The Research paper; A Conceptual Framework for Instilling a Global Mindset in Business Students, Journal of Teaching in International Business.   This paper is so outstanding and covers  so many conce

Although the need to have a global mindset seems intuitive, it is not well understood. Using a conceptual framework, we elaborate upon its underlying assumptions. Second, beyond purely academic knowledge, having a global mindset is a prerequisite for global managers if they wish to compete successfully (Gupta & Govindarajan, 2002 ; Paul, 2000 ). Thus students who CONTACT Kam C. Chan [email protected] Department of Finance, Western Kentucky University, 1 Big Red Way, Bowling Green, KY 42101, USA.

JOURNAL OF TEACHING IN INTERNATIONAL BUSINESS2018, VOL. 29, NO. 1, 4 –19 https://doi.org/10.1080/08975930.2018.1455907 © 2018 Taylor & Francis Group, LLC desire to become global managers must fully embrace this concept to prepare for a successful career. This article has two objectives. First, we explain the nature and impor- tance of a global mindset in international business and how it shapes global strategies. By integrating th eliteratureonmindsets,wedevelopa conceptual framework on a global mind set for global strategies. Second, we propose approaches for acquirin g and developing a global mindset to help formulate a sound global strate gy. We pay particular attention to developing critical thinking skills and building strategic options, which can be further enhanced and enriched by improving the curriculum at business schools. Although we focus on teaching international business in a general setting, our approach can easily be extended to teaching students in different business disciplines around the world. We also highlight some of the issues in educating students that arise from a business curriculum that is often segregated into silos or functional areas. As many countries closely follow the U.S. model of business education, they should also note the problems that continue to confront American educators and refine their approaches to teaching in their own countries.

2. Conceptual framework 2.1. Growth and having a fixed mindset A mindset is a frame of mind that leads us to look at the world in a certain way, shaping our daily decisions and behaviors. This helps explain how we behave and why we respond to situations in a particular way. Dweck ( 2007 ) introduces two types of mindsets: fixed and growth mindsets. A person with a fixed mindset believes that people have only a certain amount of natural ability — such as intelligence, personality, and moral character. Over time, some people accept certain ideas, norms, and values as the benchmark and become unwilling to make additional adjustments. People with a fixed mind- set are not receptive to new ideas, as they have preconceptions on how things should operate. In contrast, the growth mindset suggests that a person ’s basic abilities can be cultivated through effort and may change over time. People may differ in their initial talents, interests, or temperaments, but these can change and grow through application, learning, and adaptation. Thus a person with a growth mindset can overcome obstacles and continuously strive for success. For example, an existing paradigm may be widely accepted, but as more new phenomena surface with environmental changes, it insuffi- ciently explains the observed patterns. In this case, people will naturally develop alternative ways of thinking, potentially leading to a paradigm shift. This trajectory reflects the prevalence of the growth mindset, which is JOURNAL OF TEACHING IN INTERNATIONAL BUSINESS 5 willing to make changes and implicitly assumes a linear way of thinking as existing conditions are accepted as given. Two extensions can be derived from Dweck ’s( 2007 ) conceptualization. First, having a growth mindset is not enough. If these initial preferences are incomplete, out of date, or false, one needs to have an open mindset that goes beyond the fixed or growth mindset. An open mindset is one that is receptive to new information and ideas. An open mindset has no preconceived notions of value or judgment, allowing the person to look at things more objectively and change behaviors in response to changes in the environment without necessarily committing to existing conditions or accepted norms. Thus, an open mindset allows a nonlinear way of think- ing. For example, a manager may consider a management-by-objective approach to allow his subordinates to complete the required task, without micromanaging the subordinates. This process allows managers to con- sider potential changes in the environment and how they may be able to adjust over time. The open mindset is intuitively appealing, but it is not easy to internalize because our behav iors are often governed by ingrained paradigms and norms. For example, diversification is generally perceived to be good for firms. However, diversification can be bad if managers do not know why diversification is needed: If stockholders can diversify by themselves, firms do not need to diversify for them (Markides, 1997 ). Likewise, diversifying away from the core competency of the firm can be harmful if the firm loses strength and competitiveness for long-term survival. In addition to having an open mindset, critical thinking to evaluate and assess alternatives is equally important, a result confirmed in an article in The Wall Street Journal arguing that many colleges are not teaching students to think critically (Belkin, 2017 ). Thus business curricu- lums must emphasize critical thinking through having an open mindset as part of students ’mandatory skill set. The second extension from Dweck ’s( 2007 ) conceptualization is that in a rapidly changing world, in which human behavior is influenced by norms that are also changing, having an open mindset is even more critical. The changing technology shapes the behavior of individuals and firms. For instance, Bitcoin, a cryptocurrency, and its associated blockchain algo- rithm/technology that facilitates a secured, nonreplicable technical platform for financial payments are changing how millennials pay for things: they use applications (apps) on smartphones instead of cash (Lee, 2017 ). When we have a closed mindset, we subconsciously block out information or signals that might be important, making our behavior slowly diverge from the optimal behavior in a changing world. For our students and within ourselves, we need to promote both an open mindset that is sensitive to changes in the environment and a growth mindset that helps us continuously strive to improve ourselves.

