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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
Source: MBAUniverse.com 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, AHMEDABAD
Contact No.: 079-26300048, 079-26301302
Email ID: firstname.lastname@example.org
Address: Dr. Vikram Sarabhai Marg, Across IIM-A, Navrangpura, Ahmedabad - 380009
Post Graduate Institute of Management is a constituent college of Amrut Mody School of Management (AMSoM), Ahmedabad University - a State Private University established by State Legislature of Gujarat and recognized by UGC.
Located in the heart of Ahmedabad, AMSoM is delivering business education through three of its institutions which are as follows:
Postgraduate Institute of Management
1. 2-year full-time Masters of Business Administration
2. 15-month full-time Entrepreneurial MBA
3. Postgraduate Diploma in Business Administration (evening)
It is the first MBA Institute in Gujarat to have been accredited with Grade `A` from NAAC.
The Institute has always seen excellence in contemporary management education, as the first priority. We do this by equipping our graduates with relevant knowledge; managerial, analytical, interpersonal and communication skills; as well as attitudes with proper emphasis on values.
Continuous updating of courses, addition of newer courses as well as periodic and thorough review of curriculum in the context of changing business and societal needs are prominent in our endeavour. The institute offers a delicate blend of theory and practice in programme delivery. The institute follows a trimester model and provides greater flexibility and choice based credit system to the students.
As a leading Management Institute in this region, we hold a strong corporate outreach programme through various activities, advisory groups and through our alumni working as successful entrepreneurs and professionals all over the country.
ENTREPRENEURSHIP DEVELOPMENT INSTITUTE OF INDIA, AHMEDABAD
Contact No.: +91 - 79 - 23969151 +91 - 79 - 23969153 +91 - 79 - 23969163
Email ID: email@example.com , firstname.lastname@example.org www.ediindia.ac.in
Address: Entrepreneurship Development Institute of India, (Via Ahmedabad Airport & Indira Bridge), P.O. Bhat 382 428, Dist. Gandhinagar, Gujarat, India.
Entrepreneurship Development Institute of India
EDI, an autonomous institution set up in 1983 as a pioneering institute for Entrepreneurship Development and Training in India and around the globe.
EDI conceptualized `Entrepreneurship Development` in a `movement` format and has expanded its concern, starting with urban to include rural too.
The Institute has been acknowledged as a world leader in creating first generation entrepreneurs as also honing skills of existing ones, and it shares its expertise with several developing countries.
The driving values at the Institute are innovation, experimentation, risk-taking, inclusiveness, thinking out of the box and to offer need based & socially relevant solutions.
EDI conducts several training programmes - both national and international, implements projects for the state governments, central government and international organizations, and offers two unique Post Graduate Programmes under its Centre for Entrepreneurship Education & Research.
The 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 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 further, EDI has helped set up twelve state-level exclusive entrepreneurship development centres and institutes. One of the most 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 EDI`s expertise in Entrepreneurship, the University Grants Commission appointed the EDI as an expert agency to develop curriculum on Entrepreneurship.
EDI`s success led by its strong sense of commitment culminated in recognition of its achievements by the Government of India and various state governments. In the international arena, efforts to develop entrepreneurship by way of sharing resources and organising training programmes, have helped the EDI earn accolades and support from the World Bank, Commonwealth Secretariat, UNIDO, ILO, FNSt, British Council, Ford Foundation, European Union and several other renowned agencies.
The Institute has also successfully carried out the prestigious task assigned by the Ministry of External Affairs, Govt. of India, to set up Entrepreneurship Development Centres in Cambodia, Lao PDR, Myanmar and Vietnam. The Institute is presently working towards creating ED Centres in Uzbekistan & Kazhakistan.
INDIAN INSTITUTE OF MANAGEMENT BANGALORE
Location: Bengaluru / Bangalore
Contact No.: 91-80-26993188
Email ID: email@example.com
Address: Indian Institute of Management Bangalore, Bannerghatta Road, Bangalore 560 077
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
Contact No.: +91 - 02717 - 241900 to 04
Email ID: firstname.lastname@example.org
Address: Sarkhej - Gandhinagar Highway, Post: Chandlodia, Via: Gota, Ahmadabad - 382 481.
The Institute of Management, previously known as Nirma Institute of Management, is a constituent of the distinguished Nirma University. The Institute was established in 1996 with a view to promote excellence in management education and to prepare young men & women to meet the challenges of the developing corporate world.
In a short span of less than a decade, the Institute has emerged as an excellent business school. The Institute was ranked among the top 15 BSchools in the country by the survey conducted by the All India Management Association and Published in Indian Management, October 2010.
