The Family Managed Business ProgramS.P. Jain Institute of Management and Research
- Post Graduate Diploma
Frequent Asked Questions
The FMB Programme is open to graduate family members with a significant stake in the family business. Sponsorship by the business is essential. Selection is through assessment of the application followed by a test and personal interview.
SPJIMR pioneered the Family Managed Business Programme for young family business managers, which is now in its 12th Year.
The Family Managed Business (FMB) programme has a custom designed architecture reflecting the central theme of preparing the participant for leadership of his/her family business. The architecture adopted focuses on the objectives and pedagogy for fulfilling the theme
Family Businesses make numerous and critical contributions to the economy both in terms of money income and such intangibles as time, flexibility, control and personal expertise. Family businesses add the realities of family life to traditional business ethos, expanding the range of issues, personalities, needs and potential solutions for each decision. Knowing something about family types, communication patterns, managerial styles and the amount of support members can expect from their families, may be as important to entrepreneurs as knowing how to reach a market or managing cash flows.
The SPJIMR Family Managed Business Programme was evolved to assist family-owned firms in meeting the unique managerial challenges associated with operating and sustaining a successful family enterprise. The programme helps the students to identify which family dynamics most often affect business decisions, and learn how to overcome these hurdles to continued growth and profitability.
This program is offered by the Centre for Family Businesses in India at SPJIMR, which is committed in its mission to:
* Further the understanding, growth and development of responsible family-owned business.
* Celebrate the importance of family enterprises in our economy and our society.
* To prepare next generation family business leaders for their unique leadership roles.
* To increase the survival rate of mature family-owned businesses by focusing on opportunities inherent in these enterprises
The connection between entrepreneurship and family business appears to be widely recognized. An entrepreneur is often defined as someone who specializes in making judgmental decisions about the coordination of scarce resources, is institution-free, deals with the factors of risk, and has influence over the flow of information, Although the literature often portrays the entrepreneur as a single individual, family business literature strongly suggests that families are vital and supportive environments for entrepreneurial behavior. Put simply, entrepreneurship is the start and heart of most family managed businesses, and the phenomenon of an entrepreneurial family fosters, subsidises and enhances the efforts of its members who engage in entrepreneurship. "Family business" is a wider-lens view of entrepreneurship, as the initial business effort of one or more family members grows and changes over time.
The Family Managed Business (FMB) programme has a custom designed architecture reflecting the central theme of preparing the participant for leadership of his/her family business. The architecture adopted focuses on the objectives and pedagogy for fulfilling the theme.
The objectives are to:
* Equip young family business managers with management concepts and techniques for meeting the distinct challenges in managing a successful, growing family business.
* Prepare the family member for developing a strategic and general management understanding of the business backed up with a global perspective.
* Inculcate in the family member the attributes of continuous learning and reflection which would enable him/her to keep abreast of the future.
* Develop a keen business interest in the external world beyond the family and the business.
Understand and synergise the dual role played by a family member, as a member of the owner family, and as a business manager.
The concept and design of the Programme for Family Managed Businesses follows from a certain philosophy of what learning, including managerial learning, is and how it is best facilitated in a formal MBA Programme.
* First, we believe that true learning takes place through application, by actual experience in real life, no matter how well something is explained in the classroom. This is because, unlike with classroom exercises, no business problem is a standalone problem; it occurs in a certain historical context within the organization and it has ramifications that go well beyond any function, extending to the organization as a whole. The integrated approach to problem identification and problem solving is something that is not captured well in most classroom exercises. Our Programme accordingly attempts to focus on the workplace and on discussions of real life situations in participants' businesses. Participants will be required to constantly relate theoretical frameworks and concepts to actual business realities. This is why the Programme is designed so that participants are not required to leave their workplace for the full duration of the Programme.
* Secondly, learning is a matter of discovering through reflection and critical inquiry even while one is in the process of acting. The individual teaches himself from his problem or situation and asks: why are things not working out? What is going wrong here? The individual may use various theoretical concepts in dealing with his problem, but it is the thrill of discovery in real life that constitutes true learning, learning that the individual carries with him throughout his life. For this to happen, the individual must develop the capacity to learn by himself. Our Programme, accordingly, emphasizes self-learning.
* Thirdly, we think learning requires observation of the world around us and a willingness to learn from others, and that it is more effective when it is fun. Our Programme will, therefore, encourage and require group learning through the formation of peer groups. Learning will take place when people sit around in a spirit of camaraderie, share problems and invite solutions from peers and, quite possibly, from their elders.
Following from the above, the Programme uses the following pedagogic approaches:
* programmed self-learning and group learning
* well structured classroom sessions
* interaction with teaching faculty, face-to-face as well as through computer networking
* project work as application of concepts to real life situations
* experiential learning though visits and interaction at selected business "sites"
* An e-mail network that would allow interaction among participants and between participants and faculty.