Abstract
Innovation in education is important for developing the next generation of business leaders who also have to be innovators, creative thinkers and managers who will be more responsible towards society. The role of a company is to serve other stakeholders such as staff, clients, suppliers and society besides increasing the wealth of shareholders. In an era of continuous erosion of natural resources due to the progress of mankind, doing business following the path of conscious capitalism may create a competitive edge. The challenge is to orient the mindset of management students to mold them as conscious leaders.
In 2009, Dr. Raj Sisodia and Conscious Capitalism Inc. asked Dr. Ernie Cadotte to create a new simulation to illustrate and reinforce the key tenets of the Conscious Capitalism movement.
Business managers have a broad variety of conflicting issues to deal with, including product sustainability and reliability, environmental concerns, employee morale and corporate responsibility. The challenge for Cadotte and Sisodia was to develop a new pedagogy for learning to manage a full-enterprise business while addressing the conscious opportunities, situations and problems. In 2011, Cadotte created a game (Conscious Capitalism in the Marketplace) that simulates the challenges a business manager has to face in today’s world. It is a ‘unique pedagogy’ and an innovative teaching practice that works on the ‘learning-by-doing’ method. This article will be an evidence-based case study of that simulation and its use with the next-generation managers.
Keywords
Introduction
Cadotte and Sisodia were sure that business management students would benefit immensely from an experiential learning tool that would provide them an opportunity to learn running a firm based on the tenets of conscious capitalism in a simulated environment. As they both left the coffee shop that morning on a busy Tuesday, 12 July 2011, at Boston, they were excited about the entire prospect of going and living in a ‘marketplace.’ The new simulation called Conscious Capitalism in the Marketplace (Cadotte, 2011) was all ready to be offered as a ‘unique pedagogy’ and an innovative teaching practice that works on the ‘learning-by-doing’ method. The simulation was designed to illustrate and reinforce the key tenants of the Conscious Capitalism® movement. This case study attempts to study the journey of the two professors to come up with a pedagogical innovation.
Pedagogical Innovations
Management students have a variety of business courses and modules to learn and understand. For the most part, this content is tightly focused on the practical aspects of running a successful business. Students also need to be aware of other issues that may seem to be external to the businesses but are essential to deal with, including product sustainability and reliability, employee morale, reputation, environmental concerns and community wellbeing. To be a complete and typical business manager, they must learn to manage the ‘normal’ business activities while simultaneously addressing the conscious opportunities, situations and problems embedded throughout the life of a business.
The Conscious Capitalism simulation challenges participants to operate a conscious business in contrast to the traditional profit-maximizing business paradigm. They must consider all of the firm’s stakeholders, including customers, employees, suppliers, community and stockholders.
To address this directive, two innovations were blended together—Conscious Capitalism and Marketplace Simulation®. In their own right, each changes the focus and methods of Indian education. Together, they represent a significant advancement in shaping the minds of future business leaders. This is the story of how Conscious Capitalism and Marketplace Simulations joined forces to create Conscious Capitalism in the Marketplace.
The Team
Raj Sisodia, founder and leader of the global Conscious Capitalism movement, is the FW Olin Distinguished Professor of Global Business and Whole Foods Market Research Scholar in Conscious Capitalism at Babson College in Wellesley, MA. He is the co-founder and Chairman Emeritus of Conscious Capitalism Inc. (
Ernest R Cadotte is the John W. Fisher Professor of Learning Innovation at the University of Tennessee. He is the author of Marketplace Simulations, a family of 30-plus business and marketing simulations designed for university business courses and executive business programmes. His research interests include learning processes, assessment, psychological measurement, customer satisfaction and entrepreneurial decision-making.
About Conscious Capitalism
Conscious Capitalism is a new way of thinking about business that goes considerably beyond the traditional view of ‘maximizing profit’ that most executives and teachers think about business. The businesses-generating financial wealth are extracting value rather than creating value at the expense of social, cultural, environmental, intellectual, physical and spiritual wellbeing. A business that pursues Conscious Capitalism has many positive effects and minimal negative effects. Conscious businesses spend money where it makes a positive difference. They empower people and engage their best contribution in the service of a higher sense of purpose. They make a net positive impact on the world.
