Overview Of Game Theory And Information Theory With Negotiation

What is Game Theory? 

Game Theory is a mathematical study of decision-making related to conflicts and various strategies that occurs in many social situations. The Game Theory with negotiation helps you in eliminating the inferior options and keeping the best options. The Prisoner’s Dilemma and Tit for Tat have emerged as the two-game theory strategies. Here, the organizations who are indulged in game theory need to understand the actions of their competitors too and frame strategies accordingly. The negotiation here settles the differences between the two players where they can reach an agreement mutually instead one player winning and another losing.

A few assumptions involved in this Game Theory are:

  • When parties are entirely rational like maximizing their utility, players are aware of the rules of the game, players only accept the higher payoffs, etc.
  • Players number is fixed and known to everyone
  • The players have to make tangible preferences amongst the available options. Here, the choices will remain constant during the negotiation or the conflicts.
  • The parties to the game theory can estimate the preferences and options of the other parties.
  • Here the communication is controlled and limited and is not even relevant to the negotiation or the conflict.
  • With the negotiation in Game Theory, one can reach up to the maximum efficient decision.

Information Theory and Negotiation

Claude Shannon initially devised the Information Theory in which he wanted to find out ways to communicate and communicate data operations. This theory studies the quantity of information, its storage, and communicating it to others. Its crucial measure also involves “Entropy” that states about the amount of uncertainty involved with the random variables and the outcome through a random process. 

The negotiation can be used while the people are competing in the volatile markets and must target the different deals that are lucrative and can get the maximum information about the special deal. Even an arbitration process also takes place between the two parties by communicating their thoughts through digital channels. It will help in resolving the dispute, and even a third party can get involved to reach out to a deadlock.  

Moreover, the communication takes place only when the encoder and the decoder involved in the communication process had a prior agreement on it. Even the messages send under this Information Theory sends and receives the messages in a sequenced format that supports the negotiation seamlessly.

Conclusion

Overall, for reaching out to a standard conclusion between the players in the Game Theory and communicators in the Information Theory, the negotiation plays a vital role. It not only resolves any conflicts but also helps the two parties involved in the dialog to reach out to a conclusion. 

Moreover, negotiation helps in clarifying the goals between the two parties, focusing on talk to get a win-win situation, and after understanding each other’s viewpoint coming to a great outcome that is worthy for both the parties. In any case, if negotiation fails then it can be re-scheduled after some time.

Want to learn more about game theory and negotiation? Join our Art of Negotiation workshop this September! 

5 Tips For Negotiating Your Way Out Of ANYTHING

Negotiation is a necessary skill to have, for even if we are not aware, we are constantly negotiating. When your friend wants to go get a burger but you’re in the mood for pizza, with your relatives, with your partner or your children. It is not only related to the area of business, talking your boss into giving you a promotion or a raise. Negotiation is a skill that we, inadvertently, use every day and for that reason, it’s a skill worth polishing!

  • LISTEN, LISTEN, LISTEN.

Before you do anything else, just listen to what the other entity has to say. In negotiation, he who knows more has  ultimate control over the situation. When you listen to the person that you’re negotiating with, your are showing them that you care and that it is important to you that they get what they want out of the deal as well. 

Knowing what the other person wants gives you a tactical advantage and helps you come up with ways in which you can satisfy them while making sure that you get what you want out of the negotiation. Also, take time to notice how are they speaking; Is their language open and confident or do they sound wary? If the person you’re speaking to is acting wary, you can start by showing that you are trustworthy and ease their concerns before they are even voiced, which again, will put you in a leading position. 

  • KNOW THE DIFFERENCE BETWEEN MINIMUM ACCEPTABLE AND DESIRABLE. 

When entering a negotiation, it is paramount to be clear on what is that you want to achieve. Deciding on the go can leave you feeling dissatisfied or taken advantage of when the excitement over the negotiation fades. 

There are three points that you need to be clear on. These are; What would exceed your expectations, what is your desirable outcome and what is the minimum that you are willing to accept. 

Let’s say that your ideal salary is “x” a year, that would be your desirable outcome and what you are aiming for in your negotiation. Reaching an agreement for “2x” a year would be fantastic! Wouldn’t it? That would be exceeding your expectations. Now, in the worst case scenario, you would do fine with 3/4x a year, what would be your minimum acceptable. 

In a negotiation, you should aim to stay as far as possible from your minimum acceptable for the best results, but always remember that you can’t go below that.

  • START THE NEGOTIATION WITH AN OFFER.

Instead of starting your negotiation with a request, start with an offer instead. If you have been an active listener, you must be aware by now of what is that the other person wants. Your counterpart in a negotiation is probably moving in the same spectrum as you are (minimum acceptable, desirable, exceeding expectations) so now it’s time to walk a mile in their shoes and think about what should be their minimum acceptable. There’s where you want to aim! 

The objective of an initial offer is not to close the deal immediately, but to show your counterpart that you are interested in making them happy, build rapport and create a positive atmosphere before speaking about what you want. Also, their attention will be more focused on what they are to gain from the situation, and they are less likely to think about the cons of agreeing to your request. 

  • MAKE IT ABOUT THEM.

