[DVaut1]

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This is the concept of the "real world." How many people in the Senate or the Harvard faculty have any idea how to run a business? or deal with all the red tape and regulations that those people generally favor. When you are in an ivory tower things might sound good in theory, but in practice they can lead to ruin for people. I hope that makes you understand the "real world" concept. As someone esle pointed out, class room theories don't always work in the dreaded "real world."

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So the 'real world' = entrepreneurial acumen?

I'm not sure what stops the Harvard faculty member from saying "the bed and breakfast owner is insulated in his business world, he doesn't understand the real world".

Put differently, what does a business owner, in his isolated ivory tower office, know of the real world - particle physics, micro biology, chemistry, and math?

I'm just playing devil's advocate here, but I think you probably catch my drift: statements like "XYZ just isn't in the real world" seem to hinge (rather arbitrarily) on what defines the 'real world'. And I can't imagine there's any definitive answer to that.