Updated on Dec 15, 2021 07:05 IST
Vipra Shrivastava

Vipra ShrivastavaSenior Manager - Content

Family owned businesses contribute 70 to 80 per cent of the global Gross Domestic Product (GDP). In India, approximately 85 per cent of businesses are family-run businesses. India has a long drawn history of family businesses, Tata, Birla, Reliance and Mahindra are the best examples of it.

What are family-run businesses? Family Business is defined as a business in which two or more family members are involved and the ownership of control lies with the family.

A family business has several challenges. One may think that knowledge and training is passed on from one generation to another or that the family member have a natural flair of business management because it is in their genes. However, that is not enough to run a business empire set up with decades of hard work. A lot more is need to run a family business. Which is why, the Family Business courses.

In India, several B-schools offer BBA and MBA/PGDM in Family Business. These courses are best suitable for the next-generation family business owners, startup founders and aspiring entrepreneurs. The Family Business programme offers an opportunity to an individual to expand and improve the knowledge of strengthening the existing business or even starting a new business. Some of the top MBA colleges offering family business courses are NMIMS Mumbai, SP Jain, Nirma University, Entrepreneurship Development Institute of India (EDII), Indian School of Business etc.

Family Business Courses Eligibility Criteria & Entrance Exams

One can pursue family business courses at both undergraduate (UG) and postgraduate (PG) levels. Check eligibility criteria for Family Business courses below:

  • For admission to BBA in Family Business, candidates must have completed Class 12 or equivalent examination from a recognised board.
  • The eligibility criteria for admission to the MBA in Family Business is graduation. Some institutes also require professional experience while some relax the experience for business owners.

Required Skillset for Family Business

Given below are the key skill oen should possess and improve during the course to be able to run a family business:

  • Business Aptitude
  • Leadership Qualities
  • Marketing Skills
  • Organisational Skills
  • Financial Accounting Skills
  • Adaptability
  • Critical Thinking
  • Strong Mathematical Skills
  • Team Management
  • Self-Starter and Ability to take Ownership
  • Communication Skills

Entrance Exams for Family Business Courses

Since Family Business course is a part of management stream, admission to the courses are usually based on entrance exams. Some institutes conduct their own entrance test whereas some accept national-level MBA entrance exam score for admission. Few institutes also offer direct admission to candidates based on their marks in graduation. Some of the popular management entrance exams are given below:

MBA Entrance Exams for Family Business

CAT

MAT

CMAT

SNAP

XAT

ATMA

NMAT by GMAC

Also Read: All MBA entrance exams

Family Business Course: Syllabus and Subjects

Subjects covered under Family Business include power and leadership, professionalisation of family business, market research, and operations management among others. The syllabus of MBA Family Business Management programme is given below for reference:

MBA in Family Busines Syllabus Semester I

Family Business Management

Dynamics of family business governance

Business Plan Preparation

Small Business Promotion

Entrepreneurial Finance

-

MBA in Family Busines Syllabus Semester II

Innovation and Creativity

Social Entrepreneurship

Technology innovation and sustainable enterprise

Business Plan and Ethics

Mergers and Acquisitions

-

MBA in Family Busines Syllabus Semester III

Sickness and turnaround strategies

Business Regulations

Corporate Governance and Social Responsibility

Finance and tax strategies for family business

Cost and Management Accounting

-

MBA in Family Busines Syllabus Semester IV

Organizational Behavior

Managing Human Resource

Finance Management

New Product Development

Enterprise Resource Building

-

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Family Business Courses & Average Fees

Family business courses are available at graduate, postgraduate, and diploma levels. Aspiring candidates can pursue programmes like MBA in Entrepreneurship & Family Business, PGDM in Family Managed Business, Post Graduate Programme in Management for Family Business, etc. The fee for these courses usually ranges between INR 3 lakh to INR 37 lakh. Following are the popular Family business courses/programmes offered by the B-Schools along with their average fees.

MBA Colleges

Course / Department

*Fee (Approx.)

SP Jain School of Global Management

Global Family Managed Business

INR 15,00, 000

SVKM’s NMIMS School of Business Management

Master of Business Administration (Entrepreneurship & Family business)

INR 20, 84 000

SP Jain Institute of Management and Research, Mumbai

 

 

Post Graduate Program in Family Managed Business (PGPFMB)

INR 13, 04, 000

Owner Management Program (OMP)

INR 3, 00, 000

Institute of Management, Nirma University

MBA (Family Business & Entrepreneurship)

INR 3, 81, 000

Indian School of Business

Management Programme for Family Business (MFAB)

INR 41, 98, 000

National Institute of Construction Management and Research (NICMAR)

Post Graduate Programme in Management of Family Owned Construction Business

INR 7, 10, 000

Entrepreneurship Development Institute of India (EDI)

Post Graduate Diploma in Management - Business Entrepreneurship (PGDM-BE)

INR 5, 27, 000

Amity University

MBA in Family Business Management

INR 6,80, 000

MBA in Entrepreneurship

INR 5, 18, 000

Universal Business School, Mumbai

PGP in Family Managed Business

INR 8, 48, 000

Hindustan University, Chennai

MBA in Family Business and Entrepreneurship

INR 4, 58, 300

WE School - Prin L N Welingkar Institute of Management Development and Research

PGP in Entrepreneurship Management

INR 7, 00, 000

Also Read:10 Popular MBA in Family and Business Entrepreneurship Colleges in India

Family Business: Scope, Profile & Salary

Candidates after completing family business courses may either take over their family businesses or start their own venture. Besides this, candidates can take managerial roles in business houses, MNCs or corporate houses in profiles like business administrator, business manager, accounts manager etc. The salary will depend on the type of work.

