ESSAY

What are the implications of this third revolution in knowledge? For business students: ·Workers need a different set of skills to succeed in flatter, information-focused organizations. How can you develop the necessary skills and knowledge? ·Now, more than ever, students need to accept personal responsibility for designing their own career paths. How can you best structure your career in this environment? ·Given the decline of some of the traditional advantages of large organizations, would you be better off working in a small or medium-sized firm?

Q: If you graduated from the Wharton MBA program today, what criteria would you use to select your first employer? A: How much does he pay? He knows nothing about you. You know nothing about him. The second job you will know more about yourself–whether you like to work with people or not, whether you prefer large or small companies, whether you work best under stress or go to pieces. So, for the first job, go where the money is. Q: With the fragmentation we have seen in Eastern Europe, do you think small groups can survive in a world dominated by tribalism? A: Your hypothesis is that larger is better. But when information and money have become truly transnational, there are no economies of scale. The old saying is that “Money knows no fatherland.” It never did, and information also knows no fatherland. Twenty years ago, when I first began to expect the disintegration of the Soviet Union, I sat down with a friend from Estonia. He said the country couldn’t economically survive outside the Soviet Union. Now he is the minister of economics in Estonia, and that little country does better than any of the big successors to the Soviet Union. Implications Peter Drucker’s view of the emerging “new organization” has significant implications for managers, academics, and students. Among the major implications of his comments at Wharton: For Managers ·To take advantage of the new power of information technology, organizations will have to change. How can you take advantage of the power of knowledge? How can your organization take advantage of the power of knowledge? ·Companies need to gain information about global markets. How can they overcome the scarcity of global information? Does your organization encourage global experience for its managers? ·Companies need to rethink their need for a large hierarchy in the light of the new “circulatory system” of knowledge. How can your organization be structured to ensure the free flow of knowledge? ·Small and medium-sized companies have gained new advantages. What advantages and disadvantages are a result of your organization’s size? For academic leaders: ·Access to knowledge has implications for the content and delivery of education. The creation of the book led to the creation of the modern school. What form of education will result from the rise of information technology? ·Business curricula should be reconsidered in the light of the challenges managers face in the new organization. What skills and perspectives are crucial for managers to succeed in smaller, less hierarchical organizations? ·Research is needed to create tools for managing knowledge and to develop a deeper understanding of the impact of the application of knowledge to knowledge on organizational structure and function. What are the implications of this third revolution in knowledge? For business students: ·Workers need a different set of skills to succeed in flatter, information-focused organizations. How can you develop the necessary skills and knowledge? ·Now, more than ever, students need to accept personal responsibility for designing their own career paths. How can you best structure your career in this environment? ·Given the decline of some of the traditional advantages of large organizations, would you be better off working in a small or medium-sized firm?
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