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Which course can you choose if you want to start a family business?

Online Manipal Editorial Team | July 21, 2022

What if you don’t have the proper credentials? What if you don’t know how to start a family business?

If you are unsure where to start or what kind of business model will be best for your family, becoming an entrepreneur might not be your ideal path. However, that doesn’t mean that becoming an entrepreneur is something that can only be done by those who are willing to give it serious consideration. If you think about it, being an entrepreneur is the perfect way for most people to begin their businesses. It’s low-risk and highly rewarding. Moreover, starting a business of your own is something that anyone can do. It requires some initial capital, but that could be the starting cost – allowing yourself to become your boss. Sounds like a dream come true, huh? Let’s look at some different types of startups and explore how starting one as a business can help you meet your future family-related goals.

What is a Family Business?

A family business is operated by a group of related or unrelated people aiming to provide a service to the public. To be considered a family business, the business must be able to provide non-financial benefits to its members and the community.

If you are thinking of starting a family business, there are a few reasons why you should. Entrepreneurship is a great way for individuals to impact the communities in which they live and work significantly. It is a proven way to create jobs and earn a good income. It is often an excellent way to meet other like-minded people and can provide a great source of inspiration. Entrepreneurs are often creative and able to solve problems uniquely. They are always looking for new ways to make their business successful. 

Pros of joining a family business 

If you are looking for a way to make a real difference in the world, setting up a business of your own can be an excellent option. It allows you to choose what kind of business you want to operate. It lets you make a real impact on your community without taking up much of your time. Entrepreneurship can provide a great source of inspiration and can help you meet other like-minded people.

There are several advantages to joining a family business:

Family businesses are a great way to

  • gain valuable experience and knowledge
  • build your social network
  • save money
  • build your career
  • hone your leadership skills
  • develop your communication skills 
  • develop your team-building skills
  • develop your sales skills
  • develop your customer service skills
  • develop your HR skills
  • develop your marketing skills

Cons of joining a family business

There are a couple of disadvantages to starting a family business. The first one is that you won’t have the time to spend with your loved ones after work. It could very well be an issue for those working from home. If you are an employee and want to stay home with your child or family, this could be a factor for you. Another disadvantage to starting a family business is that you won’t know what you don’t know. If you are unsure what direction to take your business in, being an entrepreneur could cause you to make some bad decisions.

  • Family businesses are more difficult to run than solo businesses. They require more time and energy and can be more stressful for employees. 
  • There are also fewer employee benefits, such as health insurance and paid time off. 
  • Family businesses compete more, leading to higher prices and fewer quality products.
  • The biggest disadvantage of joining a family business is that it can be a serious career risk. If you don’t like working for someone else, you may have difficulty finding a job.
  • Family businesses also have more regulations than solo businesses. They must follow stricter rules about safety and environmental protection, and they must follow the same laws that apply to solo businesses.
  • Family businesses have a higher risk of failure than other businesses. You could lose everything you’ve worked hard for if you’re not careful.
  • It can be very difficult to find a good manager, especially if you are not a trained professional.   

How will a course help you manage your family business effectively?

When choosing a course, finding one relevant to your business is important. An online business course for entrepreneurs that is too broad or too focused on a single topic may not be useful. It is also important to choose a course that interests you. It will ensure that you will learn from the material and not just from the instructor. Finally, it is important to make sure that the course is affordable. A course is a structured learning experience that can help you improve your business skills and management abilities. 

  • A course can be used to learn a new skill or to refresh an existing skill. 
  • Courses can be used to improve your business knowledge, such as by learning about new business strategies or technologies. 
  • Courses can also be used to develop your management skills, such as by learning how to manage a team effectively or how to build a strong business case for your business. 
  • Courses can also be used to improve your communication skills by learning effective communication.
  • In addition, courses can be used to develop your personal skills, such as by learning how to work well with others and how to manage your time effectively. 
  • A course is also an effective way of improving your self-confidence, as it can help you build confidence in yourself and your ability to manage a business effectively.

Best courses to manage your family business

There is no better way to learn how to manage and lead a family business than by getting an MBA, BBA course or B.Com course from a top business school. Many family businesses start with an MBA course, BBA or B.Com course, so it’s a great way for you to learn about business, leadership and running a successful organisation. You can find a top business school that fits your lifestyle, ambitions and budget. It can be challenging to manage the demands of both work and family life. You may even feel guilty about taking time off or working too much. But remember that if you have kids in school, you have special responsibilities. And it’s important to take care of yourself and your family.

A family business faces numerous challenges. It’s assumed that knowledge and learning are passed from generation to generation or that family members with business management talent are naturally gifted because of their genes. Family businesses require a lot more than knowledge and training to operate. That’s why Family Business courses are offered. In India, several universities offer BBA and MBA/PGDM in Family Business. These courses are appropriate for family business owners, startup founders, and entrepreneurs. The Family Business Programme offers individuals an opportunity to develop and enhance their knowledge of strengthening their current business or starting a new one.

