What is Family Business?: Course Fees 2025, Subjects, Top Colleges, Admissions

MBA (Entrepreneurship & Family Business) and BBA (Entrepreneurship & Family Business) are the best Family Business courses in the Management stream that are widely chosen by the candidates.

MBA (Entrepreneurship & Family Business) is a specialised programme designed for individuals seeking to pursue a career in the field of entrepreneurship and family businesses. 

On the other hand, BBA (Entrepreneurship & Family Business) refers to a specialised degree programme that focuses on equipping students with the essential knowledge and skills to excel in both the entrepreneurial and family business sectors. 

• Understanding Unique Dynamics: Family businesses have distinct characteristics and challenges compared to non-family businesses, including issues related to governance, succession planning, family dynamics, and long-term sustainability. 
• Direct Application: The knowledge gained from an MBA in Family Business can be immediately applied to real-world scenarios within family-owned enterprises. 
• Leadership Development: The programme often focuses on developing leadership skills specific to family business contexts, such as conflict resolution, effective communication within family structures, and fostering collaboration among family members.
• Entrepreneurial Ventures: The programme may inspire and empower graduates to pursue entrepreneurial ventures within the family business context or to launch their own family-owned enterprises, leveraging the skills and insights gained during their studies. 

Suggested Reading for MBA in Family Business Management:

Popular Colleges Offering MBA in Family Business

Family Business courses are specialised educational programs that focus on the unique challenges, dynamics, and strategies associated with managing and operating a business that is owned and operated by members of the same family.

Family Business courses are designed to provide individuals with the knowledge, skills, and tools necessary to navigate the complexities of running a family-owned enterprise successfully.

Pursuing Family Business Courses can be very benificial. Following are some of the benifits for pursuing the course:

• Understanding Family Dynamics: Family businesses are distinct in that they involve both family and business aspects. 
• Succession Planning: One of the most critical aspects of family businesses is planning for the transition of leadership and ownership to the next generation. 
• Specialized Knowledge: Family business courses will offer specialised knowledge and skills which are tailored to the specific needs of family-owned business.
• Career Opportunities: If you are planning to work in your family businesses having a background in family business management course can make you a more attractive candidate for various roles, including managerial, consulting, and advisory positions.

If you aspire to run your family business, the choice of degree should ideally align with the nature of the business and provide you with a solid foundation in key business skills.
Below are some of the options of courses that can prepare candidates for a leadership role in a family business:

• BBA
• BCom with a Business Management Focus
• BSc in Entrepreneurship
• MBA in Family Business Management
• Bachelor of Management Studies

The duration of MBA in Family business is same as MBA because it a specialisation provided in MBA Course. Most of the MBA full-time programs follow a trimester or semester system with coursework, live projects and industry interactions.Candidates can check the duration below:

• Full-time MBA in Family Business – 1 to 2 years
• Executive MBA in Family Business (for working professionals) – 1 year
• Part-time MBA in Family Business or Online MBA in Family Business – 1.5 to 3 years

For more information regarding MBA Click the link below:
What is MBA

The format for the entrance exam of Family business course are:
Objective Type: Multiple-choice questions (MCQs) are common, covering various business and family business-related topics.
Descriptive Type: Some exams may include essay questions or case studies that require detailed responses.
Duration: The duration can vary, typically ranging from 1 to 3 hours.

In rare circumstances, it is possible to pursue an MBA without taking any entrance exam. The CAT, MAT, GMAT, XAT, and other standardized entrance exams are required for admission to many MBA programs worldwide. 

If you are not planning to take the CAT in 2024, listed below are some direct admission eligibility criteria to help you be accepted into MBA programs.

• The minimum score required in the UG level examination may differ from one college to another, however, the student must have scored at least 50%-65% aggregate in his or her graduation.
• For the reserved category,  the score should at least be 45% aggregate.
• Some institutes accept other competitive exam scores such as XAT, MAT,  GMAT,  NMAT,  ATMA,  SNAP, etc.

