of the book or article), page numbers, publisher and place of publishing, etc. 

A citation provides less information, such as the last names of the authors and the publication year, such that it does not disrupt the reading flow. 

Both references and citations give credit to the authors whose ideas have been discussed in your work, in addition to supporting or criticizing an argument. This is additionally critical to avoid plagiarism in academic writing (topic for another blog!). 

PC: Canva.com

Different styles of referencing and citating 

Different academic disciplines prefer specific referencing styles. In business programmes (such as the MBAs, MSc’s), you will often be asked to use Harvard or APA styles, whereas in Law programmes (LLM, LLB) you will most often be asked to use Oxford or OSCOLA. You should always check the programme handbooks and assignment briefs, and in doubt, with your instructor what referencing style they expect for the assignment or academic paper you are writing.   

The references should be regrouped on a new page at the end of the paper. This list gives the complete information to identify and locate all sources used in the paper. There should be a corresponding entry in the list of references for all in-text citations that were used. References typically follow an alphabetical order of authors’ last names but under certain styles the order of appearance will rather be used. 

Among the different styles used by different disciplines, here are the 6 most frequently used styles in writing academic papers, each with a very specific purpose they fulfil: 

  1. APA (6th or 7th Edition) 
  1. Harvard 
  1. Oxford (OSCOLA) 
  1. Chicago 
  1. Vancouver  
  1. MHRA  

The style guides specify the kind of information and how it should be displayed for different types of sources (books, articles, websites, images, ebooks, etc.) – ensuring consistency across not only your work, but across the entire field of study that uses that style. 

At first look, these may all seem complicated, and daunting, but there are tools that can help you manage your sources, references, and citations. 

Graphical user interface, application, Word Description automatically generated

For example, Word has a tool called “Citations & Bibliography” which allows you to enter your sources in a database (“Manage Sources”), to insert in-text citations that are automatically updated if needed (“Insert citation”), and to generate your list of references (“Bibliography”) according to the specific style you need (“Style”). 

External tools also exist, such as Zotero, Mendeley, EndNote, or CiteThemRight – which have pretty much the same functionalities – managing your references with one of these tools will save you a gigantic among of time and effort, so by all means, pick the one that works best for you and run with it. 

Examples 

I promised you some examples, so here goes: 

Harvard / APA styles 

In-text citation 

Saunders, Lewis and Thornhill (2019), or Saunders et al. (2019), when the author’s names are part of the sentence, or (Saunders, Lewis and Thornhill, 2019) or (Saunders et al., 2019) when they are not. 

Reference list entry 

Saunders, M. N. K., Lewis, P. and Thornhill, A. (2019) Research methods for business students. Eighth Edition. New York: Pearson. 

Oxford style (OSCOLA) 

In-text citation 

OSCOLA uses numeric references, with the full reference given in a correspondingly numbered footnote. So, in your text, you would simply put a superscript number by inserting a footnote1 and then the footnote would contain the reference as: 

Mark NK Saunders, Philip Lewis and Adrian Thornhill, Research Methods for Business Students (Eighth Edition, Pearson 2019). 

Reference list entry 

Saunders MNK, Lewis P and Thornhill A, Research Methods for Business Students (Eighth Edition, Pearson 2019) 

Note the difference between the footnote reference and reference list entry – in the footnote, you give the author names in “firstname, lastname” format, whereas in the reference list you give it in “lastname, f.” format. 

If this looks complicated, it is! 😊 Which is why I reiterate my advice to use a reference management tool – whichever one works for you. 

Hope this prepares you well for writing your academic paper or assignments.  If you are stuck or have any questions, our highly qualified, world class faculty will guide you through using the correct methods and techniques for referencing and citations.  

#DILO – A day in the life an RKC Master’s student – David

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As a former Education advisor, if I had to pick one of the most frequently asked questions by prospective students, it would be “How many hours do I need to study?”  

The vast majority (if not all) of our students are working and leading hectic professional lives. Some are motivated and have already decided to undertake a master’s, while others contemplate the unknowns of an online programme. In my experience, two things affect their decision the most.   

