Madhya Pradesh : Career Institute of International Management has introduced a new specialization course named Family Business in their PGDM Program this year. For SME’s and Business men who want their children to stay in the family business and excel, this course promises to help them in taking the family business to the next level.
In India, family businesses account for about 70% of the total sales and net profits of the biggest 250 private sector companies. About a third of the companies listed in Fortune 500 are family businesses. There is something special about business organizations since it combines the business and the family. That is why, in India, business and family were and are absolutely inseparable.
Family Businesses are fast becoming the dominant form of business enterprise in both developed and developing economies and play an important role both economically and socially. Their influence and number of family businesses are expected to increase substantially in the near future the reason of which can be attributed to the inability of the formal sector to create new jobs.
Pradeep Jain, Group Director, Career Business Schools says, “As Family owned businesses face additional challenges because of their unique and interpersonal relationships, the curriculum of this course is designed in such a way that it will give new insights to problems arising from family conflict, emotional issues, sibling rivalry, autocratic paternalistic culture, rigidity in innovation, succession and resistance to change.”
“Of these, succession is the biggest challenge faced by Family owned businesses in India. Statistics shows that in India, it is difficult to take it to the third generation while in Europe family Business goes on till the sixth generation. GE is one example of Family Business that has completed 100 years”, he added.
So, if you are about to join the family business, then have a look at the PGDM course. It promises a strong understanding on the family business and also will make you learn the techniques to take your business to altogether new heights.