Business education is undergoing paradigmatic changes, and business schools are feeling the brunt of these changes. This article proposes that "business as usual" is over for traditional business schools. Using Ohmae's 3Cs--customers, competitors, and company--as an analytical framework, I examine important changes from different vantage points. From the perspective of customers, the focus lies on technological and value changes. In terms of competitors, the analysis centers on the growing number of alternative suppliers of business education and the geographic shifts in the business school landscape. As to the company dimension, I comment on the vast number and heterogeneity of business schools and suggest that they are heading toward a business model competition. In considering potential development paths for business schools, the article concludes that they require radical innovations to stay relevant.