First – finances, and second, being able to strike the perfect work, study, and life balance. While I cannot completely help you with the finances (partially yes – check out the discount offers currently being offered on our online MBA, MSc, and LL.M programmes), I thought what I could do to help was to bring some facts to light about the other unknowns – what does a typical day in the life of an online master’s student look like?  

I asked a few of our students from different walks of life, occupations, and personal situations to answer a few questions on their study tactics and strategies, plans and reality, and so on.  So, through our ‘#DILO ‘a typical day in the life of a master’s student’ blog series every month, we bring to you one of our actual students or alumni sharing the insights.   

Today, we’re looking at David’s typical study days. David, an RKC & University of Cumbria soon-to-be graduate, offered us these answers:  

An Introduction  

Vidhi Kapoor (VK): Which programme did you choose and why?  

David Andaclio (DA):  MBA – International Business. I chose this topic based on my experience and the UoC partnership with Robert Kennedy College in Switzerland and the global diversification of international students.  

Stayed focused and consistent

The Study Plan   

VK : How did you plan to study each module, and what was the reality? How many hours did/do you have to put in each day/or in a week?  

DA: I dedicated time during the week and each day, stayed focused and consistent, and it took approximately 4 hours a day.  

VK: What part of the day did/do you find most suitable to study? (e.g. early mornings, lunch break, evenings, weekends?)  

DA: Early mornings were more suitable for me.  

David allocates approximately 4 hours a day for study

VK: How much time did you devote for each assignment?  

DA: I devoted about 8-12 hours.  

Travelling and Communication  

VK: Did you travel for work? How did travelling impact your ability to study?  

DA: Not at all  

VK: How were you able to interact with peers and/or professors given the time differences?  

DA: Not an issue. [Editor’s note: Interaction is mostly asynchronous through discussion forums] 

A typical day as a master’s student  

VK: What does a typical day as an Online Masters’ student look like for you?  

 DA: I had to learn to balance everyday work and family matters and dedicate time out of each day to the online master’s program. Being consistent and focused was key to managing the process.  

Any advice?  

VK: Any advice you have for students to better plan their studies.  

DA: Yes. Map out a study plan, identify the hours you will spend, develop a framework to stay ahead and once again, be consistent with the task. No procrastination.  

Develop a framework to stay ahead and no procrastination!

Alright friends, this was a sneak peek of a typical day in David’s life as a master’s student. I hope you find it insightful and informative and that it gives you an idea of what to expect when you enrol for our master’s programmes. Watch this space as we have many more interesting insights coming up! 

Are you stressed? Here are 5 ways how to cope with stress

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I cannot stress enough (pun intended) that stress is part of everyone’s life, in one way or another: it is the proportion that differs.

We all are different and handle stress in different ways.

I recently moved from one province to another. Trust me, it was more stressful than moving countries as I did almost four years back.  I stopped to think, why? I was venturing out onto an unknown territory in both cases, I knew one or a few friends and family there, and it was a new challenge in my life. Then what was different, I wondered. Upon analysing the situation, I came to an interesting conclusion. There were a few things that were different in the first case: 1. I was more willing/open to change 2. I was mentally better prepared 3. I was young(er). (But does that matter? Check out our blog: Age is just a number) 4. I had greater acceptability for risks 5. The fear of the outcome was significantly less/or none at all. 

By definition, stress is a feeling of physical, psychological, or emotional tension. It can originate from stress-causing factors or stressors; that makes you feel nervous, angry, or frustrated. The feeling of stress that continues even after the stressor (the event or the thought) is gone becomes anxiety. The body, as a result, requires immediate attention. And like I said before, it’s one’s response to stress, and it is stress management that makes a big difference to their well-being. 

Types of stress

There are two types of stress: 

  1. Acute stress: acute stress refers to situational events relating to the present or near future. These can be small everyday situations like meeting a deadline, getting late to work or missing an appointment. Better time management can help you become more resilient towards acute stress. 
  2. Chronic stress: when you are exposed to high-pressure situations for prolonged intervals, it leads to chronic stress. This may lead to other symptoms of stress such as depression and anxiety. 

