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. 

How to declutter your life and get more organized

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It has been on my to-do list since as far as I can remember - to declutter my life and get more organized. While I do get organized occasionally, it does not usually last for long. It is more of an effort than being a habit or a blessing to be born with.  I believe one wins half of their battles, personal or professional, if they are organized. Other attributes, such as better time management, efficiency, etc., are correlated and codependent. 

Better time management and efficiency are co-related

Moreover, this is one of the most common advice our current students and alumni give to the prospective students: to be organized right from the beginning of the master’s programme (please follow our #DILO series for more alumni experience and advice).  

“Clutter is the physical manifestation of unmade decisions fueled by procrastination.”  

Christina Scalise  

We usually see clutter as a tangible physical item around us. However, clutter exposes a much deeper issue than what you can see with naked eyes. It stems from a mind full of unmade decisions. It may be seemingly small initially: clutter permeates every aspect of your life, affecting your personal and professional lives. One may feel overwhelmed, anxious and defeated even with simple things in life.   

Though it is not an overnight process, and the inherent procrastination will make it even more challenging to achieve, decluttering brings with it a plethora of benefits. It may require a great deal of motivation and inspiration.   

Here are some benefits of decluttering:  

  1. Less is more: Minimalism as a way of life. The fewer things you have, the fewer things you have to worry about.   
  1. Improves focus: With fewer things to manage, you will have improved focus on things that matter the most.   
  1. Save time and energy: While earlier you could be struggling to find time to finish even basic tasks, you will be surprised to have adequate resources to start the book you always wanted to read or hobbies and passions you wanted to pursue.   
Decluttering helps save time and energy
  1. Builds confidence: You will feel more confident when you are in-charge and in-control of your life.   
  1. Better decision making: Once you master the art of decluttering, you will become better with your decisions.   

Now, it is easier to preach than to practice. But I found some easy and effective ways to declutter life and become more organized overall. Here are five ways how:  

You’ll never get organized if you don’t have a vision for your life.

Linda L. Eubanks
  1. Have a vision: It is challenging to plan a journey if you do not know your destination. So, it is essential to set the ground right with an unobstructed vision for your personal and professional goal.   
Have a vision for a personal and professional goal
  1. Start small: Living in a cluttered environment brings a lot of stress and anxiety. Even after gathering all courage and motivation to declutter your life, it might be overwhelming to bring in the new change. Start by taking small steps and get accustomed to the changes.   

“Tidying is the act of confronting yourself.”  

Marie Kondo
  1. Be true to yourself: Everyone has some idea (and if not, they should!) of their strengths and weaknesses. Make a concerted effort to win over your weaknesses (and play to your strengths) and make sure weaknesses do not hinder the achievement of your goal.   
  1. Make a schedule/calendar: Create a daily schedule for yourself and note down your priorities. Cluster similar tasks and optimize them. When you are set in the routine, make weekly and monthly tasks’ schedules and write down everything. The calendar will help you stay focused and enables you to stick to your priorities.   
Create a schedule and set your priorities
  1. Be positive: It is essential to remain positive during the entire process of decluttering. As it is a gradual and ongoing process, do not lose your calm or give up. Stay focused on the benefits you would receive from decluttering.   

How do you declutter your life and become more organized? Share your thoughts in the comments below. 

5 key skills and attributes for effective Legal Leadership

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Leadership is a subjective term. We see and hear about effective leaders leading a department, a company or a country. But it is difficult to really quantify or describe what leadership is. You can recognize good leadership examples when you see them but it’s difficult to define. Some leaders are ‘born leaders’, they are a natural, and excel at what they do, while others learn to become good leaders by cultivating attributes and skills, behaviours,  or sets of competencies, that are practiced and mastered to become an effective leader. 

I have talked in the past about Sustainable Leadership in our blog – what it is, and what its principles are. There could be several styles and types of leadership, and areas where leadership is required. One such areas is law and that is called legal leadership. Legal leadership particularly identifies how leaders behave, and how they govern others directly and indirectly, by controlling organizational structures and processes in a legal department or a law firm. 

Douglas B. Richardson says, “All great leaders do five things well, Imagine, Invent, Inspire, Inform, and Influence”. Though all leadership is fundamentally the same, legal leadership can take many forms, involve distinct roles and have different objectives. In a legal department, leadership has many faces: the chief legal officer (CLO), the managing attorneys, the servicing lawyers who work each day with the clients, and all of them should be leaders. Therefore, a legal leader is faced by a unique challenge of leading leaders as more often than not they end up leading other lawyers who are independent identities, individual contributors, pretty much people who do not follow anyone, do not like to be led, trust their own gut, and do not collaborate easily.  

Phew! Legal leaders have to be one hell of a leader!! 

Being a leader in a legal environment is challenging and may not be everyone’s cup of tea. So, what is required to be an effective legal leader? Law firms and corporate legal departments have identified some basic qualities and attributes that a leader should possess. Here are the five skills and attributes that are important for effective legal leadership: 

1. Collaborative skills 

Legal leaders usually find themselves managing large teams and complex cases. They usually have different and difficult sets of people at both ends of their stick. On one end are their own team members. And at the other end are the clients from diverse backgrounds, personalities, education levels, experience levels and requirements. The legal leader plays a key role in coordinating all the aspects, and people in bringing out the desired legal outcome. 

Exercise collaboration with effective communication.

A good legal leader should hit the ground running through effective and early communication amongst the team members, and letting everyone know their tasks after a brainstorming session. Follow up and make sure to listen to their colleagues’ ideas or the issues they are facing, and help them overcome their obstacles and provide the resources if required.  

