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It was John Wanamaker that famously said a long time ago that “I know half of my advertising is wasted, I just don't know which half."

There’s no doubt that the current economic downturn is one of the worst the country has ever seen.  And whatsmore nobody really knows when things will get better.   Could the current economy actually motivate business students to think harder and probe and question past business models and theories?

I believe that it can and it will.  Today, lecturers worldwide are having to address the current financial crisis in class and business students must take this opportunity to research and question typical business scenarios and try to identify ways of how that particular case could work in the current economy.

In today’s world, few companies would be willing to spend top dollar on advertising without actually knowing exactly what their return would be.  And this is not only relevant to marketing and advertising, it also goes for new business ventures, partnerships, franchises, etc.

Nowadays perhaps more then ever, the academic world will have to adjust its curriculum accordingly to reflect the current financial crisis and how companies can operate successfully in this scenario.

While it’s natural for businesses to want to cut back on advertising spend, manpower, etc during an economic downturn, those companies that cut and shrink without any real direction do not usually survive for long.  Businesses must cut to a strategy because competition is going to be even harsher than before.

The current economy will invariably force savvy entrepreneurs to give business strategy top priority because in order to be successful, a solid strategy must guide the choices that they make.

During similar past economic situations, it is said that business people were motivated to become more creative in their operations.  Whether this crisis is temporary or long-term, I believe that it can serve as a stimulus to develop better entrepreneurs for tomorrow.

People who have been hit real hard by the recession, need to be creative just to survive.

As things stand right now, past successful career paths do not necessarily guarantee an increase in wealth over a set period anymore.  And I believe that even if business students are thinking of taking on a corporate career, it doesn’t hurt to look for ways of how to be entrepreneurial as well.

The current financial crisis will also force business students to prepare themselves for the harsh reality of the business world.

In the end, it’s all about providing better quality products and services and offering genuine solutions.  Today’s consumers will definitely not take anything less then that because they now have increased power and they know it.