Category Business Management

How Charles Goodyear’s discovery of the vulcanisation of rubber revolutionised the rubber industry?

In the early 1800s, American businessmen caught the ‘rubber fever. They imported tonnes of rubber from Brazil, hoping to reap riches by turning it into baggage and life preservers. What they didn’t realise was that rubber turned into a sticky mess in summer and became hard and brittle in winter.

Charles Goodyear, whose hardware store went bankrupt in 1830, became interested in turning rubber into a usable material. He experimented by mixing it with various chemicals like nitric acid and sulphur, but with limited success. Once while trying to sell his sulphur-improved rubber at a hardware store, Goodyear became agitated when the owner mocked his product. He gesticulated wildly and the piece of rubber flew from his hand onto a hot, open stove top. While scraping it off, he found that it had become hard yet flexible!

After more experiments, Goodyear finally perfected the process. Called ‘vulcanised’ rubber (from the Roman god of fire, Vulcan), it created untold wealth for the many entrepreneurs who used Goodyear’s idea without his consent, even though he had a patent. Goodyear himself died in 1860 heavily in debt because of fighting and losing many court battles. Much later, his family benefited from the royalties earned from his patent.

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AN INTERVIEW OF YOUNG ACHIEVER VARUN ARORA – FOUNDER AND CEO OF VISARD.ORG

This Class XII student is the founder and CEO of Visard.org, a youth-run, not-for-profit that aims to empower small businesses through technology. Varun Arora speaks about his journey.

What fascinated you to learn about Artificial Intelligence (AI)?

When I was a kid, I was always engrossed in building new things and using my imagination to innovate. I first heard about Al when Intel conducted the Al for Youth programme and got selected for it. I did not have any idea about it, but decided to give it a try and I loved it. I was also intrigued, and so decided to pursue Al on a deeper level.

How was your experience at the Al for Youth programme?

It was a four-month-long programme, and at the end, we were asked to build a project that would be helpful to society in some way and contribute to the welfare of people. Recently, I had the opportunity to present my project to the CEO of Intel, and it was a phenomenal experience! Overall, the programme was beneficial and I consider it the turning point in my journey.

What was your project about?

An Al reading assistant, I made it for kids in the four to eight age group. It aims to develop essential skills in children without any increase in screentime.

You run an organisation called Visard.org.

Our organisation’s main aim is to empower small businesses through technology. We do this through a range of initiatives, one of them being providing solutions such as creating websites for small business owners at rates lower than what many agencies charge. Apart from this, we have various other initiatives that cover areas such as support for artisans, educating/training business owners on tech tools, etc. We have impacted over 100 businesses and have helped small businesses save about Rs. 1 lakh. Additionally, the team size too has grown to over 25. The organisation is also backed by advisors who are alumni of reputed institutions such as Stanford, MIT, NYU, Microsoft, etc.

How do you manage your time between school and your organisation?

Due to the pandemic, my classes have been held online. It was a blessing in disguise because I was able to focus on my project and build my organisation. Once the physical classes start, the actual challenge will begin. But with proper time management and organisational skills, I think I will be able to balance everything.

When we talk about Al, the most pressing question is can humans be replaced by Al.

My answer would be a no. 1 would like to stress the fact that Al is just a displacement and not a replacement. I do agree that in some aspects Al does much better than us humans. We need to understand and accept the fact that it’s going to replace humans in some jobs. But then again, certain jobs such as nursing can never be replaced by computers. For job security in the competitive world, we need to be aware of the latest technology. We need to realise that every day, we are one step closer to the point where humans and robots will coexist, and that this evolution will lead to our co-dependency.

What are your hobbies and interests?

I started cycling recently. With the pandemic locking us inside our homes, there hasn’t been much activity on the road, so why not give cycling a go? I also collect ancient coins and currencies. Other than that, I have been quite busy with school and Visard.

What are your plans for the future? And what would you like to change in society?

My end goal is to be an entrepreneur. I realise that often when we start earning, we stop learning. But it shouldn’t be so, because education gives wisdom too. Also, it is very important to apply what you learn in real life. For example, there is no use in learning to code if you never get to actually code. So the one thing I would like to change in society is the architecture of the Indian education system, which currently focusses more on theoretical concepts than practical application.

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I want to pursue a career in Human Resources

I’m studying in Std XII. I want to pursue a career in Human Resources. What is the scope in this field and the package offered? What are the courses available? Which are the best colleges for these courses in Mumbai?

A diploma/degree course in HR with duration of two years is required to make a career in human resources. The eligibility for this is graduation in any stream. Every large and medium-sized organization keeps a fully functional HRM/HRD/Personnel department managed by HR professionals.

Apart from professional qualifications, an HR professional should be a good listener and a good decision-maker. Being a good judge of competencies and personalities certainly helps, especially during recruitment and promotion process. Several institutes/universities all over India offer courses in HR. Some of the institutes in Mumbai are: Tata Institute of Social Science (TSS), Mumbai; NMIMS School of Business Management, Mumbai; S.P. Jain Institute of Management & Research.

 

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I want to do an MBA in International Business

I have done B.Com. (CA). I want to do an MBA in International Business. As far as I’ve heard from people who have done this course, they say that in the first year of MBA you have to choose some courses and in the second year the specialization. Which course will be related to MBA (IB) in the first year? Does Christ University, Bangalore, offer these courses? Which are the other colleges that offer this course? What are the skills required? How do I get admission?

An MBA programme in International Business teaches about procedure and documentation involved in export and import, methods of approaching customers in foreign countries, currency conversion and fluctuation, raising capital from international market and distribution market. It also includes language and culture curriculum.

Many institutes all over India offer this specialization. Admission is either through CAT, or their own entrance examination. Christ University, Bangalore offers this course as a dual degree programme in collaboration with University of Applied Sciences, Wurzburg-Schweinfurt, Germany (FHWS). In the first two trimesters there are compulsory subjects, which all MBA students study. The next two trimesters are taught in Germany. The last two trimesters have subjects according to your specialization.

The selection process involves Group Discussion (GD), Micro Presentation (MP), Written Assessment (WA), Verbal Assessment (VA) and Personal Interview (PI). Skills required are interpersonal, teamwork and communication.

 

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I want to pursue my career in Business Management

I am a student of Class 9 and want to pursue my career in Business Management specifically from Harvard Business School. Please tell me about the qualifications and the process by which I can get admission.

Harvard Business School (HBS) attracts the best and the brightest MBA applicants from across the world, basic qualification for which is graduation. T’s better to go for B. Tech. as a large number of Harvard students have a technical/engineering background. Then work for few years. The average work experience for Harvard MBA is over 4 years. Without experience, it will be very tough to get in. then prepare well for GMAT. Harvard’s median GMAT score is 730. The selectivity rate for the Harvard MBA is 12%. So be prepared to work hard and remain focused as the path is long.

 

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What are the benefits of doing an MBA? What can I do after an MBA? What kind of job can I take up after that?

An MBA degree offers many professional as well as personal benefits. Whether you work in technology, finance, management or manufacturing, an MBA degree will open opportunities for greater responsibility, career advancement, and increased financial reward. From a personal aspect, an MBA will improve your communication and leadership skills which are vital to professional success.

But remember that all this depends upon the institute from where you do your MBA. There are over 3500 registered B-schools/universities/colleges in India which offer the MBA/PGDM/PGP. If you do it from the Top 25 B Schools, there will be higher chances of having the above benefits.

 

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