Business Education- 3 Simple Steps For Reinventing B-Schools

Business schools have effectively created generations of business leaders through their MBA programmes for years. These MBAs eventually became successful managers, executives, management partners and managing directors. However this does not hold true anymore. What proved to be effective in the past is becoming redundant now. As the business world is continuously changing, there is an urgent need for constant restructuring and reinventing business schools, careers and organisations.

In this intensely competitive and complex corporate world, educational models should be developed in way that it becomes relevant for the current scenario. Here are 3 basic and yet effective suggestions for business schools around the world to revamp and rebuild an obsolete educational system-

Hard Skills Are Not Enough, Teach Creative Problem-Solving Skills

The old operating manuals for achieving success have become useless now. Our future business leaders need to develop the abilities to improvise and find innovative solutions in real time to face unique challenges present in the global market place. Hence B-schools need to prepare their students to counter future challenges by enabling them to think productively instead of simply going through the motions.

Business schools must design projects, coursework and assignments that would help the students to develop creative as well as analytical thinking. It is only by providing the students the opportunity to gain experience in effective decision making in the face of uncertainty, B-schools can offer more valuable training than simply teaching them to calculate discounted cash flows. They should be encouraged to take calculated and responsible risks and provide solutions to creative challenges.

Create Modern Business Leaders Instead of ‘Old School’ Leaders

Conventional business schools create business leaders in the old-school “boss” model where a single leader instructs and leads the team. MBAs who become business leaders usually act like Orchestra Conductors. Although they do not play any musical instruments, they guide their teams to stick to the notes, written on a page, with accuracy and precision. Even though this model might have proved fruitful earlier, today business leaders need to act Jazz Musicians, instead of Orchestra Conductors. They need to form small groups of skilled employees involved in an ongoing and open-ended process of exploration, innovation and creativity. Innovation will flourish when calculated risk-taking will precede compliance.

Create Leaders Who Focus Talent Development Rather Than Management Systems

Earlier, the focus of business models was on developing repeatable and tightly functioning management systems. However, at present, markets around the world are changing continuously and have become more fluid as well. Thus, now leadership needs to focus more on developing talent instead of strengthening fault-tolerant processes.

Today ongoing creative disruption has gained prominence over rigid management procedures as the way towards success. Successful business leaders are now augmenting their impact through the employees they have trained and developed, instead of concentrating on enforcing the rules they have formed. Currently, businesses require leaders who will be able to increase their leadership capabilities, rather than just complying with directives.

Modifying Approach to Create Future Leaders

In order to remain relevant and sustain in the rapidly transforming corporate world, business schools must modify and alter their approach. Today’s business leaders need to be creative and should be able to transform, disrupt and reinvent on an ongoing basis in order to achieve their business goals. Faculty and administrators of B-schools should also follow the same approach if they wish to create excellent business leaders for the future.