Indian economy comprises of more than 70% of the family businesses. The importance of this sector cannot be overlooked and Family business management has its own challenges like succession planning; most of the family business does not have a succession plan. Employees working in family business will have the temptation to leave the company and join where the incentives are higher.
Students who want to join their Family business after completing MBA can brush up their skills for taking their family businesses on to the next level. An MBA in Family Business introduce students to the key management area to create opportunities and challenges which are unique to the businesses that run by families. This will allow students to explore more and analyze the upcoming challenges in the business and practice the best management for family businesses.
Family businesses are full of challenges which are threats to their existence or continuity, but if managed efficiently and effectively can remove all risks.
There are differences in Regular MBA program & MBA in family Business Management program:-
MBA Creates Mangers / employees where as MBA in Family Business creates employers.
MBA trains students to handle job in corporate and Big Business houses where as MBA in family Business trains students to take part in their own family business and grow the business.
MBA graduates are most likely to handle one functional area i.e. operations, marketing, HR or finance where as MBA in Family Business students understand the overall working of the business as they are the owner of the Business.
MBA provides the general knowledge and understanding about the business and organizations where as MBA in Family Business student understands his own business.
No MBA Graduates takes the major decision in the business where as MBA in Family Business Graduates takes each important decision every day for their own business.
MBA in Family Business does not only help the students who aspire to work in family businesses but also who want to start their own business. MBA in Family Business are more beneficial to the women who are taking participation in family businesses.
In India, some institutions offer MBA in Family Business Management for the future entrepreneurs and leaders.
THE INDIAN SCHOOL OF BUSINESS (ISB)
Amity Business School