Before 2008, business schools were devoted to sending their students to Wall Street. After the market crash, many business schools were no longer sure about what specializations to offer given the significant decrease in the number of jobs available in finance. Babson College facing the same dilemma decided to introduce an entrepreneurial focus to its business program. It has since been ranked #1 by U.S. News & World Report. Entrepreneurship bring creativity and innovation, which helps student to create new products and services. Business schools need to take an international focus with entrepreneurship, as it is crucial for future business leaders, according to Babson college dean, Denis Hanno.
A trip to Africa is part of the business program at Babson College. During this weeklong trip, students teach entrepreneurship classes to high school students in Rwanda and lead a business plan competition. According to Hanno, this creates a sense of community and allows students to see the value they can offer and the effect of entrepreneurship right away. This also encourages business students to recognize the importance of social value and how they can use their entrepreneurial skills to change people’s lives.
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