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IMPORTANCE OF FAMILY BUSINESS MANAGEMENT

Ready to be at the wheel?

March 10 and 11, 2018 gave aspiring and budding  entrepreneurs an opportunity to connect and collaborate. As the best and brightest minds came together and brainstormed on on how to fuel their business growth. Family business is the most important aspect in any of the business. The conference at IIT Mumbai brought together the best breed of entrepreneurs, innovators, venture capitalists, business model creators, consultants, policy-makers, academicians, and business practitioners to present and discuss innovation and success under the aegis of entrepreneurship for Small and Medium Businesses.

Over the past decade or so, in the dilemma between joining family owned businesses and higher studies. The scales have been tipping towards entrepreneurship and joining family owned businesses.

Let us explore the genesis and the reason why:

The Genesis

Today, family-owned businesses account for two-thirds of the world’s  businesses and generate most of the world’s economic output, employment and wealth. In many regions of the world, family companies dominate the economy. “Family-controlled firms now make up 19% of the companies in the Fortune Global 500,” states The Economist. In India alone, 67% businesses are family run. McKinsey forecasts, that by 2025,there will be more than 15,000 companies worldwide with at least $1 billion in annual revenues, of which 37% will be emerging-market family firms.

The need

There is a need for Family Business Management Programs whether you are in a successful family business or you are into  a business facing challenges and trying to bring about a changeover.

Successful family business:

Successful family businesses are successful because families see important changes in their industry. Simply put, successful families are entrepreneurial. Also,families succeed because they invest in productive activities, emphasise growing assets, and consume relatively little of their wealth. These families maintain a culture that encourages family members to create things of lasting value. It's not surprising that these families encourage entrepreneurs. Furthermore,successful families remain reasonably united, keeping supportive members loyal to one another and to the family's mission. Over generations, as families become more diverse, it is likely that only a few relatives per generation will directly work in the business.

Outside-the-business members might still support family philanthropic efforts or social activities, and sometimes that level of involvement is enough to maintain family unity. But investing in family entrepreneurs can also keep talented members contributing to the broader family's wealth and mission. Investing in family entrepreneurs has to be done objectively based on the feasibility of their business plans, and also fairly within the family. Even if some entrepreneurial projects don't succeed, these investments will help you spot talent to keep your business growing. And you are sending an important message: this family is committed to creating value.

Family businesses - facing challenges

While family businesses on average are stronger performers than other types of enterprise, they face distinct challenges that need to be managed. This constraint often kills the family business.

This creates the need for a course of study in Family Business Management that  helps students understand how to capitalize on the strengths, navigate the challenges, and guard against the weaknesses of the companies and the families that own them.

How is Family Business Management program different from an MBA in Entrepreneurship?

Both Family Business Management and an MBA in Entrepreneurship prepare you for setting up and gearing your own business. However, there is a subtle difference. Unlike MBA in Entrepreneurship which prepares students for a setting up a business, the Family Business Management programme is targeted at family business owners looking to sustain, scale and grow their businesses. The content and pedagogy includes concepts of entrepreneurship, business sustainability, market trends which thereby lead to portfolio expansion and business growth. The program would help you evaluate the state of your family businesses and gear you towards accelerating your business to the next level.

Colleges/Institutes for Entrepreneurial Management

Xavier School of Management (XLRI),Jamshedpur, offering a full-time six-month Post Graduate Programme for Certificate in Entrepreneurship Management (PGPCEM).

Entrepreneurship Development Institute of India, Gandhinagar,offering a two-year, full-time, residential Post Graduate Diploma in Management-Business Entrepreneurship (PGDM-BE).

SP Jain Institute of Management and Research - Mumbai,Start Your Business Certification Program (SYB), Grow Your Business Certification Program (GYB), The Entrepreneurial Manager (TEM).

Narsee Monjee Institute of Management Studies,Mumbai,M.B.A in Social Entrepreneurship

Xavier Institute of Management and Entrepreneurship - Bangalore, offering one year Entrepreneurial Development Programme (EDP)

Nirma Institute of Management,Ahmedabad,offering regular two-year MBA specialising in Family Business & Entrepreneurship.

Amity Business School ,Noida, offering two year M.B.A in Entrepreneurship

IIM , Bangalore, specialization in Entrepreneurs & Family Businesses.

IIM Udaipur,  Management Development Program for Women Entrepreneurs.

National Institute for Entrepreneurship & Small Business Development (NIESBUD), Delhi

The NIESBUD is an apex institute in the area of entrepreneurship and small business development under the Ministry of Micro, Small and Medium Enterprises, Government of India. It oversees the activities of various institutions and agencies engaged in entrepreneurship development, particularly in the area of small industry and small business. It also provides numerous training and development courses for budding entrepreneurs and small businesses.

