Indian businessmen and
entrepreneurs, be it, small and medium enterprises or large scale
multi-crore business houses, have now understood the need to move out of
their comfort zones and explore the world beyond their family business
boundaries. This is a move emerged from the need to remain competitive
by offering good products and services capable of marking a market
territory wider than the one previous held by them.
Demand for family business MBAs
The demands for family
business MBAs have witnessed an increasing trend as India’s integration
as world player has been more defined since the past few years. The
presence of some India businesses making it big abroad has served as in
inspiration for the rest in the same sector. The younger generation in
whose hands the reigns of the old businesses lie realize the need of the
hour, the need of newer management techniques and knowledge , which if
applied to their current household business may work wonders for it. The
thought process evolution has caused the newer generation to realize
that this is the best option for the business to remain of flourishing
grounds.
How Does It Benefit?
The benefits can be
realized only after doing a family MBA program. First of all, it brings
in professionalism. Family businesses tend to a little informal in
nature and this is what the study course makes one realize, the need of
being professional in nature. The concept of professionalism
unfortunately differs based on the size of enterprises. Being in a
classroom has its own advantages; you build contacts, in your sector or
ancillary Industries. You learn business tricks and other people’s
business secrets. This creates and opens up an entire new gamut of
business opportunities as contact and affiliates increase with the
correct kind of exposure and learning. Knowledge of business diversity
and business cultures works on your mind unconsciously and beneficially
opening you to newer thought processes and business ideas. Basically,
exposure and knowledge add more value. MBAupdates thinks newer tools of management add more sustainability to the existing laurels of family business.
Best Institutes for Family MBAs
The advantage of the family
business MBA model is that it offers both full time and part time MBA
allowing flexibility to student who is managing education and his family
business. The first institute to start such a family business MBA
program was the Narsee Monjee Institute of Management Studies (NMIMS).
Keeping in view the rise in demand of these courses many colleges like
SPJIMR in Mumbai, ISB in Mohali and Hyderabad offer such programs. FMB
is about to launch a similar course sometime around 2013.
The courses offer a great
melange of practical application and theory knowledge. They also allow
students to model their own family business with a new paradigm. A
family MBA is a must-do for all those desiring to take their age-old
family businesses to a new level of managerial success.
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