You have clearly voiced your request by now, and you are in need of closing this deal. However, displaying need is the most effective way to end up in a disadvantageous deal! Instead of putting your attention on how much you need to reach an agreement, make your case around the reasons why they need to close the deal. 

Be aware of what you can do for them and paint them a picture of the benefits that agreeing to your deal would have for them. Show them that you are just the right person to give them what they want and add pressure on their side instead of yours. 

For instance, you can say that you can only offer to do this for a limited time because there are other responsibilities coming your way in the foreseeable future. Find a way to create scarcity and add pressure to them by making them realize how much of a win-win situation this is and what a fantastic opportunity they risk losing and you will be three steps closer to doing fantastic business!

  • WALKING AWAY IS AN OPTION.

As counter-intuitive as it may sound, displaying that you are willing to walk away and bearing in mind that a particular negotiation is not the only way in the world to get what you desire creates both an “aura” of confidence around you and a sensation of scarcity for the other part that makes the deal irresistible! 

As much as these tips will help you improve your negotiation skills and help you be way more successful when making deals, not everyone is a match and it’s necessary to remember that it is okay that you are not able to convince everyone! Sometimes, you have pushed too hard and you find yourself in a negotiation that has turned against you, or upon further thought, you feel that you are not satisfied with the arrangement that has been made. If this is the case, you are entitled to walk away and try your luck somewhere else!

Implementing the tips above in your negotiations will have a positive impact and increase your chances of succeeding. Remember to have a clear mind and show confidence and you will have them in the palm of your hand! 

Want to improve your negotiation skills? Join us for a workshop on the “Art of Negotiation” on the 28th/29th of September and learn how to get more from life!

Five Things To Do In Delhi This Weekend

Don’t watch the weekend pass you by; instead fill your days with meaningful, enriching experiences that will stay with you. Here’s what you can do this weekend in Delhi: 

Learn a new language 

A three-month course at Max Mueller Bhavan, or Goethe-Institut, will have you speaking basic German pretty fluently. If you’re looking to give your CV an edge, we’d highly recommend enrolling for this 25-week course that costs about Rs 27,000. 

Spend the day volunteering 

There’s a whole host of organisations that are truly making a difference, and on the look-out for volunteers. From Delhi’s Blind School Association where you can sit and record audio books for the visually-impaired to Frendicoes where you can spend the day looking after injured and abandoned pets, there are many ways for you to make a difference (in a small but meaningful way). 

Attend the ongoing Delhi Theatre Festival 

On from today (August 30) all the way till Sunday, the Delhi Theatre Festival imagines the classical art in “newer, unexplored and younger territories”. If you’ve found the world of theatre slightly intimidating, or you want to start watching more plays, we recommend attending the festival that will showcase the talents of leading actors and writers from around the world. 

Laugh the week off with a comedy show

For less than Rs 500, you can catch comedy all-stars, including Biswa Kalyan Rath, Atul Khatri and Kumar Varun perform at Delhi’s Kedarnath Sahni Auditorium as part of the Bingo! Comedy Adda, There’s nothing like uninterrupted laughs to wash away the stress of the work/school week. 

Project Mynt’s Fashion Photography Workshop

If you’re drawn to the world of fashion photography, check out our upcoming workshop ‘From Concept to Conclusion’. Conducted by Nayantara Parikh, a Delhi-based fashion photographer, the course covers the entire process of creating dramatic, powerful and effective fashion imagery including how to understand or read a brief, lighting, usage of colour and post production. The experiential nature of this workshop ensures that students spend most of their time shooting in real-life situations and, consecutively, learn to deal with the challenges that come their way while they’re on the job. 

 

The Gaming Industry & E-Sports In India | Q&A with Lokmanyu Chaturvedi

Lokmanyu Chaturvedi is a 23 year old, professional E-sports gamer from New Delhi. At a young age, he’s won over 35 domestic and international accolades and is among the top 3 competitive gamers in the country. Lokmanyu has also been a three time winner of prestigious ESL India Cup. He speaks to us about his experience of being a professional gamer and the future of E-sports and gaming in India. 

How did you start your career in gaming?

Well I’ve been in love with the most popular sport in the world, football, ever since I was a kid. I played professional football in high school and college which got me to explore the virtual side of it as well because I was always passionate about the game and I wanted to play with world class players on a virtual pitch. 

It all started with playing it casually with my friends and winning against the CPU by big margins. Since I was the best amongst the casual FIFA players in my circuit, they motivated me to go for a tournament which would have all the top pros in the country. Since I was new in the scene and I had nothing to lose, I played so well that I beat a couple of pro players at that time. Finally, the day came when I went past losing out in the first round and won my first tournament. One tournament led to another which made me a better FIFA player and hence the motivation came to become a competitive player. 

Was there a moment in time where you thought “I want to become a professional gamer!”? Or did you have a plan that you were going to pursue this anyway?

Yes, there came a time when I decided to become a professional. After winning some local tournaments I read and watched a lot more of FIFA E-Sports. Top players in the world, their stories and hard work towards the game increased my dedication ten folds. I never had the plan of becoming a professional since I never knew I could come this far by playing this game casually with my friends at a point of time. It was after the consistency I displayed in all tournaments I played in which led me to take a decision of going pro. 

