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Professor Ajay Patel: Success comes to those who think out of the box

02 April2018
Professor Ajay Patel: Success comes to those who think out of the box

Professor Ajay Patel of US Wake Forest University has spoken in front of the Bachelor and Master students of RANEPA IBS about the key aspects of making most difficult decisions.

Sometimes bias, based on one’s own experience or personal prejudice, prevents us from making effective decisions in business, the expert pointed out. The reason for illogical decisions and recurring ‘failures’ often lies in behavioral patterns of people themselves, rather than in specific unfavorable circumstances.

“Those who can go beyond the conventional approaches to decision making will succeed,” Dr. Patel said. During his workshop, the participants considered eloquent examples from his own business and personal experience. He also cited some research results and interesting statistics.

The speaker shared some videos, giving examples even from the history of World War II. This allowed the students to review many aspects and learn about alternative ways of building interaction with partners, colleagues, management and clients.

“Now you know how our prejudice, our bias, our experience and personal motivation influence decision-making,” Dr. Patel said. “If you learn to apply this knowledge, you will be able to control the people’s behavior, and direct them to make decisions that you need.” This knowledge is unique and useful, not only for professional activities, but also for personal life.

The quality of education at RANEPA Institute of Business studies is recognized internationally. ISS extensive international activities, its cooperation with the world's leading business schools have opened up opportunities for ISS students to learn from the world’s best teachers, such as Professor Ajay Patel of Wake Forest University. WFU is an elite private research university in the United States, founded in 1834 and located in Winston-Salem (North Carolina).

The visiting professor also recorded a unique video course for ISS MBA students.  Dr. Patel’s research works are frequently published in professional journals such as The Journal of Finance, Journal of Financial Economics, The Journal of Business, Financial Management, The Journal of Banking and Finance, Journal of Corporate Finance. His research has received seven academic awards and two awards by the Association of Practitioners.

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