6 K. C. CHAN ET AL. 2.2. Mindset in global business In the international business literature, four perspectives have been proposed to describe the mindset orientations that influence diverse aspects of the firm — such as firm structure, strategy orientation, resource allocation, and firm pro- cesses (Kyvik, Saris, Bonet, & Felicio, 2013 ; Levy, Beechler, Taylor, & Boyacigiller, 2007 ; Heenan & Perlmutter, 1979 ; Perlmutter, 1969 ). These four perspectives are home-country orientation, host-country orientation, world- orientation, and region-centric orientation. First, the home-country orientation assumes nationals of the home country are more reliable and credible than foreign nationals at headquarters or at subsidiaries. The second approach relies on host-country orientation to “do as the Romans do ”;iffirmmanagersdonot know enough about a foreign culture, they should not impose their own country ’s values. The third approach suggests that managers with a global mindset take a universalistic approach to managing multinational firms. As such, nationality and cultural differences are less important in determining the outcome than the objective merit of ideas and the ability of individuals to solve problems. Finally, the regionally oriented approach is positioned toward regional values, not relying on home-country or world orientation. Previous studies suggest two important assumptions that underscore the global mindset (Levy et al., 2007 ). First, they emphasize cosmopolitanism, openly reconciling differences in global versus local issues. Second, they have strategic implications, in which managers at different firms embrace varia- tions in demands and opportunities across borders and manage resources using capabilities. Thus, a specific viable solution must consider all factors and evaluate all tradeoffs that may change over time. In contrast, we often assume that the environment is static, and subsequent solutions are tailored to address these static problems. These solutions, though workable at that time, may have unintended consequences. For example, a product recall may appear to address an immediate problem, but it does not necessarily reveal alternative methods for running the firms that might avoid similar problems in the future. Thus, we need to consider decision-making in a cyclical environment (Fung, 2014 ), discussed in the following section. 2.3. Decision-making in a cyclical/changing environment We examine two aspects of decision-making in a changing or cyclical environment. First, we examine how current decisions may have complex, unintended future consequences. When managers make decisions today, they look at the current situation to develop a strategy relevant to the current problem. This theoretical approach drives the SWOT (strength, weakness, opportunities, and treats) analysis, which is widely used in practice (Jackson, Joshi, & Erhardt, 2003 ). This approach oversimplifies current decision- JOURNAL OF TEACHING IN INTERNATIONAL BUSINESS 7 making in a rapidly changing environment. A better approach recognizes the endogeneity of strengths and weaknesses in the changing environment and avoids future adverse consequences. A case in point is Audi, the German automaker, which entered the Chinese market in late 1980s with the advantage of early market leadership (“Who ’s Gonna Buy, ”2017 ). Initially, it reaped the benefits of growing sales because of the booming consumption in China; it was ranked China ’s top luxury car brand, with one-third of the market share. This early success implies that Audi successfully researched and delivered well-designed pro- ducts: Market timing can be key for profit, such as when to launch a new enterprise or product or reposition the company in the marketplace.