MBABBAB.Com
AboutMBA course in Family Business is a two-year post-graduation management course that trains and equips a student with skills and techniques for running and managing family-owned businesses or setting up their own enterprise.BBA courses in Family Business is a three-year management degree course at the undergraduate level. The course prepares students to join their family business in a professional capacity or set up their own business.B.Com course in Family Business is also a three-year management degree course at the undergraduate level. The course prepares students to join their family business in a professional capacity or set up their own business.
Duration 2 years3 years3 years
EligibilityThe eligibility criteria for admission to the MBA in Family Business is graduation. Some institutes also require professional experience, while some relax the experience for business owners.For admission to BBA in Family Business, candidates must have completed Class 12 or equivalent examination from a recognised board.For admission to B.com in Family Business, candidates must have completed Class 12 or equivalent examination from a recognised board.
Skill setsBusiness aptitudeLeadership qualitiesMarketing skillsOrganisational skillsFinancial accounting skillsAdaptabilityCritical thinkingStrong mathematical skillsTeam managementSelf-starter and ability to take ownershipCommunication skillsBusiness aptitudeLeadership qualitiesMarketing skillsOrganisational skillsFinancial accounting skillsAdaptabilityCritical thinkingStrong mathematical skillsTeam managementSelf-starter and ability to take ownershipCommunication skillsBusiness aptitudeLeadership qualitiesMarketing skillsOrganisational skillsFinancial accounting skillsAdaptabilityCritical thinkingStrong mathematical skillsTeam managementSelf-starter and ability to take ownershipCommunication skills

Is pursuing online degrees helpful for the family business?

Online degrees are very much beneficial for family businesses. Parents who are looking for a flexible way to support their children’s education may also consider online degrees. Online degrees are the best degrees for entrepreneurs in family businesses. Online education is becoming more and more popular. There are many benefits to pursuing an online degree, including 

  • Reduced costs: Online degrees do not cost as much as offline courses.
  • Increased flexibility: You can study at your own pace and take as many or as few classes as you want. 
  • Increased access: You can access all the study content at your fingertips.
  • Increased knowledge: You learn more of what you need without the fluff.
  • Increased opportunities: A sea of opportunities awaits you in the digital world.

The flexibility of online degrees is appealing to students who want to study at their own pace. They can also choose to take a part-time or full-time course. Online degrees also provide students with the opportunity to study from home. Parents who are looking for a flexible way to support their children’s education may also consider online degrees.

In fact, online education is the future! The National Center for Education Statistics reports that in 2016:

Over 28 percent of all college students, or nearly 6 million students, were enrolled in at least one online course at a college or university. Over 2.8 million of those students only took online classes; they did not attend any in-person classes.

Moreover, 61 per cent of HR directors are convinced that online learning is as good as or better than more conventional education. In the last year, 71% of businesses reported hiring candidates with an online degree.

Enrol in Online Manipal to become a successful family business person

Manipal University and Manipal University Jaipur (MUJ) is a premier business school in India that offers a full range of courses in management, finance, and entrepreneurship. The school is recognised by the All India Council for Technical Education (AICTE) and the University Grants Commission (UGC). 

NAAC A+ accredited university, MUJ also offers an online MBA programme that allows students to complete their coursework remotely. Students can enrol in the online MBA course through Online Manipal that provides access to all course materials and support services.  

Online BBA (Bachelor of Business Administration)

The BBA Programme is designed to prepare you for a wide range of professional endeavours. We have an expert BBA programme that is aligned with the most current pedagogical methods.

Duration: 36 months, 15-20 hours/week

Fees: INR 1,20,000* (incl. of all taxes)

*INR 20,000 each semester

Online MBA (Master of Business Administration)

You can choose from a variety of new-age electives and acquire market-relevant skills in our online MBA programme in order to become an effective leader in a modern world that keeps changing. You may specialise in a wide range of new-age electives and acquire market-relevant skills.

Duration: 24 months, 15-20 hours/week

Fees: INR 1,50,000* (incl. of all taxes)

*INR 37,500 each semester

Online B.COM (Bachelor of Commerce)

The online Bachelor of Commerce programme trains you in managerial abilities and business expertise by giving you accounting knowledge, export and import laws, economic policies, and other issues that affect trade and business. This three-year course will give you the knowledge of accounting concepts, laws, and policies that apply to export and import.

Duration: 36 months 15-20 hours/week

Fees: INR 80,000 (all-inclusive)

*INR 13,333 each semester

Conclusion

The advantages of starting a family business can greatly outweigh the disadvantages. Entrepreneurship is a low-risk, highly rewarding way to make a real difference. It is the perfect way for individuals to begin their businesses. If you think about it, being an entrepreneur is the ideal way for most people to begin their businesses. 

Moreover, starting a business of your own is something that anyone can do. It requires some initial capital, but that could very well be the cost of starting – allowing yourself to become your boss. Sounds like a dream come true, huh?The online MBA, BBA, and B.com programmes from Manipal University Jaipur are designed to upgrade your current learning and career requirements. Online Manipal allows you to attend live and recorded classes wherever you are, and making the experience convenient. The student help desk lets you contact lecturers and students 24/7, irrespective of where you are. You can even take the online proctored exams from your homes.

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