Since times, we have worked for food, clothing, and shelter. We still do, but the jobs themselves have changed a great deal, and many professions are now obsolete, meaning and no longer useful. For instance, old-fashioned lamplighters have been replaced by electrical switches. Other professions have been modernized. The same goes with family owned businesses. Even they are undergoing the process of change. But no matter how tools change with time and jobs disappear or change, it seems that people will always have to work to get what they need.
There isn’t any institution more enduring or universal than a family business. Before the multinational corporations came into the picture, most businesses were family owned businesses. Before the Industrial Revolution, there were family businesses. Before the enlightenment of Greece and the empire of Rome, there were family businesses.” It was practically a tradition and monopoly was the name of the game. The trade was passed on from generation to generation – even till today.
Family businesses are the backbone of the economy – they create wealth, they provide jobs, they are locally rooted and connected to their communities and they seem to be around for long periods of time. Family-owned businesses exemplify overall excellence, innovation, consistency, ethics, and contribute by and large towards the economy of our country.
Family business is basically a story about people – entrepreneurs and their families – whose personal values and visions leave an indelible imprint on the businesses that they have created and that subsequent generations continue to manage. Each multi-generational family business, develops its own particular history, which is made up of both gains and pains, but it is essentially based on a culture of resilience and the unshakeable commitment to succeed over the long term.
How does family business survive and grow in today’s modern economy? Does the ‘changing face’ of family business bring in fresh insights and perspectives? Yes, things have changed radically in this sector, too. New technologies have overcome the modern world. People around the globe want to escalate their family business to the next level, so they are looking forward making to making it more professional to be in tune with the corporate giants of business. Various programs and studies, through which one can escalate their family business to the next level, have been introduced and are in demand.
Management Program in Family Business
A unique program designed for young business leaders of family businesses and for individuals who aspire to work in a family managed business. The focus of this program is to synergise the best in management practices and the traditional way of managing a family business and come up with winning solutions in order to groom business scions in areas like planning, objective setting and astute management of their family’s business. While each family’s situation is unique, there are many best practices which are generic in nature and can be applied to all family businesses
The core reason why a business is started is to earn good profits and goodwill. Family managed business program prepares the participants of family business to plan, strategize and execute with the focus of eventually leading the business to success and development. Modern methods and a global outlook centered education prepares the participants to understand the unique challenges of family business and also develop strategies to combat them.