How does one go about becoming a professional gamer?

Being a professional gamer in India is still a big challenge, to be honest. However, games like DOTA, Counter Strike:GO, League of Legends  are big earners since the investment is huge and frequency of tournaments is much higher. FIFA E-Sports is pretty much underdeveloped due to many reasons. Having said that, if a competitive player can acquire the right kind of knowledge, approach the right kind of organizations and most importantly stay patient without giving into fears of failure just because it’s a niche field then being a professional gamer is as solid as any other job in our country which requires 8 hours a day, probably the one which pays you for following your passion.

And what according to you is the future of gaming in India?

It’s been reverberating a lot lately, “E-sports is the next big thing”.

The potential of Indian gaming market as a whole astonishes me. Mobile gaming is the biggest example in our country. There have been a lot of investors coming in wanting to enter the world of E-sports. They are helping organizations build teams, play professionally with player salaries, instilling  coaches and establishing gaming houses. The future looks really promising and it’s only positive; trust me when I say that. The barrier of gaming being an addiction is slowly slipping down the drain and a professional approach has come in which explains why an E-sport is as important as any traditional sport. 

Okay, this is kind of a tough one, but what is your favourite game of all time and why?

You’ve put me in a tough spot here… this is difficult. But I guess I’ll have to go with Uncharted 4 : A Thief’s End, simply because of the thought and hard work that went in to creating so much detail in this game. You can explore so many things and the story is just absolutely mind blowing. Although, FIFA is my work and I would love to play it all day but if asked other than that, this is the one for sure, as the graphics, storyline and characters is second to none for me. 

A piece of advice you want to give to the people who want to become gamers!

Passion is the most important driving force behind anything we do. However, sometimes it’s just not enough since you have to be skilled at that game as much as you’re passionate about it. I’d say when you decide to go pro at any e-sport, the most important thing to consider is its sustainability and how much it means to you in the long run. 

Being a casual gamer is great since you can explore different games and enjoy it but being a professional at one game is not as easy as it sounds. Since I had so much to consider myself when I decided to make this my profession, I’d suggest everyone to evaluate their potential and not take a hasty decision of choosing this as your work just because you think everybody is playing that game or your friends are doing better at it than you. You’ve got to keep going and do what you love, but at the same time be smart and constantly practice. 

5 Free Softwares That Help To Boost Your Productivity | MyNT Guides

In this age and time, free and easy to use softwares are a blessing. Unless you have a company license to buy softwares for you, tools like Photoshop and even MS Office can burn a hole in your pocket. Here are some FREE softwares that can help you get your work done without taking a serious bite into your wallet. 

Slack 

Slack is a great resource, especially for bigger teams. It helps you organize your work conversations and build channels based on specific teams and projects. It gives you the freedom to work with third party clients as well, without having to leave the main software. Windows, Mac OS, Android, and iOS. There are two types of channels on Slack: the public and the private. Obviously, the former are “threads” that all team members can access and participate in. A private channel, on the other hand, will only be accessible to team members specified by the channel’s creator.

MailChimp

An efficient marketing resource, Mailchimp is a software which helps you send out bulk emailers to a mailing list to promote your products. It has inbuilt templates and customizable ones too which are fairly easy to work with. Apart from that, you can also add links on the emailers that will directly link the reader to your webpage. 

Wunderlist 

Wunderlist is a cloud based task manager and to-do list that helps you get your work done efficiently. It syncs with your phone and computer, so you can access your to-do list anywhere. This free software also supports collaborations; you can easily invite people to collaborate on your to-do list. The overall interface works smoothly and is easy to use. 

Evernote 

Evernote is the boss of all note taking apps. It is a cloud based free software that helps you take notes on your computer and smartphone. These notes can be synced across devices. Evernote also has a desktop client, incase you don’t want to take notes on a smaller device. It has some great organizational features like tagging notes for sorting, cross linking notes and inserting checklists and tables.  

Canva 

Canva is an online design tool that helps businesses, marketers and even self-employed people create impressive creative collaterals without having any design experience. It has an array of free templates to use from. Canva helps people create various kinds of creatives, be it a poster, Instagram post or story, and even helps you jazz up resumes! It is incredibly easy to use with a smooth functioning user interface. 

Skype

Skype has changed the way we communicate with people around the world. It is the most popular telecommunications tool that offers video chat, international calling and texting via the internet. It even has features such as group chat, document sharing and video conference calling. As a business tool, Skype has remained one of the most affordable tools for business communications.

A Lesson On The Importance Of Self-Belief By Srijan Mahajan

This is a three-part story on self belief, one that began when I was still in school. I started playing the keyboard when I was about eight or nine-years-old, and spent the next five-seven years learning everything I could about the instrument. Then, when I got to class 9, a few of my musician friends and I wanted to form a band. You see, the school I attended had an annual Founder’s Day (School Birthday in our school) and we had wanted to perform at it for as long as I could remember. The only problem? We were missing a drummer. 

Till one day I saw that the same school where I’d been learning the keys also organised drum classes. On an absolute whim, I decided to give it a shot so we could complete the band. “How hard could it be?” I thought to myself without realising  that was the first day of the rest of my life. You see, the minute I held the drum sticks in my hand, I had already begun a journey that would take me around the world, playing gigs with many bands, including Parikrama. Needless to say, I also performed at the Founder’s Day. 

