Buffett says that business schools should study real-world examples of success, such as Nebraska Furniture Mart founder Rose Blumkin in Omaha. He explains to the audience that Mrs. B., as he calls her, started her store with $500 in 1937, "without a day in school in her life."
At the time of Blumkin's death in 1998, Nebraska Furniture Mart was the largest home furnishings store in the country, The New York Times reports.
"What is there to learn from seeing somebody create an incredible success like that in a competitive business?" Buffett says. "She didn't invent something that the world had never seen before. She didn't have a lock on some piece of real estate that protected her from competition. You know, all of these — and yet, she accomplished something that virtually no one has accomplished."
Understanding what helps businesses like this thrive can't really be taught in a classroom. "If you go to any of the top 20 business schools, you know, there's not one page that's being given to anybody to study what is an incredible success," Buffett says.
He acknowledges that "it's probably a little discouraging to a professor of management at some major business school that has gone on to get his doctorate and everything, to think he has to come and hang around the Furniture Mart and study a woman in a golf cart."
However, he says, "they'd be better off if they did."
Source: Make It, CNBC.com