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Concept paper: why managing universities like entrepreneurs will solve financial problems in institutions of higher learning

All over the world today, university managers and administrators complain about the lack of funding support from the government for their establishment. In the UK, a few universities are already at risk of being closed down due to financial difficulties. In Malaysia, the budget allocated for public...

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Main Author: Zaludin, Zairil Azhar
Format: Article
Language:English
Published: Human Resource Management Academic Research Society 2019
Online Access:http://psasir.upm.edu.my/id/eprint/81005/1/ENTRE.pdf
http://psasir.upm.edu.my/id/eprint/81005/
http://hrmars.com/index.php/pages/detail/IJARBSS
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spelling my.upm.eprints.810052020-10-14T19:17:14Z http://psasir.upm.edu.my/id/eprint/81005/ Concept paper: why managing universities like entrepreneurs will solve financial problems in institutions of higher learning Zaludin, Zairil Azhar All over the world today, university managers and administrators complain about the lack of funding support from the government for their establishment. In the UK, a few universities are already at risk of being closed down due to financial difficulties. In Malaysia, the budget allocated for public universities has also been slashed significantly causing a lot of discomfort among university administrators. Ironically, universities by default are full of potential wealth from the one source they are supposed to have abundance –their intellects. While some universities suffer, other successful universities prosper by focusing on capitalizing on their biggest assets –their highly qualified staff and the commercialization of their inventions and innovation that are produced from their own minds and hard work. Intellectual properties and other lucrative spin-off become their major source of income. Looking closer, the way governments want their public universities to be run appear to be more and more synonymous to the way a small startup company should be run. Governments seem to want these universities to be self-sustained, well managed, independent from any chronic financial support, to name a few. Governments appear to be hoping that universities have enough intelligence to be financially independent. However, the message did not appear to be transmitted or understood well enough. Instead, wasteful projects, mismanagement of institutions, incompetent leadership and financial abuse are common problems in universities today. This paper proposes a concept that is simple to adopt. Run universities like a good entrepreneur. By focusing on the institution's biggest assets –their staff, knowing the institution strength, accepting their own limitations and appreciating their resources, universities should be able to be self-sustained like a good successful company. Governments too, must choose administrators with successful entrepreneur experience and mindset thus, less from irrelevant overly glorified academic background. And like all entrepreneurs who value their staff, universities should capitalize and value better their biggest asset of all –their highly qualified staff. Human Resource Management Academic Research Society 2019-07 Article PeerReviewed text en http://psasir.upm.edu.my/id/eprint/81005/1/ENTRE.pdf Zaludin, Zairil Azhar (2019) Concept paper: why managing universities like entrepreneurs will solve financial problems in institutions of higher learning. International Journal of Academic Research in Business and Social Sciences, 9 (7). pp. 805-812. ISSN 2222-6990 http://hrmars.com/index.php/pages/detail/IJARBSS 10.6007/IJARBSS/v9-i7/6180
institution Universiti Putra Malaysia
building UPM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Putra Malaysia
content_source UPM Institutional Repository
url_provider http://psasir.upm.edu.my/
language English
description All over the world today, university managers and administrators complain about the lack of funding support from the government for their establishment. In the UK, a few universities are already at risk of being closed down due to financial difficulties. In Malaysia, the budget allocated for public universities has also been slashed significantly causing a lot of discomfort among university administrators. Ironically, universities by default are full of potential wealth from the one source they are supposed to have abundance –their intellects. While some universities suffer, other successful universities prosper by focusing on capitalizing on their biggest assets –their highly qualified staff and the commercialization of their inventions and innovation that are produced from their own minds and hard work. Intellectual properties and other lucrative spin-off become their major source of income. Looking closer, the way governments want their public universities to be run appear to be more and more synonymous to the way a small startup company should be run. Governments seem to want these universities to be self-sustained, well managed, independent from any chronic financial support, to name a few. Governments appear to be hoping that universities have enough intelligence to be financially independent. However, the message did not appear to be transmitted or understood well enough. Instead, wasteful projects, mismanagement of institutions, incompetent leadership and financial abuse are common problems in universities today. This paper proposes a concept that is simple to adopt. Run universities like a good entrepreneur. By focusing on the institution's biggest assets –their staff, knowing the institution strength, accepting their own limitations and appreciating their resources, universities should be able to be self-sustained like a good successful company. Governments too, must choose administrators with successful entrepreneur experience and mindset thus, less from irrelevant overly glorified academic background. And like all entrepreneurs who value their staff, universities should capitalize and value better their biggest asset of all –their highly qualified staff.
format Article
author Zaludin, Zairil Azhar
spellingShingle Zaludin, Zairil Azhar
Concept paper: why managing universities like entrepreneurs will solve financial problems in institutions of higher learning
author_facet Zaludin, Zairil Azhar
author_sort Zaludin, Zairil Azhar
title Concept paper: why managing universities like entrepreneurs will solve financial problems in institutions of higher learning
title_short Concept paper: why managing universities like entrepreneurs will solve financial problems in institutions of higher learning
title_full Concept paper: why managing universities like entrepreneurs will solve financial problems in institutions of higher learning
title_fullStr Concept paper: why managing universities like entrepreneurs will solve financial problems in institutions of higher learning
title_full_unstemmed Concept paper: why managing universities like entrepreneurs will solve financial problems in institutions of higher learning
title_sort concept paper: why managing universities like entrepreneurs will solve financial problems in institutions of higher learning
publisher Human Resource Management Academic Research Society
publishDate 2019
url http://psasir.upm.edu.my/id/eprint/81005/1/ENTRE.pdf
http://psasir.upm.edu.my/id/eprint/81005/
http://hrmars.com/index.php/pages/detail/IJARBSS
_version_ 1681490839876927488
score 13.211869

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