Question

Three friends, Aman, Ashish and Ashi after completing their MBA from a reputed management institute, formed a start up named ‘Solutions’. The goal of the start up was to make a social and environmental impact through its services. ‘Solutions’ supports social business ideas to improve living conditions in slums of Mumbai. As all the three friends are specialised in social work, they adopted three different slums of Mumbai and started educating the slum dwellers in their own creative manner. Aman used ‘playway method’, Ashish used ‘music’ as a method of learning while Ashi used ‘activity based method of learning’. They used basic knowledge in their unique manner and were able to educate the slum dwellers.
It implies that skillful and personal application of acquired knowledge varies from individual to individual in achieving desired results.

Answer 1

Case Study: Social Startup by MBA Graduates

1. Introduction:

Three MBA graduates, Aman, Ashish, and Ashi, established a social enterprise named ‘Solutions’. Their aim was to foster positive social and environmental change within Mumbai's slums by employing diverse creative educational approaches for the residents.

2. Identified Management Principles :

• Principle of Initiative: Each founder proactively implemented innovative methods to drive change.
• Division of Work: Responsibilities were distributed among the three, with each focusing on a distinct slum.
• Discipline: Their dedication to educating slum dwellers demonstrated personal discipline and accountability.
• Innovation and Creativity: The founders utilized distinct pedagogical methods – play-based learning, music, and activity-driven approaches – showcasing creative application of their knowledge.

3. Application of Knowledge:

Despite sharing an MBA in social work, their practical application of knowledge differed. This underscores that the individualized application of knowledge is contingent upon personal thought processes and creativity.

4. Business Environment Component:

This scenario exemplifies the social environment as a crucial element of the broader business environment. The 'Solutions' startup directly addressed the educational and living condition needs within slum communities.

5. Key Learning:

• Knowledge gains efficacy through skillful and imaginative deployment.
• Multiple strategies can yield the same outcome; in this instance, education.
• Social objectives, rather than solely profit, can be the impetus for entrepreneurship.

6. Conclusion:

This case illustrates the significant contributions of initiative, work division, and innovation, alongside social responsibility, to the success of social enterprises. It aligns with established management principles and demonstrates the practical relevance of business studies concepts.