Family Business

As a family business person, you will be engaging in an enterprise where family members hold the key positions and are the decision makers.

What do Family business persons do?

Entrepreneurs in this field will be engaging in all activities of the company or firm along with the partnership or involvement of other family members. They will be in the top positions and decide every small and big changes or process modifications and new decisions of the firm and hold the responsibility not just to make profit but to pass on the business soundly to the next generation of the family.

What does a typical day at work involve?

  • Checked Meet with clients or other entrepreneurs to promote the company’s revenue increase
  • Checked Conduct board meetings with members of the family and others who are part of the executive team
  • Checked Discuss with senior members of the family about the strategies and planning
  • Checked Consult with outside advisors who are not affiliated with any family member to seek guidance in creative thinking and fresh ideas for your business
  • Checked Work on market research and prepare initiatives
  • Checked Meet with employees to analyse progress, hear out any differences and resolve disputes
  • Checked Respond to calls, emails and text messages related to company work
  • Checked Review account statements and performance reports
  • Checked Conduct interviews for new staff

How to become a Family Business person

Step 1
Take any Stream at +2 level

You can take any stream at +2 level. However taking commerce stream will give you an additional advantage to take up business related studies.

Step 2
Take Bachelor’s degree in any discipline

A 3 year bachelor’s degree in any discipline will make you eligible to take up higher studies in family business, but it will be useful to take a BBA /BCom degree.

Note :

You can join the family business after graduation and go for post graduation after gaining practical experience.

Step 3
Take a Postgraduate programme in management ( Family Business)

Postgraduate programs are available under different names PGPMFAB, MBA (Family Business & Entrepreneurship) etc, which are generally 2 year programs.

Note :

Short term management programmes in Entrepreneurship and Family Business are conducted by IIMs and other management institutes from time to time for people with a few years of experience. These are generally of duration from 6 months to a year and may be offered in regular or online mode.

Family Business Colleges

Name State District Type Website Course

Requirements for masters in family business

Requirements for admission into a PG course in one of the top institutions to help you get an overall picture

India (For MBA (Entrepreneurship & Family Business) at School of Business Management - NMIMS)

  • Bachelor’s Degree in any discipline from Recognized university (Minimum 50% in Aggregate)
  • Actual involvement in running of family business
  • Should qualify in Business Aptitude test conducted by NMIMS
  • Personal Interview

Foreign (MBA from London Business School (Family Business elective available under Strategy & Entrepreneurship electives)

  • Undergraduate degrees in any subject area, with a GPA of 3.3 (on a 4.0 scale) and above.
  • Application essays
  • Names and details of two referees - Preferably one academic and one professional
  • English language requirement: IELTS or TOEFL score to be sent. (minimum not specified)

To see the entrance exams, scholarships and UG admission details, click here

Skills Required

Communication skills

To run a family business successfully you have to be an effective communicator both with family members as well as outside employees.

Interpersonal skills

There is great need of good interpersonal skills in a family business to maintain a healthy balance between family relationships and professional interaction requirements.

Problem solving skills

Good problem solving skills are required to deal with issues that may crop up during transaction of business as in any business establishments, and also in matters related to employees or business partners without affecting positive family dynamics.

Problem solving skills

They need to be very confident that they can achieve a bold vision, even when many other people doubt them. They are required to have a strong sense of self-efficacy and a belief that they have control to change their circumstances.

Analytical skills

Analytical skills are essential in making an assessment of market requirements and planning strategies for improvement of business processes.

Organisational skills

Good organisational skills are required not only for planning day to day schedules but also in deciding how to efficiently utilise different skills possessed by family members who co-own the business and how to use external help to shore up missing skills.