How and Why to Pursue the Family Business Management Course in India
Last updated on: 23rd October, 2025 | Admissions | Gaurav Chabra: Manager - Admissions, Great Lakes Institue of Management << back to blog
Published on: 14th October, 2025
Pursuing an MBA in Entrepreneurship with a focus on Family Business Management equips individuals with the strategic insights and leadership skills essential for sustaining and expanding family-owned enterprises. Family businesses significantly contribute to the global economy, with the 2023 EY and University of St.Gallen Family Business Index reporting revenues of $8.02 trillion from these enterprises.
What is an MBA in Family Business & Entrepreneurship?
An MBA in Family Business & Entrepreneurship is designed for individuals involved in or joining family businesses. It provides insights into sophisticated business strategies and management-specific family firms. It concentrates on succession planning, governance structures, and multigenerational sustainability and growth.
What Does the MBA in Family Business & Entrepreneurship Cover?
The MBA in Family Business & Entrepreneurship at Great Lakes Institute of Management is a comprehensive one-year, full-time program specifically designed for individuals involved in family-owned businesses or entrepreneurial ventures.
Some key areas covered include:
- Business Strategy & Growth Planning – Developing long-term strategies aligned with family values and business goals.
- Succession Planning – Preparing the next generation to take over leadership while maintaining stability.
- Governance & Family Dynamics – Understanding structures that define roles and decision-making processes.
- Innovation & Digital Transformation – Integrating modern business technologies to enhance efficiency.
- Financial Planning & Wealth Management – Managing business finances effectively across generations.
Key Differences: Traditional MBA vs. Family Business MBA
A traditional MBA offers a broad understanding of business fundamentals applicable to various industries. However, a Family Business MBA is tailored for those managing inherited businesses, focusing on challenges like leadership transition, conflict resolution, and business continuity.
Here's a detailed breakdown:
| Aspect | Traditional MBA | Family Business MBA |
| Objective | Prepares individuals for diverse roles in various industries, focusing on broad management skills. | Equips individuals with skills tailored to managing and growing family-owned businesses. |
| Curriculum Focus | Emphasises general business disciplines such as finance, marketing, and operations. | Incorporates subjects like family business governance, succession planning, and conflict resolution. |
| Target Audience | Professionals aiming for careers in corporate sectors, consulting, or entrepreneurship. | Individuals involved in or preparing to join their family businesses. |
| Learning Approach | Theoretical frameworks complemented by case studies and internships. | Practical learning through real-life family business projects and mentorship programs. |
| Succession Planning | Generally not a focus area. | A core component, addressing leadership transition within family enterprises. |
| Governance and Family Dynamics | Limited coverage of interpersonal and familial relationships in business settings. | In-depth exploration of managing family relationships and business governance structures. |
| Career Outcomes | Positions in multinational corporations, startups, consulting firms, or entrepreneurial ventures. | Leadership roles within family businesses, consultancy for other family-owned enterprises, or initiating new ventures within the family business context. |
Bridging the Gap Between Theory and Practical Business Applications
An MBA in Family Business Management and Entrepreneurship bridges theory and practice through live projects and case studies.
In India, family-owned businesses contribute over 75% of the national GDP, projected to reach 80–85% by 2047, according to a McKinsey report. This program, combining insights from mba in family business and family business entrepreneurship, equips aspiring leaders with the strategic skills necessary to drive sustainable growth in family enterprises.
Key Benefits of Pursuing an MBA in Family Business & Entrepreneurship
Family-owned enterprises play a crucial role in driving economic growth, making an MBA in Family Business & Entrepreneurship an essential tool for future leaders.
- MBA entrepreneurship programs offer a robust curriculum integrating theoretical knowledge with hands-on learning through live projects and case studies.
- The course emphasises key areas such as governance, succession planning, and conflict resolution, essential for effective family business management.
- The Edelman Trust Barometer confirms that family businesses are trusted more than other enterprises, with a trust score 12 percentage points higher than that of other businesses.
- Studies indicate that only about 30% of family businesses successfully transition to the second generation, emphasising the need for specialised leadership training.
"Also Read" Why 70% of family businesses fail?
MBA Entrepreneurship Syllabus & Course Highlights
The PGPM Family Business and Entrepreneurship course is designed for the future generation of business leaders and equips them with the ability to run and grow their businesses. The MBA in Family Business and Entrepreneurship is a seven-term program—core courses in Terms 1-3 and elective courses in Terms 4-7.
The course includes Impact Skill Labs that offer experiential learning in innovation, strategy formulation, CXO and VC networking, data analysis, data storytelling, and business communication. This course in Family Business Management allows entrepreneurs to make strategic choices between units and spot opportunities for expansion.
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MBA in Entrepreneurship Eligibility
The PGPM Family Business & Entrepreneurship program is designed for aspiring entrepreneurs and next-gen business leaders seeking to enhance their management skills. This MBA in Family Business equips individuals with the expertise to manage and scale their enterprises effectively.
