What MBA Students Need to Know About Circular Economy

1. What MBA Students Need to Know About Circular Economy? MBA students need to understand the concept of circular economy as it presents a sustainable and innovative approach to economic development. In a circular economy, the goal is to minimize waste and utilize resources more productively through strategies such as redesigning products, optimizing processes, and creating resilient supply chains. This model encourages businesses to share, lease, reuse, and repair, refurbish, and recycle existing materials and products. It aligns with sustainable practices and opens up new possibilities, particularly for developing and emerging industries. Therefore, MBA students should be well-versed in the principles and strategies of the circular economy to drive innovation, optimize resource use, and enhance sustainability in their future business ventures. It is the responsibility of MBA colleges to take the initiative and imbibe such concepts into their curriculum and practical training.

2. Key Elements of Circular Economies Design for the Future : In a circular economy, products and services are designed to avoid waste and ensure that resources can be reused. This includes designing for durability, recyclability, and upgradability. Preserve and Extend What's Already Made : This involves using items for as long as possible, through repair, reuse, and remanufacturing. It extends the lifecycle of products and reduces the need for new resources. Responsible Consumption and Production : It is crucial to foster mindful consumption habits. This includes advocating for responsible and ethical methods of production, as well as enlightening consumers on making knowledgeable decisions that resonate with the tenets of a circular economy. Use Waste as a Resource : Instead of disposing of waste, a circular economy sees it as a valuable resource that can be recycled or composted, turning it into a new product or resource. Rethink the Business Model : Companies need to shift from a linear 'take-make-dispose' model to a circular model where resources are kept in use. This could include leasing products instead of selling them or offering a service instead of a product. Collaborate to Create Joint Value : Collaboration across supply chains and sectors can help to create a more circular economy. By working together, companies can share resources, reduce waste, and create joint value.

3. How SKIPS Imbibes the Core Concepts of Circular Economy in its Curriculum and Practical Training? SKIPS School of Business in Ahmedabad, is at the forefront of integrating circular economy principles into its PGDM program, ensuring that students are well-equipped with the knowledge and skills needed to thrive in a sustainable business landscape. Here's how SKIPS incorporates these core concepts : 1. Circular Economy in the Curriculum The PGDM program at SKIPS includes dedicated sections in a curriculum that delve into circular economy principles. Students engage in in-depth analyses of companies like Interface, examining how innovative take-back programs contribute to recycling and waste reduction. 2. Entrepreneurial Initiatives for Circular Business Models SKIPS encourages entrepreneurial thinking with a focus on circular business models. As part of their practical training, students develop business plans that prioritize resource efficiency and waste reduction. 3. Sustainable Supply Chain Management The curriculum emphasizes sustainable supply chain practices, educating students on responsible material sourcing, waste minimization, and closed- loop systems. Real-world case studies, such as IKEA's circular and climate- positive goals, provide insights into implementing these practices in a business context. 4. Corporate Social Responsibility Programs : SKIPS ensures that CSR initiatives align with circular economy goals. Students work on projects where they collaborate with companies to develop programs focusing on waste reduction, product lifecycle analysis, and

4. community engagement. This hands-on experience prepares them to contribute effectively to sustainability efforts. 5. Policy Advocacy for Circular Economy Legislation: Recognizing the importance of policy advocacy, SKIPS equips MBA graduates with the skills to engage in shaping legislation. The program empowers students to advocate for policies supporting circular economy practices, mirroring successful approaches seen in countries like the Netherlands. This prepares them to be influential leaders driving positive change.