Indian B-Schools will now provide Family business programs
Many B-schools in India are now offering courses specific to family-run businesses in order to provide them with a professional edge. As a country, India has a long standing tradition of family-run businesses. These course encourage the development of managerial skills as well as promote and develop an entrepreneurial outlook in its students.
These new courses are a result of family businesses, which are looking to be more professional. It also reflects the needs of the younger generations to be more educated.
The Indian School of Business is one such institute. It has recently launched a fifteen month course titled Management Program for Family Business (MFAB).
The International Management Institute (IMI) in Delhi will also be introducing its new course - 'Global PGDM (MBA): Family Business' program, which will run over duration of 18 months and launched in 2013.
Sources from IMI have revealed that there is an acute need for Family Owned Business Enterprises (FOBEs) to be managed professionally and competently. These courses will help them grow strategically and have an international perspective. As a part of the IMI course, the student will undertake a six month internship at his/her family business.
Experts are of the opinion that these programs aim to address the evolution of the family business in this ever-changing economic climate. They will provide opportunities for the younger generation to against a backdrop of economic growth and reform.
Across the globe, there are a great number of family-run businesses. In India, around 73 percent of them rank in the top 500. These courses will also push for family entrepreneurship.