K.S. Hegde Institute of Management, Nitte in Udupi district, has launched a family managed business programme. Speaking at the launch of K. Ullas Kamath Centre for Family Managed Business here on Monday, K. Ullas Kamath, Joint Managing Director of the Mumbai-based Jyothy Labs, said that the institute has launched the centre to catalyse the continued prosperity of family-run micro, small and medium enterprises in the country.
He said that it 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. This centre will form a part of KSHIM and its Director K. Sankaran will serve as the Programme Director. Mr. Kamath will serve as the Programme Chair for the Centre.
The programme will begin with its first cohort in June and registrations are open. There will be two to four cohorts every year. The programme will be exclusive, and cohorts will be well balanced to ensure the maximum learning for the participants, he said.
The four-day intensive residential programme will be conducted on campus at Nitte and it will feature prominent guest speakers and seasoned practitioners from the industry.
He 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 % of all entrepreneurial ventures. However, only a third of these family businesses survive to the second generation and a mere 10 % survive to the third generation. Studies have shown that a lack of preparedness and inability to adapt to change contribute to the lack of continuity of family businesses. Mr. Kamath said that business ownership within a family is a deeply rooted practice for ages in the country. 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. K. Sankaran, Director of KSHIM, and Vishal Hegde, Pro-Chancellor of Nitte (deemed to be university), were present on the occasion.