Essay About Business Education And Business Schools

Bussiness School Impact
Bussiness School Impact
Business schools and business education prepare students to learn the basics of thinking
critically, communicating effectively and managing small and large enterprises so they can serve
society in a successful and socially responsible manner. However, recently business schools and
their graduates seem to be a target for many critics as they link the ethical lapses of senior
executives to major scandals that have partially led to the financial challenges that the world is
facing today. Perhaps some analysis and reflections are needed for a self-analysis of business
education and its curricula. The questions and thoughts reflected upon in this writing are focused
on business schools, business education, and the integration of ethical thinking in business
curriculums. The authors offer reflections, suggestions and practical tips for the consideration of
university administrators and business school faculty members.
The economic recession of the last few years did have one ‘good” effect; that is, it made
the world more global, made it more global in a very short and compressed time period, and
made that global context very “loud and clear.” Accordingly, it should be clearly aware to all,
that in this “new economy,” in the words of the old poem, that “no one is an island.” The world
economy, as was convincing and depressingly indicated, is just too interconnected for any nation
to live as an island. Business schools must of course be aware of this “new reality”; and they
may have to change their business models to reflect the shifting nature of markets and the
economy to a global context. Accordingly, business schools now must be innovative and
entrepreneurial, and be willing to take some risks, in order to take the lead to build global
coalitions to produce students who will be global leaders. Due to the changing nature of the
global economy and the concomitant need to take some risks and to be innovative and
entrepreneurial, a business school will not be successful and may not even survive unless it “gets
this.” The goal, therefore, is for business schools to meet the demands of their students and to
make a positive contribution to their communities, society, and the world. Business and
management should be perceived like law and medicine as a “noble profession,” – one that
creates wealth but also brings economic vitality to their communities and society, and ultimately
to transform peoples lives. A commitment to ethics and a societal mission are the hallmarks of a
profession; the core virtues of a profession are ethics, morality, social responsibility, duty,
stewardship, and custodianship; accordingly, schools of business must underscore the importance
of ethics and the broader social mission of business; they must progress from teaching mere
“vocationalism,” and rather must inculcate to the students the importance of creating long-term
value – and not “merely” for the shareholders but for all the firms stakeholders. Schools of
business must admonish the students when it comes to short-term thinking and ethical lapses.
The focus of business education should be on ethics and social responsibility and the production
of sustainable growth and positive value. Schools possessing such objectives and aspiring to such
“profession” status will grow, develop, flourish, and prosper with their colleges or universities,
communities, and society. Of course, business as a “profession” will require an oath, that is, a
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