Typically, companies that are successful early on advertise their differentiated products to attract targeted customers, but as competition intensifies, pro- motional campaigns are insufficient to address the changing supply and demand. For example, Ford has long since ceased to implement strategies to sell its Model T as the environment changed with technology and market saturation. Audi ’s early success, however, may have made the firm somewhat complacent. In 2015 and 2016, as the Chinese car industry changed, Audi suffered losses because of low employee morale due to the absence of bonuses after an unrea- listic sales target was not achieved. This sales target with more added ventures had been a quick fix by the company as competition arose not only between Audi and other competitors but also among its own excessively numerous dealerships. Audi ’s losses reflect the company ’s failure to foresee the forthcom- ing challenge without a well-coordinated strategy. Strengths to identify early market potential, which initially helped Audi, ultimately created complacency that made the firm vulnerable. This is far from an isolated case: firms may have developed routines that capitalize on existing gains as a first mover but can become obsolete if they ignore changes in the market environment. They cannot rest on their laurels to sustain success. Their routines for success can prove particularly proble- matic when environmental change is frequent and discontinuous. Firms with established new product development capabilities tend to pursue incremental product improvements along existing trajectories, rather than to explore radically different innovations (Levinthal & Myatt, 1994 ; Sørensen & Stuart, 2000 ). The empirical study by Leonard-Barton ( 1992 ) corroborates this view, showing that product development routines created dysfunctionality that hindered the exploration of alternatives. Further illustrative evidence comes from Helfat et al. ( 2007 , 49ff.). Another interesting case is related to Qualcomm ’s international business pricing strategy in China as it fails to anticipate increasing protectionism by regulations restricting on foreign firms there (Clark, 2015 ). In 2014, Qualcomm ’s profit of $13.2 billion in China raised eyebrows among 8 K. C. CHAN ET AL. Chinese regulators. In 2015, Qualcomm paid a $975 million fine to the Chinese government to settle a high-profile antitrust case involving the company ’s patent-licensing practices. To avoid further penalties, Qualcomm agreed to a new licensing formula that reduced its royalties for some handsets sold in China. In the current environment of regulatory reform that calls for protectionism for highly profitable foreign firms, deci- sions made today need to consider what the anticipated future response might be as the Chinese government is continuously looking for ways to generate more revenue from foreign firms. Global firms must also consider whether their decisions will inspire blowback from domestic Chinese firms operating in what has become a more protectionist market. In light of the difficulty of predicting the future and confronting a chan- ging environment, as discussed above, we have to consider whether current investments or decisions have the potential to create benefits in the future, by building a safety margin to protect against the future, which is naturally difficult to predict. This is an interesting aspect of decision-making in the context of the cyclical nature of environments or markets and thus sheds light on the critical aspects of planning decisions over time. Economic models typically assume a one-period or static model that does not change over time. In reality, if we consciously make decisions or investments today with a future benefit, we create strategic options that can be exercised later (Luerhrman, 1998 ). Strategic options extend to crisis management. A crisis is a low-probability, high-impact event that can threaten the viability and survival of a firm (Pearson & Clair, 1998 ). Yet much research deals with addressing a crisis and its con- sequences. Building established strategic options into decisions can mitigate or avoid the impact of the crisis. The most effective way to deal with crisis is to be proactive. By anticipating different potential crises, the firm might mitigate the potential adverse impact of those crises. This reinforces