Saurav Anand
Table of Contents
MBA in Family Business and Entrepreneurship Overview
What is MBA in Family Business Management and Entrepreneurship?
MBA in Family Business Management and Entrepreneurship is a two-year post-graduate management degree program that helps students to turn their Family- Run businesses into Professionally -Run businesses. In this ever-changing environment and economy, the next generation of business owners wants to tackle the uncertainty and volatility of the changing business world effectively. To cater to the need of the student’s many top businesses – schools offer MBAs in family businesses and entrepreneurship program which is designed to meet the need of the next generation of family business owner.
Admission to the MBA in Family Business and Entrepreneurship requires that students achieve at least 50% in the graduation degree. They are required to take certain entrance exams after which they can take admission. A student interested in applying for a master of business administration in only business in entrepreneurship should educate themselves on the prerequisite for entry.
An MBA in Family Business helps in the improvement of a person’s managerial business and business ability, quick decision-making capability, and creative solving in problems that arise in business. Since people nowadays are more eager to start their own ventures or to be an entrepreneur to expand their family business
There are various job opportunities for an MBA in Family Business and Entrepreneurship that one can get like being an Account Manager, Human Resource Manager, Entrepreneur, Family Business Successor, Business Administrator, etc.
An MBA is a worldwide accepted course and if you are considering pursuing an MBA then from abroad then you should look into the best college for MBA in the family business. Some good options include are University of Phoenix, Pepperdine University, and Duke University.
MBA in Family Business and Entrepreneurship Highlights
| Course Name | Master of Business Administration in Family Business and Entrepreneurship |
| Course Level | Postgraduate |
| Course Duration | 2 years |
| Course Types | Online mode, part-time mode, distance mode or full-time mode |
| Eligibility | A minimum of 50% average marks in graduation |
| Entrance Exam | CAT, CMAT, MAT, XAT, NMAT, SNAP, ATMA, GMAT |
| Admission Process | Entrance exams |
| Average Package | More than INR 5 LPA |
| Job Profiles | Account Manager, Human Resource Manager, Entrepreneur, Family Business Successor, Business Administrator, etc |
What is an MBA in Family Business and Entrepreneurship?
A Master in Business Administration in Family Business and Entrepreneurship program built entrepreneurial quality in the next generation of the family business owner. MBA in Family Business and Entrepreneurship program develops problem-solving quick decision making and business skills. This course prepares the business’s future leaders to grow by overcoming all the future challenges and difficulties that they might face. The family business is that sector that often gets neglected even though it forms a major portion in terms of ownership and contribution to the next generation. It helps in developing entrepreneurial skills in the student to enhance the family business. MBA in family business led students to various professional facets of business such as management, planning, taxation, and finance. It helps them with the practical knowledge of management in business along with theory.
MBA in Family Business and Entrepreneurship Admission
Eligibility criteria for doing an MBA in Family Business and Entrepreneurship
- Candidates should have a 10 + 2 examination certificate with aggregate marks of at least 50% from a recognized board in India
- Candidates should have aggregate marks of 50% in the graduation degree.
- Some colleges require the candidate to have a full-time work experience of at least two years while others don’t have such criteria for admission.
