Commencement 2010: Goodbye B-School, Hello World

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He added that he remains convinced this was the best decision for the company as a whole, but he encourages grads to weigh these decisions carefully. "Principled business leaders are 'performance driven and values led,'" he said. "That is to say, they accept their responsibility to deliver commercial and financial performance for the benefit of their shareholders, but do this in accordance with a set of values, which in turn brings value back to the business."

Seth Goldman, co-founder of Honest Tea, echoed that thought during his May 8 commencement speech at the American University Kogod School of Business (Kogod Full-Time MBA Profile). To succeed, Goldman told the crowd, actions and values must be one. "If you believe in what you're saying, if you believe in what you're doing, you'll be more effective, more passionate, and more authentic in everything you do," Goldman said.

Replenishing Your Spirit

Other speakers urged students to take a break every once in a while. "Have an interest that takes you totally away from the business world, whether it's skiing, windsurfing, hiking, meditation, opera, or some worthwhile nonprofit," said Richard C. Blum, chairman of Blum Capital Partners, in the speech he delivered to MBA graduates of the UC-Berkeley Haas School of Business (Haas Full-Time MBA Profile) on May 14. "You have to step outside your daily environment, not only to replenish your spirit, but so you can strategically review where you are, where you are going, and what you should do next."

These speakers want the next generation of business leaders to be more than their jobs. But they also want them to keep America on top in the eyes of the rest of the world. As a result, many are urging students to pursue an entrepreneurial path. Carl J. Schramm, CEO of the Kauffman Foundation, told graduates of the Pepperdine University Graziadio School of Business and Management on Apr. 17, that it's a noble calling. "It is the entrepreneur who taught us about human needs we didn't know we had. Anyone in this room who is more than 20 years old did not imagine 20 years ago that the cell phone was in fact an inseparable part of your anatomy," said Schramm. "Entrepreneurs objectify their idea into a company that is in fact the generating machine of jobs in America …. Lastly, it is business, not government, that creates all wealth."

If there's one thing that unites this year's crop of commencement speakers, it's their high expectations for the graduating class. Billy Joe "Red" McCombs, a co-founder of Clear Channel Communications whose many business interests include car dealerships, energy, real estate, and sports, is no exception. McCombs plans to give a commencement speech full of "down-home stuff that you feel in your bones" at the McCombs School of Business (McCombs Full-Time MBA Profile) at the University of Texas-Austin on May 21, one that reflects his high hopes for the 2010 graduates of the school that bears his name and the global economy they'll inherit. "There's every opportunity in the world. We are a global society, and we lead in technology," said McCombs in a phone interview. "What do we have to look forward to but good?"

Di Meglio is a reporter for Businessweek.com in Fort Lee, N.J.

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