The COVID-19 pandemic was an eye-opening experience that put to the test our crisis management competencies across many institutions, including those offered by institutions of higher education. This study aims to review the literature on international business (IB) risks and IB education (IBE) to question whether business graduates are equipped to make decisions in today’s volatile, uncertain, complex and ambiguous (VUCA) marketplace.
While the IB literature has discussed the importance of various sources of risks on global business operations, IBE did not effectively adopt an integrative approach to building the needed risk management competencies related to those risks into our education. The authors argue that this integrative approach to teaching IB is critically needed to prepare future global managers for addressing crises, like that of the pandemic and others. Specifically, this study proposes that this integrated risk management competency can be developed through the building of “synergistic mindsets”.
This study presents a conceptual framework for the components of the synergistic mindset, with intelligence that directly links to present IB risks. These components are cultural intelligence (CQ), emotional intelligence (EQ), public policy intelligence (PPQ), digital intelligence (DQ) and orchestration intelligence (OQ).
Insights related to IBE effectiveness in addressing today’s VUCA market demands and IB risks are discussed.
