A informative artikle on PGDM-Family Managed Business
Prof Dr Uday Salunkhe, Group Director, WeSchool

Family-Owned Businesses often come across unique managerial challenges associated with operating within the constraints of family dynamics and these create insurmountable hurdles that could affect business decisions.  For sustaining a successful family enterprise, one must understand the business environment and be creative enough to overcome these hurdles for harmony, growth and profitability.
                                     - Prof Dr Uday Salunkhe, Group Director, WeSchool

1. What are the main features and highlights of MBA in Family Business at WeSchool?

The PGDM in Family Managed Business (FMB) at Prin. L.N. Welingkar Institute of Management development and Research (WeSchool) is an AICTE approved, 22 months duration, postgraduate management program. Welingkar's FMB program explores and analyzes best management and governance practices and family continuity challenges, including issues faced by the first generation entrepreneurs. It is designed for those who are looking out for making an existing business even more successful, more competitive and create business turnarounds without making additional investments or starting new ventures in addition to the existing ones.

2. Who should study it and what is the pedagogy used? Please elaborate.

A candidate is actively participating in the family managed business with the basic eligibility can apply for admission here. Basic eligibility to the course is Degree from any recognized university in India with 50 % marks and CAT/XAT/ /ATMA /CMAT, with two years work experience after graduation.

Classes are held for 7 days a month, leaving rest of the time to attend to the business activities and mainly to apply the classroom learning to actual business situations and see them improve. In the Family Managed Business (FMB) program at WeSchool, we adopt an approach, not commonly found in other business schools. Since FMB participants have a running business each, we focus on improving the operations in the existing business, without financial investments.

Many of the techniques taught during the course are learnt from the Kaizen philosophy of Japan and adapted to local conditions. These techniques are so powerful, that participants have reported significant improvement within the first month of commencement of the program. The course content can be contextualized to the needs of family business to help participants understand their business better; prepare them to sustain it through phases of transition and growth in the face of competition.

In parallel, participants   start a journey of self discovery as they go through workshops on understanding themselves first, and then extending the understanding to dealings with other people. Once the individual develops the ability to bring a change in oneself  the road opens up to unlimited success. Opening of the mind improves relationships with other family members, especially across generations. Specific inputs on preventing and resolving conflicts in the business family are the unique features which distinguish it from normal MBA or FMB programs.

3. What are the courses available in this space in India? Is it established as a career option here ?

With the winds of globalization sweeping through India, the traditional family businesses set up by Indian communities like Chettiyar, Gujarathi,Parsi ,Marwari  have begun to feel the pressures and the need to  adapt to the fast  changing business environment and the demands of professional  culture brought in by the multinational entities. WeSchool being ahead of the curve understood this dire need and offered a FMB program that suited the needs of large as well as medium and small enterprises. As a result, the scions from family managed businesses have a well designed educational and mentoring program available for them right here on the home soil ,saving their time and cost of studying at a foreign school where such programs are available.

4. What is it's scope as a career option (how much can one earn, how much    of international exposure it can provide and can one start their own business after studying or they require to work under a professional)?

The young leaders of family businesses who intend to manage their business and for individuals who aspire to work in family business ,especially the women who are slowly but steadily entering  the family business bastion, this kind of an educational opportunity proves  to be a major stepping stone in their career paths.

Increasing globalization means enhanced global awareness and understanding of business and cultural values across boundaries. The FMB program includes interventions like classroom teaching by prominent faculty from leading schools, industry visits , interaction with government officials and top management of leading companies during  a 10 Day visit to observe and understand the unique and highly productive work culture of Japan.

After completing the FMB program, the participant may continue to work and expand his family business but  as  WeSchool believes ,our  relationship with our students doesn't end with graduation ,it actually marks the beginning of a lifetime relationship ,that continues to offer them  immense value.

5 .What according to you are the differentiating factors between the  MBA in Family Managed Business at WeSchool and other MBA programs?

Standard MBAs are trained for seeking jobs in Corporates / MNCs etc. whereas, participants of MBA FMB are trained with management skills to be entrepreneurs. MBA trains a student to operate knowledgably and skillfully in one function such as Marketing, Operations, Finance, HR, whereas, FMB provides knowledge of all functions as required by the head of the company. In short, a MBA trains you to become a employee whereas a MBA in FMB mentors you to be an Employer.

Contributed by : Prof Dr Uday Salunkhe, Group Director ,WeSchool
For more Information pleases contact:
Prin. L. N. Welingkar Institute of Management Development & Research
Lakhamshi Napoo Road, Near Matunga (Central Rly.), Mumbai-400019
Tel.: 022- 24198300/ 24178300  I Fax: 91-22-24105585
office timings: Mon to Sat,10.00 -7.00pm.
Website :www.welingkar.org | email : admissions@welingkar.org

Source: By E-mail (April 16, 2013)

Published on IndianMBA.com on April 18, 2013


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