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Wisdom From Women Writers

Two alumnae panelists — a business writer and a novelist — share their approaches to book-writing at the Wharton Magazine Authors Salon during MBA Reunion Weekend.

From Classmates to Business Partners

How MBA Reunion Weekend led to the start of an alumni-powered company

Show Your Logic

Avoid conflict and build trust by establishing the “why” behind decisions and sharing it with colleagues.

Asking Questions, Unlocking Solutions

How reframing a problem creates value for customers

The Future of Fast Food

Alumni dish on the industry's digital transformation.

On a meteoric rise through the fiercely competitive luxury retail market, high-end handbag brand Anima Iris has been picked up by Nordstrom, Saks Fifth Avenue, and even Beyoncé. With geometric and bold designs, founder Wilglory Tanjong G22 WG22 expresses her ancestry in a fashionable and sustainable way. The bags are made in Senegal by expert craftspeople who have honed their techniques over decades and draw inspiration from centuries of heritage. The leather and other materials are sourced through local African business merchants. Anima Iris is environmentally friendly and employs a zero-waste model that ensures all materials are used and that no two products are the same.

Bilt Rewards

Bilt Rewards launched in 2021 and achieved immediate success in its first year. The startup credit-card rewards program by founder and CEO Ankur Jain W11 makes redeeming points from purchases easy with a unique twist — the card can be used toward rent payments. Jain explains that renters today are living with inflation and rising rent costs, resulting in many who now must pay close to 50 percent of their earned income on rent. Bilt helps this generation build credit while earning rewards that open up affordability in other areas of their lives, such as travel experiences and eventual home ownership.

An organic coconut butter with its early roots in Venture Lab’s Food Innovation Lab can now be found in 1,300 stores, including national chains Sprouts and Wegmans. Couple-turned-business-partners Breanna Golestani WG23 and Jared Golestani WG23 founded Kokada in 2020 to provide a healthier alternative to sugar-laden snacks and spreads typically found at the grocery store. Kokada offers a range of coconut butters that are all peanut-free and sugar-free and designed to be enjoyed as a dip, with a treat, or as part of a meal. The company gives back two percent of all sales to SERVE, a certified NGO based in Sri Lanka, where its ingredients are sourced.

Flagler Health

Developed by Albert Katz WG23 and Will Hu GED19, Flagler Health combines patient data and the power of AI to help physicians recommend treatments to their patients. (“It’s like giving a calculator to a mathematician,” says Katz.) Backed by $6 million in funding, Flagler Health now serves more than 1.5 million patients and recently launched a new product that provides remote patients with exercises to keep joints moving pre- and post-op. The startup made the Poets & Quants “Most Disruptive MBA Startups of 2023” list and was a finalist in Penn’s 2023 Venture Lab Startup Challenge.

Catching Eyes in the Attention Economy

New research shows how to use language to capture audience attention, from word choice to building suspense.

Juggling multiple vendors can be daunting for a small-business owner. Certa, led by CEO Jagmeet Lamba WG07 and CFO Dudley Brundige WG07, streamlines relationships with third-party vendors, making onboarding up to three times faster. The platform itself can reduce IT labor needs, allowing users to create personalized workflows. The company also has its own AI technology — CertaAssist — that can fill out supplier questionnaires, consolidate intake requests, and create data visualizations. Certa’s clients include Uber, Instacart, and Box, whose executives have reported reduced cycle times and operating costs after using the procurement software.

United for a Brighter Future

Dean Erika James reflects on opportunities for the Wharton community to come together and lead.

On the Scene

From Hong Kong to New York, Wharton alumni unite for Impact Tour gatherings, GOLD events, good music, and more.

Sigo Seguros

Spanish remains the most widely used language in the U.S. behind English, with an estimated 41 million current speakers. But Hispanic immigrants still face cultural barriers when they arrive in the States. Nestor Hugo Solari G19 WG19 and Júlio Erdos C10 ENG10 G19 WG19 created Sigo Seguros, a bilingual Texas-based car insurance technology company, to better serve this population. “Our differentiated product starts with a deep understanding of our community and its needs,” says Solari. The Spanish-language mobile and web portals, coupled with quick payback periods, are particularly appealing to working-class drivers. The “insurtech” company raised $5.1 million in additional pre-seed funding in 2023.

Supercharge Your Startup

Resources to help you jump-start your venture’s growth

Cancer can bring your life to a screeching halt. Along with the burden of navigating through new medical terminology and uncertainty, a positive diagnosis can generate feelings of loneliness and isolation. CancerIQ was founded by Feyi Olopade Ayodele W05 WG12 to offer a supportive and more strategic solution for health-care providers working with patients in early cancer detection and prevention. As a software platform, CancerIQ offers hyper-personalized care plans and assesses risks in patients by avoiding the one-size-fits-all approach. The tool focuses on early detection with more precise screening. CancerIQ has been implemented in more than 200 clinic locations across the U.S.

How Business Education Will Look in the Future

I was on a fantastic panel earlier this week to help celebrate Columbia Business School’s 100th anniversary, along with its dean Glenn Hubbard, as well as deans Nitin Nohria of Harvard Business School and Garth Saloner from Stanford’s Graduate School of Business. The subject was the future of business education.

Our focus was on the “what,” i.e. how what we teach will change in the years ahead. Everyone agreed on the broad contours:

• More focus on interaction and application in class while putting more lecture-like material online
• More experiential learning outside the classroom, locally and globally
• More emphasis on entrepreneurship and innovation, balancing learning-by-studying with learning-by-doing
• Supplementing the soft skills of leadership with a data analytics toolkit allowing leaders to talk to and learn from the “geeks”

It’s no surprise our conversation centered on the full-time MBA degree. Columbia, Harvard, and Wharton have the three largest full-time MBA programs in the world. Even so, we could easily fill our classes several times over with highly qualified and talented applicants every year.

But this also shows just how small and finite the full-time MBA world is. The four MBA programs on the Columbia stage admit less than 3,000 students a year to their full-time MBA programs. According to the American Association of Collegiate Schools of Business, only about 2% of students enrolled in business degrees around the world are pursuing full-time MBAs. Contrast this with the roughly 20 million enrollments in business courses on the online Coursera platform since 2013. The demand-supply mismatch is striking.

This is business education’s “how” challenge: how to expand access to high quality business education. I think the answer has to do with four C’s — cost, convenience, credentials, and computers.

• Cost: Affordability is a major concern for everyone in higher education. Along with our peer schools, Wharton does not pass on to our students the full cost of their education. Penn’s financial aid policies make it possible for many of our undergraduate students to complete their studies without having to take out loans. Financial fellowships are an integral part of our MBA value proposition. Our bottom line is simple: we want the most talented students at Wharton not just those that can afford it; we use philanthropy and non-degree revenues to make that possible.
• Convenience: Many schools supplement the full-time residential MBA with other delivery modes catering to working professionals — using weekends, evenings, and convenient locations near where people work to reduce the opportunity cost of full-time study. These programs have also diffused widely throughout the world, because MBAs compatible with full-time employment makes sense in global cities everywhere. But we don’t cut any corners in the Wharton MBA for Executives program in both Philadelphia and San Francisco. It is the full Wharton MBA, just delivered differently, for executives with the experience to balance big jobs and families with intense study. Our new Penn Wharton China Center in Beijing likewise underscores our goal to go where the need is high.
• Credentials: The MBA is the gold standard of business credentials. But undergraduate business degrees are big business not only in the U.S. but in Asia too, reflecting the heightened career orientation of high school graduates. Our Wharton undergraduate degree is so rigorous that the majority of our graduates don’t go back to school to get an MBA. Masters degrees in subjects like accounting, finance, and management that are shorter and younger than the MBA are very popular outside the US. And don’t forget non-degree credentials are an often underappreciated part of the business school portfolio. At Wharton, nearly twice as many people come to campus each year to receive certificates for short duration professional development programs in Executive Education as are enrolled in all of our degree programs.
• Computers: Online business education, delivered on desktops, laptops, and increasingly smartphones, brings together the other 3 C’s. Online programs tend to be both cheaper and more convenient than face to face. Online credentials spanning degree and non-degree programs are proliferating — from Wharton’s Coursera Specializations and HBX CORe to Illinois’s iMBA and IMD’s Global Leadership in the Cloud. Online will never rival the value of face to face business education. But that is the point. They cater to and add value for students who would never come to our campuses. At Wharton, about three quarters of our online learners live outside the U.S., whereas about the same percentage of our face-to-face students are American.

The “what” of business education is changing. But so is the “how.” After the financial crisis, “Is business school still worth it?” was a common question. Today, I think the answer is pretty clear. Business schools are thriving because they are changing, both what they teach and how they teach. That makes it an exciting time to be part of a great school like Wharton.

Editor’s note: The original version of this article appeared on LinkedIn on May 6, 2016.

