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 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.
DurationThe duration of the FMB Programme is 2 years including the foreign visit. The participants spend one week each month at the Centre in learning and the remaining three weeks at their work place, applying the acquired concepts and skills in their business. They also work on specific assignments, reporting to the faculty through e-mail.
Similarly, the duration of the Owner Manager Programme is twelve months.
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.