The four principles of Conscious Capitalism define what is required of modern business, including a higher purpose, a stakeholder orientation, conscious leadership and a conscious culture (
Higher Purpose
While making money is essential for the vitality and sustainability of a business, it is not the only or even the most important reason a business exists. Conscious businesses focus on their purpose beyond profit. By focusing on its deeper purpose, a conscious business inspires, engages, and energizes its stakeholders. Employees, customers, and others trust and even love companies that have an inspiring purpose.
Stakeholder Orientation
Conscious Businesses focus on their whole business ecosystem, creating and optimizing value for all of their stakeholders, understanding that strong and engaged stakeholders lead to a healthy, sustainable, and resilient business. They recognize that, without employees, customers, suppliers, funders, supportive communities, and a life-sustaining ecosystem, there is no business. Conscious Business is a win-win-win proposition, which includes a healthy return to shareholders.
Conscious Leadership
Conscious Leaders focus on ‘we,’ rather than ‘me.’ They inspire, foster transformation and bring out the best in those around them. They understand that their role is to serve the purpose of the organization, support the people within the organization, and create value for all of the organization’s stakeholders. They recognize the integral role of culture and purposefully cultivate a Conscious Culture of trust and care.
Conscious Culture
‘Culture is the embodied values, principles, and practices underlying the social fabric of a business, which permeate its actions and connects the stakeholders to each other and to the company’s purpose, people, and processes. A Conscious Culture fosters love, care, and inclusiveness and builds trust amongst the company’s team members and all its other stakeholders. Conscious Culture is an energizing and unifying force that truly brings a Conscious Business to life.’
About Marketplace Simulations
The traditional methods of lectures and textbooks are important in laying down the foundation of theory and practice. But, to achieve higher levels of critical thinking, it is necessary to ponder, test, reflect and adjust one’s knowledge. This is the cycle of experiential learning that is the aim of marketplace simulations.
Marketplace simulations are designed to be both engaging and transformative. The business simulation games allow students to experiment with business strategies, test their business understanding and experience the consequences of their actions in a virtual business environment free of risk. When the outcomes do not meet expectations, students are compelled to reflect on what they know about business and how it works, leading to a refined understanding of the subject matter. This updated perspective, in turn, guides their next round of analytical thinking and decision-making. Repeated many times during a simulation exercise, the cycle of adaptive learning progressively advances the participant’s knowledge, skill and competence in business.
Marketplace simulations deal with all aspects of the business. Representative titles include Business Fundamentals, Introduction to Marketing, Introduction to Finance and Accounting, Operations Management, Strategy and Business Policy, Venture Strategy, Strategic Marketing, Supply Chain Management, Inter-national Corporate Management, and Conscious Capitalism.
The simulations allow the students to experiment with entrepreneurship strategies in an engaging game-like exercise. The students can, through the game, launch new products to the market and manage the entire product lifecycle, from the introduction to growth to maturity. Learning content is gradually and purposefully introduced as the market and business evolve.
The perennial challenge of the Conscious Capitalism movement was how to instill its principles into the hearts and minds of students who are the business leaders of the future. Inspirational stories and guiding principles by leaders that live the Conscious Capitalism credo have inspired many to follow suit. These stories and principles have been documented and shared through books, case studies, conferences, seminars and workshops throughout the world.
In 2009, Sisodia wanted something more, something to speed up the adoption process. He wanted the business school (B-school) students to personally experience the challenges, benefits, results and inspiration of Conscious Capitalism in a relatively short span of time. For this, he turned to Cadotte, the creator of the most advanced business simulations in education.
The Role of Simulations in Business Education
Conventionally, a business organization is ‘an entity formed for the purpose of carrying on commercial enterprise’ (Encyclopedia Britannica). As per Carson (1969), ‘Business games are case studies with feedback and a time dimension added’ (p. 39). Although some business simulation games do not provide detailed feedback (such as an evaluation of the player’s performance), almost all of them provide results in terms of at least a final score that can be used as the ground for feedback in sense of realization of simulation objectives.
Very often, there is in use the term management simulator as a synonym for the business simulator.
Actually, a number of the definitions for business simulations in the literature use the word ‘management’ as synonymous with business (Maier & Größler, 2000). Baldissin, De Toni, and Nonino (2007) state, ‘Management games are all the simulations used to support managerial learning through an experience that features competition and rules in the socio-economic environment’ (p. 10).
