This catastrophe is brought to you by your friendly academic community!

I love this clip from “Back to School”! Not only is it funny, but is also very instructive. Academics all over the country are trying to add their two cents in the discussion about the course of action we should take with our economy. Business professionals that were trained by these people have infiltrated corporations all over the world. Let’s take a look at what these “elites” have given us.

1. Credit default swaps- it was the Ivy League trained brain trust that came up with this gambling approach to our markets.  Boy has that worked out well!

1. Keynesian economics- developed by King’s College graduate John Keynesian, this theory basically says that the private sector cannot be trusted and therefore the government should spend our way to prosperity. The wonderfully unsuccessful stimulus package was developed, in part, by fellow Ivy League economist Paul Krugman and is based in Keynesian theory. Politics aside, I think we can all agree that this thinking has failed miserably.

1. Community Reinvestment Act- a well meaning program designed to encourage investment in urban areas as a way to fight “urban flight”. 30 years later, Ivy League economists, lawyers, and politicians, used this legislation to justify lending practices that lead to the housing bubble.

1. GLOBAL WARMING HYSTERIA- thought to be a man made caused phenomenon, it is now widely understood to be a manipulation of climate data. Driven by governments and PhD’s to reallocate wealth, this hysteria is predicated on the “hockey stick” chart showing an alarming increase in global temperatures. One problem,  even the leader of this movement Phil Jones, head of the British Climate Research Unit, says that the data is not only wrong but that we haven’t been in a warming trend for 15 years. Never mind the facts; the academic brain trust forges ahead with a plan to handicap American business predicated on the threat to our climate.

These are just a few examples of the world of academics hurting business everyday. Now apply that to your own organization. The “smartest one in the room” theory is completely subjective. If the smartest one in the room gained their knowledge in the context of theory and conjecture then they are not the smartest one in the room. As Thornton Mellon so gracefully shows us, business is done in the trenches, not in the classroom. This applies to sales more than any other area of business. Finance issues deal with regulation, capital flow dynamics, and a series of complex and concrete realities that require the ability to recall and employ very specific maneuvers. An MBA may be a better candidate for this position. Sales however, require a completely different skill set conducive to adapting to dynamics that change in real time and without notice. Interpersonal dynamics play a much larger role here. Therefore, hiring a person that has a natural aptitude for this situation is much more important than their academic prowess. Seriously, when was the last time that a sales rep required the ability to solve a linear equation? Which skill is more important to a VP of Sales; understanding the operational flow or understanding the market needs and buying triggers? The ability to drive numbers remains in the office of the VP of Sales while the ability to schedule implementation should remain with operations! Operational control of sales is like having a sales rep handle the accounting. Both scenarios will set you up for failure!

At the end of the day, smart companies hire skill sets and talent levels not pedigree and academic prowess.  Job seekers beware, companies that hire based on academic credentials will hamper your ability to employ your natural skill set. There is nothing worse than working for a VP that has no earthly idea of what it takes to close deals and is clueless when it comes to the demands and desires of your prospects. The board room should read the bored room in a lot of cases. Most sales meetings are a direct result of an academic needing to be clued in on what is going on. Good sales meetings should focus on market realities, objections, sales plans, and support issues. Anything else is a colossal waste of time!