Family Business

Vipra ShrivastavaManager - 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
- 1.1 Required Skillset for Family Business
- Entrance Exams for Family Business Courses
- Family Business Course: Syllabus and Subjects
- Family Business Courses & Average Fees
- Family Business: Scope, Profile & Salary
- FAQs Related to Family Business Courses
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 |
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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 |
- |
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.) |
---|---|---|
Global Family Managed Business |
INR 15,00, 000 |
|
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 |
|
MBA (Family Business & Entrepreneurship) |
INR 3, 81, 000 |
|
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 |
Post Graduate Diploma in Management - Business Entrepreneurship (PGDM-BE) |
INR 5, 27, 000 |
|
MBA in Family Business Management |
INR 6,80, 000 |
|
MBA in Entrepreneurship |
INR 5, 18, 000 |
|
PGP in Family Managed Business |
INR 8, 48, 000 |
|
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?
- Simple Business, simple family
- Simple Business, complex family
- Complex business, simple family
- Complex business, complex family
Q: Which are the top family businesses in the world?
Q: What is MBA in Family Business?
Q: What is the eligibility criteria for MBA in Family Business?
Q: Which B-Schools in India offer MBA in Family Business courses?
Q: What is the admission process for MBA in Family Business?
Q: Can I purse a management course in Family Business online?
Q: Which entrance exams are there for MBA in Family Business?
Q: I am pursuing Science in graduation but want to join my family business. Should I do an MBA?
Q: What are the key skills taught in a family business course?
Q: What is BBA in Family Business?
Popular Family Business Courses Colleges in India
Popular Private Family Business Courses Colleges in India
Most Popular Courses
Popular Courses
- Post Graduate Programme in Family Managed Business (PGP-FMB)SPJIMR - S.P. Jain Institute of Management and Research
- Master of Business Administration (MBA)Alliance School of Business, Alliance University
- Post Graduate Diploma in Management (PGDM)Suryadatta Institute of Management and Mass Communication (SIMMC)
- Master of Business Administration (MBA)Sai Balaji International Institute of Management Sciences (SBIIMS)
- Bachelor of Business Administration (BBA)IMS Ghaziabad (University Courses Campus)
- Master of Business Administration (MBA)Dr. D. Y. Patil Institute of Management and Research
- Master of Business Administration (MBA)S.B Patil Institute of Management, Pimpri Chinchwad Educations Trust's
- Bachelor of Business Administration (BBA)IMS Unison University
- Master of Business Administration (MBA)LM Thapar School of Management
- Post Graduate Diploma in Management (PGDM)Delhi School of Business
Popular Family Business Courses UG Courses in India
UG Courses
- BBA
36 Colleges
- B.Com
3 Colleges
- B.A.
1 College
- UG Diploma
1 College
Popular Family Business Courses PG Courses in India
PG Courses
- MBA/PGDM
69 Colleges
- M.Com
2 Colleges
- PG Diploma
2 Colleges
- Executive MBA/PGDM
1 College
- M.Sc.
1 College
News & Updates
May 17, 2022
May 17, 2022
May 17, 2022
Comments
Yes, EDIIs PGDM Entrepreneurship programme helps develop students as enterprising & knowledgeable successors of their family businesses for competitive and sustainable growth. The programme deals with established principles and practices of managing and growing family businesses in-depth.
Yes EDIIs PGDM Entrepreneurship also teaches us how to manage a family business.
I want to know about the latest cutoff information for BBA in Family Business and Entrepreneurship Management at MIT WPU, Pune.
You can check the link given below-
https://www.shiksha.com/university/mit-wpu-world-peace-university-pune-53229
I want to know about the latest cutoff information for BBA (Hons.) in Entrepreneurship and Family Business at Karnavati University.
Which are the best Family Business Management Courses to study in India?
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.
Students in the Family Business Management course can learn how to build, diversify, and manage their family business to achieve greater success. Candidates can develop their skills in different aspects of a start-up, such as running the family business, managing staff, and bringing in profit to ...Students in the Family Business Management course can learn how to build, diversify, and manage their family business to achieve greater success. Candidates can develop their skills in different aspects of a start-up, such as running the family business, managing staff, and bringing in profit to an already start-up business, by pursuing a PGDM in Entrepreneurship. Several business colleges in India provide courses in family business management. One of the leading universities offering courses in this discipline is the Entrepreneurship Development Institute of India (EDII). The courses of the institute are tailored to the needs of next-generation family company owners, start-up founders, and aspiring entrepreneurs. A degree in this discipline will help students in the following ways:
Train candidates to start their own business with the help of family members. Enhance the existing family business many-fold with the innovative concepts taught during the course
By the end of the Programme, the students of Family Business Management are ready with a Five-Year Perspective Growth Plan
Family Business Clinics are scheduled to inspire and find elucidations to hiccups that successors might face while taking over the reigns of their family businesses. Get the Course and Fee related information at : https://www.shiksha.com/college/entrepreneurship-development-institute-of-india-gandhinagar-1363/courses.
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V
Does EDIIs PGDM Entrepreneurship also teach you how to manage a family business?
Reply to Vinod Saini