How to lead the change in family businesses?

Change or transformation is the essence of life and it’s inevitable and is bound to happen sooner or later. Business, like any other ecosystem, is time and again exposed to the forces of change and the smartness lies in understanding the undercurrent and prepare for an overhaul to lead the change.

Closely observing the evolving scenario:
To run a successful Family business, the knack to lead the change is the most important element to make things work. The typical problems that trouble Family businesses, such as lack of trust or failure to professionalize can be managed clearly by adopting a model of change that is professionally taught in an institution of eminence like Pravin Dalal School of Entrepreneurship & Family Business Management which was established in 2006.

Understanding the pulse of Family run businesses:
The School offers multiple programs, stated below, and nurtures future leadership through its pioneering ecosystem of well-respected faculty, futuristic curriculum, subject matter expert talks, peer group learning, personal development workshops, intensive international exposure and social connect programs.

MBA (Entrepreneurship)
Integrated MBA (Entrepreneurship and Family Business)
MBA (Entrepreneurship & Family Business)
Weekend Family Managed Business Administration Program (FMBA)
Pravin Dalal School is an initiative of ‘The School of Business Management’ (SBM) of NMIMS Deemed-to-be-University which offers best management education in the country to the individuals who want to make the key transition in their careers.

Narsee Monjee Institute of Management Studies (NMIMS) was established in 1981 by Shri Vile Parle Kelavani Mandal (SVKM) to meet the growing demand for management education. In 2003, NMIMS was declared a Deemed to be university under Section 3 of the UGC Act 1956. With the legacy of 40 years, NMIMS has become one of the Top-10 B-schools in India and has emerged as a multi-disciplinary, multi-campus University with 17,000+ students and 750+ full-time faculty members.

Acquiring a potent tool:
The smartly crafted ‘2 Year MBA Entrepreneurship & Family Business’ is specifically designed to assist family-owned businesses in understanding the changing dynamics of competition as well as the organization, brought about by globalization. This program further helps the students in identifying business opportunities by assessing the risks and providing solutions for emerging markets. This course will help students to learn fundamentals and acquire skill sets that will prepare them from the initial development of a business plan to financing a start-up and managing a growing business.

Developing the managerial acumen:

MBA (Entrepreneurship & Family Business): It’s a 2 Year course with a judicious mix of classroom lectures, case studies, project assignments and industrial visits.

Program Highlights:

To develop skills in successfully initiating, expanding, diversifying and managing an enterprise with a focus on understanding real-life business situations & practices
To inculcate among students entrepreneurial competencies including self-confidence, goal setting, planning, information seeking, problem-solving and planned risk-taking
To provide intensive personal counselling to develop a competent entrepreneur and a successful business executive of tomorrow
Getting the desired output:

The School has a ‘Vision to be amongst the Top 50 in the World’ by understanding and appropriately delivering a strategic path to transform and grow businesses while they play an important role in the evolving economy. The structure of excellence fostered at Pravin Dalal School is greatly in sync with the spirit of the times and the passing out students will be leading the change in developing an inclusive and prosperous society.

Add exceptional value to family owned businesses with NMIMS Pravin Dalal School of Entrepreneurship & Family Business Management

A deep analysis of any business ecosystem brings out facts that show the path for a complete overhaul which will sustain the economy and will further strengthen it. One such keen observation of the current times is that the age-old strategies in family managed businesses that have worked well in the past may not be suitable to keep the businesses going in the future and needs a major turnaround.

In fact, the focus remains to deeply understand and appropriately deliver Indian Family Businesses a strategic path to transform and grow their business while they play an important role in India’s growth. To tide over such transformation with ease and understand the emerging need of Family-run businesses, Pravin Dalal School of Entrepreneurship & Family Business Management was established in 1999.

The School offers multiple programs, stated below, and nurtures future leadership through its pioneering ecosystem of well-respected faculty, futuristic curriculum, subject matter expert talks, peer group learning, personal development workshops, intensive international exposure and social connect programs.

MBA (Entrepreneurship & Family Business)
Integrated MBA (Entrepreneurship and Family Business)
MBA (Entrepreneurship)
Weekend Family Managed Business Administration Program (FMBA)
Pravin Dalal School is an initiative of ‘The School of Business Management’ (SBM) of NMIMS Deemed-to-be-University which offers best management education in the country to the individuals who want to make the key transition in their careers.

Narsee Monjee Institute of Management Studies (NMIMS) was established in 1981 by Shri Vile Parle Kelavani Mandal (SVKM) to meet the growing demand for management education. In 2003, NMIMS was declared a Deemed to be university under Section 3 of the UGC Act 1956. With the legacy of 40 years, NMIMS has become one of the Top-10 B-schools in India and has emerged as a multi-disciplinary, multi-campus University with 17,000+ students and 750+ full-time faculty members.

