15 Feb 2021 21:47 IST

Nitte JKSHIM launches family managed business programme

Ullas Kamath (left), Joint Managing Director of the Mumbai-based Jyothi Labs, K Sankaran, Director of Justice KS Hegde Institute of Management, and Vishal Hegde (right), Pro-Chancellor of Nitte (deemed to be university), are seen signing the memorandum of understanding for the launch of Ullas Kamath Centre for Family Managed Business on institute's campus.

Programme Chair K Ullas Kamath says family businesses form the backbone of country’s prosperity and economy

The Nitte-based Justice KS Hegde Institute of Management (JKSHIM) has launched a family managed business programme and has announced the launch of K Ullas Kamath Centre for Family Managed Business on its campus.

Announcing the launch of the centre at JKSHIM at a programme in Mangaluru on Monday, Ullas Kamath, Joint Managing Director of the Mumbai-based Jyothi Labs, said that the centre will work with micro, small and medium-sized family businesses to provide them with the necessary tool kit to grow in stature in the years to come.

The first cohort of the four-day intensive residential programme will begin on June 13, for which the registration will end on May 31. The maximum intake will be 20 participants for a cohort and there will be two-four cohorts every year.

He said the resource persons will be a mix of academicians, practitioners, people who have done research on the particular subject, and overseas experts. The programme will be exclusive, and cohorts will be well balanced to ensure maximum learning for its participants, he said, adding that the programme will be customised to meet the profile of participants.’

‘Oldest form of business’

The modules include ‘Changing economy and consumer behaviour’, ‘role of technology’, ‘financial governance’, ‘business planning’, and ‘human resources and personal growth’. The four-day intensive residential programme will be conducted on campus at Justice KS Hegde Institute of Management at Nitte in Udupi district. The K Ullas Kamath Centre for Family Managed Business will form a part of JKSHIM and its Director K Sankaran will serve as the Programme Director. K Ullas Kamath will serve as the Programme Chair for the Centre.

Kamath said that family businesses are one of the oldest and most prevalent forms of business owners anywhere in the world and form the backbone of any country’s prosperity and economy. Globally, businesses owned and managed by a single extended family account for about 90 per cent of all entrepreneurial ventures. However, only a third of these family businesses survive to the second generation and a mere three per cent survive to the third generation.

Family, business, and management

Studies have shown that a lack of preparedness and inability to adapt to change contribute to the lack of continuity of family businesses. He said that business ownership within a family is a deeply rooted practice for ages in India. And underlying each family business, irrespective of its size or where it is on its growth trajectory, is a commitment to its values, sense of purpose and vision.

But along with the continuous flux in the business landscape, diverse personal and business interests and rapid technological changes are challenging the status quo. Making it imperative for family businesses to align the family vision and business dynamics with growth objectives. And to complete the circle of a family business — family, business and management, he said.

K Sankaran, Director of JKSHIM, and Vishal Hegde, Pro-Chancellor of Nitte (deemed to be university), were present on the occasion.