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Importance of Family Business Management

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March 10-11, 2018 provided future entrepreneurs and start-up entrepreneurs with the opportunity to communicate and cooperate. When the best and brightest minds came together and thought about how to stimulate the growth of their business. This is the most important aspect of any business. The IIT Mumbai conference brought together the best entrepreneurs, innovators, venture capitalists, business model developers, consultants, politicians, academics and business people to present and discuss innovation and success under the auspices of entrepreneurship for small and medium-sized enterprises. .

Over the past decade, there has been a dilemma between joining the family business and higher education. The scale has turned into entrepreneurship and belonging to the family business.

Let’s explore the origin and why:

Genesis
Today, the family business accounts for two-thirds of the world’s business and provides the greatest economic returns, jobs and prosperity in the world. Family businesses dominate the economy in many parts of the world. “Family businesses now make up 19% of Fortune Global 500 companies,” The Economist reports. In India alone, 67% of businesses are family-owned. McKinsey predicts that by 2025, there will be more than 15,000 companies with annual revenues of at least $1 billion, 37% of which will be family businesses in emerging markets.

Need
Family business management programs are essential whether you are involved in a successful family business or a business that is struggling and trying to make the transition.

Successful family business:

A successful family business succeeds because families see significant changes in their industry. Simply put, successful families have enterprise. Families are also successful because they invest in productive activities, focus on asset growth and consume a relatively small portion of their wealth. These families maintain a culture that encourages family members to create things of enduring value. Unsurprisingly, these families encourage entrepreneurs. In addition, successful families remain fairly united in helping their members stay faithful to each other and family missions. From generation to generation, as families become more diverse, it is likely that only a few family members in each generation will work directly in business.

Third-party business participants can still support family charities or community events, and sometimes this level of commitment is sufficient to preserve family unity. But investing in family entrepreneurs can also ensure that talented members continue to contribute to the well-being and mission of an extended family. Investments in family entrepreneurs should be objectively based on the feasibility of their business plan, as well as fairly within the family. Even if some businesses fail, these investments will help you discover the talents to grow your business. And you send an important message: this family strives to create values.

Family business – with problems
Although the family business is on average superior to other types of business, it faces obvious challenges that need to be addressed. This restriction often kills the family business.

This creates a need for family business management training, which helps students understand how to exploit their strengths, overcome challenges, and protect themselves from the weaknesses of the business and the families they are in.

Colleges/Entrepreneurial Management Institutes
Xavier School of Management (XLRI), Jamshedpur, offers a six-month full-year postgraduate degree in Business Management (PGPCEM).

The Institute for Entrepreneurship Development of India, Gandinagar, offers a two-year postgraduate degree in Business Management and Entrepreneurship (PGDM-BE).

S.P. Jain-Mumbai Institute of Management and Research, Start Your Business Certification Program (SYB), Develop Your Business Certification Program (GYB), Entrepreneurship Manager (TEM).

Narsy Mongi Institute for Management Studies, Mumbai, MBA in Social Entrepreneurship

Xavier-Bangalore Institute for Management and Entrepreneurship offers a one-year entrepreneurship development program (EDP).

Nirma Institute of Management, Ahmedabad, offers a regular two-year MBA program specializing in family affairs and entrepreneurship.

Amity Business School, Noida offers a two-year MBA program in entrepreneurship.

IIM, Bangalore, entrepreneur specialization and family business.

IIM Udaipur, Management Development Program for Women Entrepreneurs.

National Institute for Entrepreneurship and Small Business Development (NIESBUD), Delhi
NIESBUD is a leading institute for business and small business development under the auspices of the Indian Government’s Ministry of Micro, Small and Medium Enterprises. It oversees various agencies and agencies involved in the development of entrepreneurship, particularly in the areas of small businesses and small businesses. It also offers many training and development courses for start-up entrepreneurs and small businesses.

Make the right choice:
In the family business world, the entrepreneurs we honor are usually business founders. If you want to become a business founder, start your new business and learn to navigate, take a clean MBA in entrepreneurship. However, if you want to join your family business and have to take responsibility for creating the founder and develop it, you do not have to be an entrepreneur, but to understand and spread the vision of the founder, an MBA degree in entrepreneurship is more useful . . .

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