Act II

In 2012, I began accepting music production offers but there was a catch: I had no clue how to produce music. A fellow musician and friend, Arsh Sharma would sit in a little corner in his parent’s house learning and he would teach me how to make music. It was here that we went on to record bands and also produce some of our own songs, together as Fuzzculture, with Arsh guiding me the whole way. A few months later, another friend of mine, Nikhil Malik told me that someone he knew was making a movie and needed music for it that he was going to have to produce. Again, on a whim, I pitched the idea of the three of us getting together to do it, instead. By some chance, Nikhil agreed and that right there was the beginning of Studio Fuzz. Together, we worked on the background score for a full-length feature film, MCream when we didn’t have the slightest clue how we’d get it done. What we did know was how to say ‘yes’. 

Third time lucky? 

In 2015, I got curious about making photographs, and decided to make 365 great photographs, one for every day of 2016. This challenge led to me shooting constantly, getting better at photography and, eventually, even getting offered professional photography assignments and a music video–all of which, yep you guessed it, I said ‘yes’ to.

Back to the present

A few days ago, on a particularly rainy and grey morning (the ones that are perfect for a little bit of regression or a pause, if you may), I realised that the one thing that was common between my best work, over a 15-year period,  was that I had no idea how to do it at the time that I decided to do it. In retrospect, learning on the job has contributed entirely to my evolution as both a person and an artist. If I hadn’t said yes to any of those projects, I wouldn’t have learnt to do any of the things I do every day, and my life would’ve looked very, very different. 

So, say yes! I’m sure you’ll figure it out (whatever ‘it’ is)  as you go along. 

 

16 Unconventional Careers That Did Not Exist A Decade Ago

What a wonderful time to be alive. Given the advent of social media and technology, there are far greater employment opportunities today than, say, when our parents joined the workforce. There’s a plethora of unconventional  careers to choose from. Not just doctors and lawyers, the 21st century has been privy to the rise of YouTubers, ethical hackers, writers, stylists and video game designers – all legitimate careers that pay the bills. If you’re still unsure where your passion lies, we encourage you to go through our list of some unconventional jobs that didn’t even exist a decade ago; if any of them appeals to you, deep-dive into literature about it, start looking for ways to explore it on the field, and then evaluate whether it might be your next thing. The path to a fulfilling future begins here. 

Influencer Marketing

An influencer is someone who has expert knowledge and/or social influence in their respective fields, from fashion to music and journalism to comedy. Think of the people you follow on Instagram – Kusha Kapila, Shayan Roy, Mallika Dua, Zaeden…they’re all influencers because they’ve demonstrated a strong commitment to their passion, combined with a superior understanding of how to use social media to engage hundreds of thousands of people. Consequently, influencer marketing is a form of social media marketing involving brand endorsements from such influencers. 

Expected income: It depends on how big and scattered the influencer’s audience is; the sky’s the limit really. 

Youtubers 

With millions of subscribers hooked to their content, broadcast specifically via YouTube, that may range from documentaries, music videos, web series, music covers, cooking, fashion, and more, these personalities influence pop culture in a significant way. One of the best examples is Lilly Singh aka iisuperwomanii, who has been in the business for around a decade. Now, she’s all set to host the next edition of the late-night show, A Little Late with Lilly Singh, becoming the first ever South Asian, queer woman to do so. Talk about smashing the glass ceiling. 

Expected income: On an average, a YouTuber can receive around Rs 1,300 per 1,000 ad views. 

Comedians

Stand-up comedy has arrived in India in a BIG way – it’s a profitable, viable career option that more and more people are pursuing. Supported by tour managers, artist managers and agencies, stand-up comics are becoming celebrities in their own rights. Did you know that Kanan Gill, who was first noticed for Pretentious Movie Reviews, has just been signed on by a massive, US-based talent management agency in an almost-unprecedented move? This just goes to show that Indian stand-up comics are slowly, but surely, finding their place in the spotlight. 

Expected income: The range is between Rs 5,000 – 10,000 per gig for those who are just starting out to veteran comics who earn over Rs 4 lakhs per 30-minute show. 

Network marketing 

Don’t want a 9-5 job sitting at a desk in a corporate office? Network marketing may be for you. This is a business model that depends on person-to-person sales by independent representatives, often working from home – stellar sales skills required! 

Expected income: You can expect to start with a salary of around Rs 20, 000 but work your way up to Rs 1 lakh per month

Artificial Intelligence and Machine Learning 

Artificial Intelligence is the study of how to train computers so that they can accomplish things that the most evolved species of our time, human beings, cannot. An application of AI, Machine Learning provides system with the ability to automatically learn and improve from experience. It’s all very Black Mirror, and it’s happening right now. 

Expected income: The median salary of AI professionals in India is Rs 14.3 lakh across all experience levels.

Experiential Marketing 

Another new-age marketing job, this involves directly engaging with your consumers, inviting and encouraging them to participate in the evolution of a brand or brand experience. The ability to think out-of-the-box, adapt to changing market scenarios and learn from your mistakes (and consumer feedback) are crucial to success as an experiential marketer.