A legal professional must weigh in everything, facts of the case, potential risks and their consequences

2. Good Judgement 

Success in any profession is highly dependent on good judgement, and this is especially true for the legal profession! It is one the most critical attributes that a legal leader must possess – to apply good judgement and make sound decisions. Legal professionals are faced by situations every day where they must make complex decisions by weighing in the facts of the case, evaluating potential risks and their consequences on the case and on the firm/organization.

Good judgement also requires excellent problem-solving skills. A good legal leader must be able to pre-empt the issues, and must have ideas and many solutions to a problem.  

However, the leaders must not isolate themselves or feel solely responsible for a decision. Though they are leaders, they are still a part of the team, and must seek input of their peers and other experienced legal professionals on critical matters.  

Self-awareness is an important quality of an effective legal leader

3. Self-awareness 

While most of the legal professionals, lawyers, and para-legals would call themselves lone-wolves and individual contributors, they are still part of a legal team. As they become leaders, most lawyers face a hurdle what’s called ‘expert identity trap’.  This means they identify themselves as subject matter experts but do not necessarily see themselves as a leader. Though several attributes are required to be a good legal leader, self-awareness is one of the key qualities of an effective one.  

All legal professionals are bound by the model rules of professional conduct

4. High ethical standards 

The legal profession is heavily based on trust, and each member’s ability to demonstrate highly ethical behaviour. Failure to do so will have many adverse outcomes such as not being able to gain the trust of their client and/or colleagues, and even more critical, being disbarred or legally charged and disciplined for misconduct. All legal professionals are bound by the model rules of professional conduct and they must understand their responsibility as the stakes involved are high! 

5. Diplomacy 

Diplomacy is one of the skills that a legal leader must have to climb the ladder of their legal career. A good leader must exercise diplomacy in handling clients, project the professional image of the firm, and must be respectful of their colleagues. The legal profession is an intensive and demanding career. It is critical for leaders therefore to keep calm and show virtues such as understanding, compassion, and integrity. Diplomacy is not something that one can learn overnight, it is a gradual, self-grooming process that can be effectively used to resolve any conflicts, and manage differences and disagreements. 

To be the best legal leader, it takes lot more than just being book-smart too; one needs to be street smart. Our 100% online master’s degree programme prepares you just for that by providing a deep understanding of the key concepts and theories of leadership and their application in a law-oriented organization. Talk to our advisors today to learn more about the programme. 

Top 5 differences between an MBA and an Executive MBA. Which one is better for you?

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Pursuing the master’s degree is a big decision in many people’s lives. Choosing which programme will be most beneficial for one’s career development can be nerve wrecking too. Because there are choices – too many choices! For example, one might decide to go for an MBA programme, however, there is a choice to pursue an Executive MBA (EMBA) too! As an aspiring student, which one should you choose? Let us explore the differences, pros and cons of both so that you can make an informed decision. 

1. Admission criteria 

One of the foremost differences between an MBA and the EMBA programme is the admission criteria. For most of the MBA programmes minimum experience required varies between 1-3 years. Sometimes, even fresh under-graduates can also apply for MBA programmes given a good academic record.  

On the other hand, an EMBA typically requires candidates to have on average 3 to 6 years’ work experience with at least 2 to 5 years of managerial work experience. Our current MBA students and alumni for example, possess on average 5 to 10 years of work experience, holding leadership and management titles in companies such as risk and quality managers, heads of sales, senior corporate trainers, marketing directors, lawyers, consultants, politicians and diplomats, company presidents and CMOs. 

2. Pace of study 

The MBA programmes are typically pursued on full-time or on-campus basis, and have very demanding schedules. They have more traditional and rigid course structures. An EMBA on the other hand, offers a more flexible study schedule, and are typically delivered in blocks (weekends, once a month, etc.) or online. The majority of the EMBA students are working professionals with busy work schedules. Thus, to optimize their time, EMBAs offer lecture sessions at rarer, but more intense intervals than their MBA counterparts. When done online, these really put flexibility at the forefront. 
 

3. Intensity of the programme 

While both programmes focus on the same core modules, the degree of intensiveness in both varies. For the EMBAs, I will use an analogy of a multi-vitamin supplement – a power packed mix of various vitamins all together in one. Similary, EMBAs are intensive, and one should be ready to absorb a lot of knowledge in a short period of time.  

A regular MBA programme however, spreads the modules over a period of time. The course material is widely distributed and thus is comparatively less intensive than EMBAs. 

Group of students at the Residency in Zurich (At the moment we are conducting Online Residency in light of Covid-19 restrictions).

4. Curriculum and focus 

In an MBA programme, since it accepts candidates with fewer years of experience, the focus is on teaching and developing management knowledge from the basics. It has a broader choice available in terms of the electives that a student can choose from. An EMBA programme, however, has a higher bar set in terms of experience from its candidates. While some of the core modules are same as an MBA programme, an EMBA programme has a more focused approach.  
 

Celebrating our Graduates – University of Cumbria

5. Financial implications 

An EMBA wins over an MBA programme any day when we talk about financial implications of both. Firstly, an EMBA candidate can continue their day jobs and get paid to support their education. MBA programmes with full-time study schedules make it more difficult for students to continue with their jobs. Secondly, since a large portion (or in our case, all of the programme) is studied online, one saves a huge amount of money in travel and living expenses. Thus, the return on investment on an EMBA is typically much higher than a regular MBA programme.  

Money matters..

There is of course the issue of programme cost – these vary wildly though, and you can find really expensive programmes in both EMBA and MBA settings. 

I hope the above provides a few points to help you make the distinction between an MBA and an EMBA programme. 

Robert Kennedy College offers online MBA programmes – which are much closer to EMBAs than they are to MBAs because of their flexibility and incredible value for money. We do that in exclusive partnerships with the University of Cumbria and York St John University. Check out the list of various MBA progammes that we offer and choose the one that best suits your interests and career.  

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