Comprehensive Management Program “ In Family Managed Business"

 All of us might have sometime come across that one friend who was from a family managed business family. How we admired the thought of just carrying forward what our elders had hard worked on. But that was a very immature age to understand the maturity of this business. But as one enters the professional competitive world, the urge to develop new business arises within him. Who doesn’t want to make his own name in the industry? And Family managed business acts as the cherry on the cake!

When we talk about Family Managed Business in INDIA we are speaking of all the generations that comprise of the family. Not only does it involve the family/blood relation members, but it also consists of family friends, colleagues or other skilled people. Now we will learn the different aspects of this business.

FAMILY:  this business system involves the family as the core element. By family we mean all the generations that live in it.(forefather-grandfather-father-son/daughter etc)

OWNERSHIP: here comes the most critical element. The hands in which the ownership of the business lies, they have to be the most strongest of all because they have to hold each member close enough to sustain the business in the most profitable manner.

MANAGEMENT: again, it builds the base of any family managed business.the operation as well as the management of a Family Business is not an easy task. It involves the study of all the complex market developments and plays the most crucial part in balancing all the members individual interest with the interest of business.

This business is often criticized with the thought that business cannot be done with family members. It disturbs the emotional relations due to working imbalances. It is said that the older generation starts, grows, expands, widens the business and then the newer young generation destroys it due to its immaturity. But you will agree with me that this is subjective. Not all young aspiring business entrepreneurs follow this route. Infact, in today’s fast growing world each of us are mature enough to understand the responsibility of new business startup.

Few examples of family managed business are:

Aditya Birla Group

Ford

Mittal Steel

Raymond Group

Toyota

Tata Group

Walmart

Samsung                                   

         Your name could be next in the list. You just have to do a Family Management Business Course. This opportunity is being given to you by iFEEL in the form of Entrepreneurship Excellence Program. It is uniquely designed to focus on the grooming Entrepreneurs and Future Leaders. This program is designed keeping in mind the requirements of Entrepreneurs in today’s challenging times. Now it’s your turn to make the most of this program and expand your family business to higher levels.  

Be Your Own Boss With Entrepreneurship Excellence Program

Let’s face the reality, all the working professionals have that one sudden feeling wherein they imagine themselves to be in the place of their Boss. Who doesn’t want to start a new business and enjoy all those privileges which are entitled only to the boss? I am sure all of us do. This feeling is quite normal and is the result of the current highly competitive business conditions. Now is the time to convert this most dreamt about thought in reality. Use your potentials, capabilities, creativity and efforts in the right direction and start your own business.

Firstly let’s understand how you can benefit by being your own boss/entrepreneur

Enjoy the freedom to choose who you want to work with: many a times in organizations one complains of not being able to gel up with few colleagues due to different reasons. Now obviously being just another employee of the company, you don’t have any option expect adjusting. This shows its effects on your work performance. So why not be your own boss and choose who you want to work with, the management rules etc.?

Grow your own business: once you are an Entrepreneur, you get the chance to grow your own business according to your own creativity. You can follow your instincts and explore all the variations of business.

Create opportunities for yourself and others as well: once you start your journey as an Entrepreneur, you don’t grow alone. You play a vital role in the lives of your employees. When you grow and expand your business, opportunities are created for you and your employees also. So there is a balanced fulfilling relation which increases your profits due to its positive impact.

“Great power comes with great responsibility” is the proverb taught to us since school age. This is the best example to understand that if being an Entrepreneur is so advantageous, the responsibilities of it would be even larger.

  

Your role as an Entrepreneur: 

• Have a detailed plan of the business idea: you should have a unique detailed plan for your business. Your business won’t stand a chance unless it’s able to stand out in the market crowd. Your plan should be in your mind and then appropriately put down on a paper so that you can make it reality!

• Human resource management: Your employees are going to define your success or failure. Without the proper human resource in your company you will not be able to run a new business. You should select skilled people as required by your business. You and your employees go hand in hand on the road to success.

• Research: you should be updated about the slightest movement in the business industry for which continuous research is required. By doing this you learn what your competitors are doing in their business, get a chance to learn from their mistakes and formulate new improvised strategies for your business.

• Define Your Products , Specifications, Features , Pricing

• Understand your competitors, How would you position your company in the Market Place especially in the mind of consumer 

• Plan your Inventory , Logistics, Vendors , Suppliers etc 

• Execute your Business Plan Meticulously as execution is the key to success.  

We at iFEEL completely understand your needs and how to groom aspiring Entrepreneurs into Successful ones. Entrepreneurship Excellence Program is the most unique and customized Program designed keeping in mind the requirements of Entrepreneurs in today’s challenging times. It also has the weekend Entrepreneurship Excellence Program to add to its uniqueness.

Guest Lectures By Ceo/Coo’s

Each one of us admire to be like someone in life. Talking about aspiring Entrepreneurs like you who are going to make big names in the industry it is very important to get the first hand experience of the experts. Even their smallest detail is going to build the biggest step for you to reach your goal of becoming a successful Entrepreneur.

                  At iFEEL’s Entrepreneurship Excellence Program (EEP), you will get the best of the experience of learning from the experts themselves as they share their valuable inputs with you. Here you get a real time Interaction with the founder, Entrepreneurs and top management executives such as CEO/COO/CFO/CIO/CMO from leading companies.

This is a 2 way learning process wherein you get learn about the significance of success as well as failure. Don’t get that puzzled look on your face thinking what can I learn from someone’s failure? In reality the actual success of Entrepreneurship lies here. Let’s understand how.

Entrepreneurs who succeeded:

Phanindra Sama, Sudhakar Pasupunuri and Charan Padmaraju- The founders of Redbus

In winter 2005 when Phanindra had to cancel his diwali vacation plan to his hometown as he was unable to get the tickets even after a long struggle, then Redbus was born. This was his Eureka moment! He wanted to create a website where people could book journey tickets both going as well as return from the comfort of their home. After doing enough study & research on the idea, Phanindra and his other member submitted their plan to a mentorship program and in return received sufficient amount of funds to execute their plan right away. Today Redbus has over 15 million customers.

From this one story of an Entrepreneur we learn that one should always have faith in his idea and work tirelessly to make it a reality. You will never know whether it works or not unless you try. So, your thoughts are never too small to fly high!

Entrepreneurs who failed:

Henry Ford (Founder of Ford Motor Company) failed twice in his business before he went on to build Ford Motor Company and became one of the richest men in the world. Here’s what he has to say about his failure-

“Failure is just a resting place. It is an opportunity to begin more intelligently”.

“If I lose a billion dollars, I will have it back in less than five years”.

From his experience of failure you can clearly understand why failure is the best teacher. One always falls before he takes a big leap. Standing up and trying again is what makes the difference. All this helps to develop Entrepreneur and leadership skills in you. Let’s get enlightened by words of few other great turnovers of failure.

“I have not failed. I have just found 10,000 ways that won’t work”-Thomas Edison

Larry Ellison started Oracle from scratch and went on to become one of the richest dropout billionaires in the world and this is his take on it.

“I have had all the disadvantages required for success”

The iFEEL’s Entrepreneurship Excellence Program provides you this golden opportunity which sharpens your undefined Entrepreneurial qualities. The program is designed keeping in mind the requirements of Entrepreneurs in today’s challenging times. It has the unique feature of Weekend Entrepreneurship Program as well (What else could working professionals ask for).