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In Spotlight: MBA in family business

10 MBAs to help run family-managed business better

Gone are the days when business families used to send their wards to international B schools to learn the tricks of the trade before they are finally inducted to family businesses. A good number of Indian B-schools now offer special courses on family business management and the demand for such courses is on the rise. The demand for management programs especially targeted to family-owned business has grown 30-40 per cent in the last two years. This trend can be attributed to the growth of such companies and the small & medium enterprises (SMEs) sector.


Need for family business MBA  : Family-owned businesses play a crucial role in the economy of a country. A good volume of retail trade, small scale industry, and the service sector is run by family businesses. 

Further, family-managed businesses employ half the world's workforce and generate well over half of the world's GDP. In the United States, 24 million family businesses employ 62 per cent of the workforce and account for 64 per cent of the GDP. In India, it is estimated that 95 per cent of the registered firms are family businesses.  


The contribution of family businesses has gone beyond simply paying taxes and employing people. Most of the business families face unique management challenges because of the difference in the attitude and aspiration of family members. As new generations join the business, it is an enormous challenge to keep the family and business together.  


It is observed that just 13 per cent of the family businesses survive till the 3rd generation and only 4 per cent go beyond the third generation. One-third of the business families disintegrate owing to generational conflicts.


FMB MBA is playing a crucial role in mitigating these issues. Here, business heirs are taught how to face problems in day-to-day functioning and in time of a crisis, methods of modern management in all its aspects and ways to grow the business. In a nutshell, the objectives of an MBA for family business are:


• Equip a young member of a business family with management concepts and techniques for meeting the distinct challenges in managing a successful, growing business

• Prepare him/her for developing a strategic and general management understanding of the business backed up with a global perspective

• Inculcate in the family member the attributes of continuous learning and reflection which would enable him/her to keep abreast of the future

• Develop a keen business interest in the external world beyond the family and the business

• Understand and synergise the dual role – as a member of the owner family and as a business manager


Course content  : The contents are not very much different from normal MBA courses – there are additions and alterations keeping in mind the specialized nature. The course is a mix of classroom lectures, case studies and project assignments. Frequent interactions with reputed professional manager/entrepreneurs are an important part of the program. The course requires candidates to regularly visit industries and listen to guest lectures by industry experts. International trips are also organized to give students a global perspective.


The course curriculum is often developed on the basis of inputs provided by family businessmen, entrepreneurs and subject experts, and consists of compulsory and elective courses. The compulsory course package provides students with the concepts that form the foundation of a business.


How is it different from a regular MBA?  The differentiating factor is that while other full-time programs create quality management professional for various organisations, this program seeks to professionalize the approach of owners of family business in the nitty gritty of modern management. The course often helps students 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.


Now let us have a quick look of the differences:


•  Standard MBAs are trained for seeking jobs in various companies whereas FMB students are trained with management skills to be entrepreneurs

•  MBAs are tailored to create employees whereas, FMB students are trained to be employers

•  MBA trains a student to have specialization in one/two function such as marketing, operations, finance, HR, etc, whereas FMB provides knowledge of all functions as required by the head of a company

•  MBA divides management into functions whereas FMB integrates all the functions

•  MBAs are, typically, not responsible for major decisions of the company in the early stages of their career whereas, FMBs are sculptured to take important decisions for their own company immediately

•  MBA programs are designed to sustain the needs of the company while FMB program is designed for the rapid scale up of your business


Check important facts & figures

Name of the Institute


Fee structure (In Rs lakh)


Application Status (last date)

IIM Bangalore (N S Raghavan Centre for Entrepreneurial Studies)




Closed on 15 th February

NMIMS, Mumbai




4 th April, 2013

NIRMA, Ahmedabad

MBA (FB & E)




SPJIMR, Mumbai




Entrepreneurship Development Institute of India (EDI), Gandhinagar




11 th March 2013

Indian School of Business(ISB), Hyderabad




15 th March 2013

Amrut Mody School of Management, Ahmedabad




3 rd week of June

Prin L.N Welingkar Institute Of Management Development & Research, Mumbai





Source: research


B schools offering courses for family businesses  : During the last five years, a number of famous B schools have started offering courses for family managed businesses.