our first point: that we can make decisions today to minimize adverse outcomes tomorrow. An open mindset is critical for considering alternative strategies. A flaw in today ’s economic theories on decision-making is that problems are typically analyzed in a static framework; however, the real world has “known unknowns, ”which relate to known uncertainties, and “unknown unknowns, ” which relate to uncertainties that are inconceivable. These uncertainties cannot be analyzed in simple probabilistic terms (Fung, Wu, & Yau, 2012 ;Kay, 2011 ). Thus economic analysis should be complemented with strategic options that consider unquan- tifiable factors in decision-making (Harrigan, 1985 ; Zanoni, Vernizzi, & D’Anna, 2014 ). In reality, many crises are triggered by earlier actions and thus are theoretically preventable. Audi and Qualcomm exemplify that crises could be averted if prior decisions had incorporated changing demand and regula- tions. Thus a moderate, safer approach may beat an aggressive, risky approach that could lead to a serious problem later on. JOURNAL OF TEACHING IN INTERNATIONAL BUSINESS 9 2.4. The conceptual framework Integrating these arguments for an open and global mindset, we propose a conceptual framework, shown in Figure 1 . Decision-makers, whether man- agers or leaders, need to be open-minded and not inject too much personal subjective judgment. At the beginning, when looking at the same public data to form all strategies, decision makers must consider and evaluate all viable options and alternatives without indicating their subjective preference. If they are made without an open mind set and critical thinking, policies made today may lead to future problems because we have not considered all alternatives of viable options when confronting the current situation. Implementing a strategy requires awareness of positioning relative to competitors: whether we are stronger or weaker or have the advantage over our competitors. This is related to the left-hand-side box in the third level of Figure 1 . The SWOT analysis may play a role in this situation. That is, we need to assess our current positioning relative to that of our competitors in terms of strengths and weaknesses, as well as resources and constraints. At the same time, reconciling a global mindset with local forces will be impor- tant. We also need to embrace variations in internal capabilities as well as demands in the external environmental and opportunities across borders Open Mindset of Managers Recognition of Changes Relative Positioning of the Firm in a Multinational Setting Environment Timing and Cycles of Environment Uncovering Trends/Forces Global Strategy Formulation and Implementation Figure 1. A Conceptual Framework for Teaching International Strategy. 10 K. C. CHAN ET AL. (Fung et al., 2012 ; Levy et al., 2007 ). Two firms in the same industry investing in the same foreign country may have different strategies because of differ- ences in their resources. They cannot simply replicate an old approach (or standard) in a new situation. The other dimension is to consider decision-making with respect to the cyclical nature of the environment and market. This aspect is on the right- hand side of the box in the third level of Figure 1 . We have to anticipate both potential environmental changes and likely reactions by the government, as in the case of Qualcomm, whose pricing was affected by regulatory changes that may call for protectionism, and in the case of Audi, which could not capitalize on its early leadership in China ’s retail automobile industry. In many cases, what we once considered opportunities (i.e., maximizing short-term profit) may turn out to be threats (i.e., a loss in competitiveness or financial penalties). Thus we need to carefully consider the long-term implications of using SWOT analysis. In 2010, Foxconn, a Taiwanese firm heavily invested in China to produce digital equipment such as tablets, mobile phones, and laptop computers for big-name clients, was accused of running a sweatshop employing 350,000 mostly Chinese migrant workers in Shenzhen, a southern Chinese city (Heffernan, 2013 ). Foxconn produced low-cost mobile phones that were highly profitable because of its low labor costs. However, it also maintained harsh working conditions, which prompted a dozen workers to commit suicide on the factory premises.