Supporting and assisting students in developing high-level competencies is very challenging in a routine classroom teaching despite having an impressive bouquet of pedagogical tools such as case studies, role play and activity-based teaching. Students are expected to develop a broad range of skills (critical thinking, problem-solving and cognitive skills) to be prepared to manage effectively in their future work. The economies are changing rapidly, generating more and more requirements for the students in terms of developing an ability to be skillful, flexible and adaptable.
The conventional methods and tools used for teaching business skills are insufficient to cope with the complexity of contemporary organizations and unpredictable market dynamics. This requires trans- formational teaching approaches and educational methods. This was the premise on which Sisodia and Cadotte based the design of Conscious Capitalism in the Marketplace. Having looked at several traditional teaching tools and games that were available to impart management education, the professor duo worked towards the design of Conscious Capitalism.
Application in the Classroom
Business simulations are an extension of the traditional classroom lecture and case study methods of teaching in a Master of Business Administration (MBA) programme. They provide students with the possibility to engage in various types of risks. In a controlled environment, students are able to gauge and understand the consequences of taking these different types of risk.
Simulations are a form of practical training that can provide transformational learning. They enable students to apply their knowledge and also to practise their business skills over and over. Repeated practice and training help students develop their competence in marketing and business. Competitive business simulations are inherently valuable learning experiences that students can draw upon when faced with similar conditions in life.
Story of the Simulation
The Conscious Capitalism simulation challenges participants to operate a conscious business in contrast to the traditional profit-maximizing business paradigm. Students in the simulation consider all of the firm’s stakeholders, including customers, stockholders, employees, suppliers and the community. They can deal with ethical, environmental and sustainability issues in addition to the usual management challenges of running a business. Since its introduction in 2012, the participants have grown to more than 16,000 in various geographies. Based on the educational qualifications of the participants, they have options under Conscious Capitalism to sign up for programmes at undergraduate or postgraduation level.
The Conscious Capitalism problems and opportunities are presented within the context of a new enterprise with demands on the players’ time, attention, talent, spirit, resources and livelihood. These issues represent dilemmas, problems and opportunities to be resolved, starting slowly and growing as the business matures. It is not merely about what choices to make, but also the process of making the choice. The easiest option in decision-making would be to take the path of least resistance; however, it may not always be the best option. This, as per Cadotte, was the major learning from Conscious Capitalism.
Strong Integrative Teamwork
The Conscious Capitalism simulation is an entrepreneurial, competitive, full-enterprise simulation. Throughout its six quarters of operations (six decision rounds), the business evolves and becomes more complex as new issues emerge and new decisions need to be made.
The simulation is both tactical and strategic, in that there are many low-level tactical decisions that must be managed according to a higher-level strategy. It requires a team of students who specialize in functional roles and need to work together and coordinate their decisions over an extended period of time to achieve the team’s strategic objectives.
To work through all of this, it is necessary to forge a strong team that can effectively manage many tasks in concert. Leadership, teamwork and interpersonal skills are part and parcel of what it takes to succeed. In addition, students deal with the selection of professional colleagues, diversity, an organization of work, decision-making processes, conflict management, performance appraisal and culture.
Teams are formed in a kind of sports-type draft. Before the simulation begins, everyone in the class prepares a résumé to apply for an executive position in the new firm (vice president of marketing, business analytics, sales, production or accounting and finance). They must identify their two most favored positions. They then present themselves to the class and highlight why they are a good candidate for the positions they would like to fill.
Before the next class, the students are divided by the instructor into five groups, one for each of the five functional vice presidential roles. One group is selected at random to serve as the first president. The first presidents are given access to all the resumes to review for team formation. On the day of team selection, the presidents step into the hallway and review the resumes of the first group of students, say marketing. Each president is tasked to pick the first team member from this group. The order of picking is random.
The presidents return to the class and notify the person who is now in his/her team. The two then review the resumes of the second group together, say finance and accounting. The presidents step back into the hall and pick the second person to be added to the team. The order of picking is again random. This procedure continues until everyone has been picked and the teams are formed. This process ensures that the talent is evenly distributed and all teams have members working in areas of personal interest. It is also very efficient with few conflicts and complaints about the course of the exercise.