The objective of the ‘2 Year Full-time MBA (Entrepreneurship & Family Business)’ program is to assist family-owned businesses in understanding the changing dynamics of competition as well as the organization, brought about by globalization. The program intends to develop family business successors as enterprising and knowledgeable owners of the businesses of their forefathers. The program is primarily aimed at offering entrepreneurial and leadership skills to individuals who wish to begin and be successful in the challenging environment of current businesses.

MBA (Entrepreneurship & Family Business): It’s a 2 Year course with a judicious mix of classroom lectures, case studies, project assignments and industrial visits.

Program Highlights:

To develop skills in successfully initiating, expanding, diversifying and managing an enterprise with a focus on understanding real-life business situations & practices
To inculcate among students entrepreneurial competencies including self-confidence, goal setting, planning, information seeking, problem-solving and planned risk-taking
To provide intensive personal counselling to develop a competent entrepreneur and a successful business executive of tomorrow
With its consistent efforts of transforming and enabling the development of leadership skills, for sustainability and scalability of respective Family-run businesses., AACSB has recognised Pravin Dalal School of Entrepreneurship & Family Business Management with the ‘The 2020 Innovations That Inspire’. The School is one of the today’s global face of higher education and serve as catalysts for innovation. The journey of students at NMIMS Pravin Dalal School is an unparalleled experience of intensive learning and provides a deeper perspective through holistic learning.

HOW NMIMS ENSURES A SMOOTH TRANSFORMATION IN FAMILY BUSINESSES

In 4 easy steps, let’s understand
how NMIMS ensures a smooth transformation
in family businesses

Step 1: Offers a different

Family-managed businesses should have appropriate skills and deeper insights of corporate strategies for achieving better results along with the desired quality and speed. Most of the family-run businesses face unique challenges and to tide over such transformation with ease, it’s imperative to seek a professional approach that provides a modern dimension.

Step 2: Gives solution based on years of priceless experience

For family businesses to ensure a constant growth rate and a systematic work ethos they need to adopt a model of change; something that is professionally taught in an institution of eminence like Pravin Dalal School of Entrepreneurship & Family Business Management which was established in 2006.

Pravin Dalal School is an initiative of ‘The School of Business Management’ (SBM) of NMIMS Deemed-to-be-University which offers the best management education in the country to the individuals who want to make the key transition in their careers with a wide range of management skills and leadership qualities.

Step 3: Outlines a program that’s suitably designed for family businesses

Weekend Family Managed Business Administration Program (FMBA)

The unique tailor-made ‘Weekend, 1 Year Management Program (FMBA) is for owner-entrepreneurs and their family members who would like to equip themselves with the knowledge of modern management concepts and practices. This knowledge will enable them to meet the new-age challenges and seize emerging business opportunities.

Also, the weekend structure of the program ideally suits those who are already involved in running their family businesses. The FMBA Program trains the students to act as a major force of change in their family businesses to set new benchmarks of excellence.

Apart from this, Pravin Dalal School also offers multiple programs, stated below, to nurture future leaders through its pioneering ecosystem of well-respected faculty, futuristic curriculum, subject matter expert talks, peer group learning, personal development workshops, intensive international exposure and social connect programs.

MBA (Entrepreneurship) – After graduation
Integrated MBA (Entrepreneurship and Family Business) – After 10+2
MBA (Entrepreneurship & Family Business) – After graduation

Step 4: Crafts the program’s structure to evoke excellence

FMBA Pedagogy

Lectures & presentations by experienced faculty supported by handouts and assignments
Presentations by guest speakers apart from a host of special seminars, outbound training, factory visits, etc.
Assignments in core management subjects as a learning exercise
Compulsory detailed project on one’s own business with a SWOT analysis
Helps students to prepare a comprehensive document on the various facets of their family business
Presentation of projects by students in the class thereby offering a great learning opportunity

With the legacy of 40 years, NMIMS Deemed to be University has grown to being not only one of the top-10 B-schools in India but also emerged as a multi-disciplinary, multi-campus University at Mumbai, Navi Mumbai, Indore, Shirpur, Dhule, Bengaluru, Hyderabad and Chandigarh and seventeen constituent schools that include Management, Family Business, Engineering, Pharmacy, Architecture, Commerce, Economics, Law, Science, Liberal Arts, Design, Performing Arts, Mathematical Science, Agricultural Science, Hospitality Management, Branding & Advertising and Distance Learning. In addition, NMIMS have ten Centres of Excellence as well at the University.

A concluding note: The journey of students at Pravin Dalal School will be an unparalleled experience of intensive learning and will provide a deeper perspective meant to transform family-run businesses holistically.