B-schools offer family-run business courses for next generation

In order to provide a professional touch to family-owned businesses, many B-schools in India are now introducing courses specific to the next generation of such enterprises.

According to experts, there is an acute need for such programmes in India because more than 70 per cent of top businesses in the country are family-owned.

They also feel that offering such courses would encourage the development of managerial skills and entrepreneurship spirit.

The Indian School of Business (ISB) is one such institute. It recently introduced a 15-month course titled Management Programme for Family Business (MFAB).

"Family businesses are more and more looking for professionalism ... and responding to the changes, younger generation are looking to get more (educational) exposure," Kavil Ramachandran, a professor at the Indian School of Business said.

International Management Institute (IMI), which is based in Delhi, will also introduce a programme in 2013  - titled Global PGDM (MBA): Family Business. The duration of this course would be 18 months.

As part of the IMI programme, the students would be required to work on a project for six months at their respective family businesses.

Experts believe that such courses would not just give a professional edge to family-owned businesses, but would also help the younger generation in dealing with challenges that come with ever-changing economic climate.

Source: PTI