Importance of Family Business Management

Ready to be in the wheel?
March 10 and 11, 2018 has given emerging and emerging entrepreneurs the opportunity to network and collaborate. When the best and brightest minds come together they think of ways to increase the growth of their business. The IIT Mumbai conference brought together the best of the best, entrepreneurs, innovators, corporate capitalists, business model founders, consultants, policy makers, academics, and entrepreneurs to introduce and discuss innovations and successes within the Small and Medium Enterprise sectors.

For the past ten years, there has been a crisis between joining family-owned businesses and higher education. Scales have been going into business and joining family-owned businesses.

Let’s examine genesis and why:

Genesis
Today, family-owned businesses account for two thirds of the world’s businesses and produce the majority of economic, employment and wealth. In many parts of the world, family companies dominate the economy.In India alone, 67% of businesses are run by families. McKinsey’s prediction that by the year 2025, there will be more than 15,000 companies worldwide with at least $ 1 billion in annual revenue, 37% of which will be emerging family firms.

The need
There is a need for Family Business Management Systems whether you are in a successful family business or entering into a challenging business and trying to make a difference.

A successful family business:

Simply put, successful families are entrepreneurs. Also, families thrive because they invest in productive activities, emphasize growing goods, and consume less of their wealth. Not surprisingly, these families encourage entrepreneurs. In addition, successful families stay united, maintaining loyal support for one another and for the family. For generations, as families are highly diverse, it is possible that only a few relatives in certain generations will work directly in the business.

Outside business members may support family efforts to help or community activities, and sometimes that level of involvement is enough to maintain family unity.
Investment in family entrepreneurs should be done impartially depending on whether it is possible for their business plans to take place, and for family equity to take place. Even if some business projects are not successful, this investment will help you identify the talent to keep your business growing. And it sends an important message: this family is committed to building value.

Family businesses – face challenges
While family businesses are on average more powerful players than other types of business, they face different challenges that need to be addressed. This obstacle often kills the family business.

This creates the need for a lesson learned in Family Business Management that helps students understand how they can benefit from strengths, face challenges, and protect the weaknesses of companies and families who own them.

How is a Family Business Management System different from an MBA for Business?
Both Family Business Management and an MBA in Entrepreneurship prepare you to set up and organize your business. However, there is a hidden difference. Unlike an MBA in Entrepreneurship that prepares students to start a business, the Family Business Management program is aimed at family entrepreneurs who want to sustain, grow and grow their businesses. Content and training include business concepts, business sustainability, market trends that lead to portfolio expansion and business growth. The plan will help you assess your family’s business status and guide you to take your business to the next level.

Business Management Colleges / Institutions
Xavier School of Management (XLRI), Jamshedpur, offers a full six-month Post Graduate Program Program for Entrepreneurship Management Certificate (PGPCEM).

Entrepreneurship Development Institute of India, Gandhinagar, offering a two-year, full, Post Graduate Diploma in Management-Business Entrepreneurship (PGDM-BE).

SP Jain Institute of Management and Research – Mumbai, Launch Your Business Certificate (SYB) Program, Expand Your Business Certificate (GYB) Program, Business Manager (TEM).

Narsee Monjee Institute of Management Study, Mumbai, MBA in business and business

Xavier Institute of Management and Entrepreneurship – Bangalore, offers one-year Entrepreneurial Development Program (EDP)

The Nirma Institute of Management, Ahmedabad, offers a standard two-year MBA in Family Business & Entrepreneurship.

Amity Business School, Noida, offers a two-year MBA in business

IIM, Bangalore, focusing on entrepreneurs and family businesses.

IIM Udaipur, Women Entrepreneurship Management Program.

National Center for Business and Small Business Development (NIESBUD), Delhi
NIESBUD is a leading institution in the field of business and small business development under the Department of Small, Medium and Medium Enterprises, Government of India. It oversees the activities of the various institutions and agencies involved in business development, especially in the small and medium enterprise sector. It also offers many training and development courses for emerging entrepreneurs and smal

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