To Lead is to Acknowledge What You Don't Know

It's back to school time at Wharton and Dean Geoffrey Garrett talks about what higher education means today.

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Is China's Huge Lead in the Fintech Race Insurmountable?

Alibaba and Tencent are innovating in China now and aim to make a global impact in the future.

What Is the Future of MBA Education?

• Executives and business school deans raised multiple concerns about the MBA landscape when the authors interviewed them for an HBS Centennial colloquium in 2008 on the future of MBA education.
• The challenges: Stakeholders question the value-added of MBA degrees. And MBAs lack sufficient leadership development, a "global mindset," and skill in navigating organizational realities.
• Rethinking the MBA examines each challenge in turn, and provides six case studies of schools that demonstrate flexibility and innovation in MBA education.

Business schools are positioned on increasingly unsteady—and unpopular—ground. MBA enrollments fluctuate or decline; recruiters voice skepticism about the value of newly-minted MBA degrees; and deans, faculty, students, executives, and a concerned public wonder what business schools can or should do to train knowledgeable, principled, and skilled leaders.

Against this backdrop of problems, business schools are poised to take advantage of exciting opportunities to cooperate and innovate, argue HBS professors Srikant M. Datar and David A. Garvin and research associate Patrick G. Cullen in their new book, Rethinking the MBA: Business Education at a Crossroads . Employing a wealth of interviews and quantitative data, their book takes the first comprehensive approach in decades to examine the evolving MBA marketplace and its threats as well as possibilities for improvement and growth.

“Rebalancing must occur." -Srikant Datar

"Increasingly, we believe, business schools are at a crossroads and will have to take a hard look at their value propositions," the authors write in the introduction. "This was true before the economic crisis, but is even truer in its aftermath. The world has changed, and with it the security that used to come almost automatically with an MBA degree. […] High-paying jobs are no longer guaranteed to graduates, and the opportunity costs of two years of training—especially for those who still hold jobs and are not looking to change fields—loom ever larger. To remain relevant, business schools will have to rethink many of their most cherished assumptions."

In an interview, we asked Datar and Garvin to explain more. Datar, the Arthur Lowes Dickinson Professor of Accounting at Harvard University, is the Harvard Business School senior associate dean and director of research. Garvin, the C. Roland Christensen Professor of Business Administration, teaches courses for MBAs and executives on leadership, general management, and operations. Garvin is also faculty chair of the School's Christensen Center for Teaching and Learning, which promotes and supports teaching excellence and innovation.

Also visit the book's Web site .

Martha Lagace: What led you to identify and study gaps and opportunities in MBA education?

David Garvin: To celebrate the 100th anniversary of Harvard Business School in 2008, we convened a number of colloquia and workshops. One was entitled "The Future of MBA Education," and Srikant and I were responsible for preparing and leading it. Our initial goal was simply to gather enough material to conduct a day-long conversation with our faculty drawing on interviews with executives and business school deans.

As we began to conduct initial interviews, however, we kept hearing the same concern: "Thank goodness you folks are doing this. All of us collectively need to take a hard look at the state of business education."

Srikant Datar: With that prompting, we expanded our efforts. We collected comprehensive data on business schools, including the yield rates at various schools; how many applicants they accept of those who apply; of those who accept, how many actually attend; and what is happening to the total enrollments. It was a big surprise to see a hollowing out of the MBA marketplace: in full-time programs, declines in the order of 25-, 30-, even 50-percent at highly-ranked schools outside the top 15 or so schools.

The schools were, by and large, unaware of how widespread the problem was. Each thought the problem of declining enrolments was unique to them. In the course of our research, we learned that prospective applicants were being discouraged by many employers from going to full-time MBA programs, that part-time MBA, executive MBA, and other masters programs were seen as attractive substitutes, and that the students who came were not as engaged with the academic curriculum.

Garvin: The common question we heard was about the value added of an MBA degree. In every interview, deans and executives returned repeatedly to that question, as well as to a large set of unmet needs that they identified in areas such as leadership development, skill at critical, creative, and integrative thinking, and understanding organizational realities.

Q: Were they deeply worried?

Garvin: Among deans, there was widespread acceptance and recognition of the same set of missed opportunities and unmet needs. Some schools, however, had already launched change programs that incorporated flexible curriculums, courses in creative or integrative thinking, or experiential learning and project work. A few schools were cutting-edge in one or more of these areas. Other schools felt that the business school community as a whole had a long way to go. So while there was a uniform degree of acceptance of opportunities and needs, the extent to which they were being met revealed disparity.

Q: Why is MBA education at a crossroads?

Garvin: We are approaching the end of an era. Since 1959, business schools have taken a more analytical and discipline-based approach than before. For the last 50 years, then, business schools have emphasized analytics, models, and statistics.

Yet MBA graduates increasingly need to be more effective: they need to have a global mindset, for example, develop leadership skills of self-awareness and self-reflection; and develop an understanding of the roles and responsibilities of business, and the limitations of models and markets.

At these crossroads, how should business education proceed? We wrote the book to outline the needs and to explain how schools are addressing them in surprisingly innovative ways. We include in-depth case studies of six programs: the University of Chicago Booth School of Business, INSEAD, the Center for Creative Leadership, Harvard Business School, Yale School of Management, and Stanford Graduate School of Business. Each is exemplary in some way—largely in their efforts to address one or more of the unmet needs.

Q: How should schools close these gaps? You say your book offers a compass, not a roadmap: it points readers in a direction but doesn't tell them exactly which path to take.

Datar: The right answer for each school depends on that school's strategy, challenges, constraints, and skill sets. Yet rebalancing from the current focus on "knowing" or analytical knowledge to more of what we call "doing" (skills) and "being" (a sense of purpose and identity) must occur. Business schools need to think innovatively about how best to use the resources available to them. For example, there are many exciting opportunities to engage alumni in the learning process.

Garvin: Faculty could be expanded in creative ways. Think of Harvard Medical School. It has incoming classes of 165 students and 10,000 faculty! It's an astonishing number that makes sense only after you realize Harvard has 17 affiliated hospitals and many of the doctors in those hospitals teach tutorials and lead clinical rotations, and in that sense are considered faculty. The same notion of an extended faculty could apply to business schools, where the 10,000 might include alumni such as local business leaders, who with suitable oversight and training by core faculty could help with team projects and experiential learning. Training might come initially through the collective work of multiple business schools, with cohorts of alumni who receive a short dose of either functional knowledge or research skills or teaching training, or some combination of the three. Schools need to experiment to see what works best for them.

Datar: We also believe that it is important for schools to broaden the types of research that faculty conduct at business schools. The discipline-based research of the last 50 years has certainly advanced our understanding of management, and needs to continue. At the same time, as a recent report by the Association to Advance Collegiate Schools of Business points out, we need research that is more practice-oriented and interdisciplinary.

Q: Could you discuss gaps you identified, such as leadership development?

Garvin: The single strongest theme we heard in our interviews was the need for MBA students to cultivate greater self-awareness. Executives said, "The more an MBA understands his or her impact on others and vice-versa, the more effective he or she will be."

The second theme we heard was the need for practical skills: how to run a meeting, make a presentation, and give performance feedback. The third theme was the need for MBAs to develop a better sense of the realities of organizations within which leaders operate. Politics—issues of power, coalitions, and hidden agendas—are part of that reality. Yet MBAs, with their analytical focus, always try to find the "right" answer. Organizations often prefer a "good enough" answer, providing it can be implemented effectively. Future leaders need to better understand the nuances of how to get things done and what they can actually accomplish in organizational settings.

Datar: The landscape of business is shifting from leaders who had high authority and faced low conflict to leaders who have lower authority and face greater conflict. Leadership skills that worked in the old model are unlikely to work today. MBAs need to understand how to work "through" people, how to motivate and inspire. That takes skill and practice. MBAs need to ask themselves, "How do I engage people to accomplish a task while I remain in the background?" At HBS, the Authentic Leadership Development course aims to teach these skills in small groups and reflective exercises.

Garvin: In addition, the required course Leadership and Corporate Accountability includes personal development exercises. Students discuss examples from their own past when they failed to rise to a moral challenge, as well as examples when someone led them to be their very best selves. As a class we try to draw general lessons from these discussions.

Q: Another gap you identified was that MBA students were not developing a global mindset. How can MBA programs better prepare students for an increasingly globalized business world?

Garvin: Executives and deans told us that MBAs need to develop cultural intelligence, specifically a better understanding of which practices, strategies, and behaviors are universal and which are contingent. When an MBA works with a person or group from another culture, how can he or she be most effective? Students need to develop a skill set rather than just knowledge about a country's economics and political system.

Datar: MBAs need to understand what it means to be a general manager in a global world and the differences in institutions, norms, cultures, and legal frameworks. It would be fascinating, for example, to have student teams work on an issue such as global branding in different countries; and share their learning with the class when they return. The reflection piece is crucial. It is important to build leadership skills in the context of a global world.

