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From the Dean

2003 State of the School

Dear Friends,

The past few years of economic uncertainty have posed strategic challenges for business leaders as they struggle to curb costs without sacrificing competitive strength. The Business School is no exception and I believe we have successfully faced the challenge. In assessing this year's state of the School, I can point proudly to a rich set of milestones reached during the past year: a record percentage of MBA alumni gifts to the School, 60 MBA students involved in an experiment in leadership learning, continued success in recruiting top faculty and students, a new national publication produced at the School, growth in our executive education offerings, and continued work to build and expand our research centers. We have addressed a small but persistent operating deficit, cut budgets, and instituted a hiring freeze, while continuing to fulfill our vital mission and to build for the future.

The Stanford Graduate School of Business has a distinguished history. The men and women who came before me built an internationally respected and widely imitated school with an impressive list of accomplishments. Today I believe we face another defining moment in our history in which deliberate action will define our leadership. Our future will be determined and enhanced by the programs, research, and coursework we create in four principal areas: social innovation, leadership, global business, and entrepreneurship. We will redefine what a great management education is all about through activities in these four areas that build on the strong disciplinary foundations and the renowned functional education that is our hallmark.

Let me explain how we are moving forward in these four areas.

Social Innovation

Businesses are not simply economic organizations. They also are social institutions that are part of the larger fabric of society and will succeed and prosper only if they continue to earn the respect of their community. Our Center for Social Innovation is built on the premise that we must teach students about the social impact that they and their organizations can have in areas such as education, health care, and other social purposes. In addition to supporting research and course development, organizing conferences, and sponsoring speakers, last spring the Center launched the highly successful publication Stanford Social Innovation Review to support the exchange of ideas among thought leaders eager to improve society through better management of institutions. Already subscriptions have far exceeded early goals.

Our efforts in this field continue to build on the activities and reputation of our 32-year-old Public Management Program and the incredible community volunteer efforts undertaken by our students and alumni. The Alumni Consulting Team program that matches our graduates with nonprofits seeking business advice had 162 alumni and student volunteers last year working on 34 projects. For the Class of 2003, nearly 25 percent earned PMP certificates in addition to their MBA degree. And this participation doesn't stop with graduation. Over the years, 21 Business School alumni/ae have served as White House Fellows.

Leadership

I define leadership as the role a person plays in trying to change an organization for the better. Throughout their careers our students will seek leadership roles because it is in their nature. Those are the kind of students we admit. How effective they are will be determined only partially by how smart they are. The more important factors will be how well they know themselves and how skillfully they do the things that contribute to good leadership—things like communication and listening skills, high ethical standards, and the ability to take and give honest feedback.

As part of our leadership initiative, this month we launched a new pilot program with a strong experiential component. Some 60 MBA students will take courses, participate in learning labs, and become part of six-member teams to work together on study-group assignments and on a first-year capstone project relating to leadership. Students will have opportunities to understand their own strengths and weaknesses and to reflect on the nature of leadership. We cannot teach leadership in a classroom any more easily than an instructor can teach swimming without a pool, but we can give our students valuable background and ideas that will enrich the leadership experiences they have as they move through their careers.

Global Business

The world today is a global economy. No business will succeed if it is not the best in the world at what it does. Managers are dealing with multicultural workforces and with corporate cultures that extend across national boundaries. They are directing teams that may span several time zones and speak several different languages but must be melded into a single, highly efficient unit to help the firm succeed. They are operating in countries where markets and regulations are deficient, and they are accumulating important experience and knowledge about how countries can successfully develop. An understanding of these global issues is an important foundation for our students.

Most students are well aware of this need before they arrive. In the Class of 2004, 36 percent are citizens of a country other than the United States, and class members speak 31 languages. Last spring 124 students earned certificates in Global Management and more than 25 percent of the Class of 2003 took part in at least one international study trip. We have benefited from courses and student programs supported by the Global Management Program for the past decade. We currently offer at least 25 elective courses that include a large international component, and we are working to develop a new research center for global business and economy.

Entrepreneurship

Finally, I turn to entrepreneurship, something the School first addressed over 40 years ago. For years the people who hire our graduates have said, "We want students to have a general management mind-set, to think like a general manager even in a functional role, and to understand how the functions fit together. We want them to think with a sense of ownership, have a bias toward innovation, and be comfortable with technology." Entrepreneurship is our way of teaching and thinking about these issues. We have a proven track record exhibited through the accomplishments of our Center for Entrepreneurial Studies.

Our leadership doesn't end with our record in the classroom. We strive to lead in offering our graduates lifelong learning programs that are intellectually stimulating and support alumni interests in staying current with research being done at the School today. Since its introduction about 18 months ago, the Lifelong Learning program has involved hundreds of alumni in seminars, workshops, and other activities designed to meet specific interests and needs. Graduates can also receive career support through programs offered by Alumni Relations and the Career Management Center.

One of the keys to our success will continue to be our alumni population—graduates who through their leadership roles in business and society demonstrate the power of what we teach here, and who remain tremendously engaged in this institution. Today, our alumni provide approximately 45 percent of our revenue vs. 10 to 21 percent at some of our primary competitor schools. In the fiscal year just ended, the percentage of MBA alumni giving set a record. This support allows us to remain small, yet provide the premium experience that defines our program. I continue to believe that business leadership is a noble calling that needs the best, most thoughtful, and most talented individuals to produce the kinds of institutional performance that serve society well. I am proud of our track record in serving that calling and of the tradition of our alumni to support the institution that made such a difference in their lives.

Sincerely,

Robert Joss
Philip H. Knight Professor and Dean
Sloan '66, MBA '67, PhD '70

If you would like to share your thoughts, email me at joss_robert@gsb.stanford.edu

If you would like to tap into the ideas and activities at the Business School, go to https://alumni.gsb.stanford.edu/lifelonglearning/