Visible and Invisible Hands at ‘Colors of India’ Fest
On November 21st 2014, the Bangalore School of Management (BSM) – one of the premier Indian B-schools – wore a festive look as the staff and the students excitedly waited for ‘Colors of India’– BSM’s 3-day annual cultural fest – to get started. The festival was inaugurated with the lighting of the lamp by the Chief Guest, Sebastian Kurien (Sebastian), a celebrated social entrepreneur and the Dean, Dr. Lalitha Subramony (Dr. Lalitha). The audience at the 3-day cultural fest included students not just from BSM but also from other multi-disciplinary colleges from across the country. The highlight of the cultural fest was BSM’s initiative to support women entrepreneurs from small scale and cottage industries by inviting them to showcase their products and sell their merchandise at BSM’s stalls. Ironically, the initiative did not kick-off well and the entrepreneurs made very poor sales on the first day. What would be the impact of a day of poor business for the entrepreneurs?....................
Colors of India
‘Colors of India’ – BSM’s 3-day annual cultural fest – was a much awaited event among the student fraternity. It attracted nearly 500-600 students from across the country each year. The programs during the three-day festival included inter-institute dance and music competitions, art and craft workshops, debates, management games, dramas, fashion shows, music concerts, films’ screening, etc. Food stalls at the event served popular Indian recipes and students and faculty alike thronged to the stalls in large numbers.................
BSM’s Social Initiative
On June 23rd 2014, within a week of the commencement of the academic session, Dr. Lalitha called for a meeting with all the students and faculty members to identify the coordinators for BSM’s annual cultural fest. Three faculty members, assisted by four students (two from Ist year and two from IInd year), formed the core committee for the event.
During the meeting, Dr. Lalitha announced that 2014’s cultural fest would be marked by BSM’s initiative to support women entrepreneurs from small scale and cottage industries by inviting them to put up their stalls at BSM at concessional rates.............
At the College Fest
As November approached, all the students and staff at BSM were increasingly engaged with the activities of the upcoming fest. Rajesh and his team were very excited about the prospect of women entrepreneurs showcasing their merchandise at BSM. Shreya Gupta (Shreya), one of the student coordinators from Rajesh’s team, closely interacted with the entrepreneurs and provided them all the information and help they needed...............
Debriefing Session
After the close of events on the first day, members of the core committee met at the college canteen to take stock of the developments of day-1 of the fest. Conversation with Karuna was ringing in Rajesh’s mind. He discussed the same with the student coordinators of ‘Colors of India’.............
Assignment Questions
I. Given the predicament of women entrepreneurs at the end of ‘day-1’ of the cultural fest at BSM, discuss the significance and operation of circular flow of a modern mixed economy.
II. Explain the working of Adam Smith’s doctrine of ‘the invisible hand’ in the case of women entrepreneurs at the culture fest at BSM.
III.................
Exhibits
Exhibit I: Guidelines for Putting up a Stall at BSM’s Annual Cultural Fest
Exhibit II: Stalls of Women Entrepreneurs at BSM’s Annual College Fest