The stressors can be of three types:

  1. Routine stress such as work-related stress, studies, financial stress, etc.
  2. Unexpected stress like change in location, job 
  3. Traumatic stress that results from an accident, social, economic, or environmental disaster, etc.
Financial stress is a kind of routine stress

And I think that some stresses just fall under all the above three categories. For instance, Covid-19 that started as traumatic stress, has seeped into our lives as routine stress. 

We live in a very dynamic, ever-changing, highly competitive world with an information overload through various media including social-media. In the concrete jungle we live and work in, living in stress has become a new normal, and it’s down to ‘survival of the fittest. Because more than what stress you have, how you manage it is more important. Here are five ways how one can manage stress.

5 strategies to cope with stress

Time Management

Time management is key for successful and efficient life

I believe the key to a successful and efficient life is better time management. Most of our stresses that lead to more tensions can be warded off simply by managing your time more effectively. This is true in any part of our lives. If you are following our #DILO series – A day in the life of an RKC Student, you have noticed that all the RKC students and alumni trust that better time management is essential for work-life balance and successful completion of the master’s programme. Also, check out our blog on time management.

Yoga & Exercise

Set a routine that allows some exercise, a physical activity, going outdoors, or follow a sport. There are several forms of yoga such as hot yoga, power yoga, Iyengar yoga, Bikram yoga, and many more. Exercise and/or yoga relieve your mind and body from mental and muscular stress. It balances hormones and reduces stress. 

Meditate

Quiet your mind from unnecessary thoughts

As I mentioned before, stress is caused by an event or thought – the stressor. It is, therefore, necessary to quiet your mind and free it from unnecessary thoughts. Meditation has proven to be an effective tool in managing stress and leading a stress-free life. 

Eat healthily

Prepare a meal plan and avoid processed foods

Eating healthy should be a lifestyle you choose to live. In today’s world, everyone is rushed and mindlessly following the rat race from morning till night, meeting deadlines, jobs, handling personal responsibilities, relationships. There is no time to eat, let alone eat a healthy meal. Just a quick grab fast food has become a lifestyle for many. Eating a healthy balanced diet helps to develop a strong immune system that helps in dealing with stress. Prepare a meal plan for the week and buy the ingredients. While healthy eating planning can be daunting, it can be easily managed by prepping for a week or few days in advance. Prepare home cooked meals with fresh vegetables and fruits and avoid the processed foods. You may also want to cut down on sugar and artificially flavoured drinks and watch out fo the portion sizes.

Talk and share

Vent off some steam every now and then

If you feel stress symptoms, don’t be wary about sharing your feelings with friends, family, or colleagues. Often we realise that we are not the only ones dealing with stress, Vent off some steam now and then and that helps too.

While it may seem like stress management can be stressful, the above five ways prove to be simple yet effective means to cope with stress. It is essential to take care of your well-being. 

Stressed about which masters programme you should pursue, how online education works, or what the application process is? Don’t worry, we got you. Talk to our advisors today on WhatsApp to get answers to these questions.

4 ways in which International Business Law affects trade

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In the global economy that we live in today, everything and everyone is connected and inter-dependent. The demand for companies to grow multi-nationally has grown exponentially since the pandemic started last year. Internet boom in the late ’90s and 2000s had been instrumental in the dramatic rise in international business. Now, it seems to have exploded manifold.  

The scale and scope of business operations are not limited to one country. While the raw material is procured in one country, it is manufactured or assembled in a different country and marketed and sold in yet another. Businesses have crossed boundaries set by a country’s borders. They operate and thrive on foreign land. It is however not the same as operating in the homeland. Before setting foot on the foreign land and expanding, a business must familiarise itself with the land’s laws, legal system, social and economic conditions, political system, and culture. All these factors have a significant impact on the running of the business and its bottom-line.  

Laws affect every business, whether it is being operated as a ‘brick and mortar store or selling goods/services online. Different countries have different legal systems established to protect the country’s economy and trade and preserve their social, economic, cultural, political environment.