Expected income: One can expect a salary that ranges anywhere between Rs 40,000 and 1,00,000

Mental Health Coach 

Given India’s mental health epidemic, there’s never been a greater need for young, driven and compassionate individuals to join the workforce as mental health care professionals – from therapists to coaches. If you’re not familiar with it, mental health coaching helps clients envision life without depression or any other obstacles on the path to emotional well-being. It is a niche within the coaching field which touches on therapy, but it does not work with or attempt to treat mental illness. 

Expected income: Mental health coaches take home a salary that ranges between Rs 10 lakhs to 15 lakhs.

Ethical Hacking 

Often organisations employ ethical hackers who specialise in penetration testing and other testing methodologies that ensures the security of their information systems. After all, prevention is better than cure. 

Expected income: The average salary of a certified ethical hacker is around Rs 3.5 lakhs and can increase with experience.

Graphic Designing 

Graphic designing is the craft of creating striking, stimulating visual content to communicate messages. Applying visual hierarchy and page layout techniques, graphic designers use typography and pictures to meet their client’s specific needs and focus on the logic of displaying elements in interactive designs to optimise the user experience. Today, graphic designers are creating album art, websites and even branded clothing for brands that seek maximum visual impact. 

Expected income:The average pay for a graphic designer is around Rs 2 lakh per year, but this can vary drastically from person to person. 

Creative Writing

Creative writers, with a flair for words and an obsession with good grammar, use their imagination, creativity, and observation skills to tell a story or weave a compelling narrative. 

Expected income: Although the median salary for content writers in India is around Rs 2.5 lakhs per annum, actual pay varies according to different factors such as job location, company, experience, and niche.

App Developers  

App developers use programming to create softwares according to their client’s brief, that could be to built a networking app, a learning app, a music app and so on. 

Expected income: An entry-level android developer earns approximately Rs 3 lakh per year, whereas an app developer with significant experience could take home an average salary of Rs 5 lakh per month.

Fashion Stylist & Personal Shopper

Fashion stylists are the people working tirelessly behind-the-scenes to make cover stars, Bollywood celebrities and TV personalities look good. Personal shoppers of the rich and famous, on the other hand, assess a client’s style so they can personally curate each item in their wardrobe. 

Expected income: A fashion stylist earns an average salary of Rs 4,40,000 per annum.

Video Game Designer

Don’t just play video games, make them! Video game designers characters and the flow of the game, to make them as appealing to customers as possible. The job requires boundless creativity as well as sophisticated knowledge of software coding. 

Expected income: In India, joining salaries are around Rs  4 lakhs per annum for programmers and designers and Rs 3 lakhs for graphic artists and game developers.

Professional Gamer

A pro gamer is a full-time competitive player who is paid to play video games – yep, you heard that right! You can finally tell your mom that Halo is serious business. Most pro gamers are normally paid by their teams or sponsors to play and compete in gaming tournaments around the world.

Expected income: Still in a nascent stage in India, professional gaming can fetch you around Rs 50,000-1,00,000 if you are backed by good sponsors. Apart from the prize money, that is. 

Food Stylist 

Food stylists are responsible making, well, food look really, really appetising on camera, typically for posters, ad shoots, videos and even Instagram. Most food stylists work on a freelance basis, making it another great job for those who can’t stomach the thought of conventional desk jobs. 

Expected income: Typically food stylists can earn between Rs 30,000 to Rs 35,000 per month, but this varies based on the stylist’s experience level and nature of project(s). 

VFX Artists

A trickle-down trend that’s slowly making its way to India after firmly establishing itself as a technically-advanced job overseas, VFX is now being used in more and more Bollywood and Tollywood films. Think Ra.One,  Baahubali or even something like Shandaar. And the people behind all the magic? VFX artists that create these animations and special effects for movies, television shows, or video games.

Expected income: The salary of VFX artists starts at around Rs 3 lakhs per annum and can go up to Rs 10 lakhs per annum. 

 

Is experiential learning the answer to India’s stunted education system?

Picture this – it’s a hot afternoon in April, school’s just started and you’ve got two back-to-back periods of trigonometry. There’s lots of formulas, no calculators, hefty textbooks, and no real direction. You soldier on, determined to make sense of the triangles on the board, before you realise that you’ve grown up, school’s out and you haven’t learnt anything that might actually help you excel in your chosen career. Sure, the foundation’s there – reading, writing, critical analyzing – but template-style education segregates interests into arts, commerce or science, focusses on exams and marks and culminates with a degree that doesn’t necessarily guarantee that you’re qualified to, for instance, write a song or start a company even though that’s where your heart is. Enter experiential learning, or learning by doing, that can at the very least supplement the more conventional methods. At its most advanced, however, it can disrupt the traditional education system completely.  But experiential learning can change this. 