The Institute is located on the outskirts of Ahmadabad City, about 5 Kms from the New Gujarat High Court, 25 Kms from the Railway Station/Airport and about 20 Kms from the Income Tax Circle, Ashram Road.
NARSEE MONJEE INSTITUTE OF MANAGEMENT STUDIES (NMIMS), MUMBAI
Contact No.: +91 - 22 - 2613 4577 / 2618 3688/ 4235 5555
Email ID: email@example.com
Address: SVKM`s Narsee Monjee Institute of Management Studies, (Deemed-to-be University), School of Business Management, V. L. Mehta Road, Vile Parle (W), Mumbai - 400 056. India.
Brief about institute / Introduction: The Narsee Monjee Institute of Management Studies (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. It has off-campus centres at Shirpur in Maharashtra, at Bengaluru and Hyderabad. Recent Businessworld B-School Survey has ranked NMIMS as 4th best b-school in the country and Outlook ranked it as 5th best private b-school.
NMIMS has seven Schools offering programs across various disciplines such as Management, Technology, Science, Pharmacy, Architecture and Commerce at graduate, postgraduate and doctorate levels.
All Full Time MBA Programs of NMIMS School of Business Management are rated A*** by Crisil.
NMIMS has an excellent placement record, with leading multinational and national companies being the major recruiters. In tune with the swiftly evolving global scenario.
NMIMS has linkages with a number of globally renowned foreign universities such as Case Western University, US, Grenoble Ecole de Management, France, The Royal Melbourne Institute of Technology (RMIT) Australia, Athens University of Economics and Business, Greece, Rouen Business School, France, ESSCA dAngers and Budapest.
NMIMS also has a partnership with the Harvard Business School for a Faculty Development Program. It has applied for EQUIS (European Quality Improvement System) Accreditation, a significant step towards evolving as a global university and precipitating the internationalisation process.
S P JAIN INSTITUTE OF MANAGEMENT & RESEARCH (SPJIMR), MUMBAI
Contact No.: 022-61454227
Email ID: firstname.lastname@example.org
Address: Bhavans Campus, Munshi Nagar, Dadabhai Road, Andheri (W),Mumbai-400058, India
Over the last few years, SPJIMR has been pursuing unique pedagogical initiatives in the field of Management education. As a continuation to these innovations, SPJIMR has been successfully running a program in International Management - PGCIM (Post-Graduate Certificate in International Management) for the last 4 years. The PGCIM was initially designed to match the MBA in International Management of ESB Business School of Reutlingen University, Germany. That is because ESB Business School of Reutlingen University and SPJIMR jointly founded the Centre for Indo-European Business Studies to promote Indo- European Business education. This initiative is recognized by the European commission and actually received initial funding from the European Union.
The PGCIM Program turned out to be a huge success and more and more European Business Schools started accepting PGCIM credits for direct admission to second year of their MBA Programmes and the Indo-European Business Units gladly employs.
SPJIMR’s approach of globalization is essentially to create a multinational faculty and participant database; develop partnerships with highly credible foreign institutes for international internships and placements.
In the context of a business school, globalization is to be appreciated as global curriculum, multinational participants, faculty, rich and diverse learning experiences through attending courses abroad, projects, internships and placements.
Highlights of the program are as follows
- PGCIM Program is a gateway for MBA / MSc ( International management Programs with specializations) in reputed European Business Schools
- PGCIM at SPJIMR, Mumbai – 6 to 8 months, covering General Management courses
- International MBA from Top Business Schools in Europe
- Electives, Internships and Graduation in Europe
- Building global mindset for doing business with global impact
- International exposure and opportunity to plunge in diverse cultures
- Diverse industry insights
- Creating global managers to meet the international aspirations of the companies
- Opportunity for International MBA from top European Business Schools in Europe. The PGCIM program fee is Rs.5, 20, 000
ESB Business School, Reutlingen, Germany
IESEG School of Management, Paris, France
Nyenrode Business Universiteit, Breukelen, near Amsterdam, Netherlands
EBS Business School, Oestrich-Winkel, Germany
The eligibility criteria for a candidate to seek admission to the PGCIM programme is as below
- Bachelor`s Degree with good Academic credentials
- The candidate should have a good GMAT/GRE/CAT/XAT score
- A minimum of two years experience is required for admission into MBA
Woxsen School of Business
Contact No.: 91-9985233141/91-40-44448888
Email ID: email@example.com
Address: Plot No 1267, 2nd Floor, Gateway Jubilee, Road No 36, Jubilee Hills, Hyderabad, INDIA
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.
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