Chapter 1: Building the business schools of the future with a strong focus on practical wisdom for a VUCA world
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Business environments are now frequently described as VUCA - volatile, uncertain, complex, and ambiguous. The COVID-19 pandemic breaking out in 2020 serves as a case in point. Therefore, strategies, business models, tactics, and plans set for the year were challenged. In this situation, executives worldwide did not suffer from insufficient general knowledge about strategizing, business modelling, or planning. This research project posits that what practitioners need to survive and thrive is practical wisdom. The chapter provides insights based on exploratory research and presents a state-of-the-art framework for fostering such practical wisdom. The process foresees a three-act process and six concrete steps in order to 'phronesize', i.e., taking practical wisdom to the next level. The gained insights contribute to a better return on education (ROE). It also prepares the learner more aptly for this VUCA world.

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