Family Business

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:

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:

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.

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?

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?