India's dynamic business landscape offers a variety of MBA programs tailored specifically for individuals involved in family businesses. These programs not only equip participants with essential business skills but also address the unique challenges faced by family-run enterprises, such as succession planning, governance structures, and inter-generational dynamics. Here's a comprehensive look at some of the leading MBA programs in India designed for family business professionals.
1. ISB MFAB (Post Graduate Programme in Management for Family Business)
Duration: 15 Months
Eligibility: Minimum 2 years of work experience, graduation or equivalent, and knowledge of family business.
Fee: INR 42,13,000 + GST
ISB MFAB Program Highlights:
Focuses on strategic management, entrepreneurship, and innovation tailored for family businesses.
Includes international immersion for global exposure.
The selection process involves the Business Admissions Test (BAT) and an interview.
Provides a holistic understanding of managing family businesses with a strong emphasis on leadership and business scale.
2. IIM Bangalore - Management Programme for Entrepreneurs and Family Business (MPEFB-12)
Duration: 9 months
Eligibility: Graduates with a minimum of 3 years of experience and a track record as entrepreneurs.
Fee: INR 9,03,500 + GST (Residential) or INR 8,00,000 + GST (Non-Residential)
Program Highlights:
Covers key areas such as strategy, leadership, and managing digital businesses.
Offers international immersion, focusing on understanding global business contexts (e.g., Korea Immersion).
Emphasizes succession planning and governance, crucial for the long-term sustainability of family businesses.
Practical insights through project presentations and real-world applications.
3. IIM Indore - Post Graduate Certificate Programme in Family Business Management & Entrepreneurship
Duration: 12 Months
Eligibility: Minimum 2 years of work experience and 50% marks in undergraduate/postgraduate studies.
Fee: INR 4,50,000 + GST
Program Highlights:
Delivered through live online lectures with a flexible schedule.
Focuses on cultivating strategic thinking, financial management, and entrepreneurial marketing.
Specific modules dedicated to succession planning, governance structures, and managing family brand.
Includes campus and simulation modules for hands-on experience.
4. NMIMS School of Business Management, Mumbai - MBA in Entrepreneurship & Family Business
Duration: 9 months
Eligibility: Bachelor’s degree with a minimum of 50% score and good communication skills.
Fee: INR 2,99,000 + GST
Program Highlights:
Combines classroom learning with practical assignments and evaluations.
Focus on entrepreneurship, leadership, and managing family businesses.
Offers an international tour for global business exposure.
Evaluation criteria include quizzes, assignments, and peer acceptance.
5. S.P. Jain Institute of Management and Research - Post Graduate Certificate in Family Business Management (PGPFMB)
Duration: 18 Months
Eligibility: Requires mentor support from a senior family member actively involved in the business.
Fee: INR 17,05,000 + GST
Program Highlights:
Focuses on leadership development and strategic management tailored for family businesses.
Offers international immersion for global exposure.
Emphasizes hands-on application, with the family business serving as a testbed for course projects.
Selection process involves an online aptitude test and an interview.
6. IIM Calcutta - Post Graduate Certificate in Family Business Management
Duration: 1 Year
Eligibility: Graduation in any discipline and involvement in top management of the family business.
Fee: INR 4,56,000 + Taxes
Program Highlights:
Delivered through a flexible online platform with campus visits.
Covers professionalizing business functions, strategic thinking, and leadership in family businesses.
Focuses on financing business growth and taking the business global.
Includes a capstone project for practical application of learned concepts.
Choosing the Right Program
When selecting an MBA program for family business, it’s essential to consider factors such as program duration, fees, curriculum, and the specific needs of your business. Each of the programs listed above offers a unique blend of theoretical knowledge and practical insights tailored to the challenges of managing a family enterprise. Whether you're looking to professionalize your business, plan for succession, or expand globally, these programs provide the tools and knowledge to help you succeed.
Investing in an MBA program specifically designed for family businesses can be a game-changer, equipping you with the skills and perspectives needed to navigate the complexities of running a successful family enterprise in today’s competitive environment.
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