Exposure regarding important issues to be dealt with in the family business and minute details to be noticed for the better running of the business is provided in the MBA in Family Business and Entrepreneurship curriculum.

This program caters mostly to entrepreneurs and family business owners with plans of expanding their businesses, whether it is old family businesses or new businesses, new ventures, or start-ups. It caters to all the students who have no previous experience and wish to have a professional degree and learn new skills with fresh innovative ideas to sustain the family business.

In family business management programs, students are fed with entrepreneurial skills, advanced management skills, and a deep understanding of the dynamics of family enterprises.

Students are prepared to manage the challenges of running a family-based business efficiently, thereby ensuring its growth and sustainability across generations.

One can develop the administrative abilities and entrepreneurship skills needed to run and grow a company. Students will be equipped with knowledge and skills to provide value, lead creative start-ups, and provide income and jobs. 

Students get updated about the recent developments in today's era of industry and management, which can help them integrate their company with ongoing international standards. IIM, SP Jain Institute of Management, and ISB Hyderabad are a few of the good universities that provide an MBA in Family Business Management. 

Candidates must have earned 50% of the possible points in any of the following three subjects to be eligible for an MBA in Family Business: Arts, Commerce, or Science. MAT, CAT, XAT, CMAT, ATMA, MAH CET, and other tests are used to determine admission to the MBA program in family business. The typical fee range for an MBA in Family Business is INR 60,000 to INR 44 lakh.

Upon earning an MBA in Family Entrepreneurship Management, individuals may choose to pursue positions as Entrepreneurs, Business Development Managers, Managers in family offices, Succession Planning Consultants, or Directors in Family firms. 

MBA in Entrepreneurship program: Highlights 

Scope of an MBA in Family Management 

Courses in family business management are useful assets that can support a candidate’s pursuit of managerial positions. Professionals who are willing to launch their own startups or small-scale industries can benefit from these courses. You can pursue business management degrees at all levels in India, from undergraduate to postgraduate as many colleges also provide undergraduate programs in Family Business Management. This can be dependent on one’s goal to achieve.  

An MBA in Family Business and Entrepreneurship Management helps applicants make strategic plans for business control and succession. It can also help to examine the various aspects of business continuity and helps to predict the shortcomings of various small aspects of business and their associated risk, money, taxes, and opportunities. Young minds' entrepreneurial energy can be nurtured and encouraged with the aid of an MBA in Family Business Management, enabling them to create best practices and also innovative ideas for managing family businesses. Professionals or youngsters who are already engaged in family business can get a hike by managing senior positions with the help of this degree as this degree can help launch pad for their career by providing both theoretical and practical knowledge. 

Types of MBA in Family Business Management 

Students can pursue a degree in Family Business Management in any mode available in the particular Universities. 

Here are the following types:

• Distance MBA: Distance learning in family business is provided by most of the universities in India, and this course can go up to 2-4 years. This is beneficial for students who are working full time and have no time availability issues for attending on-campus classes. 

• Full-Time: A full-time MBA degree in Family Business Management has a duration of 2 years, and in this students have to attend daily classes on campus. 

• Part-time: This course works during weekends or classes are being taken up during nights. This course has a duration of 2-4 years and is mainly for students who are working full-time or cannot attend regular classes.

  Eligibility Criteria for MBA in Family Business Management

• Admission to an MBA in Family Entrepreneurship Management calls for the following criteria to be fulfilled by the candidate:

• An undergraduate degree in any particular discipline such as BBA, BA, B.Sc., B.Com or BCA from any acknowledged university with a minimum common of fifty consistent.

• A good score in any of the following entrance examinations like CAT, XAT, CMAT. 

• The age barriers are not applicable for admission to an MBA as there are no age criteria. 

• Work experience is required as the candidate with work experience is most eligible to be admitted to high-ranking universities.

What exactly will students learn in this course?

The MBA in Entrepreneurship program is especially intended for students who wish to launch their businesses or who wish to lead and manage existing ones. Students who complete their degree in this course will be equipped with the foundational knowledge and skill sets which is important to create a business plan to finance a start-up and oversee an expanding company. Students in this program also learn how to apply and manage risk assessment, design thinking, and business opportunity identification while developing solutions for emerging markets.

This program will assist students in developing a highly compelling and unique business proposal by helping them grasp the principles and acquire the necessary skill set, taking into account the competitive climate they are in.

Colleges with specialisations in Family Business Management / Specialised MBA/PGDM in  Family Business Management: Average Package

Career Prospects for an MBA Graduate in Family Business

With an MBA degree, a job seeker can find success in a variety of industries and roles as well as may start their own business or get engaged in their running family business. The following lists some of the possible MBA in Family Business career roles, their duties, and compensation ranges:

 Conclusion

Additionally, by giving students the chance to tour family companies and get a firsthand look at how they operate, the program provides experiential learning. Students learn more about the particular dynamics and difficulties experienced by family businesses thanks to this hands-on experience. Graduates of the program will be ready to take on leadership responsibilities in family businesses, whether they are in their family firm or other family-owned companies as managers and consultants.