Eligibility Criteria:
- Educational Qualification: The candidates must possess a recognized bachelor's degree with a minimum of 50% marks.
- Business Background: The applicants should either be a member of a registered family business or an entrepreneur who owns their own business.
- Admission Test: One can get eligible through normal admission tests or may sit for the Great Lakes Aptitude Test (GREAT) for admission in the PGPM – Family Business & Entrepreneurship programme.
Entrance Exams for MBA in Entrepreneurship
For admission to the PGPM – Family Business & Entrepreneurship program in 2025, applicants must have valid scores from CAT (2023/2024), GMAT (after January 1, 2022), XAT (2024/2025), or NMAT (latest three attempts from 2023 onwards). Candidates can submit multiple scores, with only the best score considered.
Those without these test scores can take the Great Lakes Aptitude Test (GREAT) to qualify for this MBA in Entrepreneurship. This ensures a fair and flexible admission process for aspiring leaders in the MBA in Family Business.
MBA in Entrepreneurship Fee
The PGPM – Family Business & Entrepreneurship program offers a comprehensive learning experience for aspiring business leaders. This MBA in Family Business is AICTE-approved and includes tuition fees covering reading materials, case studies, and online resources.
Here is the breakdown of the tuition fees for family business management:
| Fee Heads | Amount (in INR) |
| Tuition Fees (includes reading material) | 11,50,000 |
| Program Fees | 5,90,000 |
| International Immersion Program Fees | 1,65,000 |
| Accommodation Charges (Twin AC) | 3,30,000 |
| Caution Deposit (Refundable) | 10,000 |
| Alumni Subscription | 5,000 |
| Total Fees | 22,50,000 |
Who Should Enroll in This Program?
The PGPM – Family Business & Entrepreneurship program is designed for individuals looking to lead, expand, or establish successful businesses.
- Business Successors – Ideal for next-generation leaders preparing to take over a family business, ensuring continuity and innovation. Studies show that only 30% of family businesses survive into the second generation, making structured learning crucial.
- Aspiring Entrepreneurs – Individuals planning to start their own venture will benefit from this MBA in Entrepreneurship, as 90% of startups fail due to a lack of strategy and management skills. This program helps mitigate risks.
- Start-up Enthusiasts – With India adding over 1,000 startups every year, professionals looking to enter the startup ecosystem can gain expertise in innovation, risk management, and business operations.
- Business Professionals & Executives – Those working in corporate roles who wish to understand family business management can enhance their ability to work with family-owned enterprises or transition into leadership roles.
Career Opportunities & Business Growth after an MBA in Family Business & Entrepreneurship
Graduates of this MBA in Family Business gain the expertise to manage, scale, and innovate within various business landscapes. The program opens diverse career paths, including:
- Leading a Family Business: Graduates can take over and expand their family enterprises, ensuring sustainability and long-term success. Structured management education has been linked to improved resilience in family-owned firms.
- Entrepreneurship: With thousands of startups launched annually worldwide, this MBA equips individuals with essential skills in finance, strategy, and innovation to build and grow new businesses.
- Business Consulting: They are able to advise family businesses on growth, digital transformation, and operational effectiveness, sectors that continue to be dynamic and in demand.
- Corporate Functions: Strategy, business development, and investment functions are present in businesses that relate to family businesses.
- Venture Capital & Startups: Incubating, accelerating, or collaborating with venture capital firms enables graduates to fund startups and new businesses, helping foster a successful entrepreneurial ecosystem.
Why Choose Great Lakes Institute of Management?
Embark on a transformative journey with an MBA in Family Business and an MBA in Entrepreneurship at Great Lakes Institute of Management.
- 360° Business Leadership Competencies – Develop strategic thinking, innovation, and decision-making competencies, which are essential to family business leadership and entrepreneurship success.
- Expert Mentorship – Learn from CXOs, entrepreneurs, and renowned faculty, acquiring rich industry experience for the MBA in Family Business and MBA in Entrepreneurship.
- Pitch to Investors – Present your business ideas to venture capitalists and start-up business owners, securing money and professional guidance.
- Tap into Next-Generation Technologies – Apply Analytics, Gen AI, and AR/VR to drive digital transformation in your organization and stay ahead of market trends.
- Strong Alumni Network – Join a 14,000+ strong Great Lakes alumni network, which supports mentorship, partnerships, and business development.
- Global Business Exposure– Get global exposure through a term outside India at one of Europe's top-ranked B-schools, picking up global business acumen.
Are you ready to take your family business to the next level? The MBA in Family Business & Entrepreneurship program at Great Lakes provides the ideal mix of strategy, sustainability, and growth for the next generation of business leaders.
Learn about the program, and register now! Gain expert knowledge and practical experience to help build the future of your family business. Great Lakes also offers programs like PGPM for professionals seeking career acceleration, PGDM for early career graduates to build strong business foundations, and an Executive MBA for experienced professionals looking to enhance leadership skills.