In keeping with the unique needs of a family managed business, the programme aims to systematically get the next generation into family businesses, by broadening their perspectives and providing them with a set of conceptual frameworks.The ultimate objective is to bring about a peaceful change in family managed businesses, and make them more competitive in a world that is uncertain and volatile. The diverse class profile allows ample scope for networking opportunities.
These are the distinct reasons why FMB is more advantageous for those from business families, as compared to regular MBA programmes.
Typically, family businesses are small and medium size enterprises. The learning has to be tuned to this reality. In conventional MBA programmes, the inclination is more towards large Corporates and MNCs.
An MBA student is groomed to work in large organizations and hence he/she tends to focus on a specific area of specialisation. An FMB participant manages his/her own organisation and has to learn to relate with specialists in all fields. He/she requires a General Management perspective rather than a specialisation.
- Unique Issues
- Family businesses have some issues unique to their nature. These include employing people of higher competency levels, professionalizing the organisation, managing participation from members of different generations, addressing the role of the women of the family in the business, planning succession, etc. The FMB participant requires training in appreciating and attending to these issues.