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Importance of Family Business Management

Importance of Family Business Management

March 10 and 11, 2018 gave aspiring and budding entrepreneurs the opportunity to connect and collaborate. While the best and brightest minds come together and brainstorm on how to accelerate their business growth. It is the most important element in any business.

Importance of Family Business Management
Importance of Family Business Management

The conference at IIT Mumbai brought together top entrepreneurs, innovators, venture capitalists, business model creators, consultants, policy makers, academics and business practitioners to present and discuss innovation and success under the auspices of entrepreneurship for Small and Medium Enterprises. .

Over the past decade, in the dilemma between joining family businesses and higher education. The scales are leaning towards entrepreneurship and joining family businesses.

Importance of Family Business Management

Let’s examine its creation and why:

Genesis
Today, family businesses account for two-thirds of the world’s businesses and account for most of the world’s economic output, employment and wealth. In many parts of the world, family businesses dominate the economy. McKinsey predicts that by 2025 there will be more than 15,000 companies with annual revenues of at least $1 billion worldwide, of which 37% will be family emerging businesses.

Need
Family Business Management Programs are needed, whether you’re in a successful family business or a business that faces challenges and strives to create change.

Successful family business:

Successful family businesses are successful because families see significant changes in their industries. Simply put, successful families are entrepreneurs. Also, families succeed because they invest in productive activities, emphasize growing assets, and consume relatively little of their wealth. It is not surprising that these families encourage entrepreneurs.

Also, successful families remain reasonably united by keeping supportive members loyal to each other and to the family’s mission. Over the generations, as families become more diverse, only a few relatives are likely to work directly in the job per generation.

Importance of Family Business Management

Non-business members may still support family philanthropic efforts or social activities, and sometimes this level of involvement is sufficient to maintain family unity. But investing in family entrepreneurs can also enable talented members to contribute to the wealth and mission of the wider family. Investing in family entrepreneurs should be done objectively according to the feasibility of business plans and also fairly within the family.

Importance of Family Business Management
Importance of Family Business Management

Even if some entrepreneurial projects are not successful, these investments will help you identify talent that will continue to grow your business. And you’re sending an important message: this family is dedicated to creating value.

Importance of Family Business Management

Family businesses – facing challenges
While family businesses outperform other types of businesses on average, they face different challenges to manage.

This creates the need for a training course in Family Business Management that helps students understand how to leverage strengths, deal with challenges, and protect against the weaknesses of companies and the families that own them.

How is the Family Business Management program different from the MBA program in Entrepreneurship?
An MBA in both Family Business Management and Entrepreneurship prepares you to start and develop your own business. However, there is a subtle difference. Unlike the MBA in Entrepreneurship, which prepares students to start a business, the Family Business Management program is geared towards family business owners who want to maintain, scale and grow their businesses.

Content and pedagogy include concepts of entrepreneurship, business sustainability, market trends leading to portfolio expansion and business growth. The program will help you assess the status of your family businesses and guide you to accelerate your business to the next level.

Importance of Family Business Management

Colleges/Institutes for Entrepreneurial Management
Xavier School of Management (XLRI), Jamshedpur offers a full-time six-month Master’s Program for the Certificate in Entrepreneurial Management (PGPCEM).

SP Jain Institute of Management and Research – Mumbai, Start Business Certification Program (SYB), Grow Your Business Certification Program (GYB), Entrepreneurial Executive (TEM).

Xavier Institute of Management and Entrepreneurship.

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