Executive MBA in Innovation and Business Creation: mistakes are welcome
A recent publication by Handelsblatt, written by Alexandra Jegers, details amongst other things the process of teaching students of TUM School of Management’s Executive MBA program in Innovation and Business Creation and how students’ mistakes are not only expected, but considered beneficial to the overall development of a professional.
The article begins by detailing the experiences of students currently engaged in the program, who were required to develop an own business concept for a health rating agency, including financial plan, target group and market analysis in the context of a course. The students came to realize that there are already plenty of competitors with similar products and business models in the market. Nevertheless, the aim of the course was not to find an outstanding idea, but to teach them how to develop a business model and make mistakes. Bernhard Kraus, Managing Director of the Executive Education Center at TUM School of Management, explains the concept of allowing mistakes “The plenary session analyses and improves students’ business models. In the course of the program, they are able to build up their own experiences, which they can then resort to in critical cases.” As a consequence, the probability that students repeat these mistakes when founding their own business can be reduced.
The Executive MBA in Innovation & Business Creation is aimed at innovation managers, entrepreneurs or a start-up founders. It offers an educational experience at the interface of cutting edge research and practical expertise for entrepreneurially minded leaders who will be able to identify opportunities, innovate, lead change and create value within existing organizations or new ventures. The program is a result of a strong partnership between Technical University of Munich (TUM) and UnternehmerTUM, the Center for Innovation and Business Creation at TUM. As a degree program of TUM School of Management, the Executive MBA in Innovation & Business Creation is accredited by the European Foundation for Management Development as well as by the Association of MBAs and the Association to Advance Collegiate Schools of Business.
Students’ and universities’ interest in entrepreneurship is undeniable, but is the concept of business creation really something that can be taught in a class room? Jegers’s article states that theory alone is not enough to prepare students for the real challenges of the business world. One of the many advantages of TUM School of Management’s offering is the practical implementation of discussed theoretical material, sometimes on the same day it is taught. Ideas are discussed and presented throughout the entire semester and some of them are even implemented in form of real start-ups. One participant of the course described above founded his own start-up after finishing TUM School of Management’s Executive MBA in Innovation and Business Creation. Universities can support the students’ success by providing the opportunity to establish valuable contacts at institutions like UnternehmerTUM.
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