Globally admired School of Entrepreneurship and Family Business Management.
Pravin Dalal School of Entrepreneurship and Family Business Management (PDSE&FB) uses innovative methodologies to facilitate socially responsible entrepreneurship with global perspective and an ability to sustain and scale their businesses.
Emerging Need and Challenges in the said sector
One of the primary jobs of entrepreneurs is to overcome basic constraints and succeed with the zeal of being innovative. India is going through a structural — not a cyclical — change; hence, the process is slow, but the expectations from the entrepreneurial class is high to ensure that we succeed.
While the government is focusing on increasing investments in power, roads, ports, and bridges. Coupled with the reform in the power sector and various areas of infrastructure development, the expectations from entrepreneurial class are to develop, nurture and implement business ideas to harness these developments and generate growth and employment. The current policies are more focused on creating India which is self-reliant and more progressive. In line with the vision, it is defined that “nurturing entrepreneurs and creating entrepreneurs” will be the future mantra for next 15 years at least.
Academic institutions and universities have a major role to play to make it sure that these initiatives are harnessed in a meaningful manner. The skill and competencies required to make this happen need a strong academic program focusing on developing the cult of entrepreneurs. While universities focus on strengthening the academic rigor it has to have in-built focus on manufacturing and services sector. Government’s focus on “Make in India” is an important initiative and universities need to design academic programs which not only nurture but also enhance the quality of entrepreneurial spirit in India.
We are at a stage where it would be difficult to dampen the Indian entrepreneurial spirit. It has grown and competed in the global market despite facing challenging environment and regulations in the past. Entrepreneurs have shown their ability to adapt to the changing economic environment and deal positively with the uncertainties in the marketplace. Yes, the joint family structure – the spawning ground for entrepreneurs – continues to evolve and compete effectively in the world market. But if that success is to be sustained, the economic reforms will also have to continue.
Defining entrepreneurship is not an easy task. To some, entrepreneurship means primarily innovation, risk-taking, to others a market stabilizing force or a risk-taking activity leading starting, owning and managing an idea.
Programs offered (Masters/Diploma/Certificate/In-House-Company projects) in the School understand and deliver keeping in mind the holistic view of word Entrepreneurship in the Indian context.
The School will keep the following” Definition” of an Entrepreneur in view while launching and positioning its programs.
We see an entrepreneur as a person who creates new combinations of Business strategies such as new methods of production, new products, new markets, finds new sources of supply and new organizational forms, as a person who is willing to take risks by exploiting market opportunities
Considering the unique characteristics of Indian family-run businesses and new Government initiatives (ref. Make in India drive), we realized that the biggest challenge our students will face is in terms of ensuring their ventures sustainability and scalability. Indian family businesses have a huge legacy, and they are active in certain specific sectors. They have made a significant contribution to the economic growth of the country.
While the family-owned business has grown considerably, they are at the crossroads now as the second generation of entrepreneurs needs professional managerial expertise and skills to develop the business in this new era which is “emerging markets and growing nation.”
The initiatives led by the Government has been supportive of Entrepreneurial spirit, and this has encouraged the growth of start-ups in the Country in recent times. Also, a clear wave of highly educated people seeing entrepreneurship as an attractive word and keeping in mind the positive political attitude makes it very encouraging. This can be seen as an important opportunity, but also it may turn out be a threat to family businesses since the competition will emanate from altogether different professional set-up which is not conventional.
This need is felt significantly by Family Businesses and we at the School have taken appropriate steps to strengthen our academic curriculum and interventions that caters to holistic development. Such interventions have led to a deep-rooted understanding of one’s own business, expansions, diversifications in this favorable environment and making to think them about how to “Leading a Change.”
Also, in entrepreneurial and family business ventures, participants in our programs face an important challenge of how to take the family along in the drive and how to implement strategies more appropriately and as per the need of the hour.
Programs help participants
We have currently more than 400 plus students attending our various programs in entrepreneurship and family business. The participants in these programmers come from varied sizes of organizations ranging from a turnover of Rs.30 lakhs to 200 million to Rs. 30 billion. The broad objective of all the programs is same what is expressed by participants at the time of the first contact and what they would like to see after the completion of the program broadly
Also focus is strongly on building skill set to address the above mentioned issues and concerns- current expectations from Entrepreneurs.
Our strengths currently as perceived by the students of the program would cover the following
Training Consulting and In-house Corporate projects
For those who are already in business and are currently third/fourth/fifth generation, the School will focus on the model listed below:
In short to summarize
Keeping in mind the profile of the candidates/client/SME’s the program will ensure the relevant models tested and tried to get answers to the following:
1. Issues and Challenges of family run businesses/ SME/Medium scale entrepreneurs
2. The need to professionalize considering emerging need of the developing nation like India
3. Communication dynamics between the members and the stakeholders
4. The growth mapping and avenues to make it “Big”
5. Why is the need to professionalize? How do you balance family members and professionals to get the best from existing resources and available expertise? 6. The need of “generation X” who is more aggressive and better qualified and will inherit the Business.
7. How do entrepreneurial dimensions of individuals, environment and organizations interact to produce new ventures?
8. What is value? How it is created?