National governments have an important relationship with global businesses. Governments tend to control and manage their trade relationships with an array of policies like taxation laws, tariffs, subsidies, currency controls, import-export policies, free-trade zones, and so on. For instance, China is a Communists government, and the government formulates and strictly controls all business sector laws.

On the other hand, India has a democratic government, and business laws are made to protect small businesses and consumers.

There are three types of legal systems: 1. Civil law, 2. Common law and 3. Religious law. Countries like the United States, India, and Australia use common law systems; Germany, France, and Russia use civil law systems and countries like Pakistan, Middle Eastern countries, Saudi Arabia and Iran operate on Islamic laws. Therefore, it is imperative for any business to fully understand the legal system that it is going to operate in and abide by its rules and regulations for conducting a business.  

Here are four ways in which international business law affects trade and things every business must research well before venturing into the country or region to avoid any failures:  

1.   Taxes  

Taxes take a major cut out of a company’s profits. When it comes to taxes, companies should do their homework well. From how much taxes are levied on the goods and services, manufacturing or selling, to how the taxes should be charged, i.e., either include taxes in the sale price or charge extra tax, the businesses must follow the standards set by the law. Companies like to operate in countries that offer attractive tax regimes with low tax rates on income, capital gains, and dividend income. Singapore, for these reasons, has been one of the most popular locations for companies to set up offices in the country and enjoy its lowest corporate tax rates.  

2.   Intellectual property  

Legalities around intellectual property can be complicated and expensive. Trademarks, copyright, and patents are intellectual properties that every business needs to guard and protect. Countries take extra measures to attract international business by establishing stringent IP protection laws and reducing piracy. Governments across the world have established several acts and international conventions to protect international businesses and resolve issues if any arise. The Paris Convention for the protection of Industrial property, the United Nations Convention on contracts for International Sale of Goods, the Foreign Corrupt Practices Act, the Madrid Protocol, the Singapore Treaty, the Nice Agreement, the Patent Law Treaty and the Hague agreement are a few of the many international treaties formed to protect international business and trade.  

3.   Supply Chain and Infrastructure  

Establishing an effective and efficient infrastructure is the backbone of any successful business. Cheap sources of raw material can help companies to have huge profit margins. International business laws exist that regulate international shipping, export and import duties.  

4.   Labour Laws  

While cheap labour attracts foreign investment into a country, labour laws exist to protect human resources from any exploitation. The textile and footwear industry are among the many industries that have shifted their manufacturing operations to Asian countries that offer cheap labour. The Rana Plaza collapse, an incident in a Bangladeshi factory, happened in 2013 but is still fresh in the memory of many who lost their near and dear ones in this event. The plaza collapsed, killing thousands of its workers due to large structural cracks and poor labour protection laws. The incident stirred up an international movement and led to the establishment of International Labour Law (ILO). The ILO is the source of international labour law that is embodied in its Conventions, recommendations and the documents that emanate from the supervisory mechanism responsible for applying those international labour standards.  

These are a few of the things that any organization should take into account before venturing out into international business. If these legalities are correctly taken care of, legal counsels suggest that companies can maximise their bottom lines and enjoy huge revenues and profits. If International business law interests you or you would like to understand it better, join our one-year Online Master of Laws programme specialising in International Business Law. 

Is your company competitive? Here are 4 strategies to make it one! 

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“No competition, no progress”

Bela Karolyi 

I could not agree more with the world-renowned Hungarian-born Romanian American gymnastics coach, who transformed gymnastics coaching in the US and was responsible for bringing home numerous international laurels. His words are not only applicable in sports but are equally fitting in the business world as well.  

Businesses do not operate in isolation. Gone are the days of monopoly where companies could dominate a market or industry. Today, in the fast-moving-digital-world, every business, big or small, faces stiff competition to hold a fair share of the market.  

