As a result, the number of small businesses shuttered also must have risen last year, says Scott Shane, a professor of entrepreneurial studies and economics at Case Western Reserve University's Weatherhead School of Management.

WSJ: Rise in Start-Ups Draws Doubters

Like companies, business schools "have to change with the times and go where the market is, " says Anurag Gupta, chair of the banking and finance department at Case Western Reserve University's Weatherhead School of Management.

WSJ: Chinese Flood U.S. Programs to Gain Edge

He also set out to identify the ingredients of Harley's past success an especially smart move when you're an outsider, says Ronald Fry, an organizational behavior professor at Case Western Reserve University's Weatherhead School of Management.

WSJ: Driving Change Without Rocking the Boat