Making the right choice:

In the world of family business, the entrepreneurs we celebrate are usually founders of companies. If you wish to be a founder of a company, start your new venture and learn how to navigate, go in for a pure MBA in Entrepreneurship. However, if you wish to join your family business and are supposed to take care of and grow the founder's creation, you are not expected to be entrepreneurs but to understand and carry forward the vision of the founder,an MBA in Entrepreneurship would be more helpful.

Therefore, it is imperative that you make the right and informed choice…

Are these mutually exclusive?

If this makes you think that family business management programs are incompatible to entrepreneurship. The reason is because they are for students who are in family businesses that are usually tradition-bound, multi- generational. Let me tell you, we need to blur the lines here.  The family businesses need to be more entrepreneurial. They need to  pass on the entrepreneurial mindset and capabilities. To create new streams of wealth across many generations- not just pass the business on from one generation to the next. We need to come up with the concept of ‘family entrepreneurship’. When a leadership transition occurs in a family business, the new generation of leadership should be careful to maintain and build on the networks and knowledge of the former leaders, while expanding their own networks. This will insure that the business can continue to be entrepreneurial into the future.

And when they do, the distinction between Entrepreneurship and Family Business Management studies would begin to blur...

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CAREER IN PHILANTHROPY - Art of Giving & Receiving

We live in a humane society- striving to be just and equitable. More and more successful people throughout the world want to leave a legacy and do something that will make a difference. Career in Philanthropy is a growing option which builds meaningful partnerships to make this happen. It provides transformational support for amazing projects in areas as diverse as finding effective treatments for cancer or malaria in the areas where a normal person cannot get the access.

Indian philanthropy, especially individual philanthropy, is at a critical juncture. According to Bain’s “India Philanthropy Report 2017”, India’s philanthropy market has “matured” considerably, particularly when it comes to contributions from individual philanthropists. Indeed, the report finds that the amount of funds coming from individual philanthropists has grown six fold in the past five years. Contributions from individual philanthropists have also grown faster than those coming from any other source, such as foreign aid, or from corporate social responsibility (CSR) activities.

Over the last decade, philanthropy in India has grown rapidly. There has been healthy growth across corporate, ‘retail’, and HNI-led philanthropy. The Giving Pledge, changes to the Companies Act (CSR), and crowd-funding opportunities have all provided impetus to the sector. At the same time, there is a sharper focus on innovation, scale, sustainability, and accountability in the social impact sector. New areas of thematic interest, such as governance, scientific research, and independent media are emerging.

These developments in the philanthropy and social impact sectors have been accompanied by a growing ecosystem of support. Even at its relatively nascent stage, the ecosystem encompasses a range of service providers across domains such as legal, compliance, strategy, talent, fundraising, communication and incubation.

What is Philanthropy?

Philanthropy is a critical part of a democratic society. It is different than charity, which focuses on eliminating the suffering caused by social problems, while philanthropy focuses on the elimination of social problems. It supports projects and endeavours from which we all benefit, such as libraries, museums and scientific research; and it also supports efforts that may be too unpopular or controversial to gain the widespread support of the general public or the government.

Why a shift towards Philanthropy?

This question comes up often in the general discussion about plans after graduating college, and rather more often when you’ve got a bachelor’s degree in any of the field and are pursuing a job in development/foundations/non-profits. But it’s also something that’s critical to a job search in the philanthropic sector. Understanding why you want to do something helps inform your reviews of the job search boards, makes interviewing a bit less scary, and allows you to talk concretely to your network about what you’re looking for. So – to answer the question, personally: Philanthropy isn’t something you do once and never again. It’s a way of life, a continuous desire to use your time, talent, and treasure to make the world a better place. The philanthropic sector is a place where your passion can really make a difference. It’s also a field where you can have a hand in changing the way things are into the way things ought to be. You can be part of building community resources, of bringing people together to talk about issues, of working collaboratively to solve a variety of problems in a community. It is believed that it’s just part of how to intend to go about changing the world. The problem-solving, process-oriented approach to the work gained from a technical or any other degree makes you organized, efficient, creative, and thorough.

Career in Philanthropy- Where to start

If you’re considering working as a philanthropist, here are some steps that you can follow

Get non-profit experiences

Working and volunteering in the non-profit sector will allow you to see what you like and dislike about organizations and positions within those organizations. You might connect with a certain social issue, movement or organizational function. You will learn important factors about both the field of philanthropy and yourself, and gaining that experience will benefit your future career, especially if you’re a role that involves grant seeking.

Demonstrate passion about an issue

Maybe you have a specific type of philanthropy work in mind - improving the public education system, or getting clean water to communities often forgotten. If there’s a certain cause that moves you, pursue that, this will surely help you in your career.

Go global

If you’ve always entertained the idea of living in another country and are searching for an opportunity to launch a career in philanthropy, now could be the ideal time to make that move. Working abroad will give you global experience that many philanthropies value.

Consider internships and fellowships

Although not a full-time job, internships and fellowships can be valuable opportunities which provide hands on experience within organizations. You can build relationships, learn about the field, and possibly land a full-time job. Whether by taking courses online, at a college, reading online, or attending lectures, it is important to expand your existing knowledge of the role philanthropy if you plan on working in the field.

