As 2013 ushers in, the industry gazes ahead to discover a “new India”, everyone from small to large business houses are looking forward to strengthen their business and give it a global standard. India, being a country with the highest presence of family business in Asia (two out of every three listed companies are family-controlled), all the scions of small to large business houses are looking forward for specialized skills to take care over the reins and work in an increasingly professional corporate environment. With such scenario Entrepreneurship and Family Business Management has become the new hot discipline for MBA aspirants.

Again the days have come when young generation has started involving themselves to their family business with a professional approach. They aspire to take their business to level next. Successors are ready to get more exposure and to be a part of a more professional environment by familiarizing themselves with emerging innovation, people management, and business strategies.

Earlier family run firms used to send their heirs for foreign education to expand their horizon and to sharpen their life skills and ability to run a multicultural workforce back in India. Now, as the family businesses moving towards a new growth and highly competitive global business environment, Indian business schools are also ready to develop the next generation of leaders by offering various entrepreneurship programs. Such programs aim  to create a vibrant future of the next generation leaders and mentor them to be India’s finest family company.

These programs will help those in family businesses or ones who want to start their own organization to give an extra edge to their business. This is a unique approach to ensure that the progeny of family business owners learn to appreciate and integrate key issues such as adherence to systems, transparency of business process, and an analysis of best management and governance practices.

It will indeed increase the survival rate of family owned businesses and will also lead to the growth of companies from the small medium enterprise sector to Global Enterprise.

Difference between Entrepreneurship and other management programs

This program differs from a conventional MBA program in many respects. Today the business families perceive the need of getting their children educated on the specific dynamics of business and make them more acquainted to work with professionals. A typical MBA program does not cater to the needs of family managed business in terms of growth strategy and family dimensions.

This program focusses on enhancing the young leaders analytical and functional skills, strengthen strategy and leadership as well as bring to the fore solutions to the business related challenges. This will help the young family business scions to navigate and grow their business in a highly competitive and globalised business environment.

Skills required

To run and sustain any business, the first thing required is leadership quality; one has to be a team player and a good decision maker. They need to have working knowledge of functional areas conceptualized in their own business reality.

Certain attributes are required like positive attitude, energy and friendliness which will get one a long way in this field. Other than that, good communication skills, excellent organizational and administrative skills, personal charm, a polite and pleasant personality, flexibility, and a confident approach are the skills that will help any individual to grow with their business.

Eligibility

Candidates are required to have a bachelor’s degree or an equivalent qualification and a prior work experience. To get admission in any of the institutes offering such courses they also have to appear for the Business Aptitude Test (BAT) and a personal interview.

Duration

The time duration for Entrepreneurship and Family Business Management course varies from institute to institute and the duration can vary from 15 months to two years.

Prof. Arup Baishya

The author is the head of Entreprenuership Cell at ERA Business School (EBS), one of the most technologically advanced Business school located in Dwarka. He can be reached at [email protected]