The School of Business Management (SBM) of the SVKM’s NMIMS Deemed to be University ( as per UGC Norms) has long been a leader in management education. Apart from offering various programs for students, the School also offers executive education programs mapedir training working professionals, who want to make the key transition in their lives.
Family owned businesses have played a crucial role in the economy of most countries. Much of the retail trade, the small scale industry, and the service sector are run by family businesses.
Further, family managed businesses employ half the world’s workforce and generate well over half of the world’s GDP. In the United States, 24 million family businesses employ 62 percent of the workforce and account for 64 percent of the GDP. In India, it is estimated that 95 percent of the registered firms are family businesses.
With time, the contribution of family businesses has gone beyond simply paying taxes and employing people. Most of the business families face unique management challenges because of the difference in the attitude and aspiration of family members. As new generations join the business, it is an enormous challenge to keep the family and business together. It has been observed that:
However the close knit structure of families which foster teamwork combined with respect to family values and family elders, has been the key to success of many family businesses.
The MBA (Entrepreneurship & Family Business) program was developed to assist family owned firms to be in line with professional organizations.
The differentiating factor here is that, while other full time programs create quality management professional for corporate, this program seeks to professionalize the approach of the owners of family business in the nitty gritties of modern management. The two year diploma helps the students to identify family dynamics that affect most business decisions, and learn how to overcome day to day operational hurdles to conitnue growth and profitability. Since the stakes are different, the focus is different as well.
A judicious mix of classroom lectures by expert faculty members, case studies and project assignments is followed. Frequent interaction with highly reputed professional manager/entreprenuers is an important input fo the program. Regular visits to industries and guest lectures by industry experts form an integral part of the customized course. International trips are also organized to give students a global perspective.
The MBA (Entrepreneurship & Family Business) course boasts of its linkage with renowned foreign universities aims to give its students an amalgam of national and international exposure. It has developed a unique summer entrepreneurship program in collaboration with Athens university of economics and business, Greece. The first summer entrepreneurship program was successfully completed in 2006, wherein students from the course were elected and offered the opportunity to study at AEB, Greece.
The objective of this unique visiting programs and collaborative initiative between higher institutions in Greece and India is to offer indian students of entreprenuership and family business management an insight into the Greek, Balran and South East European business environments.
Students are selected amongst candidates following the 2 year Narsee Monjee Institute MBA with specialization in family business management. This program has pioneered Indian business education in the field of entrepreneurial studies, offering customized modules, professional lectures, and company visits with emphasis on the sectors that the participants belong to.
Students of MBA (Entrepreneurship & Family Business) are taken on a frutiful industrial visit to China, covering varied business sectors like Retail, Manufacturing, FMCG, Petrochemicals, Steel, Textiles etc. spread across prime business center like Shanghai, Beijing, Hanzhou. In addtition to this, students accompanied by faculty members visited Jia Tong university, Shanghai, one of the best MBA Universities in China.
NMIMS Deemed to be University ( as per UGC Norms) has played host to a number of events, cultural and academic, which are a great learning experience for the students. Students of MBA (Entrepreneurship & Family Business) play a pivotal role in organizing; participating and making a grand success of these event. They have always taken the initiative to design and organize cultural feasts, where sharpening their leadership skills.
MBA (Entrepreneurship & Family Business) students have organized several event – alumni meets and series of guest lectures both social and academic
Students of family business are also an integral part of CII-YI Net Mumbai, which organizes events like the annual CII-YI meets, participation in the Mumbai marathon, the Stock Market Game, Case Study competition and industry visits.