And there’s no better time than right now to revisit or reimagine what a holistic education can give you. One of Project Mynt’s co-founders, Aayush Naran (engineer-turned-serial-entrepreneur) recalls, “While we were in schools, we were not allowed to use a calculator while dealing with complex arithmetic problems during exams. Using the internet in the school lab was banned, and if I used the internet to study, my parents would never believe that.” However, he points out that, everything changed when he got his first job. “My boss expected me to check Google before I asked him a question, and I was specifically asked “Don’t you own a phone” in a derogatory manner, when I was trying to solve those large number arithmetic problems in my head.” He finds this gap problematic–education was supposed to prepare one for what they were going to do in the future. 

Ways of assessment must also be overhauled, he believes. Narang says, “I was an engineering student and I used to earn more marks to learn computer programming codes and writing them on an answer script than to actually run that program on the computer. Moreover, I knew the code which was to be written but I never downloaded the software which was required to code.” 

So, is experiential learning the answer? 

Narang certainly believes it is. Corporates have started admitting the facts that a better experiential learning background and a self-learning attitude is the actual price-worthy skill, rather than just the degree that people hold in India. The ancient Chinese philosopher, Confucius once said, “I hear and I forget. I see and I remember. I do and I understand.” The idea that learning by doing is not new, only forgotten. However, at Project Mynt we believe that experiential learning is going to be the next big thing in the education space. Soon, it will be widely understood that experiential learning and creative thinking are the skills to chase, not just diplomas and degrees. 

This will also help combat the extra expenditure that corporates (and individuals) need to spend on upskilling themselves for a job. Needs and extra expenditure on upskilling is on a rise due to this lack. Currently, companies and mass recruiters incur huge costs on experiential training due to these lags in the way that India currently studies. You see, as job profiles continue to evolve, social media continues to create new jobs, hierarchies in companies continue to change and the world continues to become a smaller and smaller place, these lags will continue to be exposed. And, hopefully, understood. 

At Project Mynt, we’re placing all bets on the rise of experiential learning – come check out our capsule courses in Filmmaking, Photography, Music Production, Entrepreneurship and more to see how it can transform your education experience. 

 

Understanding Alternative Education & It’s Scope In India

We often forget the tedium of homework, rambling of teachers and red stamps on report cards, in a heady haze of nostalgia, when we think about our school years. However, once you remove those rose-tinted glasses, chances are that uncomfortable questions with respect to the educational system might come up—where it was alright to spend hours thinking about the periodic table but spend little to no time on essay writing. There is no doubt that whenever we talk about education in India, everyone starts complaining about how bureaucratic the system is. However, the upcoming generation of urban parents are evidently evolving and making an effort by enrolling their kids at ‘Alternative Education Academies’ that aim at providing a different environment of learning for students, depending on their capabilities and interests.

Also read: 5 habits that will assure your child’s financial success in future

Many Indian religious and philosophical leaders, like Swami Vivekananda, Jiddu Krishnamurti, Maharishi Yogananda, Satya Sai Baba, have set up schools across the nation that follow alternative ways of teaching.  As we all know, the Right to Education Act has made education compulsory for all children below the age of 14, but our systems haven’t changed much beyond that.

Parents believe that alternative education is complementary to their child’s personality. Jiddu Krishnamurti, a philosopher believes, “Education is not just to pass examinations, take a degree, get a job, get married and settle down, but also to be able to listen to the birds, to see the sky, to see the extraordinary beauty of a tree, and the shape of the hills, and to feel with them, to be really, directly in touch with them.”

As per the Annual Status of Education Report (ASER), the only yearly annual source of data on kids’ learning results accessible in rustic India, only 25.1% of the understudies enlisted in standard III can read standard II level content and only 47.8% of the understudies selected in standard V can read standard II level content. The latest report concluded, “Many parents of school-going children do not have any or much education. They understand the importance of schooling but often do not understand how they can support children’s learning. Hence, there is a need to de-mystify learning to involve parents.”

Given that alternative schools have smaller class sizes, children get a lot more individual attention and are free to progress at their own pace. This is made possible because the educationists at such spaces don’t expect all children in a class to be at the same level at the same time; the belief instead is that each child is unique.   

Another aspect of alternative philosophy is that most educators appreciate that the future is largely unknown and that the best we can do is to ensure children can adapt, learn, un-learn and re-learn skills that will help them navigate an ever-changing world. The future can never be ‘mastered’ by getting high grades, as most children are led to believe. It can only be ‘lived’, and therefore mindset is probably more important than anything else in navigating an unpredictable future.

And the facts back this up; students in alternative schools end up doing better than the ones in regular schools.  Most alternative schools don’t follow prescribed textbooks except for language study and mathematics. Teachers are always encouraged to create their own learning material, sometimes involving children too; letting the child understand the process of learning is part of the overall educational process.

The belief is that adhering to textbooks could promote rote learning which is not encouraged; instead teachers find creative ways to make learning more fun and a lot more effective.

These are a list of alternative schools you can read about which are revolutionising the education space:

  • Mirambika Free Progress School
  • Aarambh Waldorf School
  • The Hypnotherapy School of India
  • Edha Education Foundation
  • Manava Bharti International School
  • Indian Institute of Mass Communication

And this list is growing—a hopeful sign that alternative education is more widely accepted today than ever before. We at MyNT share the same ideas and beliefs; check out our website if you want to learn more about giving your child a fulfilling and immersive learning experience.

How Project MyNT intends to bring about a change in the career building ecosystem of India?