After substantially improvements were made in employee working conditions and wages, the suicide attempts abated. Thus a CEO with a global mindset who would recognize the changing labor conditions in China would not only look at profits today but also consider the morale of workers who may cause future troubles for the firm, a critical part of crisis management. Additionally, we need to consider underlying trends in factors that are unique in making the firm ’s decisions. Each firm has to creatively map out a unique, firm-specific plan. This creativity does not imply that an idea comes from nowhere. Steve Jobs said that creativity is just a matter of connecting things. 1 Thus recognizing and connecting different dots help firms find a more mean- ingful solution to real problems. The best global executives, by looking at public data, identify issues that others ignore, with potentially important consequences.

The implication is that we need to think outside the box when making decisions. The final step in the conceptual framework is devising detailed, step-by- step plans to achieve goals (targets). The desired goals are difficult, if not impossible, to attain in the absence of creating plans and addressing potential obstacles. At the same time, when unpredictable obstacles occur, plans need to be modified without losing sight of the goal. Next, we present teaching plans for students to apply the framework, explained in the following section.

1https://www.brainyquote.com/quotes/steve_jobs_416925 JOURNAL OF TEACHING IN INTERNATIONAL BUSINESS 11 3. Applying the conceptual framework 3.1. Critical thinking and striving for excellence An open mindset requires critical thinking. When students learn a theory, they often follow the predictions of the theory without understanding its underlying assumptions or limitations. If future situations have different assumptions, the misapplication can have troublesome ramifications.

Critical thinking implies nonlinear thinking, that is, multidirectional think- ing. We characterize critical thinking as follows. ● It includes the mental ability to understand the endogeneity and the cyclicality of nature. For example, peaks and troughs alternate; oppor- tunities generate threats and vice versa. Thus, one needs to think dynamically beyond the SWOT analysis. ● It implies a curiosity about the world and a commitment to becoming smarter about reality. Critical thinking implies the ability to visualize emerging trends associated with underlying forces (Gupta & Govindarajan, 2002 ). ● At times, things may appear random and chaotic, but they may be related. Thus, it is important to ask how dots can be connected, as suggested by Steve Jobs. The converse is also true; things may appear to be connected but in fact may be spuriously correlated. Critical thinking is necessary to differentiate these possibilities. ● It comprises the ability to reflect and the willingness to change in order to improve and excel. Although we optimistically plan to implement strategies, real life may intro- duce twists and turns throughout the implementation stage. We often must modify our plans to overcome hurdles. In many cases, we may be knocked down, but we need to stand up again. Achievement requires grit; more accomplishments require greater effort and perseverance, and perseverance can only be sustained by passion. Duckworth ( 2016 ) shows two sequential relations: talent × effort = skill; and skill × effort = achievement. Effort counts twice toward achievement, indicating its importance; this continual effort could also be characterized as perseverance. Duckworth ( 2016 ) also suggests four internal forces: compassion, practice, purpose, and hope (i.e., optimism) to increase one ’s grit. External forces may simultaneously impose high demands while providing support. These factors provide insights as to how business students can be taught and motivated in the international business program in business schools worldwide as well as in more specific training.

12 K. C. CHAN ET AL. 3.2. Strategic options In this section, we discuss different types of strategic options that we can develop to mitigate future uncertainty. In other words, we should develop certain human capital (assets) to create future opportunities or mitigate suffer- ing from future misfortunes. Typically, the frequency and openness of interac- tion between two persons or organizations depend on the strength of their interpersonal, social ties and organizational rigidity. The more successful a company is at cultivating interpersonal and social ties among people based at different subsidiaries, the more effectively it can integrate diverse perspectives and knowledge bases. As a result, several types of capital should be developed by managers to strengthen their abilities and pinpoint opportunities.

3.2.1. Personal capital Personal capital consists of attributes of a person or manager that should include an open mindset to appreciate different perspectives. Global man- agers need to be aware of their endowments, strengths, and weaknesses in order to acquire complementary resources. At the same time, managers need to be aware of the changing environment. Someone who lacks these personal capital attributes will have challenges in working with other people and fostering good teamwork. One important attribute of personal capital as a leader is credibility. Credibility plays a key role in connecting people and in maintaining good relationships. As credibility may take a long time to establish, it is more effective than working together virtually and can accomplish more in a face- to-face meeting because of the human touch. Other good personal capital attributes include humility, motivation, and the willingness to accept other people ’s advice and suggestions. This personal capital helps people continu- ously improve and succeed.

