MBA is the flagship degree program for most young professionals in India who want to take a big plunge towards better salary compensation by converting into a Blue collar position. It has been a consistent practice because every professional hopes to earn a handsome package through placements. However, for millennials who have a family business to manage, there are better alternatives available in the present day.
Pursuing Masters in Business Administration is a standard practice for people to learn the roles around managerial positions, understand domains like marketing and be part of experiential learning where they get to see the business world and its nuances up close. At present, a discipline like a business has changed tremendously and demands aspiring entrepreneurs to relentlessly follow the top trends that only point towards a firm’s progression.
With the coming of the digital age, even conventional business models run in the family businesses need to change swiftly, and that’s why the new-age entrepreneurs or the family heirs to take over the empire must think about family business management courses. Even today, most young business owners find it unnecessary to take a specialized course emphasizing family business management because it is not their business idea but something carried forward from generations.
But there is a reason why family business management courses become a better alternative than regular MBA certifications. Once that is clear, knowing the ins and outs of a family-owned venture assists in being a better leader.

Why learn Family Business Management at all?

Transitioning leadership and management roles in a family business requires long-term planning and a strategy. The current business leader and head of the family have to carefully filter through the next generation candidates who reflect their potential to be indulged in the business and take it forward with their new outlook and better knowledge of the modern-day rules of business.
While the principles and values of the brand remain consistent in the long run, the operations and strategies have to change. That’s why the new business head must understand how they can successfully take the roots of the business forward and even rebrand it with a recent successful idea.
A newly turned entrepreneur must understand the basics of business management, such as evaluating the external challenges, the critical functional domains of a business, and what has been the growth like for the brand? Now, the thing about pursuing MBA is its limited scope to impart knowledge to a professional, which does not explicitly keep family business at the center. Hence, family business management courses work differently and assess students to finally prepare them to take over the roles and responsibilities of a leader in the family business empire.
As soon as the business succession planning takes place, it is time for the potential heir to understand the interest area in the business domain that would impact their family empire positively. For instance, one can be a great marketing enthusiast and knows their way around how to market the family brand, while the other might have a breakthrough idea that can become a big hit for the business.
A good family business management course helps an entrepreneur to build a trajectory for business growth.

Final takeaway

MBA is a better choice of degree program for professionals who seek service-based job profiles or aim to take managerial positions in big-shot companies. Today, some unicorn startups are the brainchild of business entrepreneurs with no business background whatsoever. But when it concerns entering into a family business, it is crucial to choose a family business management course, like the one offered by MIDAS.

MIDAS offers the Post Graduate Diploma in Entrepreneurship which prepares one to successfully convert their business idea(10,000 + ideas generated) into a startup and implement best practices and approach which contributes to managing the family business effectively. It offers practical and experiential programs for Startup and Family Business Management. Infact, the course gives an added advantage into comprehending how succession planning eases out the handing over of the business operation to the next generation leader knowing exactly which areas of business would develop from a different perspective.