Entrance exams for MBA in Family Business and Entrepreneurship
After all this, you might be wondering how can you get into the top business school for doing an MBA in the family business. There are certain interest exams that you can give to get admission to top B- schools. Some colleges prefer their own entrance exam for letting candidates get into their colleges
Following us on the top exams conducted in India for getting admission to an MBA in the family business:
- Common Admission Test (CAT)
- Xavier Aptitude Test (XAT)
- Common Management Admission Test (CMAT)
- Management Aptitude Test (MAT)
- NMIMS Management Aptitude Test (NMAT) by Graduate Management Admission Council (GMAC)
- Symbiosis National Aptitude test (SNAP)
- AIMS Test for Management Admission (ATMA)
- Graduate Aptitude Management Test (GMAT)
MBA in Family Business and Entrepreneurship Syllabus
| Semester 1 | Semester 2 |
|---|---|
| Entrepreneurial finance | Mergers and acquisitions |
| Business plan preparation | Technology innovation and sustainable enterprise |
| Family business management | Innovation and creativity |
| Dynamics of family business governance | Social entrepreneurship |
| Semester 3 | Semester 4 |
|---|---|
| Business regulations | Managing human resources |
| Finance and tax strategy for the family business | New product development |
| Cost and management accounting | Enterprise resource building |
| Corporate governance and social responsibility | Finance management |
| Sickness and turnaround strategies | Organizational behaviour |
MBA in Family Business and Entrepreneurship Scope
The family business is a unique and important part of every Indian household nowadays. Family own businesses make up a large percentage of all businesses in India and especially in some cities like Delhi, Mumbai, Pune, Chennai, etc. while there are many challenges and problems that come along while running a family business, there are also many benefits of it. One of the best ways to take advantage of those benefits is to get an MBA. An MBA in a family business can provide knowledge and skill to help in managing, operating, and growing a successful family business. Learn more about the benefits of this MBA in Family Business and Entrepreneurship.
Develop a better understanding of business:
It can help you develop a better understanding of business and how to run a successful company. This is especially helpful if you are looking to take over the family business one day.
- Helps In making contact:
An MBA can also help you build a network of contacts and resources that can be invaluable to a family business.
- Financial knowledge:
An MBA can give you the financial knowledge and skills you need to grow and manage a successful family business. It gives you financial know-how and technical knowledge and skill to run a family business.
Developing leadership skills to manage the Family Business
There is a unique set of challenges and responsibilities as the head of a family business. Not only do you have to tackle the demands of running a successful company, but you also have to manage family dynamics and take care of your personal life. This can really trouble you, but luckily there are things you can do to make the tasks easier for yourself. One of the most important things you can do is develop your leadership skills
Leadership is a critical skill for anyone who holds any position of authority, but it becomes most important for a family business leader or owner. This is because you not only have to manage your business but also your family. You need to be an able communicator, you should have tough decision-making capabilities, and you should know how to resolve conflict if arises. If anyone can master these skills, he/she will be on his way to successfully manage a family business.
Taking classes or participating in training programs can be one of the best ways to develop your leadership skills. there are a lot of programs and classes available that can help you in learning the skills that you need to be a successful leader. Another way of being a successful leader is by reading books and articles on leadership or by attending workshops and seminars.
Once you have developed your leadership skills, you’ll able to face the challenge creatively and effectively. You will also be able to manage the family business along with the family. You will able to communicate more effectively with your family members will able to make tough decisions, resolve conflicts, etc. with strong leadership qualities, you’ll be able to successfully manage your family business and will able to keep it running smoothly, without any interruption for coming years
Why MBA in Family Business and Entrepreneurship is important?
MBA family business can be one of the best decisions that you can make for your family business for taking it further. An MBA will give you the skills and knowledge that you required to run a successful business. Where you will learn about financial management marketing leadership decision making and other important business concepts. Pursuing an MBA will give to the opportunity to network with other people and with other business professionals. An MBA can also help you with a succession plan for your family business. This is important and it will ensure that your family business continues to run smoothly without any problems and challenges, if there arises any kind of difficulty or problem an MBA in a family business will teach you enough to tackle those problems. Having a succession plan in place will give your family a piece of mind and allow them to focus on the family business rather than worrying about the future of the business.
Who should pursue an MBA in Family Business and Entrepreneurship?
- Aspiring entrepreneurs: even aspiring entrepreneurs who want to pursue a career in entrepreneurship can go for this program
- Start-up founders: if you are willing to start your own business or want to make certain changes in your family business you can go for an MBA in family business and entrepreneurship.
- Family business successor: if you already have a family business and you want to continue that legacy, then you should have an MBA in a family business that will help you in running your family business smoothly without any interruption when you become the owner or if you are already an owner of the business.
What prerequisites are needed for an MBA in Family Business and Entrepreneurship?
If you have the following prerequisites, you will be on your way to getting an MBA in the family business. An MBA in the family business and entrepreneurship can open up many doors for you, in terms of career opportunities and salary potential. Nowadays with the advancing society, family businesses are becoming more complex day by day an MBA in a family business will give it the skills you need to navigate this successfully and effectively.