Q: What are you working on now?

Garvin: I am on sabbatical and have been travelling to interview general managers in countries such as India, Japan, China, and Mexico, to ask about the distinctive challenges of their markets and organizations. I am developing several cases based on this research for my second-year course General Management: Processes and Action. I certainly think differently about leadership and management than I did since we began researching and writing this book.

Datar: I am looking at how implementation and execution strategies vary across countries. I'm also continuing my research in microfinance. I am particularly interested in understanding how microfinance helps alleviate poverty. I am also looking at how incentive systems can be designed to promote long-run performance.

Excerpt From rethinking The Mba: Business Education At A Crossroads

By Srikant M. Datar, David A. Garvin, and Patrick G. Cullen

Voices from the Field: How Deans and Recruiters View the MBA Degree:

Immediately after graduation, a significant majority of the graduates of the leading two-year, full-time MBA programs take jobs in financial services and consulting, driven in part by financial rewards that make it very difficult for companies in other sectors to compete for graduates.

The numbers—at least before the recent financial crisis—have remained consistently high. In 2006, for example, 52 percent of Chicago Booth graduates took jobs in financial services and 22 percent took jobs in consulting; 42 percent of Harvard graduates took jobs in financial services and 22 percent took jobs in consulting; and 46 percent of Yale graduates took jobs in financial services and 15 percent took jobs in consulting. 13 The boom in jobs in financial services and consulting during the last ten years made obtaining a prestigious MBA degree—long viewed as essential to gaining entry to these careers—a very attractive option. Even if one had previously worked in the industry, an MBA from a high-ranking school was, for many years, a de facto requirement for climbing the ladder.

The deans we interviewed from higher-ranking schools were clear on the value that they believed accrued to those armed with an MBA: it ensured access to these (as well as other) attractive, otherwise inaccessible careers. In their eyes—as well as those of many students—the full-time MBA is increasingly aimed at "career switchers." For those wishing to change fields—to enter investment banking, private equity, hedge funds, or strategy consulting from a prior position in industry, government, or the nonprofit world—the MBA has long been viewed as absolutely essential. One dean, for example, noted that nearly 80 percent of students at his prior institution had switched careers upon graduation.

The problem for the higher-ranking business schools is that there are a number of forces at work that threaten to undermine or reduce the opportunities for employment in financial services and consulting. Post-crisis, many lucrative jobs in financial services, and to a lesser extent in consulting, have simply disappeared. Each day brings new reports of hedge fund closings and the scaling back of private equity investments. Not surprisingly, the enormously high compensation packages in these fields are shrinking as well, making jobs in these sectors far less attractive.

These changes threaten one of the key selling points of the top U.S. business schools. A further challenge comes from the fact that companies in these industries have increasingly been promoting from within. 14 In part, this is because technical work, such as sales and trading, now contributes a large share of the firm's profits relative to activities such as investment banking. Consequently, many companies are actively discouraging their best young people from leaving lower-level positions for business school, arguing that their odds of success are actually better if they stay at the firm. This theme can be heard, with minor variations, from executives at two financial services firms:

The same point was made by a senior partner in a consulting firm, who, when asked pointedly if he would advise a highly successful junior person with several years at the firm who was intent on a career in consulting whether an MBA would be valuable for his future, answered, "Definitely not."

In the past, deans and business school faculty had a ready response to questions about the value of the MBA degree.

At the same time, financial services and consulting firms are increasingly substituting non-MBAs for MBAs. The numbers are small but growing. Before the crisis, a managing director at one large investment bank noted that his firm still hired 300 to 400 MBAs per year but only about fifty technical experts with PhDs or comparable degrees, even though it set out each year to hire twice as many. These latter individuals are viewed as essential because the fields of finance and strategy have become increasingly analytical and because leading financial services firms are, as one experienced financial executive put it, "increasingly dominated by traders, who believe business school is a waste of time." According to a senior manager at a leading investment bank:

A director of a leading consulting firm made much the same point:

In the past, deans and business school faculty had a ready response to questions about the value of the MBA degree: graduate business training was a way of getting ahead of the pack and igniting one's career. MBAs, the argument ran, were a breed apart and were more likely to be placed on the fast track. They might not be the best technicians, but their breadth of training and skills would win out over the long haul. Although this may still be true in some fields, it appears to be less true in others. At least before the crisis, for those in financial services wishing to accelerate their careers (i.e., who hoped to stay in the same function or area and get promoted more rapidly or frequently at the same company), the two-year, full-time MBA was no longer viewed as necessary. Both the head of a leading hedge fund and a senior executive at a leading investment bank made much the same point:

Whether the financial crisis will alter these views about obtaining an MBA is still unclear.

Taken together, the threats identified throughout this chapter suggest challenges for all MBA programs, including the most highly ranked programs. Enrollments are under pressure, and questions are being raised about the value-added of the degree, especially the two-year, full-time version, when compared with alternatives.

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Original text

In the dynamic world of business, the path to becoming a successful entrepreneur often begins with the right education. Young entrepreneurs are on the rise, driven by innovation, technology, and a desire to change the world. But what role do business colleges and courses play in shaping these future leaders? This article delves into the educational landscapes that foster entrepreneurial skills, highlighting the importance of specialized courses and learning environments that encourage creativity and strategic thinking.

Understanding the Entrepreneurial Education Framework

What do business colleges offer.

Business colleges have evolved significantly over the years, adapting to the fast-paced changes in global markets and technology. These institutions offer more than just business administration degrees; they provide a breeding ground for innovation and entrepreneurship. Courses are designed not only to teach financial acumen and marketing strategies but also to instill a mindset conducive to creative problem-solving and opportunity recognition.

Specialized Entrepreneurship Programs

Many leading business schools now offer specialized entrepreneurship programs. These programs focus specifically on the skills needed to launch and manage startups, including venture creation, risk management, and scalable business models. For instance, courses like 'Entrepreneurial Finance,' 'Innovation Management,' and 'Startup Incubation' are commonplace, offering hands-on learning experiences through real-world projects and internships.

It is also worth noting that with the help of some platforms, this type of education has become more accessible than before, because these are quite difficult fields, and previously, without support, many students dropped out of education. Now the situation has changed, students usually comment on such resources like this "I had a rather difficult start to the semester and during the first really difficult homework I had a hard time adapting, but then I turned to one of these platforms and asked them to do my homework , the result was amazing, and was able to solve similar tasks as well." It was this approach that became revolutionary in modern education.

The Role of Incubators and Accelerators

Incubators and accelerators are integral parts of the entrepreneurial ecosystem within business colleges. These platforms not only provide resources such as seed funding and mentorship but also connect students with industry leaders and potential investors. The supportive environment allows students to experiment with their ideas in a safe space, learning from failures and successes alike.

Key Courses for Aspiring Entrepreneurs

To truly benefit from business education, young entrepreneurs should focus on courses that build essential skills. Understanding the core principles of business strategy and management is crucial. These courses teach students how to compete effectively in the market, manage resources efficiently, and make decisions that facilitate growth and sustainability. No business can thrive without a solid understanding of its market. Courses in marketing and market research teach students how to identify target audiences, understand consumer behavior, and create marketing strategies that resonate with customers.

A robust financial foundation is vital for any startup. These courses help young entrepreneurs grasp the nuances of financial planning, budgeting, and analysis, ensuring they can make informed financial decisions to support their business ventures.

The Impact of Technology on Entrepreneurial Education

The integration of technology into business education has transformed how young entrepreneurs learn and develop their businesses. Online platforms, simulation tools, and digital resources provide interactive learning experiences that are both flexible and comprehensive.

Moreover, technology enables a global perspective, allowing students to learn from international markets and cultural nuances, which is invaluable in today's interconnected world. The true testament to the effectiveness of entrepreneurial education can often be seen through the success stories of alumni. Many business school graduates have gone on to launch successful startups and innovative businesses that make significant impacts on various industries. These stories not only inspire current students but also highlight the practical applicability of their education.

The Future of Entrepreneurial Education

As the world continues to evolve, so too must the educational approaches that prepare young entrepreneurs. Business colleges and courses play a crucial role in this development, offering specialized programs that are designed to meet the challenges of tomorrow. By fostering an environment that encourages innovation, strategic thinking, and practical skills, these institutions are not just educating students—they are shaping the future leaders of the business world. For any young person aspiring to make their mark in the realm of business, engaging with this kind of education is not just beneficial; it is essential

Copyright © 2024 SCORE Association, SCORE.org

Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.

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Business Education

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Requirements

Business Education focuses on learning and teaching about and for business, whether in preparation for roles of consumer or producer of goods and services or as skilled entrepreneur or employee of small and large companies. Learning and teaching in Business Education is typically organized around business practices or sub-disciplines while research addresses the larger scope of what people do and learn through life about business, economics, and finance.