An MBA in Family Business is best suited for those who want to take over, expand or professionalize their family-run business rather than work for corporations. On the other hand MBA is designed to equip students with advanced skills and knowledge in business management and leadership roles in Corprate Sector.

Pursuing an MBA in Entrepreneurship and Family Business from reputed institutes such as Symbiosis, SPJAIN, NMIMS, ISB, etc. , can be worth it depending on your career goals and aspirations. Here are some points to consider:

• Specialised knowledge: An MBA in Entrepreneurship and Family Business provides specialised knowledge and skills related to managing and running family businesses. This can be particularly useful if you plan to take over or start a family business in the future.
• Networking: These institutes offer excellent networking opportunities, giving you access to successful entrepreneurs and industry experts. This can help you build valuable connections and learn from their experiences. Resources: These institutes offer access to resources such as mentors, incubators, accelerators, and funding opportunities. This can be particularly useful if you plan to start a new venture.
• Reputation: Institutes such as Symbiosis, SPJAIN, NMIMS, and ISB have a good reputation and are well-known for their entrepreneurship and family business programs. This can help you build credibility and increase your chances of securing funding or partnerships.
• Cost: Pursuing an MBA in Entrepreneurship and Family Business can be expensive, and you need to weigh the cost of tuition and living expenses against the potential benefits.

In conclusion, pursuing an MBA in Entrepreneurship and Family Business from institutes such as Symbiosis, SPJAIN, NMIMS, ISB, etc., can be worth it if you have a clear career goal and plan to start or manage a family business. However, it is essential to research and consider all factors before making a decision.

Family Business Management focuses on teaching individuals how to successfully manage and navigate the unique challenges faced by businesses that are owned and operated by family members. Family Business Management covers a wide range of topics, including strategic planning, governance, succession planning, and organizational structure. 

Candidates can check the Family Business Management syllabus below:

The Syllabus is prepared very carefully by taking in mind all the aspects a student needs in real life.

• Practical Exposure: Through internships, consulting projects, and case studies.
• Expert Insights: Learning from faculty with experience in family business consulting or management.
• Networking: Opportunities to connect with family business leaders and alumni for insights and mentorship.

Following are the topics that are covered in the syllabus of Family Business courses:

Family Business Dynamics: Understanding family structures, roles, and governance.

Succession Planning: Strategies for transferring leadership and ownership across generations.

Family Governance: Mechanisms for decision-making, conflict resolution, and family meetings.

Business Strategy and Management: General business management principles applied to family-owned businesses.

Financial Management: Financial planning, control and management specific to family enterprises.

Legal and Tax Issues: Legal considerations and tax implications for family businesses.

Conflict Resolution: Techniques for managing and resolving conflicts within family businesses.

Ethics and Values: Addressing ethical dilemmas and integrating family values into business practices.

Top notch institutes in India for pursuing BBA in Family Business are:

• IIM-Indore
• Shri Narsee Monjee College of Commerce and Economics
• K. J Somaiya Mumbai, Lovely Professional University
• Delhi University
• Christ University
• MS Ramaiah University
• Madras Christian College
• Mount Carmel College
• Mumbai, Wilson College
• Lala Lajpat Rai College of Communication & Economics

The fee structure for MBA in Family Business and Entrepreneurship at Amity University, Patna is INR 2.93 Lacs per year.

However, this is just the tuition fees. There are also other fees that you will need to pay, such as the hostel fee, the mess fee, and the library fee. The total cost of studying MBA in Family Business and Entrepreneurship at Amity University, Patna will vary depending on the programme that you choose and the facilities that you choose to avail of.

Here is a table of the fee structure for MBA in Family Business and Entrepreneurship at Amity University, Patna:

The fee structure for MBA in Family Business and Entrepreneurship at Amity University, Patna is subject to change. You can find the latest fee structure on the university's website.

