Book Review: What They Don’t Teach You at Harvard Business School by Mark McCormack

Why Planning Is More Important Than Ever in an Economic Downturn 

In times of economic turbulence, we often look to experts, credentials, and institutions for answers. But sometimes, the most impactful insights come not from prestigious degrees, but from real-world experience. That’s exactly what Mark McCormack delivers in What They Don’t Teach You at Harvard Business School—a book that feels even more relevant now than when it was first published.

A pioneer in sports management and deal-making, McCormack built an empire not from theory, but from grit, street smarts, and a sharp understanding of people. His book cuts through the glossy narratives of business success and lays bare the practical truths that determine whether someone thrives – or merely survives.

And in today’s fragile global economy, where many businesses are in survival mode and individuals are rethinking their financial futures, one story from McCormack’s book stands out more than ever.

The 1979 Harvard MBA Study: Still Relevant, Especially Now

McCormack references a fascinating study of the Harvard MBA class of 1979. Ten years after graduation, the students fell into three categories:

• 84% had no specific goals when they left school.
• 13% had goals, but they weren’t written down.
• 3% had clearly written goals.
  
  The results? Predictable, perhaps – but still astonishing:

• The 13% who had goals – but didn’t write them down – were earning twice as much as those with no goals.
• The 3% with written goals? They were earning ten times more than their peers.
  
  In today’s world, where layoffs, inflation, and shifting industries are the norm, the message couldn’t be clearer:

uncertainty isn’t the time to abandon planning – it’s the time to double down on it.

The Silent Power of Goal-Setting in Tough Times

We’re not living in the economic landscape of 1979 when this book was written. Today, businesses are bracing for contraction, startups are slashing budgets, and job security feels like a relic of a pre-pandemic past. But that’s exactly why McCormack’s insights hit harder now.

When the economy contracts, so does confidence. People freeze. Businesses pause. Plans get shelved. But the individuals and organisations that move forward with clarity and intent – those are the ones who emerge stronger.

And that starts with something deceptively simple: writing down your goals!

It’s not enough to just want to grow your business, switch careers, or improve your finances. You need a strategy. You need metrics. And you need accountability.

Why You Need a Written Plan – Right Now!

In a downturn, it’s easy to get stuck in reactive mode. But reactive businesses don’t lead – they survive. If you want to thrive, here’s what McCormack’s story tells us to do:

1. Write out your goals for the next 12 months.
   Not vague intentions – specific, measurable, achievable targets. 
2. Break each goal into milestones.
   Make your progress visible. Shrink the challenge. Build momentum. 
3. Share your goals with someone who will hold you accountable.
   Meet monthly or quarterly. Celebrate progress. Call out procrastination. 
4. Attach stakes to success and failure.
   Whether it’s a reward, a donation, or a public commitment – make the outcome matter. 

When things feel overwhelming, take micro-steps. One call. One line item. One conversation. Progress is a habit, not a finish line.

Planning Isn’t Just Strategic – It’s a Competitive Advantage

Today’s economy isn’t offering anyone guarantees. But it is offering an opportunity to recalibrate. Those who treat this time as a chance to reset with purpose – specifically those who plan, while others panic – will be positioned to lead when the dust settles.

That’s what McCormack knew decades ago. And that’s what the top 3% of Harvard MBAs demonstrated with their results.

Final Thought: Make 10x Thinking Your Default

You may not be trying to earn ten times your current income (though why not?). But you should be aiming to get ten times clearer, more focused, and more intentional in how you navigate the uncertainty ahead.

What They Don’t Teach You at Harvard Business School is not just about business acumen—it’s about mindset. It’s about cultivating the tools to succeed in any climate, and especially in the hard ones.

So, in this moment of economic anxiety, ask yourself:

• Have you written your goals down?
• Do you have a plan to hit them?
• Are you tracking progress, adjusting, and staying accountable? 

If not – start today. Because the secret isn’t what they teach you at Uni or in business school. It’s what you do after the lesson ends. Time to thrive!