Game Scenario
In the newest edition of the simulation, up to eight teams are provided with the seed capital to start up an innovative, new product line—3D-printed, carbon fibre bicycles. These bicycles are light, strong and very affordable; the 3D printing allows them to customize to each customer’s physical and performance requirements.
Although not included in the simulation storyline, both of these technologies are reflective of innovations being developed at the Oak Ridge National Laboratory (ORNL) in Oak Ridge, TN, USA. The carbon fibre imagined in the storyline reflects the pioneering work done at ORNL’s Carbon Fiber Technology Facility. Scientists and production specialists have access to a 42,000 square feet building with a 390-foot-long thermal conversion line that can process polyacrylonitrile (PAN)-based fibre into a relatively low-cost carbon fibre. These fibers are revolutionizing the use of carbon fibre in automotive, aerospace, sport and many other industries.
In nearby Knoxville, ORNL has also set up a Manufacturing Demonstration Facility that focuses on additive manufacturing (often referred to as 3D printing). It is working on next-generation systems that explore controls, hardware, feedstock condition and software to develop new machines with high deposition rates, large build volumes, increased reliability and improved properties using low-cost feedstocks, such as the materials being developed at the Carbon Fiber Technology Facility.
In the near future, these technologies will converge to create the capabilities imagined in the Conscious Capitalism simulation for producing 3D printed, carbon fibre bicycles.
As explained in the storyline, a big game changer for the bicycle industry is that 3D printers enable made-to-order production. This breakthrough eliminates the need to hold inventory anywhere in the supply chain, and the costs of finance and store inventory are eliminated.
The game scenario takes the players into the near future and helps them to envision a world of distributed manufacturing that is highly responsive to customer needs and eliminates much of the inventory and costs in the supply chain, a revolution in the making.
Other aspects of the decision content include marketing, product development, pricing, promotion, digital marketing, sales, human resources, production, financial management and accounting and financial reporting.
More specifically, players design brands, as well as advertising and digital marketing campaigns. They open up distribution channels and build a production facility. They hire workers and decide on the compensation packages. They forecast demand, schedule production and have complete accounting responsibility.
The Conscious Capitalism scenario is played out through industry news releases and in-basket memos. These notifications, in congruence with system improvement reports and marketing research, create a dynamic and engaging storyline for users that mirrors real-world business practices. The simulation allows for sustainable research and development (R&D) options, unique compensation packages, community development, and so on.
From a financial point of view, participants start off with limited financial resources. After gaining experience through test marketing, they can pitch outside investors for additional funding. They can apply these new funds to R&D, sales outlets, system improvements and production capacity, all to maximize their business performance. They can also address the Conscious Capitalism issues that are emerging. With heavy demand for the bicycles, the cash flow and the production and lead time for delivery will again be tight, causing the players to make some tough choices regarding their priorities.
Adaptive Learning
The executive team starts each business quarter by conducting a strategic analysis. It can purchase reports on customer satisfaction with brands, advertisements, prices and reliability; additionally, it can learn about the tactics and performance of competitors. There are also a series of internal reports dealing with the profitability of their brands, channels and markets as well as reports on factory operations, employee productivity and finances. All of this information is designed to help teams to discover what worked and did not work and how their knowledge and assumptions need to be adjusted. They then refine their strategy, adjust tactics, prepare pro forma projections and go back to the market to discover if their knowledge has improved. In most cases, the teams will experience significant improvements, although the rate of change will vary by team.
Executive Briefings Stimulate Critical Thinking
Near the end of each business quarter, each executive team conducts an executive briefing (EB) with a Business Coach. Ostensibly, the coach acts as the chairperson of the board and plays the role of devil’s advocate. During these briefings, the teams review their: (a) performance during the previous quarter; (b) issues which have emerged; (c) SWOT analysis; (d) changes in strategy for the current and future quarters; (e) new or revised tactical decisions; and (f) pro forma financial projections for the current quarter, as well as the justification for everything.
The EBs allow the coach to monitor the work and the thought processes of each person and team in the exercise. They also provide opportunities for the instructor to coach students in a meaningful context at a time when students are receptive to this coaching. As such, these briefings provide substantial opportunity for student/faculty interaction as desired by many schools and accrediting bodies. The EBs last approximately 25 min.