The BEd in the Teacher Education program includes a major in Business Education . The BEd program draws students from the Sauder School of Business and various postsecondary institutions in Canada and welcomes international applicants. In the BC school system, Business Education is part of the Applied Design, Skills, and Technologies (ADST) cluster. Specific courses in the BC curriculum include Accounting, Business Computer Applications, E-Commerce, Economics, Finance, Entrepreneurship, Marketing & Promotion, and Tourism.

Graduate programs (MEd, MA) in Business Education focus on learning, research, and teaching about and for business. Business Education is often driven to add economic value but another side is the focus on entrepreneurship and social equity. For example, research in business education addresses microfinance practices that enable transitions from poverty across the world and also explores sustainable economics and marketing. Research also focuses on trends in children’s monetization of their activities (i.e., the “kidfluencer”), online and offline, and youth startup companies. Research in BUED has a tradition of focusing on new technologies by and for business and interfaces with research in Media and Technology Studies and STEM, especially research on inventive processes and maker culture.

Image “MyStartup Proces” by Suzyanne de Oliveira Queiroz, from Wikimedia .

Doctor of Philosophy (PhD)

Master of Arts (MA)

Master of Education (MEd)

Bachelor of Education (BEd)

Diploma & Certificate

All graduate program applicants in the Department of Curriculum and Pedagogy (EDCP) must meet the minimum entry requirements established by the Faculty of Graduate and Postdoctoral Studies , which oversees graduate work at UBC. Applicants who do not meet the minimum requirements will be considered for admission only in exceptional circumstances.

Doctor of Philosophy

In addition to the Faculty of Graduate and Postdoctoral Studies requirements , the Curriculum Studies graduate program requires a master’s degree with high standing in a relevant educational discipline and evidence of potential to carry out research.

• a Master’s degree with high standing in a relevant educational discipline,
• a sample of work demonstrating scholarly writing,
• a letter of intent describing the focus of the proposed research,
• The support of three referees, one of which must be from a member of your thesis supervisory committee.
• For students possessing a thesis-based Master’s degree from other than a relevant educational discipline, it may be possible to proceed into the Ph.D. after taking the core course requirements of an appropriate Master’s degree in education at UBC.

Applicants to the doctoral program are encouraged to connect with and consult an BUED faculty member before an application is submitted.

Master of Arts (Specialization in Business Education)

Designed for those with interest and potential in doing academic research .

In addition to the Faculty of Graduate and Postdoctoral Studies requirements, the program normally requires:

• One-two year/s of teacher education; or a four-year Bachelor’s degree in Education. In special circumstances teacher education may be waived for those applicants who have a university degree with sufficient standing and experience related to their proposed field of study.
• Normally 18 credits of senior course work or a professional concentration in the area of interest.
• Normally two years’ teaching experience or other relevant professional experience.

Master of Education (Specialization in Business Education)

Designed for the professional interested in connecting theory and practice .

Same as for the MA. However, applicants for MEd must be inclined to focusing their studies on application of educational theory in their professional practice.

Please see link for information

Doctor of Philosophy (in Curriculum Studies with a Concentration in Business Education)

The PhD in Curriculum Studies is a flexible, research-oriented doctoral program designed for students interested in the organization of learning within educational settings. If you are admitted, you will take your first doctoral seminar in the first term and second doctoral seminar in the second term of the first year. In addition to these six credits, you will need two research methodology and two specialization courses (18 credits total). You will select your courses in consultation with your supervisor(s) or program coordinator, based on your prior academic work and research interests. Students in the PhD program typically reach candidacy by the end of the second year of their studies. In exceptional circumstances, students are allowed to take additional year to reach candidacy. Normally, students devote two to three years of developing, carrying out research, and writing dissertation to make an original contribution to knowledge in the area of specialization.

The university allows doctoral students up to six years to complete program requirements.

Please browse our admissions page for more information and applications to the Department.

Doctoral Seminars

The EDCP 601 and 602 doctoral seminars are core academic experiences for students and foster a collaborative environment for learning and research. All students are required to successfully complete both EDCP 601 and EDCP 602. EDCP 601 examines the emergence of contemporary conceptions of curriculum and pedagogy, looking across various historical and theoretical influences. Emphasis is placed on analysis of varied conceptual, philosophical, and political perspectives, explicit and tacit rationales for formal education, and consequent principles that infuse conceptions and enactments of curriculum and pedagogy. EDCP 602 unpacks the epistemological and ontological positions of various paradigms used in contemporary studies of curriculum and pedagogy. These include hermeneutic, critical, feminist, and post-structuralist thought. The course examines how scholars of curriculum and pedagogy interpret educational events, focusing on how methods and claims are informed by notions of truth, reality, and subjectivity.

Coursework and Specialization

In consultation with a supervisor(s) or program coordinator, students in the PhD program are expected to take minimum six credits of courses in their specialization so that they are familiar with current theory and research. Most of the courses in the student’s specialization are completed prior to reaching candidacy. PhD students typically take additional courses to give them the breadth and depth of understanding of contemporary theories, issues and debates expected of those pursuing the highest degree awarded by the university. These courses are recommended when they are considered a necessary contribution to the student’s scholarship.

Research Methods

PhD students are expected to be familiar with the various methods used in contemporary educational research and to become expert in the particular methods they use in their own research. Developing proficiency in research methods—including the strengths and weaknesses of each approach—normally requires enrolling in available courses and reading widely in the research methods literature. Before research proposals are approved, students are expected to demonstrate that they have acquired the knowledge and skills necessary to successfully carry out their research plan. Students are required to complete a minimum of six credits in research methods courses at 500 – 600 level (excluding EDUC 500 or equivalent.)

Comprehensive Examination

All students in the PhD program are required to successfully complete a comprehensive examination after most of their coursework is completed and before they present their research proposal. The examination is prepared in consultation with the student’s research supervisory committee or program advisory, depending on when it is taken. Details about the comprehensive examination and choices that students make related to the format of the examination can be found at https://edcp-educ.sites.olt.ubc.ca/files/2013/08/EDCP_Guidelines_Comp_Exam_Dec2010.pdf.

Research Proposal

Students develop research proposals which must be presented to and approved by a research supervisory committee. The committee comprises of a research supervisor and at least two other committee members.

Students are recommended to be admitted to candidacy upon completing the required courses, successful completion of comprehensive examination, and successfully defending their research proposal.

PhD Dissertation

The PhD dissertation is an original piece of research that contributes to knowledge in the student’s area of specialization. Research supervisory committees provide direction to the student, read and critique drafts of the dissertation, and, when the dissertation is complete, participate in the final oral examination.

PhD Registration and Residency

All doctoral students are full-time students and are expected to engage in their studies on a full-time basis. All students must register when they begin their studies. Students must remain continuously registered until the degree is completed, except for periods of time for which the student is away on anapproved leave of absence. Failure to register for two consecutive terms may result in the student being required to withdraw. Each student’s program of study must be approved by the home graduate program. All doctoral students are assessed fees according to Schedule A. Programs are paid for on a per-degree rather than a per-course basis, and there is no limit on the number of courses taken or audited during a program. Students have six years to graduate from the doctoral program, with extensions granted only under exceptional circumstances. A one-year parental leave from the program is available, and requests made for other special circumstances are considered.

For more information on requirements, see the doctoral program guides: PhD Program Guidelines

For questions, please email the Graduate Program Assistant .

Master of Arts

Master of Arts in Business Education

Program Schedule

30 Credits – Suggested Program (* denotes required course)

1. Winter 1 (September) | EDCP 571 (3) History of Media and Technology in Education

2. Winter 2 (January) | EDCP 508 (3) Review of Research (in Business Education)

3. Summer 1 (April – May) | EDUC 500 (3) Research Methodologies in Education

4. Summer 2 (June – August) | EDCP 472 (3) Business Practices in Education

5. Summer 2 (June – August) | Elective 1 (3) Elective option #1

6. Winter 1 (September) | EDCP 510 (3) Video Ethnography

7. Winter 2 (January) | EDCP 562 (3) Introduction to Curriculum Issues and Theories

8. Summer 1 (April – May) | EDCP 599 (3) Master’s Thesis

9. Summer 2 (June – August) | EDCP 599 (3) Master’s Thesis

10. Summer 2 (June – August) | EDCP 599 (3) Master’s Thesis

• A maximum of 6 credits may be taken at the 300-400 level. • A maximum of 6 credits of EDCP 585 courses may count towards the MA degree. • Electives Options:

• Approved electives may be taken at other universities, subject to the terms of the Western Deans’ Agreement. http://wcdgs.ca/ WCDA Form   and Graduate Exchange Agreement (McGill University, University of Toronto and University of Montréal). GREX Form
• There are wide variety of on-campus (UBC-Vancouver or Okanagan) and on-line courses which are acceptable as electives and vary in the offering from year to year. See PDCE Courses.
• For more information on requirements, see the master’s program guides: Master’s Program Guidelines

Master of Education

Master of Education in Business Education

8. Summer 1 (April – May) | EDCP 570 (3) Seminar in the Teaching of ICT

9. Summer 2 (June – August) | EDCP 473 (3) Digital Media in ICT Education: Ethical Uses

10. Summer 2 (June – August) | EDCP 590 (3) Graduating Paper OR | Elective 2 (3) Elective option #2

• A maximum of 6 credits may be taken at the 300-400 level. • A maximum of 6 credits of EDCP 585 courses may count towards the MEd degree. • Electives Options:

Apply Online

Find and approach a potential supervisor.