- Experience: you should have some experience working in management or in the business field. This experience can be in any capacity from an entry-level position or leadership role. This experience is important because it will give you the foundation that you need to understand the complexity of family businesses.
- Bachelor’s degree: you will need to have a bachelor’s degree in any field. This can be typically a business-related degree but it does not necessarily have to be a business-oriented course. You can pursue an MBA in the family business with a bachelor’s degree in any field.
- Entrance test: you will need to clear various entrance tests like CAT, CMAT, GRE, GMAT, etc. these tests are used to assess your readiness and capability for the MBA program. You will need to clear the cut-off of these tests eligible for an MBA in the family business.
MBA in Family Business and Entrepreneurship Top Colleges in India
After all these don’t you want to know which colleges are best for doing an MBA in Family Business and Entrepreneurship which will help you to either run your family business or will help you in entrepreneurial skills?
Following are some of the best colleges for an MBA in Family Business and Entrepreneurship in India:
| Colleges | Entrance exam | Duration | Average fees |
|---|---|---|---|
| School of business management-NMIMS university, Mumbai | NMAT | 24 months | INR 18 LPA |
| Symbiosis Institute of Business Management (SIBM), Bangalore | SNAP | 24 months | INR 19.10 LPA |
| SP Jain institute of management and research, Mumbai | GMAT, CAT, XAT | 12 months | INR 9.5- INR 22.1 LPA |
| Amity University | GMAT, CAT, MAT | 24 months | INR 5 LPA |
| Indian Institute of Management Bangalore (IIM-B) | CAT, GMAT, GRE | 10 months | INR 23 LPA |
| National Institute of Management Nirma University (IMNU), Ahmedabad | CAT | 24 months | INR 9.52 LPA |
| Indian School of Business (ISB) Hyderabad | GMAT, GRE | 15 months | INR 30 LPA |
| National Institute of construction management and research, Pune | GMAT, CMAT, CAT | 24 months | INR 10 LPA |
Best colleges for MBA in Family Business and Entrepreneurship in Pune
| Sr. no | Colleges |
|---|---|
| 1 | S.B Patil Institute of Management Pimpri Chinchwad Education Trust |
| 2 | Sai Balaji International Institute Of Management Science (SBIIMS) |
| 3 | National Institute Of Construction Management And Research, Pune |
| 4 | DY Patil Akurdi |
Best colleges for MBA in Family Business and Entrepreneurship in Delhi
| Sr. no | Colleges |
|---|---|
| 1 | Jamia Millia Islamia (JMI) |
| 2 | Sharda School of Business Studies |
| 3 | Amity university |
| 4 | Delhi School of Business |
Best colleges for MBA in Family Business and Entrepreneurship in Mumbai
| Sr. no | Colleges |
|---|---|
| 1 | ISME Mumbai |
| 2 | Pravin Dalal School of Entrepreneurship And Family Business Management, Mumbai |
| 3 | SP Jain institute of management and research, Mumbai |
| 4 | School of business management-NMIMS university, Mumbai |
Best colleges for MBA in Family Business and Entrepreneurship in Bangalore
| Sr. no | Colleges |
| 1 | Indian Institute of Management Bangalore (IIM-B) |
| 2 | PES university |
| 3 | Symbiosis Institute of Business Management (SIBM), Bangalore PES university |
MBA in Family Business and Entrepreneurship Top Colleges Abroad
MBA is a worldwide accepted course and it provides global exposure to the candidate. Doing an MBA from abroad will definitely enhance your overall body and personality development and you will able to interact with different people of a different mindsets.