IIM-Bangalore (IIM-B) is offering a course called Management Program for Entrepreneurs and Family Business (MPEFB). The course takes into consideration the limited time with entrepreneurs, while not compromising on the learning process. The objective of this program, according to IIM-B, is to enhance the quality of business management skills in the entrepreneurial firms by providing a workable model for the entrepreneurs. A certificate would be offered by NSRCEL on completion.


IIM-Indore (IIM-I) has started a Post Graduate Certificate Program in Family Owned Business and Entrepreneurship (PGCFOBE). Aimed at entrepreneurs, members of family-owned businesses and managers of entrepreneurial and family-owned businesses, the program aims to benefit those who want to grow their business and would also be beneficial for professionals wishing to start their own business.


For those wishing to expand their family business, the Institute of Management at Nirma University offers an MBA in family business and entrepreneurship. The two-year full-time program, approved by the AICTE, is designed to meet the career requirements of young men and women hailing from business families.


Ahmedabad-based Entrepreneurship Development Institute of India offers a post graduate diploma in business entrepreneurship. The course provides competency-based training targeted at graduates who intend to launch and manage business units or family business.


Mudra Institute of Communication, Ahmedabad (MICA) has introduced a course in Leadership in Family Business Management in its Post Graduate Program in Communications, Management and Enterprise (PGPCME) course.


Narsee Monjee Institute of Management Studies (NMIMS) offers a two-year full-time post graduate diploma in business management (family business).


ISB offers the Management Program for Family Business (MFAB), a unique program that focuses on the next generation of business scions. It is designed to provide future leaders of family businesses world-class management education and international immersion with special emphasis on learning to manage challenges relevant to family businesses. MFAB aims to help family-run businesses realise their true potential by developing a leadership pipeline that is capable of running the business in a professional and efficient manner. It is a 15-month course.


Delhi-based International Management Institute (IMI) is launching the 'Global PGDM (MBA): Family Business' programme, the duration of which will be 18 months. The course is slated to be launched in 2013. Under the IMI program, candidates will do a six-month project at their respective family businesses.


Welingkar Institute of Management's family managed business program explores and analyzes best management practices, governance practices and family continuity challenges, including issues relating to first generation entrepreneurs. It's designed for candidates who are looking at making an existing successful business even more competitive and also for those who are keen on creating business turnarounds or starting new ventures besides their existing ones.


Besides the above-mentioned institutes, Amrut Mody offers 15-month full-time entrepreneurial MBA.

List of B School

  • Amrut Mody School of Management (AMSoM) Ahmedabad University Ahmedabad

    Location: Ahmedabad

    Contact No.: 079 - 26300048

    Email ID:

    Address: AMSoM Campus, Dr. Vikram Sarabhai Marg, Opp. IIMA, Navrangpura, Ahmedabad - 380009

    More details

    School Snapshot

    Offers PhD, MBA, Entrepreneurial MBA, and PGDM (part time) programmes

  • Entrepreneurship Development Institute of India (EDII) Ahmedabad

    Location: Ahmedabad

    Contact No.: +91 - 79 - 23969151 +91 - 79 - 23969153 +91 - 79 - 23969163 (M)9825528918,Toll free no:1800 2333 256

    Email ID:

    Address: (Via Ahmedabad Airport & Indira Bridge), P.O. Bhat 382 428, Dist. Gandhinagar, Gujarat, India.

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    School Snapshot

    An acknowledged National Resource Institute for Entrepreneurship Education, Research, Training & Institution Building.

