Category: Opinion

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12 Characteristics of a Good Mission Statement for a Business School

By Dr. Vlad Krotov

A good mission statement for a business school

A business school’s strategic planning begins with a good mission statement. Having a formal and sustainable strategic planning process is a formal requirement of all major accreditation agencies for business schools. For example, EQUIS standards require every accredited business school to “define the School’s mission and explain how it relates to its identity.” (EQUIS Standards & Criteria, Chapter 1, 2023). Similarly, AACSB requires that every accredited business school should “articulate a clear and focused mission for the school” as a part of its strategic planning process (AACSB Guiding Principles and Standards for Business Accreditation, Standard 1, 2023). 

A good mission statement is essential for every business school’s survival and success in the face of growing competition in business education. A mission statement serves as a concise and impactful declaration of a school’s purpose and core values. It should effectively communicate the organization’s reason for existence, its target audience, and its guiding principles. 

In order to succeed, a business school needs to be known for something. Almost everything that the school does and everyone that the school is affiliated with should contribute to this reputation. Without this focus and distinctiveness, your business schools will be lost among numerous other “me too” schools, eventually suffering declining enrollment and shortages of essential resources.

Here are some characteristics of a good mission statement for a business school:

    1. Clear and Concise: A good mission statement is clear, straightforward, and concise. All stakeholders should be able to understand it, including students, faculty, staff, and employers. A mission statement should not  more than a few sentences. 
    2. Specific and Focused: The mission statement should clearly outline the school’s primary purpose and focus. It should avoid being overly broad, generic, or vague. Being “everything to everyone” is one of the worst strategies a business school can pursue. 
    3. Inspiring and Motivating: A mission statement should motivate and inspire all stakeholders. It should create a sense of purpose and passion among students, faculty, and staff. 
    4. Timeless: Business “buzzwords”, educational technologies, and pedagogical “fads” come and go. Strategies and goals of a business school may change over time too. In spite of all the changes in the external and internal environment, a good mission statement should remain relevant and timeless. It should provide a sense of continuity and stability for the school and serve as the most important foundation for all strategic decisions.
    5. Unique and Differentiating: The mission statement should clearly highlight what sets your business school apart from thousands of other business schools across the globe. It should emphasize the organization’s unique value proposition to students. Being a “me too” business school is a sure path to mediocrity and declining enrollments. 
    6. Realistic and Achievable: While the mission statement should be aspirational, it should also be grounded in reality. Not everybody can be a Harvard Business School, serving the needs of executives from Fortune 500 companies. This is okay.  Not everybody wants to commute in a Mercedes or Ferrari. People also need affordable and reliable Toyotas and Fords that get them where they want to be. 
    7. Aligned the Mission of the University: The mission statement should align with the university’s vision, mission, values, and goals. It should reflect the principles that guide decision-making and actions within the broader organization that the business school is a part of.
    8. Student-Centric: A good mission statement should focus on delivering value to the school’s target audience. It should emphasize the impact the school aims to have on its students and the broader community that it serves.
    9. Memorable: A memorable mission statement is more likely to be embraced by all the stakeholders. A creative statement with strong language and imagery can make it more memorable. Business schools should stay away from confusing “academic talk” or business jargon. The mission of the business school should be recited or explained by every faculty member in his or her own words. Reviewers from accreditation agencies often ask faculty whether they can explain the mission of their business schools.
    10. Inclusive: The mission statement should be inclusive, embracing all the relevant stakeholders: students, faculty, staff, alumni, and employers.
    11. Communicable: A good mission statement should be easily communicated across all levels of the business school. It should be accessible and relatable to everyone involved with the school. Each business school should invest time and resources in spreading awareness of its mission statement. 
    12. Measurable: Although a mission statement is not a strategic plan, it should be possible to evaluate the organization’s progress and alignment with its mission over time. Lengthy, broad, generic, and vague mission statements make such evaluation difficult. 

Crafting a compelling and effective mission statement often involves lengthy collaboration and reflection among key stakeholders to ensure that it accurately represents the organization’s identity, aspirations, and principles. Unfortunately, many business schools do not have anyone formally in charge of the strategic planning process. Mission statements are often drafted or revised just before accreditation or reaccreditation report submission deadlines.

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Top 10 Reasons for Majoring in Business 

By Dr. Vlad Krotov

Business education has been under a lot of scrutiny in recent years. There have been criticisms of business programs over their high costs, outdated curriculum, and inadequate opportunities for meaningful careers after graduation.

Still, many students choose business as their undergraduate major. In fact, in many universities, business majors comprise the largest or one of the largest groups of students. Students choose to major in business for a variety of reasons, as it offers several attractive advantages and opportunities. Some of the common reasons why students opt to major in business include:

    1. Versatility: A business degree provides a broad foundation of knowledge and skills that can be applied to various industries and job roles. Graduates can pursue careers in finance, marketing, human resources, operations, entrepreneurship, and more.
    2. Job opportunities: The business field offers a wide range of job opportunities with potential for growth and advancement. Graduates can enter diverse sectors, including corporate, nonprofit, government, and startup environments.
    3. High earning potential: Business-related professions often come with competitive salaries and attractive benefits, especially as individuals progress in their careers and take on leadership roles.
    4. Entrepreneurial aspirations: Some students with entrepreneurial ambitions choose to major in business to gain the necessary knowledge and skills to start and manage their own businesses.
    5. Practical skills: Business programs typically focus on real-world problem-solving, decision-making, and critical thinking, which are highly valuable in various professional settings.
    6. Networking opportunities: Business programs often provide ample networking opportunities, enabling students to connect with industry professionals, potential employers, and like-minded peers.
    7. Flexibility: Business degrees can be flexible in terms of study options, allowing students to choose from various specializations and tailor their education to align with their interests and career goals.
    8. Global perspective: Business programs often emphasize international business practices, helping students develop a broader understanding of the global economy and cultural diversity.
    9. Influence and impact: Business leaders have the potential to drive significant change and make a positive impact on their organizations and communities.
    10. Interdisciplinary nature: Business intersects with many other fields, such as economics, psychology, technology, and law, providing opportunities for cross-disciplinary learning and application.

It’s important to note that while a business degree can offer numerous benefits, students should also consider their personal interests, strengths, and long-term career goals when choosing a major. The decision should be based on a thoughtful consideration of individual aspirations and alignment with one’s passions and abilities.

In addition, students should always choose to study business at an accredited business school. Business programs that are accredited by well-known accreditation agencies such as AACSB, EQUIS, ACBSP, or AMBA are more likely to deliver on all these promises.

Certain business accreditations are granted at the program level, so a business school may have programs that are not accredited. The prospective student should always check whether the program that he or she is interested in is accredited by AACSB, EQUIS, ACBSP, or AMBA.