John A Byrne of Poets and Quants recently offered an interesting perspective on the state of business education and an increase in focus on entreprenuership:
MBAs Doing Startups At Nearly Four Times The Rate Previously Thought
Byrne's article offers some interesting insights for marketing instructors at both large and small business schools. The article explains:
While roughly only 5% of MBAs start their companies out of school, within three years of graduation the percentage explodes to 24.4%, more than a four-fold increase, according to data published today (June 27) by the Financial Times.
The data was based on the Financial Times' annual survey of MBA alumni that is one component of its MBA ranking. This year the Financial Times used that data to explore entrepreneurship at those institutions placing Stanford at the top of the list, followed by the B-schools at Babson College, University of Virginia, Dartmouth and UCLA. Byrne's analysis noted that the data also shows strong evidence that more MBAs are not following the traditional paths of management or consulting roles of the past, but are instead starting new companies. Byrne notes:
The percentage of MBAs of Stanford’s Graduate School of Business who started their own companies within three years of graduation? More than a third, 34%, or more than twice as many as those who launched startups by graduation in 2012, which was 14%
At Winter AMA in Las Vegas, a number of AMA academic members have noted an increased entrepreneurial spirit among MBA students and business students in general. Many students not only want to use their degree to start new ventures, but they also seem to want to use the connections derived in business school to raise capital for new business ideas.
As a discipline, Marketing seems well placed within the academy to offer strong insights to these entrpreneurs. Given the customer centric focus, marketing questions are often ground-zero for the development of new or modified ideas that are the basis for new forms of services and enterprises. This impressive growth in entrepreneurial activity seems to be a trend that marketing faculty at all businesses schools should monitor and encourage.
Source: Poets and Quants based on Financial Times global MBA alumni survey, business school employment reports