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 – started a social startup named ‘Solutions’ to bring about a positive social and environmental change in the slums of Mumbai. Each of them used different creative methods to educate slum dwellers.

2. Identified Management Principles :

• Principle of Initiative: Each individual took personal initiative to bring change using innovative methods.
• Division of Work: The work was divided among the three, with each handling a different slum.
• Discipline: They were committed to educating the slum dwellers, showing personal discipline and responsibility.
• Innovation and Creativity: All three used different methods – playway, music, and activity-based – showing creativity in applying knowledge.

3. Application of Knowledge:

Though all three had the same educational background (MBA in social work), their methods of applying knowledge varied. This highlights that the personal application of knowledge depends on individual thinking and creativity.

4. Business Environment Component:

This case represents the social environment as part of the business environment. The startup 'Solutions' addressed the need for education and better living conditions in slums.

5. Key Learning:

• Knowledge is effective only when used skillfully and creatively.
• Different approaches can achieve the same goal – in this case, education.
• Entrepreneurship can be driven by social objectives, not just profit.

6. Conclusion:

This case highlights how initiative, division of work, innovation, and social responsibility contribute to success in a social enterprise. It aligns with principles of management and shows real-world application of business studies concepts.