Royce Yudkoff

But what I can say is I taught at MIT before I came to Harvard. And at MIT, we taught things. At Harvard, we really teach situations. And what I find our students are extraordinarily good at is pattern recognition. It's hard to see how this learning happens. It's hard to measure it day by day. It's hard to quiz them on it.

But what I can say is I taught at MIT before I came to Harvard. And at MIT, we taught things. At Harvard, we really teach situations. And what I find our students are extraordinarily good at is pattern recognition. It's hard to see how this learning happens. It's hard to measure it day by day. It's hard to quiz them on it.

But what is absolutely true is after two years of a case-based education, you've seen hundreds and hundreds of situations and life is going to give you those situations. So I can't tell you the number of times I'll meet with an alumni and they'll say, we'll be talking about something and they'll say, oh, that's just a bottle of lumber.

But what is absolutely true is after two years of a case-based education, you've seen hundreds and hundreds of situations and life is going to give you those situations. So I can't tell you the number of times I'll meet with an alumni and they'll say, we'll be talking about something and they'll say, oh, that's just a bottle of lumber.

Now, it's not about lumber distribution in whenever that case was first written in the 1950s. That's not it. But it is the case of a company who's, in the case of bottled lumber, makes financial profits but no cash profits because all the cash goes into working capital. So there's that pattern recognition that just sticks with people.

Now, it's not about lumber distribution in whenever that case was first written in the 1950s. That's not it. But it is the case of a company who's, in the case of bottled lumber, makes financial profits but no cash profits because all the cash goes into working capital. So there's that pattern recognition that just sticks with people.

And I think it's really hard to Google your way to pattern recognition. It's like so many other things. There's no gizmo to teach you how to be a really good alpine skier. There's no piece of AI or science that's going to make you stronger in the weight room or faster on the track. I think you just have to do the work. As I like to say, success only comes before work in the dictionary.

And I think it's really hard to Google your way to pattern recognition. It's like so many other things. There's no gizmo to teach you how to be a really good alpine skier. There's no piece of AI or science that's going to make you stronger in the weight room or faster on the track. I think you just have to do the work. As I like to say, success only comes before work in the dictionary.

I think that is true in learning. I don't think there's an easy way to learn. I think there are fun ways to learn, but I think you actually have to put in effort to learn.

I think that is true in learning. I don't think there's an easy way to learn. I think there are fun ways to learn, but I think you actually have to put in effort to learn.

One of the things that's special about the Harvard Business School is we understand we're a business school. We're not an economics department. We're not a behavioral science department. We are very much a business school. So while as faculty members, we spend more than half our time doing research, that research has to have a business focus for it to be valued by the institution.

One of the things that's special about the Harvard Business School is we understand we're a business school. We're not an economics department. We're not a behavioral science department. We are very much a business school. So while as faculty members, we spend more than half our time doing research, that research has to have a business focus for it to be valued by the institution.

Now, what that business focus is can be almost anything. It can be some behavioral way or it can be some new way of managing a workforce. It can be a new way of managing a portfolio. It can be all kinds of things.

Now, what that business focus is can be almost anything. It can be some behavioral way or it can be some new way of managing a workforce. It can be a new way of managing a portfolio. It can be all kinds of things.

But I used to like to apply the rule, and I don't know if the institution would still agree with this rule, but I do, which is if you're working on a research project at the Harvard Business School, you need to imagine that somebody would actually pay for the results of your work. Maybe not the cost of the research, but they should be willing to pay something for the results of your research.

But I used to like to apply the rule, and I don't know if the institution would still agree with this rule, but I do, which is if you're working on a research project at the Harvard Business School, you need to imagine that somebody would actually pay for the results of your work. Maybe not the cost of the research, but they should be willing to pay something for the results of your research.

And if nobody cares enough to pay for your research, then maybe you should be doing it in the economics department or God forbid, the Kennedy School, but not here.

And if nobody cares enough to pay for your research, then maybe you should be doing it in the economics department or God forbid, the Kennedy School, but not here.

I mean, we certainly get questions about specifics in the small firm space. I'm considering this deal. The seller wanted to do this. Does that make sense? Does this equity rollover make sense? Does this structure make sense? I'm having problem with somebody on my board. How would you approach that? So we certainly get those practical business questions. I think we get questions.

I mean, we certainly get questions about specifics in the small firm space. I'm considering this deal. The seller wanted to do this. Does that make sense? Does this equity rollover make sense? Does this structure make sense? I'm having problem with somebody on my board. How would you approach that? So we certainly get those practical business questions. I think we get questions.