In a world of business scandals (e.g., Enron, Arthur Anderson, Worldcom, Global Crossing, Tyco International, etc.), students, parents, and society in general question the value of a business education and whether business schools are producing graduates who are capable of becoming successful and civic-minded business leaders. These important and legitimate concerns focus on a fundamental question: Is a business education relevant and influential in the formation of business leaders in today’s global environment?

Premise: Learning the “business of business” is a worthy and constructive endeavor that brings benefits to individuals, organizations, and societies.

Individuals:

• Development of a sense of purpose
• Creation of personal wealth, self-sufficiency, and a sense of well-being
• Development of personal skills, such as communication, problem-solving, decision-making, and leadership
• Knowledge and understanding of strategic management
• Acquisition of knowledge and skills that transfer to different work environments and other dimensions of productive lives

Organizations:

• Supply of competent, well-trained work forces
• Generation of new ideas, theories, and knowledge
• Productive balance between theory and practice
• Research that advances organizational effectiveness and efficiency
• Commercialization and effective application of new technologies
• Production of goods and services that enhance quality of life
• Creation of organizations that enable richer lives for participants
• Unity around a common purpose

Society:

• Creation of wealth and economic development
• Supply of safe products and services
• Creation of jobs and investments
• Development of appropriate governmental perspectives and policies
• Enhancements in quality of life
• Revitalize and strengthen economic development in communities
• Strengthen the overall academic community
• Business schools directly influence the forces that elevate societies, organizations, and people

Conclusion: Business education transcends continents, races, languages, and traditions. The practice of business is a clarion for individuals who want to make an essential contribution to what may be the most impelling force for growth and greatness in our society.