The most important first step in applying for admission to our graduate program is finding and approaching a potential supervisor in the department. This gives you an opportunity to discuss the research you are interested in completing as a graduate student. We make every effort to match an applicant with a supervisor. However, if there are no supervisors available, we will not be able to offer an admission to an applicant. Anyone interested in applying for admission to graduate program in our department is advised to visit the Curriculum and Pedagogy website via the Faculty page to find faculty whose research aligns with their interests. There is a space in the application form for you to list your preferred supervisors.

Apply online

Submit your application online

Complete the online application. To be considered for admission, submit your completed application including all supporting documents, by the deadlines noted below. Note: the online application will be open October 1.

For detailed application process and requirements, click here .

Please follow the instructions on the online application portal.

Early submissions are encouraged.

* The department deadline for receipt of completed, master program applications is December 1. * References are due December 12.

* The department deadline for receipt of completed, doctoral program applications is December 1. * References are due December 7.

Supporting Documents Checklist

Document type

• Scanned copies of all official transcripts and degree certificates (if any). Submit | Online.
• Three letters of recommendation (one of which for doctoral applicant must be from a member of the thesis supervisory committee). Submit | Online.
• CV/resume. Submit | Online.
• Evidence of English language proficiency. Submit | Online.
• Sample of Writing for doctoral applicants (no more than ten pages). Submit | Online.
• Any additional information. Submit | by email attachment to [email protected] .

Upload supporting documents online

Transcripts & Degree Certificates

Applicants will be asked to upload transcripts with their grade key (usually located on the back of the transcript). Even if the applicant does not yet have final marks on the transcript, we still require a copy as evidence of registration and academic progress (we do not accept printed student’s records).

Upload scanned transcripts and degree certificates (if any) online. Please be advised that if you are admitted you will be required to submit original transcripts and degree certificates (if any) in the SEALED and ENDORSED envelopes as soon as possible after admission is offered. Students are not allowed to register in courses until this requirement is met.

Statement of Intent for MA and PhD Applicants

In the application portal, you will be given the opportunity to add a Statement of Intent (maximum 2 pages) describing why you choose to pursue graduate studies at UBC and in which area of research you want to concentrate your work. For more information, click here .

Statement of Intent for MEd Applicants

Please write a summary of your reasons for wishing to enroll in the program of your choice, and what it is that you hope to achieve in completing this program.

Letters of Recommendation

We require three letters of recommendation (one of which for doctoral applicant must be from a member of the thesis supervisory committee). See detailed requirements .

Referees will be able to upload their letters once you have submitted your application, so please ensure that they are able to submit by the deadlines noted above and that you provide them with appropriate timelines.

Submit other supporting documents

Evidence of English Language Proficiency

Applicants from a university outside Canada in which English is not the primary language of instruction must present evidence of competency to pursue studies in the English language prior to the application deadline in December. Test scores must have been taken within the last 24 months at the time of submission of your application, and official test scores ordered from the testing agency is required.

TOEFL minimum scores

Test Format | Minimum Score Internet-based | 92 (minimum 22 on each component) Computer-based | 237 Paper | 580

TOEFL Institution Code: 0965 TOEFL Department Code: 85

Detailed language requirements and other acceptable English proficiency tests

Permanent Residents

Permanent Residents are required to provide proof of immigration status and date of landing by submitting a copy of the Record of Landing Form or a copy of both the front and back of their Permanent Resident card.

Additional Information

You are welcome to submit additional information, regarding professional employment experience, publications, or awards, which you feel should be taken into account in considering your application. These can be sent by email attachment to [email protected] .

Mailing Address

Department of Curriculum & Pedagogy Faculty of Education University of British Columbia Scarfe Building 2125 Main Mall Vancouver BC V6T 1Z4 Canada

Important Numbers

Apply for graduate programs: Alan Jay 604.822.5367 Email: [email protected]

Apply for undergraduate programs: Contact the Teacher Education Office

Area Coordinators

Cynthia Nicol

READ PROFILE

Jillianne Code

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What Do Students Want From Business Programs?

• In the past two years, the number of students who have mentioned “curriculum” in reviews has climbed by 72 percent, indicating that students have specific expectations for business programs.
• Students give four- and five-star ratings to programs they describe as “comprehensive,” “well-rounded,” or “varied.”
• Students appreciate programs that offer opportunities for experiential learning; if courses are too theoretical or have no real-world application, students consider them irrelevant.

  Business school leaders frequently discuss how their institutions should adapt their curricula to cater to rapid changes in the business world, whether this means adding a sustainability element or acknowledging innovations such as artificial intelligence . But these discussions often lack one key perspective: the students’ own priorities.

In general, business school graduates have positive feelings about their study experiences: 90 percent of respondents to a 2022 study from the Graduate Management Admission Council (GMAC) rated their graduate management education (GME) favorably. However, statistics like these, based on multiple-choice reporting, don’t always represent the breadth of student experiences or convey how students feel about different aspects of their programs. Schools that want to update their programs could find it useful to consult qualitative data provided by real-time student reviews.

A sampling of such reviews was collected from November 2016 through March 2024 by the student review platform EDUopinions . In the compilation, students left comments about bachelor’s, master’s, MBA, and doctoral programs categorized under the subject of “business and management.” The platform collected reviews that specifically featured the term “curriculum.”

It’s interesting to note how much more often this term has appeared recently. Among students graduating from 2018 through 2021, the number of reviews mentioning “curriculum” hovered at around 65 each year. However, among students graduating in 2022 and 2023, “curriculum” was mentioned an average of 183 times—an increase of approximately 180 percent.

Although this data represents only a small portion of global GME experiences, it indicates that today’s students are developing more informed expectations for business and management programs, possibly because they are more aware of the demanding nature of the job market.

A Well-Rounded Curriculum

In the past few years, the trend has been for schools to offer more niche, focused programs. An October 2023 GMAC survey notes that while applications for business master’s programs dipped by about 3.4 percent, many specialized programs retained their popularity. For instance, more than half of Master of Finance programs saw growth in applications. It’s easy to infer that students want more specialization, not less, in their business programs—but is that really true?

In 2023, according to the same report, general programs such as the MBA saw a 4.9 drop in applications. However, just a year later, GMAC’s 2024 Prospective Students Survey showed that the two-year MBA is once again the most popular degree format among respondents. In addition, the Master of Management program has taken the number two spot behind the MBA, beating out specialized master’s programs focused on data analytics, international management, information technology, marketing, and accounting.

Recent reviews on EDUopinions also indicate that students are looking for robust, wide-ranging business and management programs as opposed to those that are more narrowly defined. When giving four- or five-star ratings, students frequently describe their programs as “comprehensive,” “well-rounded,” or “varied.” One possible conclusion is that students do want focused programs that will guide them along their career pathways—but they want that guidance to be underpinned by a broad curriculum that offers plenty of elective options.

Recent reviews indicate that students are looking for robust, wide-ranging business and management programs as opposed to those that are more narrowly defined.

A number of reviews reinforce that conclusion. For instance, a current student at a state school in the U.S. writes that taking part in its banking program has been a wonderful experience. “Lessons in the curriculum were highly diverse, and the lecturers were very supportive. I learned a lot and gained a deeper understanding of the purpose of each session thanks to the method they worked on, which included assignments, group projects, and individual duties.”

Another comment comes from a student who graduated in 2023 from a Master of Business Management program in the U.K. “The program’s curriculum was well-structured and comprehensive, covering a wide range of topics essential for a thorough understanding of modern business practices. The professors were not only experts in their respective fields but also approachable mentors who encouraged critical thinking and open dialogue.”

Rigorous, Practical, and Up-to-Date

In addition to giving high ratings to comprehensive programs that cover the whole field of business, students praise programs that include these components:

Rigorous teaching. Students consider a robust curriculum a high point of their programs when it goes hand-in-hand with powerful, engaging teaching methods employed by experienced instructors. An international business student at a school in Ireland notes that “the professors are great to work with and the course curriculum is challenging and rewarding.”

Practical elements. As evidenced by comments that refer to “company cooperation” or internship requirements, students value opportunities for experiential learning. As an example, a student in an international business program in Spain appreciates the fact that the curriculum provides students with the skills and knowledge they need to be “prepared for success in the workplace.”