In this day and age – Education is not a want, it’s a need. The future of India, highly depends on this need. Just as a background, there are about 1M+ jobs being wiped out every year due to technology advancements and multiple million people are becoming victims of non-satisfying jobs due to their rate race of meeting opportunity costs or living costs. It’s high time we realize that until we don’t align our interests and passions to the career decisions we make – we’re in danger of being unemployed or deteriorating our mental health.

Education in india

Project Mynt is India’s First Experiential Learning Platform that is trying to address this problem head-on. We target students and young professionals early on in their journeys to get the right amount of exposure to help them target industries that align with their interests and passions. We do this by delivering specially curated capsule courses that help them get a real life experience of an industry that they’re inclined towards. We pick and choose specific fields that have rapid growth today and are going to be the careers of tomorrow.  

Also read:  What can Teenagers do to build a successful future?

After students complete their chosen capsule, they get the industry domain knowledge about further education or employment options in the same field. We complete the entire loop to help the student decipher his/her interest and make wiser decisions for their futures.

How are we able to do this? At Project Mynt, we’ve carefully chosen and selected industry leaders and veterans who have not only built and stamped the authenticity of these capsules but also joined hands as faculty for the same. Our next batch of capsules are scheduled to run in the summer vacations for students in Delhi/NCR wherein we’re looking forward to high levels of engagement and energy towards shaping their future.

The summer capsules will happen in a condensed time frame keeping in mind the availability of school students. The first batch starts on 24th May 2019 and lasts for about a week. We’ve enrolled students and have close to 100 seats left, for those who are travelling – we have a similar batch scheduled to happen in the last week of June 2019.

To apply for being a part of the capsule please click here or mail us on inquiry@projectmynt.com

 

How experiential learning is the way forward in India

As a school kid, most of us used to wait for lab sessions to attend practicals – Chemistry, Biology, Computer, etc. Didn’t we? But why were practicals so much fun? Was it the LIVE experience that made them interesting or the unique methodology that helped us remember all the points for longer?

Here’s a fun fact. Hermann Ebbinghaus formulated the ‘Forgetting Curve’ more than a hundred years ago which explains the decline of memory retention and how information is lost over a period of time when there is no attempt to retain it. Experiencing things in the real-world can help us retain a lot more, a lot faster. Lectures help, but one needs practical knowledge to understand, grow, and excel. Thus, it’s time you make the most of experiential learning.

Also read: All you need to know about Project MyNT

IT’S ALL ABOUT GETTING REALITY CHECKS!

Experiential learning is the process of learning through experience and is more specifically defined as learning through reflection on doing.

Education theorist David A. Kolb’s experiential learning style theory is typically represented by a four-stage learning cycle in which the learner ‘touches all the bases’:

1. Concrete Experience
2. Reflective Observation of the new experience
3. Abstract Conceptualization
4. Active Experimentation

EXPERIENTIAL LEARNING IS THE FUTURE OF LEARNING.

Experiential learning allows students to:
> Develop critical-thinking, problem-solving, and decision-making skills
> Build an emotional connection with the subject
> Leverage real examples for inspiration
> Enhance their experiences to be shared with others

Indian education system needs to evolve and become more experiential where students get an opportunity to go out and explore the real world to gain first-hand knowledge. This will further inspire them to pursue what appeals to them the most. An expert or mentor can guide students to bridge the gap between theoretical and practical learning. This will also help in brushing up their skills with a better understanding of how to act in a particular environment.

Parents must realise that kids need to cope up with today’s fast moving world by making them familiar with the modern ways of learning. Thanks to digital tools and technologies, students can now close the job skill gap in a true sense. Smart classes with projectors, personalized and project-based training, industry visits, etc are some of the methods parents should look forward to for their kids’ personal development.

GET INSPIRED AND GET GOING BECAUSE NOW IS THE TIME!

The skills we need to work today are changing at such a great pace that no system can keep up with them without constant evolution. With competition growing incessantly in the global economy, we must look forward to shifting the discourse from learning new skills to enabling the processes that create these skills.

We, at Project MyNT – My Next Thing, are working towards redefining the methods of learning by providing practical knowledge to students who enrol in our courses. A strong curriculum including sessions by experts and internships will help students figure out the right career opportunities amidst all the confusion and uncertainty.

MyNT aims to give students an insight into careers that are going to take over the world tomorrow and for which there is currently no infrastructure or space in our education program. Enrol here.

Confused about your career? 5 steps to help you make the right choice!

It’s not what you achieve, it’s what you overcome. That’s what defines your career.
– Carlton Fisk

We all go through this phase in our lives when we question ourselves: What’s right for me – Following my hobby or getting into the family business? Pursuing engineering or becoming an entrepreneur? Doing something that makes me happy with small earnings or something that offers great packages?

And do you know why these questions arise? The two main reasons why we can’t decide our career path are:
>> Either we have no clue about what we genuinely like,
>> Or we know what we actually like but don’t think it’s a perfect option to go ahead with!

Have you ever come across someone who slipped smoothly into the right career shoes, and walked away without any troubles? Maybe yes, but very less.

Also read: How experiential learning is the way forward in India?

