Choosing the Right Degree for Running Your Family’s Business

Deciding on the right degree to run a family business can be a daunting task. It is important to consider a variety of factors including the nature of the business, your personal interests, and your current skill set. This article explores various degree options and strategies to help you navigate through this decision-making process.

Degree Options for Family Business Owners

Below are some degree options that can be valuable for running a family business effectively:

Business Administration - A general business degree covers various aspects of running a business including management, finance, marketing, and operations. Entrepreneurship - This degree focuses on starting and managing businesses, making it ideal if you are looking to innovate or expand your family business. Finance - If your family business involves significant financial management, a finance degree will equip you with skills in budgeting, investing, and financial analysis. Marketing - If your role will involve promoting the business, a marketing degree can help you understand consumer behavior, branding, and digital marketing strategies. Management - A management degree focuses on leadership, organizational behavior, and strategic decision-making, which are essential for overseeing operations and teams. Supply Chain Management - If your family business involves logistics or inventory, this degree will provide insights into optimizing operations and reducing costs. Industry-Specific Degrees - Depending on the nature of your family business (e.g., agriculture, hospitality, tech), consider a degree related to that specific field.

Gaining Practical Experience and Practical Insights

In addition to obtaining a degree, gaining practical experience through internships or working in various roles within the family business can provide invaluable insights and skills. Networking and mentorship can also be beneficial as you prepare to take on a leadership role.

Alternative Pathways: Books, Lectures, and Webinars

While a degree can provide a structured learning experience, some believe that good books, lectures, and webinars can be more than sufficient. These alternative methods offer flexible and comprehensive learning opportunities to enhance your skills and knowledge in running a business.

Specialized Programs for Family Business Owners

If you are looking for a more targeted approach, consider specialized programs like the one-year postgraduate program in entrepreneurship and innovation offered at FLAME University. Programs like these are designed for growing existing family businesses or launching new ventures. FLAME University’s program, for instance, helps participants understand practical entrepreneurship cases and interact with industry experts who provide valuable feedback. This can be incredibly insightful for your business.

Personal Experience

I have personally taken the FLAME University one-year postgraduate program in entrepreneurship and innovation. This program has equipped me to run a business for over 2 years, with more than 15 employees. The program was instrumental in transforming my approach from worrying about building a business to successfully running it. I highly recommend considering specialized programs like these for those looking to take their family business to the next level.