On the other hand, reviewers tend to think that courses are irrelevant if they rely too much on theory or have no real-world application. A marketing student at a school in Poland expresses disappointment because the school’s curriculum is too theoretical and doesn’t reflect industry trends. The student recommends that anyone planning to attend the university should “make sure to have some internship gigs to get practical skills as well.”

An up-to-date curriculum. Respondents give one- and two-star reviews to programs with outmoded classes that don’t cover the latest knowledge in specific disciplines. It’s clear that students can tell when schools aren’t modernizing their curricula—and they believe this will negatively impact their future career progression.

A 2023 graduate of an accounting and finance program at a London-based university notes that some fellow students “have expressed a desire for more specialized and advanced topics, such as forensic accounting, sustainability reporting, and international accounting standards. Incorporating these areas into the program would better align it with current industry trends and prepare graduates for a broader range of career opportunities.”

Students value opportunities for experiential learning and tend to think that courses are irrelevant if they rely too much on theory or have no real-world application.

An experience that lives up to the school’s promise. For newly enrolled students, the most common concerns are whether the curriculum is well-structured or well-designed—and whether it matches the experience advertised by the institution. An international business student in Canada voices a typical complaint by saying, “My one problem is that it has so few classes compared to what they claim on the program curriculum on their website.”

What’s more, reviews indicate that learners form opinions very quickly. Consequently, business schools must make sure they do not provide an inaccurate overview of the curriculum early on, particularly if a course is taught over multiple years.

Three Takeaways

As business educators consider redesigning their programs, they would do well to keep in mind these three conclusions based on student perspectives:

Practical elements are important, but so is foundational theory. Most students want real-world experiences, and they notice when internships and company interactions are missing from their programs. At the same time, students are looking for programs that provide comprehensive coverage. Students will know if experiential learning isn’t underpinned with high-quality, relevant classroom teaching.

The curriculum should be designed as a whole. The program should be taught in a holistic manner that takes into account students’ broad goals and their plans for career progression. Students are acutely aware of the times a curriculum is incoherent, taught in a disjointed manner, or doesn’t achieve the aims of the program.

A challenging environment provides the biggest reward. Students have shown they are willing to recommend programs that offer intellectual engagement. In the classroom, students want to be challenged to think differently about foundational business theory. Consequently, business schools should ensure every piece of learning is accompanied by memorable, imaginative classroom experiences.

To prepare students for the unpredictable future of work, it’s a given that business schools will need to adapt their curricula. However, it’s vital that they accomplish this in ways that benefit current students and enable graduates to transform their careers.

• career prep
• data insights
• experiential learning
• learner engagement

How Women Can Thrive in Business School

Women should be active in class, pursue leadership roles and build their network while earning an MBA degree.

Ways Women Can Thrive in B-School

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It’s especially important for women to raise their hands, speak with authority and participate actively.

Key Takeaways:

• Build a support network for during the program and after graduation.
• Actively participate in class discussions and extracurricular activities.
• Maintain a healthy balance between school and your personal life.

Business school may look like a male-dominated specialization, but more women are entering and thriving in MBA programs.

Enrollment of women in 58 premier full-time MBA programs in the U.S., Europe and Canada increased in fall 2023 to a record 42%, a jump from 41% in 2022, 38% in 2018 and 34% in 2013, according to Forte Foundation, a nonprofit focused on increasing opportunities for women business leaders.

“Women who gain admission to the top business schools are typically high achievers, and this can put a lot of pressure on them when they enroll in an MBA program,” says Alice van Harten, a founding partner of admission consulting firm Menlo Coaching, where she advises MBA candidates.

She advises women to set clear goals before starting an MBA program and to “think about how they want to spend their time and effort and to get comfortable with imperfection.”

Triada Cross, who is pursuing a dual MBA and master of science degree in tourism, hospitality and event management at the George Washington University School of Business in Washington, D.C., says women MBA students have great potential for success, “but entering a historically-male dominated field can feel daunting.”

Cross, a U.S. Army veteran with a bachelor’s degree from the United States Military Academy at West Point in New York, says she’s found that it’s important to cultivate a community around you in B-school.

“Find your tribe of supporters and cheerleaders who will keep you motivated when the assignments, projects and finals get hard,” says Cross, who also serves as the executive vice president of GWU's Black MBA Association.

Here are several other ways women can plan to be successful in B-school.

Choose the Right Business School

Whether you seek to switch careers or advance in your current field, it’s important to do your research and choose the right program and school, experts say.

To find the right fit, look at business schools that have active recruiters from companies you’re interested in, events on campus and active alumni from the school, suggests Elissa Sangster, CEO of the Forté Foundation. Students should also look at whether the school aligns with what they want in terms of location, clubs, culture and other factors, she says.

“Do they have a strong percentage of female students plus female faculty and top-notch professors in the areas you need to grow?” Sangster says.

Be Active in the Classroom 

In class, it’s important to raise your hand, speak with authority and participate actively, experts say.

“Women can be successful in business school by actively engaging in discussions both inside and outside the classroom, asking questions and contributing their perspectives,” says Shaifali Aggarwal, founder and CEO of Ivy Groupe, an MBA admissions consulting company.

Actively participating can enhance learning and help demonstrate confidence and expertise , she says.

Sangster says it’s important to authoritatively speak up in class and to remember that "a way to engage the entire class is to share an idea others can build on.”

Being active in class also means making an effort to talk with professors, including scheduling to meet to chat during office hours.

“Connect with faculty and mentors and feel comfortable to ask for guidance,” says Senay Agca , chief diversity officer at the GWU's business school and a finance professor.

Having a close relationship with a professor or mentor may be advantageous after you graduate from business school, experts say.

Take on Leadership Roles 

By June 2023, women held 10.4% of leadership positions at Fortune 500 companies, per Fortune magazine. Meanwhile, 8% of S&P 500 CEOs are women and 45% of those women have an MBA or equivalent degree, Forte reported in 2023.

Taking on leadership roles early can help women lay the foundation for these types of roles during their careers, experts say.

Aggarwal says leadership roles in student organizations can include serving as a club president, committee chair or event organizer. “These experiences provide opportunities to practice leadership skills, such as decision-making, delegation and conflict resolution.”

Students should also get involved in leadership development programs or workshops sponsored by their business school or external organizations, Aggarwal says.

“These programs often provide training in areas such as team-building, communication and strategic planning – a strong foundation for succeeding in business school,” she says.

Build Your Network

Students can build their network by engaging with other classmates and alumni via student organizations, study groups and networking events, Aggarwal says.

“Women in business school can forge connections with people who can offer support, encouragement and valuable insights into navigating the business school experience,” she says, adding that female MBA students should seek access to mentorship, career advice and networking opportunities.

“Many women," van Harten says, "start thinking at this point in their lives about how they can combine a successful career with having a family, and for this it can be valuable to learn from other female leaders how they've combined a demanding career with having children.”

Sangster says it’s critical to build your network while in business school. “These are the relationships that will help you land your first post-MBA job and other roles throughout your career. Seek out women leaders that you might want to model for your own career path.”

Balance School and Life

While in business school, it’s important to find a good balance between school and outside life.

“Women should prioritize activities and commitments that bring them joy, fulfillment and balance outside of their academic and professional responsibilities,” Aggarwal says.

She says students should remember that “their well-being is paramount to their long-term success and happiness” personally, academically and professionally.

“Be resilient," Agca says. "Reflect on failures but move on with lessons learned. Have a growth mindset, be less risk averse, believe in yourself, enjoy the school life.”

And along the way, don’t forget to have fun and make friends, Cross says.

“Challenge yourself to balance socializing and studying because business school is often a once-in-a-lifetime opportunity to meet a diverse group of people.”

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1.1 The Nature of Business

• How do businesses and not-for-profit organizations help create our standard of living?

Take a moment to think about the many different types of businesses you come into contact with on a typical day. As you drive to class, you may stop at a gas station that is part of a major national oil company and grab lunch from a fast food chain such as Taco Bell or McDonald’s or the neighborhood pizza place. Need more cash? You can do your banking on a smartphone or other device via mobile apps. You don’t even have to visit the store anymore: online shopping brings the stores to you, offering everything from clothes to food, furniture, and concert tickets.

A business is an organization that strives for a profit by providing goods and services desired by its customers. Businesses meet the needs of consumers by providing medical care, autos, and countless other goods and services. Goods are tangible items manufactured by businesses, such as laptops. Services are intangible offerings of businesses that can’t be held, touched, or stored. Physicians, lawyers, hairstylists, car washes, and airlines all provide services. Businesses also serve other organizations, such as hospitals, retailers, and governments, by providing machinery, goods for resale, computers, and thousands of other items.

Thus, businesses create the goods and services that are the basis of our standard of living. The standard of living of any country is measured by the output of goods and services people can buy with the money they have. The United States has one of the highest standards of living in the world. Although several countries, such as Switzerland and Germany, have higher average wages than the United States, their standards of living aren’t higher, because prices are so much higher. As a result, the same amount of money buys less in those countries. For example, in the United States, we can buy an Extra Value Meal at McDonald’s for less than $5, while in another country, a similar meal might cost as much as $10.

