As a family business person, you will be engaging in an enterprise where family members hold the key positions and are the decision makers.
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.
You can take any stream at +2 level. However taking commerce stream will give you an additional advantage to take up business related studies.
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.
You can join the family business after graduation and go for post graduation after gaining practical experience.
Postgraduate programs are available under different names PGPMFAB, MBA (Family Business & Entrepreneurship) etc, which are generally 2 year programs.
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.
Requirements for admission into a PG course in one of the top institutions to help you get an overall picture
To see the entrance exams, scholarships and UG admission details, click here
To run a family business successfully you have to be an effective communicator both with family members as well as outside employees.
There is great need of good interpersonal skills in a family business to maintain a healthy balance between family relationships and professional interaction requirements.
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.
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 are essential in making an assessment of market requirements and planning strategies for improvement of business processes.
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.