3.2.2. Social network capital Forindividualsandcorporationstoaccesskeyresourcesworldwide,they must develop and coordinate global networks. Building global networks helps replace nationally held views with a collective global mindset and has been shown to facilitate trusting relationships with people from other parts of the world (Javidan & Walker, 2012 ;Paul, 2000 ). Managers tend to identify and act on emerging opportunities in foreign markets if they have close friends or colleagues in foreign countries and are willing to look beyond cultural differences to solve business problems. Thus first or early movers may have specific social capital to help them do so. Social capital helps firms obtain fin ancial resources, expertise, and knowledge. Many different types of social capital can be acquired at global firms. For example, a good bo ard of directors at a firm provides a JOURNAL OF TEACHING IN INTERNATIONAL BUSINESS 13 social network that may facilitate tapping into different types of external resources. Professional social netw orks, such as business and technology associations, are also important, providing channels for accessing and distributing specific knowledge, in formation, and resources and helping firms generate creative ideas (Qiao, Ju, & Fung, 2014 ). Political connections form a unique s ocial relationship that enables an individual to achieve goals because o f increased resources, information, and support. Many U.S. multinational and domestic firms invest heavily across the political spectrum in terms of lobbying and financial con- tributions, and to gain a competitive advantage through political clout. Having good political connections in China helps in securing more bank loans and lower interest costs (Su & Fung, 2013 ). 3.2.3. Knowledge-based capital International business today is complicated by evolving technologies, changing regulations in home and host countries, cu ltural diversity, and different modes of business practice. Knowledge-based capital relates to the intellectual capability of the manager who has the expertise to balance tradeoffs and competing interests.

This is a special analytical skill set with a global vision to understand and deal with underlying forces that may give rise to problems. In addition to expertise in one particular area, broad-based knowledge is critical, as international business is multidiscipli nary, involving different functional areas and embracing different cultures. Having a broad-based mindset helps managers focus on important issues, amid conflict, and in turn will help them to make commonsense decisions. When students are aware of the importance of the different types of capital required for managing a global firm, the y will pay more attention to developing them. Knowledge-based capital, both for specific fields and in general terms, can enhance students ’likelihood of landing a good job and being successful in their future career.

3.3. Integrated international business curriculum 3.3.1. How to develop an open mindset and strategic options Developing a global mindset and strategic options is difficult and time consuming.

Thus, a curriculum can establish format stohelpstudentssucceedandrelates closely to student profile (Aggarwal & Zhan, 2016 ). The following is one possible approach for schools, which some have already adopted. ● Organize an executive speaker series by global CEOs CEOs with different backgrounds are likely to have different viewpoints. The series invites international business (IB) students to meet global CEOs and 14 K. C. CHAN ET AL. understand their perspectives and approaches to solving problems. It also enables students to network with global CEOs. ● Organize a speaker series by alumni Students can develop social networks with up-and-coming and successful alumni. Alumni can point out ways to improve the IB program in business schools. Moreover, alumni who may be helpful to business schools can be showcased and given the opportunity to explain their decisions and motivate current IB students. ● Provide business internship opportunities Work experience is critical for students to land a good job. Internships can familiarize students with working at a firm and provide connections with out- side businesses. Good internships are not easy to find. IB departments can set up an IB board to help create these internships. These boards could expand student mentorship and provide financial resources to the IB department. ● Set up an annual student-led conference An annual IB student-led conference can promote international business, offer career advice for IB students, and update students with current and challenging IB issues. The conference provides an opportunity for IB students to develop leadership skills with faculty, raise funds in the community, and work with other students in IB programs and at other universities. ● Organize IB study tours American students can learn a great deal by observing how U.S. firms, U.S.- foreign joint ventures, and non-American firms do business in other countries —such as in Europe, China, and Japan —because the U.S. business model is not necessarily followed everywhere. Study tours give students an opportunity to learn foreign culture, business practices, and ways of thinking. ● Develop a close network within IB student groups The IB program should encourage its students to mingle with one another beyond seminars, study tours, and student conferences, by forming clubs to promote international business: These clubs can help students participate in case competitions with other schools, organize trips to visit firms, and other social activities. These activities promote esprit de corps among IB students that may become a useful future resource. 3.3.2. Curriculum development IB curriculum should be structured to develop a global mindset and critical thinking, consistent with the requirements of the discipline. Chan, Fung, and Lai ( 2005 ) propose several ways to improve an IB program: a standalone IB program and an IB doctoral program, higher research productivity output by faculty, and a high-ranking MBA program. Although some schools have JOURNAL OF TEACHING IN INTERNATIONAL BUSINESS 15 improved their curriculum to some extent, many schools in the United States lag, likely because of inertia and increasing funding restrictions from govern- ment spending on higher education. At many U.S. schools, the IB program is housed within other departments, such as marketing or management. At these schools, research and complementary MBA programs are insufficient to promote the visibility and independence of the IB program. Pless, Maak, and Stahl ( 2011 ) illustrate that international programs can be improved by sending students in teams to developing countries to partner with international organizations. The overseas experience helps students to develop a global mindset, cultural intelligence, self-awareness, and so on, enhancing critical competencies for responsible global leadership. The inter- national service learning programs help them better understand theory building, develop responsible leadership, and become resourceful in organi- zational leverage. In addition to the overseas component of the curriculum, two other aspects should be incorporated. First, it is important to integrate a consulting component into the teaching curriculum. For example, a school may orga- nize a team of IB students with a faculty advisor and approach a multi- national firm for consulting work to solve a problem the firm is confronting.

