Does an MBA help in managing family business?

The legendary Dr. Peter F. Drucker gave a striking insight about the art and science of management when he said "the job of a business enterprise is to serve customers profitably".

The people who make this happen in a business enterprise are the owners (shareholders), the managers and administrators, and the workers.

At a preliminary level, there are three kinds of managers -

1. Managers who manage others' resources
2. Managers who are owners of their resources, and do manage, but passively
3. Managers who are owners of their resources, and actively engage in day-to-day management

Family is my business.

First of all, you should clearly understand which category you'd fall into. I assume that if you are a young and driven person, then it's probably going to be the third.

Most of the management programmes in India, even of the IIMs, were designed to produce managers of the first type. Starting in the 1960s, that seemed to be the only sensible thing to do, as most of the economy was under a Licence-Quota-Permit-Raj and the only "owners" in the private sector were legacy owners of companies. There really were very few first-generation entrepreneurs or Startups then. What would anyone do by learning the art of management with an ownership mindset, when all you could do is play by the rulebook and manipulate the system enough to get the licences and permits to make shoddy stuff, sell to a desperate population hungry for goods and earn guaranteed profits!

Can I practice actual CAT questions?

Yes, you can.

Well, I have just the right stuff for you. From 2009, when the CAT became computerised, the questions were never available in public domain. But prior to that, printed test papers were available.

I've been invisible lately

The pattern of questions, and their toughness levels, have varied over the years since then, but a general structure has remained the same.

If you want to check out the entire test papers of CAT 2005, 06, 07 and 2008, question by question fully solved, then just follow this process:

Go to PT's online actual CAT questions

Enter your details, and use these credentials (case-sensitive)

Username : CatpracticebyPT
Password :  ptedu2015

Bingo! It's all ready for you, question by question. Practice, and improve. Wishing you great luck for your CAT!
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I failed a big exam twice. Should I give up?

It often happens with students in tough exams - say, UPSC or IIMCAT or XAT. They give their best, and yet are unable to make it even after two attempts. What to do then?

Ask yourself these questions:

Failure, Success, Mindset

1. How many aspirants crack the exam in the first attempt? If the answer is anywhere less than 100%, you are not on the wrong track.
2. How many crack the test in the second attempt? If the answer is again significantly less than 100%, you have hope left.
3. Do some people make it in their 3rd or 4th attempt? If the answer is Yes, you can be one of them.

The real questions to ask, post the above, will be

• Why did I fail in my two attempts? Where did I fall short? Which topics could I not master adequately? Can I master them now, given this background? Was I really sincere enough? What did those who got selected did right that I missed on?
• How badly do I aspire to be a top civil servant? If it's bad enough, striving for a couple of years more is a good idea.
• What do my parents think of it? Do they have faith in me? Will they support me emotionally, and if required, financially through the next few months/years?
• Do I have the energy left in me to go the whole hog again? Or am I exhausted? Was I exhausted even before the second attempt came through?
• If I do not make it even in the next 2 years, what are the other options I am looking at?

Take a small break. Think deeply along these lines. If there is that "aha moment" when you feel totally at ease, totally relaxed and full of clarity in mind, follow the decision that you take at that moment. 

We have all had our share of failures in life. But successful people do not stop at a milestone, or when in a ditch. They keep moving forward, because life does not stop for anyone or anything. As they say, our mindset and attitude has to ultimately mould our lives to best fit our reality, and there is no one better than you to reach that conclusion. 

Finally, it's just an exam! Your success in life may lie way beyond it. God bless!
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XAT 2016 pattern change - how to cope

XLRI's XAT

XLRI's XAT has always been one of the most well-designed and challenging of the MBA entrance tests in India. In fact, I would rate it as a test that's better-designed than even the IIM CAT. Especially in the past 7 years, CAT has taken a knock. XAT has graudally gained a sort-of legendary status among smart candidates.

Some reasons for saying so:

1. Almost never has the test crashed, or leaked! (except the disastrous computerisation attempt a decade ago, quickly shelved, sensibly)
2. The test hardly ever has errors.
3. It is now a 100% transparent test. IIM CAT is 100% opaque. Others are in-between.

So let's see what they are planning to do now, for XAT 2016 (03 Jan)

There are TWO major changes :

CHANGE # 1

Number of Questions and Time Limit - In the main question paper the number of questions have been reduced from 84 to 78 and the time has been increased to 170 minutes.

IMPACT -

• The XAT authorities have indicated that traditionally the total number of attempts in XAT is on the lower side. Toughness of the questions is one of the reasons for this. It has been mentioned that the questions this year would be easier than the previous year.
• Hence, it is clear that this year students would be able to attempt more. If a student has set some targets regarding the number of questions he needs to attempt (which we don't advise), he may have to redraft his strategy. In fact, relax as you would now attempt more!
• The best way to handle this problem is to not set a target on the number of attempts and just try to be as fast as one can be.
• Students will also be able to apply the Scan-Search-Select-Solve (SSSS) technique more easily. It will help attack a greater number of questions now.