Why FMB

The underlying objectives for starting of the FMB program

The SPJIMR Family Managed Business Program was evolved to assist family-owned firms in meeting the unique managerial challenges associated with operating and sustaining a successful family enterprise. The Program helps the students to identify which family dynamics most often affect business decisions, and learn how to overcome these hurdles to continued growth and profitability.

More specifically the Centre for Family Businesses in India at SPJIMR is committed in its mission to:

• Further the understanding, growth and development of responsible family-owned business.
  
• Celebrate the importance of family enterprises in our economy and our society.
  
• To prepare next generation family business leaders for their unique leadership roles.
  
• To increase the survival rate of mature family-owned businesses by focusing on opportunities inherent in these enterprises

So, when we started the program, our objective was to influence practice and to professionalize the family managed business especially the small-scale business that were in crisis in 1991. We emphasized on dealing with the issues rather than emotions.

The program has achieved many of its objectives but we should work in direction of moving faster.

Innovations in this pedagogy

We try to influence practice through two ways: -

• First is the consultative way i.e. the assignment way. It gives immediate solution.
  
• Second way is sustainable. Emphasis is on changing the attitude towards looking at the problem and therefore developing expertise and skill to identify the problem and resolve it.

In our program we have introduced the concept of mentorship. We involve the professionals and mentors who are successful in their business. FMB 10 starts with the mentors meet. We help the participants properly communicate with their mentors and do follow ups also. The program acts a bridge between the participants and the mentors. In the course also, the stress is on family issues as they impact the business and the business related issues.

The difference between SPJIMR FMB program and other programs

The Program differs from a conventional MBA Program in many respects. Here the emphasis is on general management. Participants apply theoretical concepts to their respective business situations and they do this while they are going through the Program, not after their course. The Program addresses culture issues peculiar to family businesses and to the Indian business ethos as we believe that successful management in the Indian context requires an understanding of and ability to relate to these issues, even while using Western managerial concepts. The Program will involve family members in sharing their insights and experience and identifying the requirements of successful entrepreneurship in the Indian context. We plan to impart a global perspective to our participants on what constitutes successful entrepreneurship in a family business setting by networking and interacting with successful small businesses in South East Asian economies and elsewhere.