This approach achieves many goals: exposing students to different real-world issues, working in a team with other students to develop a proposal, learning from a faculty advisor, and developing a relationship with the firms being consulted. Second, integrating different disciplines — such as marketing, logistic, finance, accounting, and management — is critical. Currently, different dis- ciplines are siloed in teaching, which prevents students from relating these disciplines to their decision-making. It is important for IB students to under- stand the diverse strands of knowledge about cultures and markets and how they affect decisions (Gupta & Govindarajan, 2002 ). Thus, IB programs need to be tailored to developing a global mindset in managers: Business problems are not segmented into disciplines such as finance or marketing but relate closely to other areas — such as human resources, logistics, and information systems. State-of-the-art knowledge is needed for teaching and training business students. At the same time, faculty should appreciate teaching for its psycholo- gical rewards. Currently, the incentive system in U.S. higher education in general is lopsided, stressing either research or teaching. Choosing one over the other is not optimal. Ideally, faculty are encouraged to excel in both research and teaching to help students develop both a global mindset and relevant skill sets.

In addition, the curriculum should be demanding enough to signal to students that working hard is necessary for career success but, at the same time, provides support to students, such as tutoring and advisory services, so that they do not feel as if they are struggling alone (Duckworth, 2016 ). 16 K. C. CHAN ET AL. This proposed framework of curriculum requires significant faculty time and commitment. The faculty at a purely research-oriented business school may need to spend time on research, while in a purely teaching-oriented school, faculty may not have the skill set to mentor or advise students to solve problems in their consulting projects. Thus, an incentive system should be properly structured to entice faculty who are good at both research and teaching to engage with students. Otherwise, competent faculty members face many competing demands and may be less likely to buy in to the program.

4. Conclusions We present a new conceptual framework to develop a global mindset for managing global business. We argue th at global mindset is linked closely to decision-making in selecting choices and strategy formulation. Without an open mindset, decision-makers may discount different viable views that have merits. Global managers must have an open mindset and have to recognize changes in the environment and themselves. Based on these implications, we build a conceptual framework and lay out its importance in teaching international business. Global managers face a diverse set of issues. When they encounter problems, they should consider their unique situations and create solutions that apply to those specific needs for problem solving. Different settings req uire different approaches, reflecting the complexity involving heterogeneity and indeterminacy in decision- making. We argue that different types of capital are important for students ’ career success, growth in maturity, and global leaders ’effectiveness. We suggest several approaches to improve the human capital of students — including speaker series, student-led conferences, and IB internships. We also suggest integrating different functional areas (finance, marketing, and logistics, among others) into a coherent program that enhances the appeal of the curriculum at business schools. This academic training would help students acquire these intangible assets and develop strong analytical skills to tackle future problems.

Notes on contributors Kam C. Chan , is the Leon Page Endowed Chair of Finance and University Distinguished Professor at Western Kentucky University. Anna Fung , is a Ph.D. Candidate in Management at the University of Washington. Hung-Gay Fung , is Dr. Y.S. Tsiang Professor in Chinese Studies at the University of Missouri at St Louis. JOURNAL OF TEACHING IN INTERNATIONAL BUSINESS 17 Jot Yau , is the George Albers Professor and Chair of the Department of Finance at Seattle University.

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