Carefully analyze company’s competitive environment when formulating a business plan

When formulating a business plan, it is essential to analyse the company’s competitive environment. The competitive environment is the intricate external system in which the business operates and comprises of several factors or elements that affect and shape the industry. These elements include, and are not limited to:  

1. Competitors – Direct and Indirect  

2. Government regulations and laws  

3. Suppliers  

4.  Substitutes  

5. Technological trends  

6. Demographic Composition  

7. Network of Distribution  

8. Corporate culture  

Industrialists, innovators, and entrepreneurs need to think critically about these factors that affect the company’s profitability and success. (Also, check out our blog on 7 ways to improve critical thinking). It is imperative to understand the competition landscape and scope. This is necessary to prepare the kind of resources, investment, and technology required to build a sustainable and profitable business. In the good ol’ days, companies could thrive with little or no competition. In comparison, companies now must adopt new and innovative means to compete with other firms in the business environment and to have a competitive advantage over them. Strategic forecasting, planning, and implementation can lead to success in competition. Various strategies can help businesses build undefeatable and sustainable products and services.  

Caption – PESTEL model (reference)

Here are 4 strategies that can help build competitive advantages for your business:  

1. Cost Leadership  

Businesses run for profit. By definition, profit is a financial gain realised due to the difference between the amount earned and the amount spent on buying, operating, or producing a product or a service. It is one of the oldest tricks in the (business) book to be a cost-leader. When a business decides to pursue the cost-leadership strategy, it vows to provide the goods or services at a competitively lower price than any of its rivals can ever offer.

Such firms operate on the lowest cost structure, have reasonable control over the entire supply chain, suppliers, and raw materials, and have tight controls on the whole value chain activities. Walmart, IKEA, McDonald’s, Primark, and RyanAir are a few examples of firms that attribute their business success to a cost-leadership strategy.  

2.  Differentiation  

“You can’t look at the competition and say you’re going to do it better. You have to look at the competition and say you’re going to do it  differently”.

Steve Jobs  
Why HERMES?

Offering a low-cost product is not always an option in a competitive environment. Different consumers have different demands. Companies, by providing high-end quality products, also influence many customers’ buying decisions, who would otherwise choose the cheaper alternative. Even though companies always intend to keep their costs low, they are willing to spend on research and development costs, marketing, customer service, or innovation to develop a niche product or service, for which consumers are willing to pay a premium price. Apple, Starbucks, Tesla, Tiffany & Co., Emirates, and Hermes are examples of companies whose thoughtful approach to differentiation and compelling storytelling strategy makes millions of consumers spend premium prices for their products and services.  

3. Focus  

This strategy is quite different from the above two strategies. Business here focuses its primary strategy, i.e., operating at a lower cost or adding value but on a limited market, much narrower in scope than the broader cost leader or differentiator. The company intends to make concentrated efforts based on either a particular buyer group, geographic uniqueness, a unique product line, or a special attribute appealing to a niche customer class to cater to the specific demand of a limited number of customers. Gucci, Rolls Royce, Diet Coke, NetJets, and DC Design are a few examples of companies that have successfully adopted the focus strategy.  

4. Strategic group  

“Anytime you find someone more successful than you, especially when you’re both in the same business, you know they are doing something that you aren’t”. 

Malcom X  
The Cosmetics Industry has close knit competition and companies follow similar strategies to build competitive advantage

Groups of businesses of comparable size and range that operate in the same industry and follow the same strategies to build competitive advantages are termed strategic groups. The competition is so closely knit in such environments that even a small movement by the competitor affects the others’ market position. It helps build a strategic group map to identify businesses’ closest competitors and evaluate how your company is positioned in the industry. Common examples of strategic groups are the restaurants, retailers, cosmetic brands, and the aviation industry.  

These are four strategies, more commonly known as Michael Porter’s ‘generic’ business-level strategies as these can be applied to any business, by any firm in any industry.  

Which strategy do you think is the most powerful in building a competitive business advantage in your own context? Share your thoughts and ideas in the comments below.  

Can entrepreneurship and innovation be taught? 

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Can you think ‘out of the box’?