Following are some of the best colleges for doing an MBA in Family Business and Entrepreneurship in the world:
| Sr. no | Colleges |
|---|---|
| 1 | IE Business School, Spain |
| 2 | The Chinese University of Hong Kong (CHUK) |
| 3 | Kellogg School Of Management, Northwestern University |
| 4 | Duke University |
| 5 | Pepperdine University |
| 6 | University Of Phoenix |
| 7 | Lancaster University Management School (LUMS) |
| 8 | INSEAD, France |
| 9 | EDHEC Business School, France |
| 10 | Harvard Business School, Harvard University |
MBA in Family Business and Entrepreneurship Scope
The MBA in Family Business Management course is created to satisfy the needs of both entrepreneurs and family-owned businesses in the modern world. The purpose of an MBA in the family business course is to handle all business management and responsibility effectively. Internet-based businesses, data administration, and handling, software, and hardware, and e-commerce are all included in its scope. It helps in the improvement of graduates’ managerial and business abilities and quick decision-making capability. Nowadays people are more eager to start their own ventures or want to be an entrepreneur or expand their family businesses because it offers a sense of individuality. As a result, the MBA in Family Business course has a much wider reach
MBA in Family Business and Entrepreneurship Job Opportunities
The majority of students concentrate on their own family business after doing an MBA in Family Business although some of them may opt to study this area through a general management program. A student in the family business program takes courses on topics such as business ethics, estate planning, business management, business succession planning, family dynamics, human resource management, etc.
After completing an MBA in family business, the graduate May pursue a career in various industries and organizations. Some may work in their family business while others may opt for their only startup. Many family businesses are small businesses or medium size businesses, so an MBA graduate in family businesses and entrepreneurship may find opportunities in consulting financial planning, business management, and other support roles. MBA graduates with an interest in the family business may also find care opportunities in the public or nonprofit sectors. They may work for economic development organizations, policy think tanks, small business associations, etc. in the public sector there is an opportunity and they may find positions in a state or local government working on economic development or small business initiatives
So if you are interested in pursuing an MBA in family business you might be wondering what job opportunities and positions you will get after completing an MBA in family business. Following are some of the job opportunities or positions that you’ll get after completing an MBA in family business.
| Job Profile | Roles and Responsibilities | Average Salary |
|---|---|---|
| Family business successor | Responsible for looking after a well-settled family business can help their family in running the business smoothly and if there arises any sort of problem, they can provide a creative solution to it. | Depends |
| Entrepreneur | After successfully completing an MBA and family business and entrepreneurship, graduates can become entrepreneurs. They’ll have to form the firm’s policy; have to manage and supervise the daily operations of the firm etc. | INR 10- 18 LPA |
| Human Resource manager | Responsible for organizing, managing and planning for an organization’s administrative activities. They deal with the process of recruitment interviewing and employing new employees as well as acting as a bridge between the management and the workers. | INR 6.5 to 10 LPA |
| Account Manager | Responsible for dealing one-to-one with clients. They manage account executives under them. | INR 6 to 8 LPA |
| Business Administrator | Responsible for running the business smoothly and achieving the long and short-term objectives of the organization. They basically hold the position of CEO (Chief Executive Officer), General manager, and operations manager | INR 12- 16 LPA |
Frequently Asked Questions (FAQs) on MBA in Family Business and Entrepreneurship
Q. What is the duration of an MBA in Family Business and Entrepreneurship course in India?
Ans. MBA in the family business course is a two-year degree program. Two- years of MBA in family business degree is divided into four semesters.
Q. What is the average course fee for MBA in Family Business and Entrepreneurship course in India?
Ans. MBA in the family business course is offered by more than 60 colleges in India. Most MBA in family business colleges have a course fee of more than INR five lakhs
Q. What are the eligibility criteria for MBA in Family Business and Entrepreneurship?
Ans. Candidates should have a 10 + 2 examination certificate with aggregate marks of at least 50% from a recognized board in India. Candidates should have aggregate marks of 50% in the graduation degree. Some colleges require the candidate to have a full-time work experience of at least two years while others don’t have such criteria for admission
Q. What are the job profiles offered after MBA in Family Business and Entrepreneurship?
Ans. Following are the major job profiles available after an MBA in the family business:
- Family business successor
- Entrepreneur
- Business Administrator
- Account manager
- Human resource manager
Q. Can I pursue an MBA in Family Business and Entrepreneurship online mode?
Ans. Yes, an MBA degree in a family business or entrepreneurship is offered in different modes. Online mode, part-time mode, distance mode, or full-time mode. You can pursue any of the above-mentioned modes.
