SPJIMR is one of the leading Business Schools in India. As a leading B-school, it takes its responsibility to influence management practice very seriously. The Institute is known for its creativity in identifying various segments which are in need of management advice and inputs. It then designs postgraduate programs and conducts classes for such students to become better business professionals. 20 years back, in 1997, SPJIMR introduced one such revolutionary new postgraduate program called the Family Managed Business Program.
What this program did was, it allowed small and medium businesses, which were really family owned and managed, to think of growing through adopting a professional approach. Engaging and employing professionals was a costly proposition for them. Also, their capacity to attract such talent itself was questionable, when they were not really well-versed with management practices. Young businessmen and women from all over the country, and also from neighboring countries like Nepal and Hong Kong, have in the last 20 years learned how to run their businesses professionally themselves, thanks to this programme. They have then actually benefitted their family-run businesses by introducing a professional touch.
The number of such children from business houses who have gone through the program today is more than 3500. The program has been conducted in about 30 batches. We can safely say today that there is a family for the students of the family managed business program in almost every little city in India.
Being one of a kind, the Family Managed Business Programme is different from most other postgraduate programmes. The main highlights are:
- It is a modular programme, conducted in three phases over 13 months, with one week on-campus and three weeks off-campus learning. Students then are expected to work on their Business and Role Plan to set out the course of their business in the next 3 years and present it by the 18th month.
- The learning process draws the student’s focus on his/her own individual business and acts as a powerful internship, though in one’s own business.
- Students learn about business issues, as also family dynamics, which can help/hinder solving such business issues.
- Functional areas of management, such as Marketing, Finance etc. are taught in the first two phases, while Phase 3 offers custom electives in Service, Manufacturing, Retail and Real Estate sectors.
- Students get to learn from top faculty including leading industry practitioners, peers, distinguished alumni, and mentors.
- There are special mentor workshops for students and mentors of each batch, to interact with industry experts and family business specialists.
- The program has special sessions designed and structured every contact to expose students to alumni (through family Fridays), to industry professionals (through Samagams), through Labs and Outbounds ( Leadership Lab) and other such activities.
- Industry in the classroom sessions invites industry professionals into the classroom, to speak on topics covered as part of the curriculum. In addition, non-credit sessions are organized as per students’ choice on topics of interest.
- The students of FMB celebrate their very own fest #dhandha. As part of this fest, students connect with the students of the Institute’s PGDM and PGPM program as part of the Consulting Competition. PGDM/PGPM students work together on FMBs’ business problems and provide consulting inputs.
- The students get to be a part of cross-industry learning and gain international exposure as well through industrial visits. Domestic industrial visits in the third phase are compulsory.
- SPJIMR leverages its vast network of international partner schools to organize international immersions for FMB students.
The program exposes participants to courses aimed at strengthening the fundamentals in all areas of functional management and providing a holistic perspective of general management in the first two phases.The third phase comprises of custom electives – Realty, Retail, Manufacturing & Service, in addition to a set of General Electives.
Phase 1: Basic courses aimed at learning about “what is a business?”
Phase 2: Advanced courses aimed at learning the various dimensions of one’s own business.
Phase 3: Custom electives aimed at deeper understanding of the business sector and the opportunities and challenges therein. The four custom electives offered are Realty, Retail, Manufacturing, and Service.
An interested candidate needs to pass the given criteria in order to get an admission in the Family Managed Business Programme by SPJIMR. The candidate should have:
- passed an undergraduate programme from a certified/ recognized University
- he should be a member of a family managed business (at least second generation), with a significant stake in the business
- familiarity with the family business or has worked in any part of the family business.
- business acumen and is willing to learn
- a mentor who is willing to spend time as per the requirements of the programme
The Family Managed Business course by SPJIMR has received an enthusiastic response from not just metros like Delhi, Mumbai, Kolkata etc., but also from small cities and towns from India Coming to the student base, B.Com, BBA, BMS and Btech graduates are the ones who have chosen it as a suitable Post Graduate programme for themselves.
The program offers a certificate in family managed business, which is certified as equivalent to an MBA by the Association of MBAs (AMBA) today. The program is also in the process of going through an accreditation by the prestigious Association to Advance Collegiate Schools of Business (AACSB).
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