When I was in school, let’s just say a decade ago.. okay two decades ago, I remember being taught the principles of economics – theory of demand and supply, demand and supply curve, market equilibrium, price ceilings and floors, so on and so forth. Later as a business student at university, I learned about economic models and even more complex financial terms about running a business, such as behavioural economics, macro and microeconomic policies, government policies, international trade and its impact. I have no recollection of ever being asked to or being taught to ‘think out of the box’ (the economics book in this case).  

The businesses, usually large traditional corporations, family-owned companies big and small, ran on the business theories and principles established many years ago.  

Fast forward to the 21st century; I see a new world around me. The businesses are no longer just large corporations run on an old-school of thought. There has been a paradigm shift in the way the companies are run and how they are conceptualized in the first place. I am sure everyone remembers the time of late 90s and early 00s – ‘the infamous dot com/bubble era’ that vowed to change the world and as a matter of fact, it did change the world! 

The bubble burst vowed to change the world

The bubble era engendered a trend of entrepreneurship of a scope like never before. The entrepreneurs – the new gurus of the business world – worked on very different business principles and business plans. Business plans were mainly driven by the strategy of growing big fast, being ubiquitous, insanely high stock market valuations, and focusing on branding and marketing to gain market share. And to establish a new trend, the essential ingredient was innovation.  

Hence, the birth and rise of entrepreneurship and innovation.  

In today’s evolving business environment, entrepreneurship and innovation have become increasingly popular. There has been a notable rise in the entrepreneurial activities around the globe in the last decade. Even the corporations are paying heed to the increasing value of innovation and the entrepreneurial mindset in the workplace. It is now believed to correlate to organisation’s profitability and growth directly.  

Tesla is innovative entrepreneurship while Uber a scalable start-up business entrepreneurship

There are several forms of entrepreneurship, such as Innovative entrepreneurship, social, scalable start-up business entrepreneurship, big and small entrepreneurship. To give some real-life examples, Tesla aimed to innovate the automobile industry by introducing luxurious yet affordable and efficient electric cars. On the hand, Uber, a scalable start-up business entrepreneurship, started with an idea to disrupt the taxi industry and attracted various capitalists’ interest and bagged millions of dollars in investment, scaling the business to an otherwise inconceivable level, growing the company worldwide.  

All entrepreneurs have one thing in common – Innovation

And all the entrepreneurs (and their companies) like Bill Gates, Steve Jobs, Jack Ma, Elon Musk, Mark Zuckerberg, Walt Disney, J.K Rowling, Jeff Bezos (the list cannot be exhaustive), have one thing in common – Innovation. Microsoft, Apple, Alibaba, Tesla, Facebook, and Amazon witnessed tremendous business success through innovation by triggering a paradigm shift or evolving an old product with new technology.  

The benefits and increasing importance of innovation and entrepreneurship are manifold. As mentioned earlier, corporations are also realising their impact on their success. A study by Microsoft and McKinsey states that organisations show a direct correlation between employee retention and innovation, and innovative firms are more likely to retain employees. The study also reveals that companies that were assessed as having ‘innovative cultures’ were twice as likely to expect double-digit growth.  

So, the question remains if someone is a born Entrepreneur, is naturally innovative, or such attributes can be learnt, and whether individuals can be  adequately trained to be innovative entrepreneurs.  

The question remains if someone is a born Entrepreneur

“Profound growth requires innovation and, to foster innovation, you need people to feel trusted and supported to experiment and learn. There can be real returns for leaders who learn to let go and coach teams to constantly improve.”

Dr. Parke.  

To answer the question, yes, entrepreneurship and innovation can be taught, and with proper education, these skills can be mastered. By studying entrepreneurship and innovation, you can learn the underlying principles of starting a business, how to avoid common pitfalls, pitch ideas effectively, validate your product, develop a solid business model, and how to set yourself up for success in a field where failure is common. A good entrepreneurship and innovation programme will expose you to the challenges, contexts, and implications of entrepreneurship and provide you with a sense of the difficulties inherent in starting up and running a new enterprise. You will develop a critical understanding of contemporary discourses surrounding entrepreneurs and entrepreneurship as they are found in a range of national cultures and organisational contexts. The programme brings together relevant contemporary academic theory and research with a practical understanding of activities.  