Career in Philanthropy

There are different options for career in Philanthropy, some of them are mentioned below:

Research Analyst:

Most of the peer learning efforts on philanthropy is led by some leading Indian philanthropists and business leaders like the Azim Premji foundation. The platform works as a facilitator and enabler for dialogues and learning on social issues and philanthropy by the privileged in India. You can work as a research analyst where your role will involve a lot of reading across diverse subjects; meeting with diverse groups; thinking, processing and analysing; writing; planning and organizing convening for philanthropists; and some travel. This includes meeting with philanthropists, their families, and their professional teams to understand their needs. You may also be  meeting with social organisations and experts from time to time; researching issues, individuals and organizations; designing and organizing different convening, curating content and working on follow-on activities; creating briefs and reports; and coordinating with offices of leaders and external vendors. While this will be a structured role, with the right attitude and capabilities, you will be able to influence and shape the strategic framework of philanthropic efforts in organizations.

These job functions are primarily found at foundations that operate similarly to think tanks and produce their own independent research connected to their grant making priorities.

Program Officer:

Program officers figure out the who, what and how of giving out grant money. It’s your job to make sure the right grant gets to the right organization. To be a program officer, you’ve got to be an expert in your area — whether that’s public health, education, poverty or beyond. Program officers usually come to foundations after pursuing careers in academia, public charities or agencies. Foundations hire you because you have deep knowledge and expertise in a particular area.

Communications  Specialist:

As a Communications Specialist, you would be responsible for a non profit’s public relations and media outreach. You manage PR staff if you have them, create communication strategies and serve as the spokesperson for your organization. It’s your job to make sure your non profit is publicly seen in the best light possible — and that people have actually heard about your work.

Grants Management:

This role involves marketing and identifying new donors and building relationships with current donors for increased giving. You may also write proposals and create presentations to pitch for business development and work closely with other units of the organization, particularly  Finance, regional representatives/offices, and the organization’s global alliance to ensure the organization fundraising is represented and positioned appropriately. You also have to be knowledgeable about grantees, regulatory compliance, internal processes and  track grants made and grant reports. All this can be done when you are efficient with new technology and databases.

Executive Director:

Executive directors are like the CEOs of the non profit world. You would be responsible for identifying scope and opportunities among corporate sector to grow business development work for CSR and Payroll giving, scaling the existing fundraising model. You would also be implementing the business development strategy for financial growth besides innovating, developing and supporting new fundraising products to broad-base the organization’s streams of fundraising.

Getting in:

You may step into a career in philanthropy after any Liberal arts degree from universities like the Ashoka University, Delhi or Flame University, Pune as it gives you a broader mindset to get a quintessential view of systems and processes and how important it is to build an equitable and just society.

You may also get enrolled in MOOC’s and continuing degrees from Universities abroad. Having said that, career in philanthropy is a mindset rather than just a degree. You can build a successful career in philanthropy even when you laterally deep dive into it from another industry like academia.

Some of the universities for a continuing education are:

Richmond school of professional and Continuing Studies, Richmond University

The Institute on Philanthropy (IOP) strengthens the community by educating non profit professionals, volunteers, donors and community leaders in ethical and effective fundraising, marketing and board development strategies. We design our classes to meet the needs of a variety of non profit audiences. Our institutes serve participating nonprofits from Central Virginia and for international students on an F1 visa.

IOP offers coursework and week-long certification institutes in several areas for non profit staff, managers and board members.

Indiana University Lilly Family School of Philanthropy

It offers B.A and M.A, P.HD  in philanthropic studies apart from certificate courses in Philanthropic studies. Philanthropic studies provides a theoretical framework and practical knowledge about volunteering and charitable giving, and organizations that support and depend on the giving of “time, talent, and treasure” in society. The bachelor’s degree program offers an opportunity for students to understand the cultural traditions of voluntary action and to practice working with others towards the common good. The curriculum explores the historical, philosophical, and economic “whys” of giving and volunteering as well as the “how to” of working within non profit organizations. Students engage with many disciplines such as anthropology, economics, history, literature, philosophy, political science, psychology, religion, and sociology. Philanthropic studies is a major designed to educate socially responsive students in the emerging field of philanthropy and non profit organizations in the local, national, and international arenas.

Philanthropy University

Philanthropy University teaches people working for social good how to change the world. A first-of-its kind, this non profit educational initiative offers tuition free courses taught by leading instructors and professionals. Through lectures, resources, and community, the program will help you elevate your cause and further your reach. You would be learning how to create social impact and build on the essentials of philanthropic strategy.

Conclusion

Therefore, if you wish to carve a career that leaves impact and is satisfying, getting into any of the career  in philanthropy can be very gratifying. You can indeed make a difference, usually in small yet meaningful ways, occasionally in larger and influential ways.

Step in and leave a trail blazer behind...