The number of people who want to
carry on their family business is increasing consistently. The primary reason
behind it is they want to become their boss from the beginning. Apart from
that, they have their vision and goal that no one can understand and handle
except them.
However, without any prior
knowledge, it isn't effortless to handle the family business. Apart from the
conventional business rituals, learning new business tactics is also essential.
In this article, we will discuss how MBA can assist you in carrying on your
family business.
Why you should use MBA to carry your family business
There are top 6 reasons to consider
while using MBA to carry on your family business, and we have discussed all six
here.
[1] Personal Connections are vital.
The size of the business does not
matter when it comes to the family business. Personal connections are always
going to help you in the future, or whenever required. It creates an absolute
difference in the brand's image. When you attend business school, you only
leverage the knowledge they provide, and you also connect with some future
industry leaders.
The connection you make in the
business schools will last till life. Also, you will get to know what kind of
unique expertise you require to focus on most to handle your family business.
So, the robust curriculum, experienced faculty, and strong alumni network will
also help you get confidence in your family business operations.
[2] Stable financial growth
Who does not want stable financial
growth? What could be better than learning it from business school? However, it
is easy for family businesses to deal with debt financing as you get to share
the cost with other family business members. One of the primary reasons family
businesses have a more significant development scope is that their debt and
investments are generally collective. Everyone related to the business has an
equal responsibility to that.
An MBA course will help you
understand the complex tactics of finance in a simplified manner.
[3] Least handling costs
When you are starting a new
business, there are various kinds of costs that are involved. It becomes
complex to micromanage them, and you won't be keeping tabs on the employers. It
would not be inaccurate to say that many business owners face difficulties
finding workers they can bank upon.
However, when you are running a
family business, finding trustworthy people is not difficult. Now, you have
family members you can trust blindly, and eventually, your governance costs
will be reduced. The MBA degree will help you understand public management so
that your family business can run smoothly without any obstacles.
[4] Investor's trust
One of the biggest headaches for
some of the firms is to win the trust of stockholders or investors, especially
when the competition comes under consideration. So, if you want to become your
boss, it would be a better choice to choose the family business over getting
hired by a big MNC if you have options.
It is found that family businesses
have a trustworthy relationship pool of investors with whom they can enjoy the
excellent company. So, it is advised to complete an MBA degree to understand
its ethics and integrity and know-how to maintain a good relationship with
investors and stockholders.
[5] Leverage Nepotism
When you have a family business, the
chances are high that you know about the company from childhood or have some
idea about it. Getting an MBA degree from a prestigious business school will
work as a cherry on the cake. With the combination of MBA education and family
business knowledge, you can take your company to the sky height.
Also, this factor helps in winning
investors' and stockholder's trust as they give more preference to the family
business in terms of finance.
[6] New entrepreneurial journey
One of the significant benefits of a family business is that you don't need to work under anyone. Because most MBA
graduates end up getting a handsome paycheck but doing service-centric jobs
their entire life, on the other hand, if you have a family business, it becomes
effortless to commence a start-up or show interest in a completely different
industry.
However, an MBA education will help you
shape your company any way you want it to. Also, the thread will be in your
hand so that you can make it in any direction at any height.
Conclusion
Most MBA aspirants join business
schools because they want to work in their dream organization or industry.
However, specific percentages of students aim to boost their family business
and join the business institute to gain the required skills to take their
business to the next level.
Do you
also want to accelerate the growth of your family business? Join CBS!
If your family business is situated
in Kolkata and wants to pursue your MBA from there itself, Calcutta Business
School provides 360' education in business management and administration. CBS
Kolkata has credentials from the top universities worldwide, such as Harvard
Business School, Forth Valley College, British Council, and many more. The CBS
Kolkata also offers a center of excellence in Entrepreneurship, Wealth
Management, Economic Policy, etc.