We offer an online MBA Entrepreneurship and Innovation programme specifically designed to foster entrepreneurial and innovation skills to enable you to have a career managing innovation in existing firms and found new ventures. You will learn how organisations build value by applying entrepreneurial practices, the challenges and opportunities typically facing new and existing businesses, and the ability to design and implement creative strategies. Talk to one of our advisors to learn more about this and our other programmes. 

#DILO (A day in the life of) a master’s student – Andy W

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Continuing with our blog series bringing you answers to some of the questions we at Robert Kennedy College (RKC) get frequently from students who are looking to join one of our online programmes. We asked some of our past and current students to share their thoughts and opinions, to give their feedback on how they handled online learning challenges. Hopefully, this will in turn help you make an informed decision.

Blog series on ‘a day in the life of an online master’s degree student

Let us learn from those who came before and see if what worked for them will also help you become a better student! 

Andy is from the United Kingdom and has completed our 100% Online Master of Business Administration that we offer through an exclusive partnership with the University of Cumbria, U.K., and this is what he had to say about what worked for him. 

An Introduction

Who are you, really? 

Andy W

Which Uni are you studying with? 

University of Cumbria

Which programme did you choose and why? 

Master of Business Administration (MBA)

The Study Plan

Plan the best way to study

How did you plan to study each module, and what was the reality? How many hours did/do you have to put in each day/or in a week?

I planned to allocate a certain number of hours per week on fixed evenings and the occasional weekend, but it didn’t work out that way. I’m definitely a “deadlines” person, so the regular modular structure of the course helped keep things ticking along nicely, with draft essays and other assignments keeping me focused on making good progress. It became more of a challenge with the dissertation as there was a) a hiatus after finishing the last essay and then being allowed to start the dissertation, so I completely lost momentum and, b) there were no intermediate milestones/deadlines to keep me ticking along. As a result, I had to be much more disciplined and ended up taking blocks of time off work to complete the dissertation. I clearly needed to get up a head of steam and tackle sections in a block rather than do a little often with stop-start not working for me.

What part of the day did/do you find most suitable to study? (e.g. early mornings, lunch break, evenings, weekends?)

As above, longer blocks of time suited me best, rather than a particular time of day. That said, because I was also doing a full-time job and other activities, I was mostly restricted to evenings and weekends.

How much time did you devote to each assignment? 

Unknown, sorry – I didn’t keep a log. 

Travelling and Communication 

Travel and staying connected

How did travelling impact your ability to study? 

Work travel tends to be occasional long-haul flights for me, which helped as I could download relevant readings and could then take notes, etc. on the flight. Most of my study time, however, was spent at home. Travelling was not applicable in my case.

How were you able to interact with peers and/or professors given the time differences? 

The forums were okay, but this is the biggest issue with remote courses in my experience. You simply don’t get the same level of interaction, shared learning, and general camaraderie/shared experience as you do with face-to-face learning. This was particularly noticeable with the excellent week-long sustainability residential in Cumbria, especially when juxtaposed against the comparative isolation (even loneliness) of the dissertation. The benefits of remote learning definitely outweigh the restrictions, however. 

A typical day as a master’s student 

What does a typical day as an Online Masters’ student look like for you? 

Lots of evening reading during the modules, getting the interim assignments complete and then a bigger burst of effort in two or three day block for the final assessment submissions. The dissertation was a whole new ball game with longer blocks of time needed to really focus on getting the job done. 

Any advice? 

Listen to advice, but figure out what works for you
Any advice you have for students to better plan their studies. 

I can only suggest people find their own rhythm – if you’re very disciplined, then a little often may work for you, but I’m not like that so had to adapt to fit my own way of working within the wider context of work and MBA deadlines. 

I hope this blog has answered some of your questions, and please watch this space for similar posts. You can also chat LIVE on WhatsApp with one of our Education Advisors for more information on all the programmes we offer, the application process, and for details on discounts we might be offering at this time.

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