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 organisations 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, professionalising 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.
- A conventional MBA student from a renowned Indian institute or a foreign university may not provide adequate response to these needs of wards from family businesses. On the other hand, the FMB programme is designed primarily keeping these factors in mind thus equipping the participant with good capabilities in these issues.
- Role of the Mentor
Each participant is required to identify one mentor for the duration of the course. Ideally the mentor should be the parent or close relative, actively involved in the management of the family business. Since the participant is going to spend three weeks a month at the business, it is critical that the mentor spends quality time in guiding and helping him/her to co-relate the learning with the business. There are three mentor meets during the programme and the mentors are expected to participate in these. The involvement of mentors is extremely crucial and will have a direct impact on the learning and benefits on the participants from the programme.
- Role of the Organisation
The participant is expected to take the help of the executives of the organization while working on assignments. These assignments will help students perceive their businesses in a systematic way. The concerned executive handling a specific function can provide inputs about the specific business context. On the other hand, the participants are expected to share their learning with their mentors as well as key executives, thereby bringing the management concepts to the organisation and enriching the collective effectivenes
- Learning from Faculty
The renowned faculty at the institute facilitates innovative thinking through practical academic inputs and thought-provoking case studies. The faculty of the institute involved with this programme bring with them diverse academic backgrounds and invaluable industry experience.
- Learning from Peers
The participants come from diverse industries and different parts of the country, and also from Dubai and Nepal. Interactions with other participants, learning about each other’s businesses, context, challenges and initiatives are extremely valuable sources of learning for all. Building a network with participants from myriad backgrounds is an invaluable derivative of the FMB programme.