The business world has gone through a roller coaster ride of changes and challenges during the last year. It’s a shift that has not only altered the corporate world, but also forced business schools to step back and evaluate their curriculums. Ajay Menon, the Dean of the College of Business at Colorado State University, and John Hoxmeier, Associate Dean of Graduate Studies, share some insight on how universities are adapting to an ever-changing environment and preparing the leaders of tomorrow.
*What are the key issues in the business world that have impacted the focus of business schools?*
Menon: We continue to say there’s nothing to be ashamed of in terms of profits. Profit is not an unhealthy goal—it’s about how you get your profit and what you do with it. Business schools are focusing more on this and putting a greater emphasis on social responsibility. When you look at the excesses of recent days, it is a lack of leadership, ethics and a sense of the role business should play within the community. Business school programs need to focus on these elements and teach students how to make better decisions.
Hoxmeier: The debate is centered on how the fundamentals of business have changed, and our position is that they really have not. Instead of just trying to think outside the box, we are really encouraging our students and faculty to stay inside the box. Let’s get back to the basics and concentrate on the areas that really matter—taking care of customers and employees, providing a reasonable return to shareholders, and being ethical and understanding where our responsibilities lie.
*How do you teach ethics in business school?*
Hoxmeier: We’re really not in a position to teach necessarily what is right or wrong because we are generally dealing with mature students. What we do is try to put students into various scenarios so that they can see how they would react or respond based on a given set of circumstances. It’s a lot of role-playing followed by group discussions.
*What type of new business programs are being created for students in emerging fields or working professionals?*
Menon: We still focus on core business competencies, but we’re also developing programs in a different context, like our master’s program in Global, Social and Sustainable Enterprise. We think of it as the business Peace Corps—you’re doing something that combines entrepreneurial skills and focuses on having a positive impact. For example, one-third of the world’s children are born into homes without clean water. We look at this and see an opportunity to create a business model to get water to those communities in a way that has both a social benefit and allows people to make a healthy living by doing so.
Hoxmeier: We also offer a Master of Management Practice, which is an add-on, one-year degree for those who have an undergraduate degree outside of business. So, if you have a background in English, chemistry, engineering or another field, this degree is designed to give you the business management and human resources skills that you are going to need in an organizational setting.
*What are the essential skills students need nowadays to be successful in their careers?*
Menon: Knowing how to work in teams, project management, and communication across international boundaries. In marketing, we drive home this notion of product differentiation and students need to differentiate themselves from the competition when they prepare to enter the business world. It’s also becoming very important to hone your cross-cultural skills. There are a lot of great opportunities to study abroad, and another option is to get involved in international student groups on campus.
Hoxmeier: I think it comes down to three things we focus on: problem solving, team building and leadership. In terms of problem solving, we try to give students a toolkit to approach various problems and know what tools to use at what point in time. Team building is important in addressing a need for consensus-based decision making when you consult with a number of people while trying to build trust within teams. Then there is recognizing your leadership inventory—where you’re weak, where you’re strong and where you’re likely to succeed. For us, it’s all about turning out future business leaders who will act in a socially responsible way. Edu
_Ajay Menon holds a Ph.D. in Marketing from the University of North Texas and his undergraduate degree is in chemistry and physics from University of Bombay in India. Menon’s business research has been published numerous times and he consults with various private and public companies on marketing strategy._
_John Hoxmeier received a Ph.D. from the University of Colorado-Boulder where his research included collaborative and group support systems. He has more than 20 years of industry experience, and prior to joining the CIS Department at CSU in 1994, he was Executive VP and CIO at The Fuller Brush Company._