It is said that 90% of businesses in India are owned and run by families. From local stores to multinational companies, families are an integral part of personal and professional life in India. Some of the best known and most successful companies in India are owned and controlled by families such as Tata group of companies, Reliance Industries, Mahindra and Mahindra, Arcelor Mittal, Times Of India, Bharti Enterprises, Adani Group, Aditya Birla Group, etc. Many of these families have seen intra-generational transitions in leadership since their inception. Since families are at the core of Indian values and philosophy, businesses are naturally trusted among members of the extended and close family. This may also cause distrust, disagreements and family feuds but the pros usually outweigh the cons.
If you are a young member of a business family who is hoping to join the family’s enterprise, there’s a degree that solves all your questions and prepares you for the transition of power and responsibilities. A Masters in Business Administration (MBA) and Post Graduate Diploma in Management (PGDM) can help establish the foundation of your management career. It prepares you with knowledge of business, understanding operations, process optimization, profit maximisation, risk aversion and crisis management.
Some MBA colleges in Gujarat also offer an MBA with specialization in Family businesses and entrepreneurship. However, a regular MBA specialization like finance or marketing is known to be equally effective in preparing students for leadership in the family business. Like most other MBA programs, you will be required to appear for an entrance examination which tests applicants on the factors of Quantitative Ability, Verbal Ability and Reading Comprehension, Data Interpretation and Logical Reasoning. CAT, XAT, GMAT, ATMA, MAT etc. are such competitive exams which are acceptable for MBA admissions. However, colleges have specific criteria and preference for accepting examination scores so you must check the valid exams before applying. Based on the cutoffs declared by colleges, you will be shortlisted using your scores in these exams. After a group discussion and personal interview round, you will be enrolled in this two-year program. If you are already engaged in your family business, you may also choose a part-time course which can go up to 3 or 4 years.
During this course, you will be introduced to the basics of businesses of various types, the structure and details of operations management, finance and banking related understanding, sales and marketing, decision-making and leadership, macro and microeconomics. You will also have a brief introduction to subjects like law, compliance, international trade, taxation, risk management, organization behavior, human resources and commerce. With various application-based teaching methods, regular exams, field-visits, guest lectures, internships and external training – you will be prepared for all aspects and facets of management. Apart from developing skills, the program will also help cultivate values which help run a business such as leadership, team management, crisis management, planning and foresight.