Paul,
I agree with you wholeheartedly. Unfortunately, it's probably not the
business school's fault. The problem stems from society at large.
Travis Bradberry
>From: Paul Wong <
wong@twu.ca>
>Reply-To: Management Education and Development Discussion
><
MG-ED-DV@MAELSTROM.STJOHNS.EDU>
>To:
MG-ED-DV@MAELSTROM.STJOHNS.EDU
>Subject: Re: Can we teach...
>Date: Tue, 8 Jan 2002 17:37:47 -0800
>
>Thanks Tom for your thoughtful response. I am grateful for many other
>insightful contributions.
>
>There is Chinese saying: The market place is like a battle field. I am a
>strong believer in the power of learning and education, but I am afraid
>that
>often business schools and universities do not pay enough attention to
>personal development as opposed to professional or academic development. If
>a person has so many unresolved issues and biases, which tend to be
>projected into situations, he or she is more likely to form wrong
>judgements. More later.
>-----Original Message-----
>From: Tom Bryant
>To:
MG-ED-DV@MAELSTROM.STJOHNS.EDU
>Sent: 1/8/2002 2:21 PM
>Subject: Re: Can we teach...
>
>The type of decision-making situation described as his starting point by
>Paul closely resembles that regularly faced by entrepreneurs. As the
>entrepreneurship literature over the last 25 years has evolved, through
>several apparent dead-ends, a growing focus has been on the factors that
>differentiate entrepreneurs who achieve sustained, long-term success,
>from
>those who are able to start something and grow it, then lose it. That
>body
>of work may help answer some of Paul's challenges to us.
>
>Here's what I think the emerging picture shows:
>
>1. Successful entrepreneurs have deep knowledge of the fields in which
>they venture. One of the most important issues in separating the
>successes
>from the others is the ability of the successful ones to choose their
>issues. They do NOT take risks -- they exploit advantages that would be
>risks to other people. Hence, it really matters what ventures they
>choose;
>successes come of deep preparation.
>
>2. No attractive successes are well known in advance. Competition and
>information being what they are, new entrants quickly flow into a field
>that is shown to be "attractive" (that IS the meaning of the term!) and
>reduce marginal returns to normal levels. Hence, successes come from
>opportunities which must be shaped and adapted to as they evolve. The
>abilities to experiment intelligently, to learn and to continuously
>devise
>new solutions to emerging problems are essential skills for successful
>entrepreneurs. Indeed, many great entrepreneurial stories have arisen
>from
>situations in which inadequate solutions were continuously revised until
>enough of the right answers started to come together, creating a
>lift-off
>condition. Note, however, that lift-off only starts a successful
>journey;
>it must be continued through continuous learning and adaptation. The
>future will never be an exact replica of the past, so B-schools have to
>teach students more than memorization of historical cases. Our students
>have to graduate with rich databanks of historical experiences, and the
>thinking skills that allow them to use those data to triangulate new
>solutions.
>
>3. Some entrepreneurial resources are partially transferrable. Success
>in
>one arena doesn't automatically produce success in a different field; in
>fact, it is normally insufficient. Additional learning, adaptation,
>gathering of additional resources, may all be required to parlay success
>in
>one area into success in another. With each success, however, those
>resources get easier to gather. Credibility, perhaps the most valuable
>entrepreneurial resource, accumulates. The venturing process can be
>learned and refined. Serial successes remain relatively rare, however,
>because human failings (like arrogance or timidity) can easily overwhelm
>human wisdom. Success and successful models remain fragile. Self-check
>mechanisms, like reading, advisory boards, recreation, etc. can be used
>to
>limit that frailty.
>
>In conclusion, I answer Paul that we MUST make a difference in our
>students' abilities to handle the kinds of fast-paced decision-making
>environments he posits. We do have many tools. Not everything we do in
>B-schools supports this kind of decision-making, nor will experience
>alone
>suffice. The combination of ongoing research, theory-based teaching,
>experiential education based on existing (and hypothesized) knowledge,
>and
>an active search for problematic situations all help improve the
>capacity
>of our graduates to improve their competence in this kind of challenging
>environment.
>
>Yes, we can teach in this area, and no, we don't have it perfect yet.
>
>Best regards for a challenging and enlightening year!
>
>Tom Bryant
>
>(Liaison between MED and ENT Divisions of the Academy of Management)
>
>
>.....................................................
>Prof. Thomas A. Bryant, Ph.D.
>Director, Entrepreneurial Management Programs, Rutgers Business School,
>State of New Jersey Chair in Small Business and Entrepreneurship
>111 Washington Street, Newark, NJ 07102-3027, USA
>Tel: (973) 353-1062; Fax: (973) 353-1664
>
tabryant@andromeda.rutgers.edu
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