With its highly educated workforce, business-friendly legal system, and strong sense of interconnectedness between universities, government and businesses that drive continuous technological breakthroughs, the United States is arguably one of the best places for industries to succeed. However, none of this would be possible without a foundation of strong business education. Business literacy is essential in the private sector, where startups thrive and hands-on engagement with business ideas is key — it’s also an area where Tufts falls short.
But I’m not here to complain about Tufts lacking a business administration major or its own business school. Rather, I want to reflect on the current state of our business education and potential opportunities to raise concerns about what can be done to embrace the entrepreneurial spirit and business-minded ethos of the American market economy.
First, it’s clear that Tufts has a significant lack of professors with direct experience in business ownership and ventures, despite the presence of the Tufts Gordon Institute. Out of the Gordon Institute’s 57 faculty members, less than half have founded or co-founded their own businesses, and nearly all of them are part-time lecturers. While the Gordon Institute aims to “focus on technology leadership, innovation, and entrepreneurship” through coursework, hands-on projects and real-world experiences, fostering entrepreneurship becomes challenging when experienced full-time faculty are few. This lack of accessible mentorship limits students’ ability to seek first-hand guidance on startups, and alienates us from the practicality of entrepreneurship.
The finance minor is also a point of discussion. There is only one professor who lists corporate finance as a research interest, and there is generally little overlap or collaboration between these faculty and those in the Gordon Institute and the Derby Entrepreneurship Center — connections that could help expand opportunities for students to learn about startup financing. Generally, it is difficult for startup ideas to materialize because most people are risk-averse, scared of pouring funds into novel, grassroots ventures that may not generate returns. However, greater financial education could help individuals better manage risk, which makes it all the more important for finance education to be closely integrated with practical experiences in running a business. Doing so expands the purpose of the finance minor beyond simply preparing students for careers in financial services to advising businesses on raising capital. It could also create opportunities for students to learn how to secure funding if they choose to start their own ventures.
All this is to say that the nature of our administration and faculty structure makes it particularly challenging for Tufts students to recognize and seize business opportunities, but that doesn’t mean we can’t dream big. With its Graduate School of Biomedical Sciences, Cummings School of Veterinary Medicine, School of Dental Medicine, School of Engineering and School of Medicine, Tufts is by no means a school that lacks the capacity or student talent for innovation and growth. After all, there are still many experienced professionals affiliated with the Derby Entrepreneurship Center and the Gordon Institute who have experience across various industries such as financial services, energy and pharmaceuticals. Doing something as simple as having coffee chats with them — something I’ve started doing recently — would offer valuable first-hand exposure to the startup process. Tufts should continue fostering more active engagement between students and professionals in the business world to better prepare us for careers in the private sector and create an improved platform for innovative venture ideas to thrive.
