The differentiating factor is that while other full-time programs create quality management professional for various organizations, this program seeks to professionalize the approach of owners of family business in the nitty gritty of modern management. The course often helps students to identify family dynamics that affect most business decisions, and learn how to overcome day-to-day operational hurdles to continue growth and profitability. Since the stakes are different, the focus is different as well.
MBAs are trained to get a job whereas in Family Managed Business students are trained to be leaders. They learn to build an institution rather than just running a business. FMB Programme focuses on developing an in-depth knowledge about the issues and challenges in a family business. The focus is on the issues surrounding a family business. The classroom sessions also include business owners sharing their experiences with others and confronting situations commonly faced by all family business owners. Institute focuses on transferring the students from being employees to employers. This article by MBAUniverse.com editorial team talks about how FMB MBA is different from Regular MBA.
Few radical differences between regular MBA and FMB are:
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MBA trains manpower for handling jobs in Corporates / MNCs whereas FMB trains the students about how to take over and grow the business started by their fathers/forefathers.
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MBA students are tailored to create employees whereas; FMB students are trained to be employers.
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MBA trains graduates to operate in one functional area i.e. Marketing, Operations, Finance, HR, whereas, FMB provides knowledge of all functions as per the requirements of the company/organization.
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Young MBA graduates are typically not responsible for major decisions of the company in the early stages of their career whereas, FMB participants are mentored to take important decisions for their own company almost on a daily basis.
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MBA programmes impart a general understanding of business /corporate world, whereas an FMB program help a budding scion to understand his/her own family driven business better.
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MBA programs are designed to sustain the needs of the company whereas; FMB program is designed for the rapid scale up of a family owned business.
To scale up your family owned business rapidly at a faster pace apart from carrying with your studies you also need to remain involved in the family run business on a regular basis. These family managed business MBA programmes can be of immense help for you to keep carrying with studies as well as understanding the basics about how a family run business is run.
Stay tuned to MBAUniverse.com for more news and updates on FMB MBA