    Entrepreneurship Development Institute of India (EDI), an autonomous and not-for-profit institute, set up in 1983, is sponsored by apex financial institutions - the IDBI Bank Ltd., IFCI Ltd., ICICI Bank Ltd. and the State Bank of India (SBI). The Government of Gujarat pledged twenty-three acres of land on which stands the majestic and sprawling EDI campus. To pursue its mission, EDI has helped set up twelve state-level exclusive entrepreneurship development centres and institutes. One of the satisfying achievements, however, was taking entrepreneurship to a large number of schools, colleges, science and technology institutions and management schools in several states by including entrepreneurship inputs in their curricula. In view of EDIs expertise in Entrepreneurship, the University Grants Commission had also assigned EDI the task of developing curriculum on Entrepreneurship and the Gujarat Textbook Board assigned to it the task of developing textbooks on Entrepreneurship for 11th & 12th standards.

    In order to broaden the frontiers of Entrepreneurship Research, EDI has established a Centre for Research in Entrepreneurship Education and Development (CREED), to investigate into a range of issues surrounding small and medium enterprise sector through its publication, "The Journal of Entrepreneurship". CREED also establishes a network of researchers and trainers by conducting a biennial seminar on entrepreneurship education and research.

    In the international arena, efforts to develop entrepreneurship by way of sharing resources and organising training programmes, have helped EDI earn accolades and support from the World Bank, Commonwealth Secretariat, UNIDO, ILO, FNSt, British Council, Ford Foundation, European Union, ASEAN Secretariat and several other renowned agencies. EDI has also set up Entrepreneurship Development Centre at Cambodia, Lao PDR, Myanmar and Vietnam and is in the process of setting up such centres at Uzbekistan and five African countries.

    In recognition of its international achievements, the United Nations Economic & Social Commission for Asia and Pacific (UN-ESCAP), Bangkok, Thailand, has declared EDI as a Center of Excellence.

  • Indian Institute of Management (IIM) Bangalore

    Location: Bengaluru / Bangalore

    Contact No.: 91-80-26993188

    Email ID:

    Address: Indian Institute of Management Bangalore, Bannerghatta Road, Bangalore 560 077

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    School Snapshot

    A 100-acre oasis in south Bangalore` the Indian Institute of Management Bangalore-IIM B, with its all-stone architecture, lush verdant woods and landscaped gardens provides an idyllic environment to engage in management studies` academics and learning. IIM B has world-class infrastructure that facilitates excellence in teaching` research` consulting and other professional activities.

    Located in India`s high technology capital and India`s top B school` IIM Bangalore is in close proximity to some of the leading corporate houses in the country` ranging from information technology to consumer product companies` giving it the added advantage of integrating classroom knowledge with practical experience. IIM Bangalore is undoubtedly the leading B school in Bangalore/Bengaluru.

    Established in 1973` the IIM Bangalore has since then built on its base of highly accomplished faculty` world class infrastructure and motivated student body to emerge as one of the premier institutes for management education and research promoting managerial excellence in the country. IIMB strives to achieve excellence through partnerships with industry` and leading academic institutions` the world over. IIMB`s mission is to "build leaders through holistic` transformative and innovative education."

    MBA in Bangalore: IIM Bangalore programmes

    The long-duration post-graduate programmes of the Institute comprise the flagship Post Graduate Programme in Management (PGP); the Post Graduate Programme in Enterprise Management (PGPEM); the Post Graduate Programme in Public Policy and Management (PGPPM); the one year full-time Executive Post Graduate Programme in Management (EPGP)` and the Fellow Programme in Management (FPM)` which is a doctoral programme. As such` IIMB offers courses relevant for each of the three segments of the managerial hierarchy. All these programmes are very highly rated and IIMB alumni occupy senior managerial and academic positions across the globe.

    Further` the Executive Education Programme (EEP) caters to a wide variety of organizations in government` the public and private sectors and non-governmental organizations` with open and customized programmes ranging from two days to one year. The International Masters Program in Practicing Management (IMPM)` an international collaborative executive education program jointly offered by IIMB with McGill University` Canada` Lancaster University` UK` Renmin Univeristy` China and FGV/EBAPE` Rio de Janerio is globally recognized as a major innovation in executive education. The N.S. Raghavan Centre for Entrepreneurial Learning (NSRCEL) at IIMB also offers courses for entrepreneurs and owners of family businesses.

