Introduction to Family Managed Business and Entrepreneurship
Family owned businesses have been a very significant and integral part of the business history. Despite the growth of large corporations, small and medium family-managed businesses have also assumed an important role in the present era. They are unique, write their own rules and have their own working style. The family businesses contribute to 60 to 70% of GDP of most developed and developing countries.
Few lines about MBA in Family Managed Business and Entrepreneurship
The MBA family managed business and entrepreneurship is a 2-years postgraduate course that is divided into 4-semesters. The course aims at inculcating the spirit of entrepreneurship and at the same time training students on the cutting edge in management expertise, solving key problems and scaling-up family business to the global level.
The course will give a complete entrepreneurial flavour with strong national and international expertise to the students. The course is the unique blend of entrepreneurship and management course. The course combines academic and applied aspects of entrepreneurship ranging from enterprise development, capital formation, policy creation, product analysis to strategy building. The course trains the students to take care of their family business or start their own ventures by enhancing their entrepreneurial skills, knowledge and expertise about various aspects of the business.
Eligibility
The students who have completed their degree in any stream with 50% aggregate from recognised university are eligible to apply for MBA Family Managed & Entrepreneurship course.
Admission Procedures
The students can take admission to MBA Family Managed Business and Entrepreneurship by two modes. The first one is merit-based admission and second one is direct admission.
Merit Based Admission
The students interested in merit-based admission for MBA Family Managed Business and Entrepreneurship courses are required to appear for entrance exams conducted at national and international levels. The students have to appear and qualify these entrance exams in order to get merit admission to MBA course.
| Name of Exam | Conducting Authority | Month |
|---|---|---|
| CAT | Indian Institutes of Management | November |
| SNAP | Symbiosis Institute of Management | December |
| PGCET | Karnataka Examinations Authority (KEA) | July |
| ATMA | Association of Indian Management Schools | May |
| NMAT | Graduate Management Admission Council | October |
| MAT | All India Management Association | June |
| XAT | Xavier School of Management | December |
Direct Admission
The students have another option of getting admission to MBA Family Managed Business and Entrepreneurship course by direct admission process. Under this mode of admission, the students are given direct admission to their desired colleges and deemed or private universities under management quota. The direct admission students enjoy many special privileges like that they are not required to apply for any entrance exam for getting admissions. They have an option to choose their desired colleges and universities and book their seats in advance even before the starting of the academic year. The students who are interested in direct admissions are required to contact Galaxy Educational Services for more details.
Course Curriculum
The students of MBA Family Managed Business and Entrepreneurship course will be studying the following subjects during their course duration.
| Sl No | Subjects of Study |
|---|---|
|
1. |
Accounting for Entrepreneurs |
|
2. |
Economic for Entrepreneurs |
|
3. |
Entrepreneurship and Intrapreneurship |
|
4. |
Entrepreneurial Marketing |
|
5. |
Indian Ethos and Business Context |
|
6. |
Organisation and People Management |
|
7. |
Quantitative Methods for Business |
|
8. |
Business Plan Workshop |
|
9. |
Business Research Methods |
|
10. |
Enterprise Finance |
|
11. |
Entrepreneurial Finance |
|
12. |
Experiences in Venture Creation |
|
13. |
Managing Costs |
|
14. |
Operations Management |
|
15. |
Leadership and Change Management Workshop |
|
16. |
Data Analysis for Business Decisions |
|
17. |
Economic Foundations of Business Correspondence |
|
18. |
Organisational Behaviour |
|
19. |
Accounting and Management |
|
20. |
Legal Aspects of Business |
|
21. |
Entrepreneurship Development |
|
22. |
Family Business Management |
|
23. |
Small Business Promotion |
|
24. |
Strategic Management |
|
25. |
Research Methods in Business |
|
26. |
Dynamics of Family Business Governance |
|
27. |
International Business Management |
|
28. |
Project Planning and Management |
|
29. |
Technology Innovation and Sustainable Enterprise |
|
30. |
Business Plan and Ethics |
|
31. |
Mergers & Acquisitions |
|
32. |
Sickness and Turnaround Strategies |
|
33. |
Business Regulations |
|
34. |
Corporate Governance and Social Responsibility |
|
35. |
Finance and tax strategies for family business |
|
36. |
Economic Analysis for Business Decisions |
Career & Scope
The MBA family managed business and entrepreneurship is basically done by the students who already manage a business or dream to become an entrepreneur. But still some organisations hire them as consultants.
Salary & Emoluments
The fresh MBA Family Managed Business & Entrepreneurship students will be earning around 5 lakhs to 7 lakhs. The experienced professionals will be earning around 7 lakhs to 15 lakhs per annum.
Top Organisations hiring MBA Family Managed Business & Entrepreneurship students
Some of the organisations hiring MBA family managed business and entrepreneurship students are:
- IBM
- Accenture
- Capgemini
- Tata Group
- Adani Group
Placement Opportunities
Some of the important job roles are:
Entrepreneur: People sometimes debate whether getting an MBA helps you to be an entrepreneur. If you've just invented a new technology with worldwide application or a gadget that will change housework forever, maybe don't bother with formal study. But, otherwise, an MBA may be a good idea. Being an effective entrepreneur requires some serious business skills. You can pick these up with an MBA, especially if the course is geared towards entrepreneurship. Plus, having an MBA helps you win the belief and confidence of prospective investors and business partners.
Management Analyst: The management analysts, also referred to as management consultants, investigate ways to assist organizations in reducing costs, increasing revenue and becoming more profitable. They advise management on various ways to improve efficiency. Many management analysts work as consultants. However, some may be employed through the company they are analysing.
Finance Manager: A financial manager with an MBA is someone people are inclined to trust with strategic financial management. Understanding accounting and numbers is one of the requirements to be a finance manager. But another is to use financial insight to guide business spending and investment decisions.
General Manager: The term "general manager" is typically applied to people senior enough to be managing managers. Competition for GM positions is high because the tasks are, indeed, general: such as supervising, managing and leading people. Management and leadership are also core subjects in Master of Business Administration programs. With an MBA to your name, employers know you've learned management principles and are committed to a career in the field.
Industry Specialist Manager: Many professionals reach a point in their career when their best prospects for a promotion or higher salary are on the management rather than technical side of the industry. In these situations, an MBA can be invaluable for demonstrating management skills and winning management roles. It's a similar situation if you want to shift into consulting. Here, an MBA builds your business administration skills and provides a credential that gets noticed by prospective clients.
Conclusion
The MBA Family Managed Business and Entrepreneurship is basically done by students who have their own family businesses. The course further enhances their entrepreneurial skills in the students. The students with an intention to take over their family businesses can join this course.