Well, well. Just take a deep breath and read on to know what you should do to find the right career path! This guide has got your back, trust us:

STEP 1: Mirror, mirror on the wall; what’s my favourite hobby that can become a job?

That’s right. Look deep inside. Figure out things you are passionate about, that make you happy, and can be worked upon. Give directions to your all-time favourite hobbies and pursue them seriously. Self-evaluation is the key!

STEP 2: Say hello to the too-many options and follow the ideal process

In the times when you feel like pursuing multiple things and end up getting confused, just follow the filter process. List down all the options available, research about them and explore as much as you can. Make comparisons and see what’s better, prioritize or rank your choices, and voila! You will reach the next main step about experiencing the future.

STEP 3: Getting on it by using ‘experiential knowledge’ as the shield

A mind troubled by doubt cannot focus on the course to victory.
—Arthur Golden

With that list of shortlisted options in your hand, your succeeding step should be choosing and getting on to your ‘next thing’ with the help of career advisors. Mentors play an important role, for seeking guidance from our seniors or parents is indispensable. However, words or pieces of advice are not enough in today’s world. You need to feel, experience, and then decide your career to avoid any repercussions.

Experiential learning means acquiring practical knowledge about any topic by getting a hands-on experience. In simple words, it is the process of learning through experience, more specifically defined as “learning through reflection on doing”.

An internship is sure to give you some perspective and a good curriculum will help you get a clear picture regarding your career choices. Gaining experience by doing internships, taking classes, reading books, etc can help you develop the skills and abilities to strengthen your goals.

STEP 4: Be an opportunist

Knowing in a few months is better than investing your life trying. Pre-acquired knowledge also helps in saving time & money, because what if you realise later that the path you chose wasn’t meant for you! Make use of opportunities to become what you really want to be. Make a career plan, make a choice, get experiential knowledge, and you are good to go. Explore, experience, and then pursue that path.

STEP 5: Right Decisions = Right Path

Decision making is the most crucial process and setting goals is not an easy job. So, now what? After you come down to one option and finally decide that this is it, start focussing on how to grow in that field. Build networks that help you reach the top of the ladder and kill it with your phenomenal performance.

Hope that we helped you get on the right path to the most suitable career. Here’s a small tip! Don’t spend years to learn the curriculum that changes every day, rather equip and prepare yourself with the tools of today! Ready to find your next thing?

5 habits that will assure your child’s financial success in future

Are you a parent who’s concerned about your child’s future? Constantly find yourself thinking about if they’ll have a successful career later in life?

Well, guess what – it doesn’t really matter what they choose as long as their understanding of the real world is early and they progress to make more controlled decisions every day.

As an adult, we understand that authority is everything. Be it an investment or a drive on a sunny day over the highway,  as long as we’re in control – we’re happy. I don’t know how many of you look at it like this, but Happiness is the key asset that we chase throughout our lives. It’s bigger than a fancy house or the sports car around the next block.

Also read: Confused about your career? 5 steps to help you make the right choice!

But in order to do this for our children, how can we talk to our them about value investing? Talking to your child today about money investing may not interest them. And if you’re planning to put a few hundred dollars into a trading account just to teach them – that’s worse. If they lose the money, they’ll unconsciously switch off this mode of investment, on the other hand, if they end up making some profits – they’ll try to make bigger bets – which will more certainly convert into a bigger problem. So how are we supposed to bring them up to speed with the financial competition of the real world?

Here’s how,

Use real-life examples to teach them time value of money.

Sow a seed with your child and let that blossom into a plant and then a tree full of fruits. Show them how a few months of care has helped in them relishing the fruit today. To understand that the journey contributes to creating the result is very important.

Tell them about companies wherever possible.

The best time is when your child pushes you to buy her/him something. Talk about the utility of the product, and also about its origin. So the next time that chocolate bar or soda you buy they get to understand about companies like Hershey’s and Coca-Cola, where they come from and where they are today.

Start investing for them. Teach them at the right time.

While I mentioned that a real money game at a very early age can result in demotivation or real betting traits, you can instead create a budget with life goals of your child – gauge when is the time to tell them about it and make them learn how you perform actions. Start as early as you can.

Say you’re envisaging higher education for your child 20 years down the line –  what do you do? Align your financial goals and start saving today! As and when your child is 15, it’s time to reveal what you’re saving for them. At that age, children take interest and are highly motivated to become a part of the working group of the world.

Once they understand planning, give them a budget to save and invest.

Once they’ve understood how you plan for your own life goals to achieve them, they can do the same. They can actually orchestrate their life according to their financial goals, the way they want to.

If you invest INR 1000 every month, you can accumulate INR 1,00,00,000 when you’re 40. This definitely interests your 16-17 year old. (25 years of 25% returns in a growth MF)

Let them make mistakes. But make sure you give them the lessons around it.

Making mistakes, taking chances and failing are paramount for anybody’s learning experience. Once you feel that your child is ready to face the world, always encourage them to take chances, even if at the cost of making mistakes. Don’t protect your child, rather making them immune to such failures and help them focus on the learnings they get instead of the outcome.

By taking these simple steps, you can almost ascertain that your child will achieve in life what you may/may not have. Start today, give it your time and persistence. 

All the best!