    IIM Bangalore` one of the leading schools in Bangalore has always been a hub of innovative activity and is continuously on the lookout for opportunities to collaborate with the industry as well as other academic institutions the world over. Innovation and research at the Institute has been given a fillip with the establishment of Centres of Excellence in various areas ranging from Public Policy and Corporate Governance to Insurance to Financial Markets and Risk Management. The N.S Raghavan Centre for Entrepreneurial Learning is a catalyst for entrepreneurial activity and a well-known incubation centre for startup ventures.

    MBA in Bangalore revolves around the presence of IIM Bangalore. A feature that sets apart IIMB from other B-schools is the carefully selected mix of students with diversity as a stated objective so that students can leverage from each other`s experience in addition to theoretical studies in the classroom` thereby creating a truly enriching learning experience. The Institute also has the largest Student Exchange Programme amongst all B-schools in India with several partner universities across North America` Europe and Australia.

    As the global business scenario gets increasingly complex and dynamic` IIM B prepares students to manage and lead in such dynamic business situations by providing a diverse and challenging environment where they can learn and grow and finally walk out` ready to lead and inspire.

  • Institute of Management - Nirma University Ahmedabad (IMNU Ahmedabad)

    Location: Ahmedabad

    Contact No.: +91 - 079 -30642000/100/200/300/400

    Email ID:


    Address: Institute of Management, Nirma University, Sarkhej-Gandhinagar Highway, Chandlodia, Gota, Ahmedabad, Gujarat 382481

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    School Snapshot

    The Institute of Management, Nirma University is a constituent Institute of Nirma University, a statutory University, recognized by the University Grants Commission under section 2(f). The Institute has been consistently ranked among the top 25 private B-Schools in the country. We have been accredited with A Grade by NAAC. The college provides the MBA degree after the completion of program.

    Location: Mumbai

    Contact No.: +91 - 22 - 2613 4577 / 2618 3688/ 4235 5555

    Email ID:

    Address: SVKMs NMIMS, MPSTME, Bhakti Vedant Swami Marg.,J.V.P.D. Scheme, Vile Parle(W), Mumbai- 400056,

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    School Snapshot

    NMIMS, established in 1981 under the aegis of Shri Vile Parle Kelavani Mandal (SVKM) has over 6000 students and more than 300 faculty members who represent an eclectic mix of industry and academic experience. NMIMS has seven Schools offering programs across various disciplines such as Management, Technology, Science, Pharmacy, Architecture and Commerce at graduate, postgraduate and doctorate levels.

    B.Tech Textile
    Textile Industry is second largest Industry in the country needs huge no of Technical personnel and Technology managers to support automation, large scale mfg. process in Engineering Industry.

    1. It has world class infrastructure with top class Technicians from Industry mentoring students

    2. PSSGL group of Industries with most modern Technology is participating in Engineering education.

    3. Web based Black Board Learning Management System in Teaching and Learning.

    4. Value added training programs in collaboration with Industry and reputed institutes.

    5. Well equipped Labs, Research and Innovation centres.

    6. Highly qualified and experienced faculty

    7. Class rooms have been established on the production floor with concept to develop need based learning with Industry support during practical exposure visits.

    8. See and learn and work and learn concept

    9. Students are facilitated to work out IDP/UDP in collaboration with major Textile Industry in the country to develop skills as required in different segment of the Industry

    10. CTF has one to one tie-up with major Textile Industries Viz Alok, Welspun, Raymonds, Bombay Dyeing and mfg.

  • S P Jain Institute of Management & Research (SPJIMR) Mumbai

    Location: Mumbai

    Contact No.: 022 - 2623 0396 / 2401 / 7454

    Email ID:

    Address: S. P. Jain Institute of Management & Research, Inside Bhavans College Campus, Munshi Nagar | Dadabhai Road, Andheri West | Mumbai - 400 058, India

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    School Snapshot

    The S.P. Jain Institute of Management and Research (SPJIMR) is a constituent unit of the Bharatiya Vidya Bhavan, Indias premier non-profit that has for over seven decades worked in
    the cause of education and for preserving and promoting Indias rich cultural heritage.