The Business Coach’s role during these meetings is to challenge the students’ thinking and analysis by looking for inconsistencies and holes in logic, incompatibilities across functions and various other problems and/or opportunities that the students might have overlooked. The coach is instructed never to indicate the right decision to make, but to ensure that students have considered the relevant issues, options and tradeoffs related to their strategic and tactical decisions. If students do not understand a certain point, the coach can give a mini lecture explaining the relevant issues and options.
Ultimately, the Business Coach helps the fledging Conscious Capitalists to properly think about their choices while emphasizing that the choices are still the team’s to make and the outcomes are its responsibility. Maintaining a fair playing field is critical to the integrity of the simulation and instructor.
In terms of the real-world counterpart, the EBs prepares the students to meet with actual members of a company’s senior management. In addition to content delivery and discussion, students are trained in professional meeting preparation and management (such as setting agendas, keeping to the schedule and transitioning speakers).
Executive Briefing Rubric
The rubric for the EB focuses on the student’s ability to thoughtfully present his/her tactical decisions based on a concise analysis of relevant market, operational and/or financial data as well as a consideration of how these decisions will impact the firm’s overall strategy, other functional areas, costs, revenues and the firm’s future capabilities. We also determine if the student can think on his/her feet and respond to questions and challenges in a thoughtful, confident manner.
The rubric itself is presented in Appendix A. Note that the rubric parses performance along the dimensions of depth of understanding, breadth of understanding and management by the numbers. As shown, students are evaluated on a 4-point score from weak to very effective. As can be argued, there is a correspondence between the four rubric ratings and the degree to which a student has progressed up Bloom’s revised hierarchy of learning (Cadotte & MacGuire, 2013).
The students are given the rubric in advance and provided guidance by the coach in terms of the requirements to achieve a level 3 or a level 4 evaluation. By providing the rubric ahead of time, students can use critical-thinking skills to evaluate their own deficiencies going into and out of each briefing (Athanassiou, McNett, & Harvey, 2003). Pintrich (2002) found that students learn best when they are able to use metacognitive processes to determine what they do not know in relation to a given task, which is consistent with the Theory of Experiential Learning (Kolb & Kolb, 2005).
Our experience over the past three decades at the University of Tennessee has given us much to draw upon when formulating a learning strategy. We have studied the guidelines from two international accrediting bodies, American Association of Collegiate Schools of Business (AACSB) International and EFMD Quality Improvement System (EQUIS), regarding learning goals and evaluation processes. We have experimented and continuously improved our processes while working with several thousand students and dozens of business coaches. We have learnt what we can expect from faculty and students, what they can and will do and where they have problems or challenges. We have observed a lot of variance in both the depth and breadth of learning. Consistently achieving high levels of learning requires careful scripting from the start to finish.
For example, the students are always given relevant information (market data, operational statistics and/or profit analysis) before they make any decision. They are also provided with issues, conflicts, constraints and tradeoffs to consider through quarterly newsletters and memos from their simulated staff at every juncture in the exercise.
For their part, business coaches are provided with an automated coaching assistant that identifies the decision areas that particular teams may need help with. It also provides relevant performance and decision data for discussion. Combined with the mental model underlying the rubric, they are able to zero in on problems and successes as the coaches challenge students and team every step of the way. The goal is to enable students to think and work through a complex business programme and develop a thought process that students can carry into the real world.
Application of the Executive Brief Rubric
There were 32 students of six MBA programmes who played the Conscious Capitalism game in six teams of five team members. Two of the teams had six members. The event was conducted in August 2018 as part of the Association of Indian Management Schools’ (AIMS) annual event hosted at Welingkar Institute of Management in Bangalore. All six teams completed six quarters of business decisions. Business coaches took three EBs to check the depth of knowledge, breadth of knowledge and understanding of numbers for business decisions. The scores of the six teams for the first (Quarter 2) and third (Quarter 5) EBs are shown in Tables 1 and 2.
Performance by Teams During Executive Briefing 1
Performance by Teams During Executive Briefing 3
The improvement in the students’ scores between the first and third EB suggests that they were developing their business acumen and critical thinking as the simulation progressed.
Using Scorecards to Measure Success and Impact
Every business must be financially sustainable and succeed on its merit. The participant and student learn that Conscious Capitalism is much more than being socially responsible; it is good business. Conscious Capitalism is profitable and should lead to the creation of wealth. This also teaches the student that the decision makers do not have to wait until the business is financially well-off to consider the welfare of the customers, workers, environment and the community.
