3 Core Values of Family Managed Business

Family is much beyond mere relations. When the time comes to show how strong the bonds are, the world can be left spellbound. We all would agree that times have changed. People have become realistic. The dinner time with family has been replaced with corporate meetings and dinners. The vacations wherein the entire family would enjoy are now being replaced with job responsibilities and deadlines. But yet there is a way in which you can be with your family and yet have a successful career. Confused? It is possible through Family Managed Business.

We live in India where we are surrounded by successful family managed businesses. We get inspired and amused by their achievements and success stories. Then why don’t we take a step ahead to make others read ours? Why do we underestimate our potentials by thinking that the defined goal or objective cannot be accomplished?

Family business course is needed to understand this better. A family managed business is highly subjective because it is individualistic in nature. Every family member is different and so are their working mannerisms. Hence, we notice that if the concept A works for one Family managed business, it may not work for another family managed business.

Before pursuing a certification program in Family managed business, understand the following core values of this business.

     Trust: There can be bad days in Family managed business as well. But here it gets more difficult because we are dealing with the family members and blood relations. Hence, it is very important to have high ratio of trust factor amongst the members. Only then will the business flourish and accomplish all the desired goals with ease.

     Respect: No member should take advantage of the family bond ever in business. You should respect the members in the office as you respect them in the house. Dignity has to be maintained and respect should never see a fallback. Remember, no matter how strong family relations are, one tiny spark is enough to burn down the longest relation!

     Dedication: You should justify the job you are entitled to. There should not be any leniency in the work responsibilities as it would have a direct effect on the stand of the Business. Through complete dedication there isn’t any goal that is unachievable.

Institute for Future Education, Entrepreneurship and Leadership (iFEEL) located at Lonavala is offering you 11 months Family Managed Business (FMB) program through the experts in this industry. Being a residential business school, it is well equipped with all the latest technologies. The campus of iFEEL is completely Wi-Fi enabled.

This residential Family Managed Business program prepares you for the 3 main stages of business transformation.

Start your business: Here you get all the knowledge about the essentials of starting a business. In a family managed business, this step is taken by the 1^st generation and passed on to the 2^nd one.

Grow your Business: Here you would be acquainted with knowledge of growing and sustaining your business. This stage is generally in the hands of the 2^nd generation members who explore new ways of achieving more for the business as a whole.

Turnaround your Business: This is the most challenging stage where most of the businesses face failure. It is important to understand that failures are the stepping stones to success. This is handled by the 3^rd generation which is versatile and innovative.

This residential FMB program is your opportunity of giving a new face to your current Family managed business!!

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7 Reasons to Join your Family Managed Business

The generation today has become very innovative and creative. It has the urge to be different and achieve undiscovered heights of success. There is no doubt that the Business Industry has become competent like never before. Every single sector is facing competition and struggles tirelessly to establish new and retain the existing positions in the market.

Having a job is essential for living and is the necessity of almost every individual. But there are few who dare to take the untraveled path and seek to start new business. They are the ones who have a certain idea or a dream which they want to transform into reality. If you are a part of this type, then you have a very bright future waiting for you.

In India, we come across many families that run their own small or big scale business. This in general words is known as family managed business. Sometimes, we also see examples of individuals who refuse to join their family business. Such people lose the most amazing and rewarding opportunity of their lives. They fail to realize how fortunate they are. There are so many candidates who apply for a job but get refused. This is not because they aren't adequately qualified or they lack the skills for it. The reason for this is only the high level of competition in the corporate industry.

The rewards of being a part of your family managed business are as follows:

• When you work with likeminded people, the chances of failure or work stress are absolutely zero. In family managed business you are working with your family members and hence the level of understanding and the style of working are almost equal.

• Work as per your convenience. When you are a part of your own business, you can follow the work pattern which suits you the best. You don’t have to follow the working guidelines which are fixed by someone else.

• Your contribution will enhance the business even more making it more successful. You can contribute towards attaining better quality of returns from the business and hence can even increase the number of customers associated with your family business.

• You get the dual benefits; of earning as well as spending time with your family and loved ones. You don’t need to sacrifice or compromise on your family time.

• When different generations work together, there is an increased chance of better and more profitable outcomes. The reason for this is that the members of each generation have few attributes which would be absent in members of the second.

• No one knows you better than your family. Each family member can fit in the shortcomings of the other member. You may not be good in handling accounts but excel in sales and your brother would be vice versa. So in such a situation you both can switch the positions. Hence, in this way the process of gaining business success never ends.

• With the introduction of family managed business program, it has become possible to acquire all the missing knowledge of the concepts and operations of a family business.

Institute for Future Education, Entrepreneurship & Leadership (iFEEL) which is located at Lonavala is the best provider of such knowledge. It offers you an 11 months Family Managed Business (FMB) program/ Entrepreneurship Excellence Program (EEP). In this program you will learn the 3 main stages of business i.e. start your Business, Grow your Business and Turnaround your Business.

This is a residential FMB (Family managed business) program which gives you an exposure to the best global practices as well which allows the existing entrepreneurs to become future leaders. You get to learn about the most innovative business strategies which are applied worldwide.

You can make the most of your today for having the sunshine of endless opportunities shining on your tomorrow!!

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