How can an online BBA in Entrepreneurship Management & Family Business help you grow your business?

Family businesses have been operating in India for a long time, and their contribution to the country’s economy in terms of employment and wealth generation is significant. Their popularity can be attributed to their founders’ strong leadership, values, and long-term vision. These skills inevitably get passed on to future generations, enhancing the prospects of business success. 

However, these skills alone can fail to stand up to the cut-throat competitive landscape of the family business arena. Formal education is critical in equipping family business owners with strategic thinking abilities. Additionally, they learn the core principles of financial management and other key business principles. All of these help ensure long-term growth and succession of family businesses.

 An online BBA in Entrepreneurship Management & Family Business is the first step to adapting to the evolving industry. It allows you to run your business while learning more about handling it better in your own time due to the flexible studying schedules.

What you’ll learn in an Online BBA in Entrepreneurship Management & Family Business

The course is designed to equip students with the desirable knowledge and skills required to run successful family businesses. The program offers deep insights into social entrepreneurship, the psychological aspects of entrepreneurs, and marketing for startups. The table below highlights the curriculum of an online BBA in Entrepreneurship Management & Family Business. The course lasts for 3 years and is divided into 6 semesters:

Semesters	Subjects Taught
1	Financial Accounting Entrepreneurship and Innovation Management Office Automation Tools Business and Management Functions Microeconomics Universal Human Values
2	Financial Management Community Development Statistics for Managers Macroeconomics Organizational Behavior Introduction to Python Business Communication
3	Human Resource Management Cost & Management Accounting Business and Corporate Laws Operations Management Marketing Management Interview Skills and Etiquettes Business Environment
4	Business Research Methods E-Commerce Environmental Science Indian Financial System Supply Chain Management Design Thinking (MLC)Technology Management
5	Core Subjects International Business Management  Fundamentals of Business Analytics Electives/Specializations Growing the Family Business in the Global Environment Psychological Aspects of Entrepreneurs Social Entrepreneurship
6	Core Subjects Management Information SystemStrategic ManagementProjectElectives/SpecializationsEntrepreneurship & Industry 4.0/5.0/6.0Marketing for StartupsScaling Excellence through Innovation & Incubation

The table above demonstrates that the Family Business Management course curriculum is a blend of theoretical and practical components. Along with advanced learning on the subjects mentioned, there is an ample practical focus on strategy building, practical aspects of business operations, and driving innovation.

Key benefits of pursuing the family business management course

The program is particularly helpful for family business owners, teaching them innovative ways to capitalize on lucrative business opportunities. Some of the other benefits of pursuing a Family Business Management course online are:

• Improved leadership skills: The program enables students to develop the potential to lead teams, which facilitates the completion of the family business’s shared objectives. Students also learn to make informed business decisions, contributing to overall growth.

• Industry-relevant curriculum: The course structure of online BBA in Entrepreneurship Management offers learning relevant to the evolving industry. Students learn modern approaches to entrepreneurship and management of family businesses. These skills enable family business owners to stay updated and relevant, and quickly adapt to changes in the business landscape. 

• Flexible learning schedules: Since the program is offered online, it enables learners to easily study at their own pace and time. This allows entrepreneurs to upskill without having to pause their business practice to pursue the program.

• Business innovation: Online BBA in Family Business helps equip students with strong business innovation strategies. Learners acquire new and modern tools to innovate and stay relevant in the industry.

Specialized skills you will develop in Online BBA in Entrepreneurship Management & Family Business

The topics covered in the course help impart some specialized skills to learners. These skills enable them to improvise on their entrepreneurial, strategic planning, and decision-making abilities. Some of the top skills for family business growth that you can expect to learn in the course are: 

• Succession planning: This is one of the key skills that the program imparts. This skill enables entrepreneurs to facilitate a seamless transition of leadership to future generations. It is particularly helpful in family-owned businesses, as learners are equipped with key business innovation strategies that help in the sustenance and growth of the family business.

• Business analytics: This is yet another helpful skill that learners develop as part of the course curriculum. They learn how to analyze business data and convert it into strategic decisions for growth.

• Financial planning: Managing the finances well is critical for family businesses. Students gain some key skills for family business growth, such as expertise in planning investments, budgeting, and forecasting. This further enables business owners to explore varied options in funding, such as bootstrapping, venture capital, and angel investing. 

• Conflict resolution: Conflicts are an inevitable part of most family businesses. However, with the people management and conflict-resolution skills learned in online BBA course, entrepreneurs are better equipped. They learn to lead and manage teams effectively. They also learn to develop crucial business innovation strategies that help teams achieve entrepreneurial ventures.

Practical insights into startups and SME operations

We learned the various vital skills for family business growth that students learn from online BBA in Entrepreneurship Management. In addition, the course offers practical insights into the working of startups and Small and Medium Enterprises (SMEs). 

Students learn to navigate the unique challenges that SMEs and startups encounter when setting up. They learn how to optimize business operations to scale up and acquire more customers to grow and expand. 

Opportunities for networking in Online BBA in Family Business courses 

Networking is crucial in every industry, and family-owned businesses are no different. It is one of the most important skills for family business growth. The online BBA course provides ample scope for students to network with peers, faculty, mentors, and other industry experts to seek guidance and exchange ideas. This further helps open up collaborative opportunities and facilitates the growth and expansion of family businesses.

Conclusion

This blog highlighted some of the key entrepreneurship education benefits that family business owners can attain. From helping with seamless succession planning and financial management to effective conflict resolution, a BBA imparts some crucial skills for family business growth. 

Manipal University Jaipur (MUJ) offers an online BBA in Entrepreneurship Management and Family Business on the Online Manipal platform. The course is ideal for new and practicing business owners, enabling them to unlock the full potential of their business practice. The program further proves that formal entrepreneurship education benefits all business persons, even those of family-owned businesses.