Businesses play a key role in determining our quality of life by providing jobs and goods and services to society. Quality of life refers to the general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time. Building a high quality of life is a combined effort of businesses, government, and not-for-profit organizations. In 2017, Vienna, Austria, ranked highest in quality of life, followed by Zurich, Switzerland; Auckland, New Zealand; and Munich, Germany. It may come as a surprise that not one of the world’s top cities is in the United States: seven of the top 10 locations are in western Europe, two are in Australia/New Zealand, and one is in Canada. At the other end of the scale, Baghdad, Iraq, is the city scoring the lowest on the annual survey. 1 Creating a quality of life is not without risks, however. Risk is the potential to lose time and money or otherwise not be able to accomplish an organization’s goals. Without enough blood donors, for example, the American Red Cross faces the risk of not meeting the demand for blood by victims of disaster. Businesses such as Microsoft face the risk of falling short of their revenue and profit goals. Revenue is the money a company receives by providing services or selling goods to customers. Costs are expenses for rent, salaries, supplies, transportation, and many other items that a company incurs from creating and selling goods and services. For example, some of the costs incurred by Microsoft in developing its software include expenses for salaries, facilities, and advertising. If Microsoft has money left over after it pays all costs, it has a profit . A company whose costs are greater than revenues shows a loss.

When a company such as Microsoft uses its resources intelligently, it can often increase sales, hold costs down, and earn a profit. Not all companies earn profits, but that is the risk of being in business. In U.S. business today, there is generally a direct relationship between risks and profit: the greater the risks, the greater the potential for profit (or loss). Companies that take too conservative a stance may lose out to more nimble competitors who react quickly to the changing business environment.

Take Sony , for example. The Japanese electronics giant, once a leader with its Walkman music player and Trinitron televisions, steadily lost ground—and profits—over the past two decades to other companies by not embracing new technologies such as the digital music format and flat-panel TV screens. Sony misjudged what the market wanted and stayed with proprietary technologies rather than create cross-platform options for consumers. Apple , at the time an upstart in personal music devices, quickly grabbed the lion’s share of the digital music market with its iPods and iTunes music streaming service. By 2016, Sony restructured its business portfolio and has experienced substantial success with its PlayStation 4 gaming console and original gaming content. 2

Not-for-Profit Organizations

Not all organizations strive to make a profit. A not-for-profit organization is an organization that exists to achieve some goal other than the usual business goal of profit. Charities such as Habitat for Humanity , the United Way , the American Cancer Society , and the World Wildlife Fund are not-for-profit organizations, as are most hospitals, zoos, arts organizations, civic groups, and religious organizations. Over the last 20 years, the number of nonprofit organizations—and the employees and volunteers who work for them—has increased considerably. Government is our largest and most pervasive not-for-profit group. In addition, more than 1.5 million nongovernmental not-for-profit entities operate in the United States today and contribute more than $900 billion annually to the U.S. economy. 3

Like their for-profit counterparts, these groups set goals and require resources to meet those goals. However, their goals are not focused on profits. For example, a not-for-profit organization’s goal might be feeding the poor, preserving the environment, increasing attendance at the ballet, or preventing drunk driving. Not-for-profit organizations do not compete directly with one another in the same manner as, for example, Ford and Honda , but they do compete for talented employees, people’s limited volunteer time, and donations.

The boundaries that formerly separated not-for-profit and for-profit organizations have blurred, leading to a greater exchange of ideas between the sectors. As discussed in detail in the ethics chapter, for-profit businesses are now addressing social issues. Successful not-for-profits apply business principles to operate more effectively. Not-for-profit managers are concerned with the same concepts as their colleagues in for-profit companies: developing strategy, budgeting carefully, measuring performance, encouraging innovation, improving productivity, demonstrating accountability, and fostering an ethical workplace environment.

In addition to pursuing a museum’s artistic goals, for example, top executives manage the administrative and business side of the organization: human resources, finance, and legal concerns. Ticket revenues cover a fraction of the museum’s operating costs, so the director spends a great deal of time seeking major donations and memberships. Today’s museum boards of directors include both art patrons and business executives who want to see sound fiscal decision-making in a not-for-profit setting. Therefore, a museum director must walk a fine line between the institution’s artistic mission and financial policies. According to a survey by The Economist , over the next several years, major art museums will be looking for new directors, as more than a third of the current ones are approaching retirement. 4

Factors of Production: The Building Blocks of Business

To provide goods and services, regardless of whether they operate in the for-profit or not-for-profit sector, organizations require inputs in the form of resources called factors of production . Four traditional factors of production are common to all productive activity: natural resources , labor (human resources) , capital , and entrepreneurship . Many experts now include knowledge as a fifth factor, acknowledging its key role in business success. By using the factors of production efficiently, a company can produce more goods and services with the same resources.

Commodities that are useful inputs in their natural state are known as natural resources. They include farmland, forests, mineral and oil deposits, and water. Sometimes natural resources are simply called land, although, as you can see, the term means more than just land. Companies use natural resources in different ways. International Paper Company uses wood pulp to make paper, and Pacific Gas & Electric Company may use water, oil, or coal to produce electricity. Today urban sprawl, pollution, and limited resources have raised questions about resource use. Conservationists, environmentalists, and government bodies are proposing laws to require land-use planning and resource conservation.

Labor, or human resources, refers to the economic contributions of people working with their minds and muscles. This input includes the talents of everyone—from a restaurant cook to a nuclear physicist—who performs the many tasks of manufacturing and selling goods and services.

The tools, machinery, equipment, and buildings used to produce goods and services and get them to the consumer are known as capital . Sometimes the term capital is also used to mean the money that buys machinery, factories, and other production and distribution facilities. However, because money itself produces nothing, it is not one of the basic inputs. Instead, it is a means of acquiring the inputs. Therefore, in this context, capital does not include money.

Entrepreneurs are the people who combine the inputs of natural resources, labor, and capital to produce goods or services with the intention of making a profit or accomplishing a not-for-profit goal. These people make the decisions that set the course for their businesses; they create products and production processes or develop services. Because they are not guaranteed a profit in return for their time and effort, they must be risk-takers. Of course, if their companies succeed, the rewards may be great.

Today, many individuals want to start their own businesses. They are attracted by the opportunity to be their own boss and reap the financial rewards of a successful firm. Many start their first business from their dorm rooms, such as Mark Zuckerberg of Facebook , or while living at home, so their cost is almost zero. Entrepreneurs include people such as Microsoft cofounder Bill Gates , who was named the richest person in the world in 2017, as well as Google founders Sergey Brin and Larry Page . 5 Many thousands of individuals have started companies that, while remaining small, make a major contribution to the U.S. economy.

Catching the Entrepreneurial Spirit

Stickergiant embraces change.

Entrepreneurs typically are not afraid to take risks or change the way they do business if it means there is a better path to success. John Fischer of Longmont, Colorado, fits the profile.

The drawn-out U.S. presidential election in 2000 between Bush and Gore inspired Fischer to create a bumper sticker that claimed, “He’s Not My President,” which became a top seller. As a result of this venture, Fischer started an online retail sticker store, which he viewed as possibly the “ Amazon of Stickers.” Designing and making stickers in his basement, Fischer’s start-up would eventually become a multimillion-dollar company, recognized in 2017 by Forbes as one of its top 25 small businesses.

The StickerGiant online store was successful, supplying everything from sports stickers to ones commemorating rock and roll bands and breweries. By 2011, the business was going strong; however, the entrepreneur decided to do away with the retail store, instead focusing the business on custom orders, which became StickerGiant ’s main product.

As the company became more successful and added more employees, Fischer once again looked to make some changes. In 2012 he decided to introduce a concept called open-book management, in which he shares the company’s financials with employees at a weekly meeting. Other topics discussed at the meeting include customer comments and feedback, employee concerns, and colleague appreciation for one another. Fischer believes sharing information about the company’s performance (good or bad) not only allows employees to feel part of the operation, but also empowers them to embrace change or suggest ideas that could help the business expand and flourish.

Innovation is also visible in the technology StickerGiant uses to create miles and miles of custom stickers (nearly 800 miles of stickers in 2016). The manufacturing process involves digital printing and laser-finishing equipment. Fischer says only five other companies worldwide have the laser-finishing equipment StickerGiant uses as part of its operations. Because of the investment in this high-tech equipment, the company can make custom stickers in large quantities overnight and ship them to customers the next day.

This small business continues to evolve with an entrepreneur at the helm who is not afraid of making changes or having fun. In 2016, StickerGiant put together Saul the Sticker Ball, a Guinness World Records winner that weighed in at a whopping 232 pounds. Fischer and his employees created Saul when they collected more than 170,000 stickers that had been lying around the office and decided to put them to good use. With $10 million in annual sales and nearly 40 employees, StickerGiant continues to be a successful endeavor for John Fischer and his employees almost two decades after Fischer created his first sticker.

