Introduction
As the term suggests, a family-run business involves family members, often for generations, to facilitate a business venture for decades and even centuries. Family businesses can vary in form, functioning, management, and more. The BBA family business programme is an academic programme from Jindal Global Business School that enables successors to learn the necessary skills and insight to propagate the business forward.
Family-owned businesses such as Ford Motor Company, Walmart, BMW, Reliance Industries, JSW Steel, and Mahindra & Mahindra are some of the big names to have created an empire of their own. Establishing and managing a family business is not an easy task, and it requires much planning and coordination to pass it down to the next generation. So, taking up a family business course makes all the more sense.
The Fundamentals Of A Successful Family Business
A successful family business is based on a few fundamental qualities, such as transparent communication, unanimity in the family, and a well-thought-out succession plan. Despite having a successfully run business, many business families have a tough time choosing a successor for the company, often causing feuds and tension among the family members.
The BBA family business course intends to defuse this very conflict and duly prepare the next generation to become competent enough to inherit not just a company but also the responsibilities of the business with competence. Research states that around 25% of family businesses fail during the transition period because the successor has not been prepared to take on roles and responsibilities.
Succession Planning in Family Businesses
In India, family businesses are considered the backbone of the country’s GDP, contributing over 75% to the economy and presenting a clear path of opportunities. However, these opportunities do not mean that future disagreements and disputes will not challenge its survival chances. This is where succession planning must be considered to keep the company and family afloat on the same boat.
The programme, BBA family business, makes a significant difference to business families to premeditate on the succession plan and prepare the heir accordingly. Family businesses need a successor before the head of the company steps down, hands over the responsibilities or simply passes away. And this is why many such families invest in preparing the succeeding generation to take over the business successfully.
BBA (Hons.) Family Business: An Academic Route To Business Succession
A family business course intends to groom students in a specific pedagogy that gives them conceptual knowledge and practical understanding of leading a family business. The successors need to be vigilant and prepare themselves with the company background, case studies, business management, and major factors that ensure the success of a family business for years.
The 4-year integrated undergraduate programme of BBA (Hons.) Family Business at JGBS is based on several crucial factors relating to running a successful family business, including fostering an industry-focused perspective. The main course, followed by the elective subjects, is all tailored to meet the requirements of a family business succession.
Studying In Jindal Global Business School: An Experience Like Never Before
Jindal Global Business School is an internationally recognised educational institute that offers a BBA family business programme for specific candidates who aspire to inherit their family business and lead it with great precision. JGBS only allows sincere applicants to participate in the programme, and the eligibility and selection process is made accordingly to filter the best candidates for the course.
Apart from the global GDP growth, family-owned businesses also contribute to 60% of global employment. The holistic admission process at the Jindal Global Business School is based on international standards. After graduation, students can manage their family’s business, be a consultant, look after the financial operations or embark on entrepreneurship.
FAQ
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What does the BBA Family Business course signify?
Ans: The course curriculum particularly focuses on preparing students to be future leaders and managers of their family-owned company. On one hand, they are made familiar with the company data and are made to analyse it. On the other hand, they are given practical training to solve business-related problems by working alongside high-quality faculty and industry leaders.
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How does one get selected for admission at the Jindal Global Business School?
Ans: The admission process at JGBS is conducted over three rounds. During the application process, the candidates are required to present their 10+2 board certificate and marksheet and answer two supplementary questions based on the programmes they are selecting. Only SAT/ACT/CUET/UGAT passouts are exempted from the JSAT entrance exam. The 3rd and final round consists of a faculty interview.
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How is the curriculum for BBA (Hons.) Family Business been fitted into the course structure?
Ans: The curriculum for BBA (Hons.) Family Business emphasises a pedagogy that incorporates several case studies, experimental exercises and simulations. They will be equipped with practical skills to lead the company through the transition period and even after that.
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What types of jobs can you apply for with the BBA (Hons.) Family Business graduation degree?
Ans: For starters, the course is tailored to create graduates who are qualified to take over the family business responsibly. Apart from that, the degree also enables them to become entrepreneurs in their own right.
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How does the BBA (Hons.) Family Business courses at JGBS differ from other reputable Business Schools?
Ans: The BBA family business at Jindal Global Business School is a holistic programme that integrates several aspects of business management and transparent communication among family members for the betterment of the company. They are theoretically trained and practically skilled by exercising regularly with the faculty and guest lecturers and even collaborating with them in handling professional projects.
