I don't think entrepreneurship is risky: B-school founder Pratham Mittal

Looking at the reception that he has got for his recently inaugurated Tetr College of Business, a B-school based on experiential learning, the entrepreneur thinks students and parents are ready for something innovative in education. Of the 40 courses taught at one of the top 10 business schools in the world, only one caught Pratham Mittal’s attention. It involved working with local business persons to solve a problem they were facing such as changing a restaurant’s menu or working on a website to attract more customers. “An experiential education changed my life,” says Mittal, 33, who founded and recently launched the Tetr College of Business to promote the philosophy that had an impact on him—learning by play and experience, not just through books. Mittal is also the man behind the India-based B-school, Masters’ Union, launched in September 2021. Tetr is his second dream come true—that of opening an experiential business school at a global level. Its inaugural batch comprising 110 undergraduate students from 45 countries commenced sessions on September 4. They will learn the art of business by building businesses every year across seven countries—USA, Italy, Singapore, Brazil, UAE, India and Ghana. For instance, in Dubai, students will have to build a global ecommerce drop shipping business tailored to the Middle Eastern market, with a revenue target of $10,000 (Rs.8.39 lakhs). Also, as part of its four-year bachelor’s program, which costs $232,800 (Rs1.95 crores; full scholarships also available for deserving candidates), these students will study at renowned educational institutions such as IIT (India), SDA Bocconi (Italy), NUS (Singapore), and from educationists and business leaders from Harvard, Stanford, MIT, Cornell, NASA and Estee Lauder, among others. For Mittal, the business of education may not be new. His parents founded the Jalandhar-based Lovely Professional University of which they are also the chancellors. However, in his words, the “experiments” with pedagogy at these two B-schools are still uncharted territory with results we’re yet to see. In an interview with Forbes India, he speaks about what he thinks of his startups, why education and teaching methods must evolve, and what it has taken to set up a B-school like Tetr.

Q: How do you view the current state of the education system in India and what are your thoughts on MBA programs in particular?

I think the Indian education system is evolving rapidly and experimenting with new ideas and methods. Specific to MBA, colleges in India have become placement agencies. And, for all the pressure created around placement, I see students leaving those companies within a year. This is in contrast to MBA programs in the US, which focus more on building a network and experiential learning. There are no books, exams, lectures, slides or grades. It’s like a club, where with your fellow club members, you’re building projects, and products, and travelling the world. That’s how I think Indian education, or specifically MBA programs, will also have to change. And teaching at all levels of education has to now focus on learning by play, rather than just by books. Tetr is a small example of this shift towards experiential learning. For me, Masters’ Union and Tetr are like running laboratories where I’m experimenting with new curricula.

1. How do you envision B-schools like Tetr making an impact on the business education landscape?

It will force other colleges to also start thinking internationally because students will want to opt for a program with international exposure. It will also force the business education landscape to start thinking of teaching with a more hands-on approach or think of teaching students in a way that doesn’t make them sleep in class.

Q: How is Tetr funded and what is its business model?

The funding has been primarily self-sourced, probably $2.5 million (about Rs.21 crores) from my previous ventures such as Outgrow, which I haven’t exited, but have made money from it. Tetr has been profitable from day one, partly because it does not involve the extensive real estate and faculty costs those traditional institutions face. Our model relies on minimal advertising, on word-of-mouth and social media to attract students. But both Masters’ Union and Tetr are independent companies, with independent investors and shareholders.

Q: What challenges did you face in establishing Tetr and how have you addressed them?

One of the biggest challenges was building trust among parents to be a part of something new. Their children have an average SAT score of 1470 out of 1600, which means they could have had the option to attend prestigious institutions, and some, even Ivy League colleges. Convincing them to support a new and experimental model required a lot of effort. I’d say up to 10 calls with each parent.  Additionally, establishing partnerships with other institutions took almost four years to crack. Convincing faculty to participate in a new model was less challenging, as many were open-minded and interested in the innovative approach.

1. With the first batch of students starting their journey, what are your expectations and goals for them, and for Tetr?

Our goal is to be ranked among the top 10 global business schools within the next five years for Masters’ Union, and within eight years for Tetr. This involves focusing on student outcomes, ensuring diversity, and providing a positive classroom experience. Success will be measured by whether our graduates can confidently start their ventures.

Q: What has been the most rewarding part of starting Tetr?

Meeting the students has been incredibly rewarding. They come from diverse backgrounds, including war-torn areas and below-poverty-line circumstances, but also some come from affluent families paying significant fees. Seeing how well they integrate and how excited they are, despite their different backgrounds, is truly fulfilling.

Q: Looking back at the journey, is there anything you would have done differently?

I would have started sooner. We are a new college and not even a degree-granting institution yet, which makes us incredibly bold in what we’re offering. Some people see our model as too good to be true or even a scam, but the positive reception shows that people are ready for something innovative in education. I didn’t expect to get more than 30 students in the first year, but we’ve exceeded that expectation, demonstrating that there is a genuine demand for new educational models.

Q: How did your parents react to the idea of Tetr, considering they are also from an educational background?

My parents were very supportive. They were pioneers in their time, having started one of the first private universities in India. They understand that education is an evolving product and must adapt. Even Tetr will have to change in the next five years.

Q. As a leader and entrepreneur, what keeps you motivated and focused?

The students keep me motivated. They have placed their trust in us, and Tetr will be associated with their names forever. It’s a big responsibility to ensure that their trust is justified and that they will be proud of their association with the institution years down the line. That responsibility is what drives me.

Q: What advice would you give to aspiring entrepreneurs?

Start as early as possible. Don’t wait for extensive work experience. If you have an idea and the energy to pursue it, go ahead and do it. You will learn on the job and make mistakes, but starting early allows you to learn and adapt faster.

Q: Where does the courage to be an entrepreneur come from, especially given the risks involved?

I don’t view entrepreneurship as particularly risky. Many employees face job insecurity, whereas entrepreneurs control their destinies. In India, starting a small business, like a pizza shop or phone cover manufacturing, can be profitable. The perception of risk is often inflated by the media. I believe that starting a small business is less risky compared to the uncertainties of traditional employment.

Q: If you could give your younger self one piece of advice about entrepreneurship and leadership, what would it be?

Build a strong team from day one and take your time to do so. Don’t rush the process. A trustworthy team is crucial for success. As an entrepreneur, your job should be to set the vision and mission, and then allow your team to execute it. Many entrepreneurs make the mistake of trying to handle too many tasks themselves, focusing on the vision and letting the team handle the rest is key.