    Bharatiya Vidya Bhavans S.P. Jain Institute of Management and Research (SPJIMR) is one of the premier business schools in the country. Since its inauguration in 1981 by the then British Prime Minister the Rt. Honable Margaret Thatcher, it has been consistently recognized as one of the top 10 business schools in India.

    SPJIMR grew rapidly in eminence from one of the three B-schools in Mumbai in 1981 to one of the top ten B-schools in the country by 1994-1995.

    Mission Statement
    Our mission is to influence practice and promote value-based growth. Our students will recognize, understand, and uphold the social relevance of business decisions, including within the underserved sections of society.

    Accreditations and Achievements

    All India Council for Technical Education (AICTE) For the two-year, full time, residential Post Graduate Diploma in Management (PGDM).

    National Board of Accreditation (NBA) NBA has accorded A Grade Accreditation for PGDM Programme.

    Association of Indian Universities (AIU)
    AIU has recognized the two-year full-time Postgraduate Diploma in Management of SPJIMR as equivalent to an MBA degree of an Indian University.

    The Association of MBAs, (AMBA) London, U.K
    AMBA, UK based global accreditation agency has accorded accreditation to SPJIMRs
    - Eleven months full-time post graduate programme PGPM
    - Two-year, full time, residential Post Graduate Diploma in Management (PGDM) - "Equivalent to MBA"
    - 18 month Modular Post Graduate Executive Management Programme (PGEMP)

    Crisil Rating A***
    Crisil had rated SPJIMR as A*** B-school at the National and State Levels

  • Woxsen School of Business

    Location: Hyderabad

    Contact No.: 91-9985233141/91-40-44448888

    Email ID:

    Address: Plot No 1267, 2nd Floor, Gateway Jubilee, Road No 36, Jubilee Hills, Hyderabad, INDIA

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    School Snapshot

    Woxsen School of Business is the result of one burning ambition - inspiring individuals to become highly able, astute, socially responsible entrepreneurs. Here at Woxsen we would inculcate entrepreneurial thinking to transform a ideas into tomorrows global, societal & economic change-agents.

    In fact, we pride in calling ourselves the pioneer in introducing Asias first Post Graduate Program (equivalent to MBA) exclusively for Entrepreneurs.

    What makes us different ?

    -- Exclusive focus on developing and strengthening entrepreneurial attitude and skills as a key outcome.

    -- Woxsen Entrepreneur Fund, which is a dedicated fund exclusively created for the Woxsen students to access.

    -- Woxsen Indiafrica 2014 Business Venture Contest with prize money worth INR 15 lacs for 2 best business plans.

    -- Academic Advisory Council consisting of leading individuals like Prof Mohanbir Sawhney (Kellogg School of Management, Northwestern University), Dr Rob Wolcott (Kellogg School of Management, Northwestern University), Dr James Doty (Stanford University), Steven Rogers (Harvard Business School), Mr Resse Jones (Venture Strategist), to name a few.

    -- Multiple merit-based funding options like the Deans Merit Scholarship, Woxsen Indiafrica 2014 Scholarship & Woxsen South-Asia Scholarship.

    -- Bank Loan available for the complete tuition fee from Credila at affordable terms and conditions for all selected applicants.

    Who is the right candidate for the PGPED ?

    -- Aspiring student entrepreneurs seeking skills/funds/experiential learning to ramp up their product/service ideas into successful commercialization.

    -- Practicing entrepreneurs seeking retooling of skills to scale up their startup revenues from X to futuristic 10X levels.

    -- Working professionals seeking Entrepreneurial Leadership as a core of their MBA program.