If you are looking to join your family business, the PGDM in Entrepreneurship program works with you and all the stakeholders to induct and establish your role in the family owned business. A roadmap which starts with a business diagnostic where all family members in business are included sets the path of further process.
The PGDM in Entrepreneurship is a family business course as many heirs to the business undergo this program for taking their business ahead. This is done through a structured approach as below:
Involves systemized understanding the business in-depth and its health. The process takes into consideration the external environment as well as all key functional areas of the business. This helps the next generation understand the business in detail and create a roadmap for themselves. Active participation of the family members is required at this stage.
The role of the next generation in the family business is the most consequential decision in the long term success of the business. This decision requires students’ capabilities, interests, skills and attitudes to be aligned with the business area.
Role Identification or Identifying areas of Expertise
Charting a Roadmap
The program will empower students in creating a trajectory over a specified time period of business goals to be achieved, setting key deliverables along with an action plan and detailing the goals down to execution level actionable
Succession planning is about planning and executing a smooth transition of leadership positions of the organization.The purpose of succession planning is to make sure the company always has the right leaders in place. For a family business , succession plan ensures orderly transition of management and ownership to the next generation of the family. This includes establishing goals, decision making process, succession plan and transition plan. Key members of the family business under the guidance of the expert Coaches follow a systematic process which is supported by open communication.
Inducting NewGen Ideas
Exposure to real business experiences and global practices gives the next generation clear ideas on taking the business forward and expanding beyond the legacy.