Application of theoretical concepts is a crucial part of studying economics and business management. The focus of most B-Schools in Delhi-NCR today is to encourage and motivate students to apply their business knowledge to solve real world and contemporary challenges. Due to the increasingly complex nature of organizations and businesses in the modern globalized world, business schools need to impart relevant, current and cutting-edge knowledge and skills to their students so that they have an edge over others. By just acquiring an economics or MBA degree one could understand the theory but may not necessarily understand its application in say - marketing. Economic fests provide students a platform for healthy interaction and to showcase their talent.
In this context, one of the young leading B-Schools, the School of Management at THE NORTHCAP UNIVERSITY (NCU) organized an economic fest ‘Arthshastra’.Economics and Business Management students from different universities and colleges across Delhi-NCR participated in various competitions that tested their knowledge and grasp of economics and business concepts and theories.
At Arthshastra the simulations, competitions and presentations motivated students to interact, discuss and analyze various situations and provided important insights into the world of economics and brushed up their business acumen. The events covered areas of practical relevance to entrepreneurs including a mock stock market, asset price volatility etc. It enabled students to identify viable business opportunities, feasible and sustainable business options.
Discussions are an excellent strategy for fostering intellectual agility and enhancing student motivation and passion for the subject. They create opportunities for students to practice and sharpen a number of skills like communication and leadership skills, including the ability to articulate and defend positions, enlist and evaluate evidence, consider different perspectives and develop their own views. Benefits associated with educational fests include opportunities to:
• Stimulate thinking and deepen understanding of concepts and theories.
• Apply theoretical knowledge to solve problems and maximise creativity.
• Test understanding of theory and helps develop new insights.
• Learn from other’s perspectives.
• Develop intellectual and critical skills as well as group work skills.
• Prepare and deliver oral presentations.
• Encourage students to apply and test their learning.
In summary, NCU’s Arthshastra helped to enhance the self-confidence and leadership skills of students which are essential qualities in any business organization. It helped economics and business management students to understand the working of the business world and develop managerial skills among budding entrepreneurs in an environment of enthusiasm and competitive spirit.THE NORTHCAP UNIVERSITY has more such events planned for 2016.
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