The Conscious Capitalism business model illuminates the harmony between the care for all stakeholders and success as a business. There are dividends for being a conscious business that have a multiplying effect on the strict business dimensions usually taught in B-schools. These synergies are not known or realized without a conscious effort to include them. The purpose of experiencing them through the Conscious Capitalism simulation is to expand the mental framework (priorities) inculcated into the minds of the students.
There is the traditional balanced scorecard with conscious indicators woven into it. These include marketing effectiveness (customer satisfaction), human resource management (employee compensation satisfaction, morale and turnover), reputation (survey results of all stakeholders), manufacturing productivity (effective use of capacity and overtime plus reliability/quality), market performance (market share in target markets), investments in the future, financial risk, financial performance and creation of wealth.
These metrics are computed automatically for each participating team. The teams receive a full report on the formulae, source numbers and resulting scores for each metric in the balanced scorecard. They also receive comparable performance scores for all competitors. All values are objectively determined and it is the responsibility of the players to understand how their decisions impact each metric, thereby requiring strong business acumen and analytical skills to improve one’s performance.
The striking feature of this simulation is that Conscious Capitalism metrics are really normal business metrics. Their explicit inclusion into the balanced scorecard is to ensure that they are tracked, monitored and addressed in the business decisions that are made. As the old adage states, ‘What is measured is managed.’
In addition to the balanced scorecard, there is a conscious scorecard. At the outset of the simulation, the players have the opportunity to indicate what kind of corporate culture they would like to adopt in their company. For example, one team indicated they wanted to: (a) earn customer trust and business every day; (b) act with integrity in everything we do; (c) treat everyone fairly and value diversity; (d) be accountable for our actions; (e) win as a team; (f) create shareholder value; (g) build strong relationships; and (h) deliver value to all stakeholders.
Against this backdrop, the player’s actions are judged against the many opportunities they had to embrace Conscious Capitalism. They get positive points for acting to improve environmental concerns, quality control, worker training and empowerment, supplier relationships, employee health, being a good neighbor and R&D that improves the environmental footprint. They can also lose points for failure to correct conditions that cause harm to employees, customers and the community after learning about the problems and being able to fix them. The conscious scorecard displays all the opportunities the players had to act in a conscious manner with a green checkmark ‘X’ for positive actions and a red ‘X’ for failures to prevent harm. Their score is the total of the positive actions minus the failures to act.
The student performance in managing their venture can be tracked over the course of the exercise using the balanced scorecard and the conscious scorecard. Compelling in their own right, these metrics are used for scoring student performance and grades. Whether internally or externally motivated, the students get engaged in adaptive learning, supporting the feedback loop underlying the theory of experiential learning.
If there is one underlying challenge, it is that these teams do not fully understand cause and effect in the operation of a new venture. They cannot readily see how individual tactical decisions impact many other operational aspects of the business. They also have difficulty drilling down into the root causes of their problems and understanding how to adjust specific tactics to improve performance. It is not unlike a difficult dance routine or football play. Understanding how it is to be done is not sufficient; one must be able to actually do it, which takes practice. It can be inferred that even decent teams have difficulty in this area.
These findings present a fundamental challenge for many schools. The students need more training in the dynamic management of conscious business strategies. Specifically, they need to be more adept at: (a) using evidence to make decisions; (b) maximizing the use of scarce resources; and (c) thinking through decisions.
All these skills are critical to being an entrepreneur and a conscious leader. While these skills are being developed within the simulation exercise described here, further training via real-world projects and additional simulations is needed. These need to be augmented by rubrics, performance scorecards and, above all, coaching.
Impact
The progression in student performance indicated earlier is also reflected in student insights. The team Photon Bikes, one of the winning teams of the AIMS competition, quoted that they always wanted to do good things for the society and nation but were worried about how to implement their thoughts into real business practices as B-school training instructs them to work for earnings per share (EPS) and maximum market share. Now after having the experience of the Conscious Capitalism simulation game, they have obtained hands-on experience, and greater clarity of tradeoffs regarding maximizing market share and profits versus doing good for all stakeholders of the business. They have a better understanding of how to handle these sensitive aspects of the business world. They see Conscious Capitalism as the future norm for running a sustainable business.