Here are some ways to reduce the cost of studying MBA in Family Business and Entrepreneurship at Amity University, Patna:

• Apply for scholarships: Amity University, Patna offers a number of scholarships to students who meet the eligibility criteria.
• Apply for financial aid: Amity University, Patna also offers financial aid to students who need it.
• Work part-time: You can work part-time while you are studying MBA to help cover the cost of your education.

I hope this helps!

The salary of an MBA graduate specializing in Family Business in India can vary widely depending on several factors such as the individual's level of experience, the reputation of the business school from which they graduated, the size and profitability of the family business, the industry in which the business operates, and the geographic location.

However, here's a general overview of the salary range based on different experience levels:

·       Entry-Level: INR 5 - 10 LPA

·       Mid-Level: INR 10 - 20 LPA

·       Senor-Level: INR 20 - 50 LPA

While pursuing an MBA in Family Business Management is not necessary for the upliftment of one’s family business endeavours, however,  the course can help in numerous ways. 

Whether you need to pursue an MBA in Family Business Management to expand your family's business depends on various factors, including your current skills, the specific needs of the business, and your long-term goals. 

Here are some considerations to help you make an informed decision:

• Understanding Family Dynamics: Family businesses often have complex dynamics that can affect decision-making, succession planning, and overall business strategy.
• Succession Planning: Succession planning is a critical aspect of family business management, ensuring a smooth transition of leadership and ownership from one generation to the next.
• Enhancing Leadership Skills: Effective leadership is essential for the success of any business, and family-owned enterprises are no exception. 
• Access to Resources and Expertise: Many MBA programs have faculty members with expertise in family business management, as well as resources such as research centres, case studies, and industry partnerships focused on family-owned enterprises.

MBA in Family Business is a specialised programme that focuses on equipping individuals with the knowledge and skills required to successfully manage and sustain a family-owned business. This unique degree programme goes beyond the traditional MBA curriculum and delves into the complexities and dynamics specific to family-owned enterprises.

MBA in Family Business covers a wide range of topics, including strategic planning, succession management, governance, conflict resolution, and wealth preservation. MBA in Family Business emphasizes the importance of balancing family dynamics with business decision-making, as well as fostering intergenerational communication and collaboration.

Yes, an MBA in Family Business Management is worth it if you intend to work within your family business or aspire to take on leadership roles within it, an MBA in Family Business can provide valuable knowledge and skills tailored to the unique challenges of managing such enterprises.

If you're already involved in the family business, an MBA in Family Business Management can equip you with a broader set of management skills that can be applied to various aspects of business operations, potentially leading to improved performance and competitiveness.

Family Business studies is a field of research and education that focuses on understanding the unique dynamics, challenges, and opportunities of businesses that are owned and managed by families. Family Business studies examine the intersection between family and business, exploring the complexities that arise when these two worlds collide. 

Family businesses are a distinct category characterized by the strong presence of family influence in decision-making processes, succession planning, and the transmission of values and traditions.

A BBA in Family Business is a specialised degree programme that focuses on preparing students for the unique challenges and opportunities of running a family-owned business. BBA in Family Business combines traditional business education with a deep understanding of family dynamics and the complexities of succession planning. 

Students enrolled in a BBA in Family Business will gain knowledge in areas such as Finance, Marketing, Management, and Entrepreneurship, but also gain valuable insights into how to effectively navigate the intricacies of family-owned enterprises. 

An MBA in Family Business helps entrepreneurs build a long-term, sustainable business strategy while preserving family values and legacy. Here are some of the benefits of pursuing MBA in Family Business Course:

• Succession Planning – Learning how to transition business leadership from one generation to the next.
• Family Governance & Conflict Resolution – Understanding how to manage disputes, decision-making and ownership structures.
• Professionalizing the Business – Implementing corporate strategies, technology and innovation in traditional businesses.
• Expanding into New Markets – Learning about globalization, franchising and diversification.
• Networking Opportunities – Connecting with other family business owners, industry leaders and investors.
• Wealth Management & Tax Planning – Gaining knowledge about investment strategies, taxation and financial planning for family wealth.