• How does being a risk-taker help Fischer in his business activities?
• If you were a small business owner, would you consider sharing the company’s financial data with employees? Explain your reasoning.

Sources: “All About StickerGiant,” https://www.stickergiant.com, accessed May 29, 2017; Bo Burlingham, “Forbes Small Giants 2017: America’s Best Small Companies,” Forbes, http://www.forbes.com, May 9, 2017; Karsten Strauss, “Making Money and Breaking Records in the Sticker Business,” Forbes, http://www.forbes.com, January 26, 2016; Emilie Rusch, “StickerGiant Does Big Business in Tiny Town of Hygiene,” Denver Post, April 19, 2016, http://www.denverpost.com; Eric Peterson, “StickerGiant,” Company Week, https://companyweek.com, September 5, 2016.

A number of outstanding managers and noted academics are beginning to emphasize a fifth factor of production—knowledge. Knowledge refers to the combined talents and skills of the workforce and has become a primary driver of economic growth. Today’s competitive environment places a premium on knowledge and learning over physical resources. Recent statistics suggest that the number of U.S. knowledge workers has doubled over the last 30 years, with an estimated 2 million knowledge job openings annually. Despite the fact that many “routine” jobs have been replaced by automation over the last decade or outsourced to other countries, technology has actually created more jobs that require knowledge and cognitive skills. 6

Concept Check

• Explain the concepts of revenue, costs, and profit.
• What are the five factors of production?
• What is the role of an entrepreneur in society?

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Mission-Driven Accreditation

Mission- driven, outcomes-based.

Accreditation is a quality assurance process in which an institution of higher education or an academic unit within the institution voluntarily undergoes an external and independent appraisal of its educational activities.

Programmatic accreditation by the International Accreditation Council for Business Education is mission-driven and outcomes-based, and involves an independent, external evaluation of the business programs offered by an institution’s academic business unit. The effectiveness of the academic business unit is evaluated by reviewing the educational processes related to teaching and learning in the institution, and by an assessment of the outcomes of the teaching-learning process.

Partnering with colleges, universities, and other higher education institutions to recognize business education excellence.

Scope of accreditation.

The IACBE accredits business, accounting, and business-related degree programs at the associate, bachelor’s, master’s, and doctoral levels in institutions of higher education worldwide.

The IACBE expects business programs to be delivered by an established academic business unit. For the purpose of the accreditation of business programs by the IACBE, an “academic business unit” is defined to be an organizational unit that is responsible for the administration and delivery of the business programs of the institution. This unit can be a department, division, school, college, institute, academy, faculty, or other organizational structure. However, the IACBE respects the differences that exist between institutions of higher education, and realizes that institutions may have valid reasons for offering some business programs through other academic units of the institution. In addition, it is expected that the academic business unit, and other academic units within the institution that offer business programs, will be led by doctorally- or professionally-qualified business educators.

The process of accreditation by the IACBE requires the academic business unit to prepare a comprehensive self-study in which it demonstrates the extent to which it complies with the IACBE’s “Accreditation Principles,” which are its evaluation criteria for accreditation. In addition, the academic business unit must undergo a site visit by an independent team of professional peer reviewers. The academic business unit’s self-study, the site-visit team’s report of findings, and the academic business unit’s response to the report are then reviewed by the IACBE’s Board of Commissioners, which determines the accreditation status of the institution’s business programs.

Specialized programmatic accreditation by the IACBE is a means by which students, parents, the business community, and other stakeholders of the institution can be assured that the academic business unit complies with high principles of excellence and follows best practice in business education. Furthermore, accredited schools have demonstrated a commitment to continuous improvement, excellence in business education, and advancing academic quality. Accreditation means that the academic business unit’s programs are sufficiently strong to be considered as high-quality programs, and that the academic business unit is functioning effectively (e.g., is producing excellent student learning and operational outcomes).

The IACBE’s Accreditation Process Manual describes the quality assurance process that is used by the IACBE in its accreditation of business programs and provides additional details regarding the IACBE’s scope of accreditation.

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Scope of the Corporation

By: David J. Collis

Describes analyses that determine the appropriate limit to the scope of the firm. Examines both the production cost justification for firm diversification--economies of scope and shared resources,…

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• Publication Date: Mar 30, 1995
• Discipline: Strategy
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Describes analyses that determine the appropriate limit to the scope of the firm. Examines both the production cost justification for firm diversification--economies of scope and shared resources, and the governance cost justification for including transactions inside the hierarchy rather than contracting for them on the market--transaction costs and agency theory. Concludes by identifying the line between corporate strategy and firm scope.

Mar 30, 1995 (Revised: Apr 20, 1995)

Discipline:

Harvard Business School

795139-PDF-ENG

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GROWING NEED FOR VOCATIONAL EDUCATION & TRAINING AND ITS SCOPE

• Post author: Adyasa Das
• Post category: GUEST POSTS
• Post published: August 9, 2018
• Post last modified: August 26, 2020
• Reading time: 6 mins read

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Vocational education and training is the process of imparting practical and job based knowledge. It makes our education system more sophisticated. Vocational education course helps to perform better in a job. This blog will tell you about the growing need for vocational education & training and its scope.

https://youtu.be/mLtorspXkYA Video can’t be loaded because JavaScript is disabled: Growing need for vocational education & training and its scope: Perfect Guidance! (https://youtu.be/mLtorspXkYA)

Watch the video or continue reading.

As the job market expands, the need for efficient and well trained personnel becomes very important. To understand the scope of vocational education, it is first necessary to understand its meaning. Vocational Training is a job oriented education. It will ready you for a professional career from a young age. The need for vocational education and training cannot be sufficiently emphasized. It has numerous benefits for a developing economy. You can too opt for these courses , both online and offline. Considering the fact that we are living in the digital age, there are several BENEFITS OF PURSUING ONLINE TRAINING COURSES .

To start off, let’s us first discuss the scope of vocational education.

The scope of vocational education

Vocational education courses are not restricted to students, who are in their school and college life. It can also be imparted as ‘ on the job training ’. But if the students are kept abreast with the practical knowledge, then there would be no requirement of training in the later years of their career. Since it is a job-oriented training, it is very essential for our economy. Vocational guidance helps in the proper allocation of labor in the country.

Many countries suffer with the problem of unemployability, over unemployment. Unemployability is a situation, in which a person who is willing to work, lacks the practical skills and grooming that would land him up in a job. Whereas, unemployment is a condition in, in which a qualified and competent person is unable to find a job, due to shortage of job opportunities. The problem of unemployability, enhances the scope of vocational education.

Now that you have understood the scope of vocational education, let’s see why there is a growing need for vocational education :

It prepares for a job

Vocational education is non-academic in nature. It prepares you for a job. It will help you to gain expertise in a particular field. Vocational education courses are becoming more and more prevalent. Employers prefer candidates who know their work and can give full justice to their profession.

Vocational Training not only prepares you for a job, but also increases work efficiency . Vocational education and training makes it easy and convenient to find the job that suits an individual. There is growing need for vocational training because it increases a person’s worth in the job market.

Promotes entrepreneurship

Considering the wide scope of vocational education, vocational education courses also improve entrepreneurship skills. They equip a person with required skills and experience that help him/her in setting up his/her own area of work. Vocational education grooms an individual with job-specific skills. These skills act to his/ her advantage and help discover a new product or service for the customers.

Do check out our blog on VITAL CHARACTERISTICS OF AN ENTREPRENEUR THAT EVERY PERSON SHOULD LEARN to know about some specific entrepreneurial skills.

Also, vocational education courses and training increase the number of people starting small businesses. This is essential for the growth of the economy as a whole. Since these courses can provide stable jobs, there is a growing need for vocational training.

Reduces joblessness

As vocational education courses prepare an individual for the job market, they reduce the chances of unemployment. A person gets well versed with practical knowledge through these courses. Employers prefer those who already know their area of work. This way, they don’t have to spend on any additional training of the employees.

There is a need for vocational training as it the most convenient way to reduce joblessness in the country.

More focused learning

Vocational education and training trains a person in the desired field. It reduces wastage of resources and money. When the focus is only on a specific area, a lot of additional costs are saved. Further, school dropouts and adults can also learn vocational training.

Majority of the people are caught in the wrong job due to the defective education system. If they are given vocational training from the very beginning, they can assess their own interests and seek a job in that field.

Vocational courses are becoming more and more prevalent in the modern world. The scope of vocational education is ever increasing. Educational institutions are now focusing on adding vocational education courses in their curriculum. Such type of education is an asset for the economy. Apart from providing stable jobs, it also increases the knowledge base and confidence of a person. Vocational education and training is as good as any college education.

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