Turning outside of the immediate experience of the authors, consider the work of Parris and Bowers (2017). They conducted a comprehensive review of the Conscious Capitalism simulation and its impact on the students at Northern Arizona University. This was best expressed by one of their students who concluded: ‘This course has helped build my creative confidence in the sense of I now have the knowledge and tools I need in to become an ethical entrepreneur.’ The authors further noted that ‘Reflective essays completed by students express this sentiment and illustrate empowered intentionality to rethink business as a force for good’ (p. 712). To support this observation, the authors provide detailed reflections from several students on many dimensions of their experience and its application to their learning and future business plans.
Next Steps
Clearly, work with organizations such as the Academy of Indian Marketing (AIM) and other national bodies such as the AIMS are designed to expand the adoption of Conscious Capitalism in India. There is also some work in progress along with Conscious Capitalism, Inc. to have more adoptions in student and management training programmes on a global scale.
There are more challenges that can be included to make the decision-making process more challenging by introducing some more contemporary business decisions. The issues such as equity in hiring, pay and training for women versus men could get into the simulation’s timeline in a way that some of the conscious issues appear earlier in the exercise. Dr. Sisodia and Dr. Cadotte hope that the equity dimension will be the most substantive addition to the experience.
Footnotes
Declaration of Conflicting Interests
The authors declared no potential conflicts of interest with respect to the research, authorship and/or publication of this case.
Funding
The authors received no financial support for the research, authorship and/or publication of this case.
Executive Briefing Rubric
| 1 Weak | 2 Needs to Improve | 3 Effective | 4 Very Effective/Strong | Score | |
| Depth of understanding | The student simply listed the decisins in his/her area of responsibility with no business logic or rationale. | The student was comfortable with reviewing several of the actions taken in his/her area of expertise but the business logic was only partially developed and/or sometimes weak or unclear. When prompted for a further explanation, the student needed to consult other members of the team for help. | The student was well versed within his/her area of responsibility. The student was successful in developing the business logic using readily available data. However, he/she did not investigate different options/scenarios, drill down into root causes of performance outcomes, or go beyond the obvious analysis of the available information. |
The student clearly mastered his/her area of responsibility by demonstrating reasoned judgment, analytical skills, and forward planning. The student came to thoughtful conclusions derived from an extensive evaluation of different options/scenarios within his/her function. He/she creatively analysed available information, drilled down into root causes, and worked through the potential outcomes of various tactical options/modifications. |
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| Breadth of understanding | The student did not make any reference to other areas of the business or the firm’s strategy. When prompted for this knowledge, the student was unable to answer. | The student mentioned other functions in his/her discussion but there was no or little evidence that he/she understood the concept of functional integration. There was no evidence that the decision-making process was derived from the firm’s overall strategy. Student did not demonstrate his/her ability to predict future outcomes based on lessons learned and corrective actions. | The student demonstrated a good understanding of how his/her decisions tied into the overall strategy of the firm and how the decisions affected and were affected by the other functional areas. However, there was no multifunctional forethought and contingency planning. |
The student had a broad understanding of the whole firm, showing good insight into the management of each function. Decisions were presented in light of the overall strategy and how the decisions impacted and were impacted by other functional decisions. Serious consideration was given to multifunctional outcomes and contingency options under different scenarios [forethought]. The student was able to think on his/her feet and respond to wide-ranging questions and challenges in a thoughtful, confident manner. | |
| Management by the numbers (using the tools of management) | No data was presented to support the student’s analysis, plans, investment decisions, etc. | Student mostly used general statements to make his/her case. Limited use of data to support the student’s arguments or there were errors in the data presented. More or better quantitative information was needed. |
Ample use of the available quantitative data to support the analysis, plans, investment decisions, financial request, etc. A deeper analysis using more advanced tools of management such as QFD, statistical analysis, marginal analysis, profit analysis, valuation analysis, etc. was not apparent. Student hesitated to use data during Q&A. | Student effortlessly incorporated hard data when making a point or supporting a position. It was clear that the student evaluated the firm’s options by extracting appropriate data and analysing it using advanced tools of management. Student was able to interpret the data and make recommendations. Tactical and strategic changes clearly stemmed from the student’s ability to analyse and/or interpret data. |