If candidates are involved in their own business or they become entrepreneurs, the profit generated will matter rather than the salary. The average salary offered to the business administrator is INR 4 lakh and above per annum. If candidates join any company in the business manager’s position, the average salary will be INR 7 lakh and above per year. The average salary of an accounts manager is INR 5 lakh and above.

FAQs Related to Family Business Courses

Q: What are the types of family business?

A: There are four types of family businesses:
  1. Simple Business, simple family
  2. Simple Business, complex family
  3. Complex business, simple family
  4. Complex business, complex family

Q: Which are the top family businesses in the world?

A: Some of the top family businesses in the world are – Walmart Inc., Volkswagen AG, Berkshire Hathaway Inc., Ford Motor Company, LG Group, SK Group, Tat Group, Dell Technologies, Schwarz Group, SoftBank Group, Arcelor Mittal, Reliance Industries Limited, Hinduja Group, Aditya Birla Group, IKEA Group, Oracle Corporation and Nike among others.

Q: What is MBA in Family Business?

A: MBA in Family Business is a two-year postgraduation management course, which trains and equips a student with skills and techniques of running and managing family owned business or setting up their own enterprise.

Q: What is the eligibility criteria for MBA in Family Business?

A: Eligibility criteria for MBA in Family Business is graduation in any stream with 50 per cent aggregate or equivalent (45 per cent for SC/ST candidates).

Q: Which B-Schools in India offer MBA in Family Business courses?

A: Some of the MBA colleges in India offering MBA in Family Business courses include, Indian School of Business, SP Jain Institute of Management and Research, Mumbai, SP Jain School of Global Management, Institute of Management, Nirma University, SVKM’s NMIMS School of Business Management, Amity University, National Institute of Construction Management and Research (NICMAR), Hindustan University, Chennai and Universal Business School, Mumbai.

Q: What is the admission process for MBA in Family Business?

A: Admission process for MBA in Family Business course is same as regular MBA, i.e. shortlisting on the basis of entrance exam followed by group discussion and personal interview.

Q: Can I purse a management course in Family Business online?

A: Yes, management courses in Family Business are available in online as well as part-time and distance learning modes.

Q: Which entrance exams are there for MBA in Family Business?

A: There is no specific entrance exam for MBA in Family Business. One can get admission in this course by appearing for any national level MBA entrance exam such as CAT , XAT, MAT, CMAT, NMAT, SNAP, ATMA, etc.

Q: I am pursuing Science in graduation but want to join my family business. Should I do an MBA?

A: Yes, you should go for an MBA degree in Family Business in your post-graduation. The course will provide you the skills and training required to run a family owned business.

Q: What are the key skills taught in a family business course?

A: Key skills taught in a family business course include family business management, dynamics of family business governance, entrepreneurial finance, social entrepreneurship, business plan and ethics., mergers and acquisitions, technology innovation and sustainable enterprise, managing human resource, finance and tax strategies for family business, etc.

Q: What is BBA in Family Business?

A: BBA in Family Business is a three-year management degree course at undergraduate level. The course prepares students to join their family business in professional capacity or set up their own business.

Popular Family Business Courses Colleges in India

Following are the most popular Family Business Courses Colleges in India. Learn more about these Family Business Courses colleges (Courses, Reviews, Answers & more) by downloading the Brochure.
4 L

#3 Shiksha Collections

47.2 K - 13.04 L
4.7

#3 Shiksha Collections

2 Courses
3.27 L - 31.38 L
8 - 15 LPA
11.07 L
1 Course
1.3 L
6 LPA
1 Course
7.62 L
8 LPA

#14 Shiksha Collections

Popular Private Family Business Courses Colleges in India

1 Course
4.96 L
2.0
1 Course
14 L

#28 Shiksha Collections

2 Courses
1.6 L
3 - 5 LPA
2 Courses
4.04 L - 4.58 L
2.51 LPA
2.69 L
2.3
1.9 L

Popular Family Business Courses UG Courses in India

Following are the most popular Family Business Courses UG Courses . You can explore the top Colleges offering these UG Courses by clicking the links below.

UG Courses

Popular Family Business Courses PG Courses in India

Following are the most popular Family Business Courses PG Courses . You can explore the top Colleges offering these PG Courses by clicking the links below.

PG Courses

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