Author Archives: schatzi

Why Should You Use a Mortgage Broker?

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Are you hesitant to use the services of a mortgage broker or are skeptical about what a mortgage broker can do for you? The purpose of this article is to clarify the many advantages and benefits that you will receive when using the services provided by a mortgage broker in Canada. I am optimistic that after reading this article Canadians will have a better understanding of the services provided by a mortgage broker, and will consider using a mortgage broker for their mortgage financing needs.

What exactly is a mortgage broker?

Basically, the mortgage broker is the representative for all Canadian lending institutions in Canada. Their function is very similar to that of an insurance broker. A bank representative who works for a particular lending institution is employed by that bank and knows every mortgage product their bank offers. Therefore, when you go to your bank for a mortgage, the representative analyzes your situation and selects the best product their bank has to offer for your needs. Mortgage brokers act as agents for all Canadian banks, Credit Unions, Trust Companies, finance companies, and individual private lenders. Next, when you visit a mortgage broker for mortgage financing they analyze your specific situation and choose the best product from one of their 50 Canadian lending institutions.

In Ontario, mortgage brokers are educated professionals licensed and regulated by the Financial Services Commission of Ontario (FSCO). FSCO is just one government agency that monitors the business practices of mortgage brokers, every province has an agency that provides the same services to Canadians. As a result, these institutions state that Canadians are provided with reliable protection, a thorough understanding of mortgage products, and service standards to meet their individual needs.

So, how exactly are you going to profit by using a mortgage broker?

Save time: Many people try to shop around their own mortgage by making trips to 5-6 of Canada’s major retail banks, which can be very time consuming. Mortgage brokers will meet you at a convenient place for you and they will shop your mortgage to save a lot of your precious time.

Credit Score: One of the most important considerations for Canadians when shopping at various banks is their credit score. Every time you go to the bank and apply for a mortgage, they will ask you credit questions, too many questions will negatively affect your credit score. Mortgage brokers only ask one credit question and then forward it to the bank where they shop.

Save Money: Many people are under the wrong assumption that it is expensive to use a mortgage broker. In fact, most brokers do not charge anything because they are paid by the banking institutions to bring them in business. That’s the best part, you receive unbiased advice on your mortgage and it costs you nothing.

Best Rates: Using a mortgage broker guarantees you that you will get the best rates available, independent mortgage agents rely on repeat business so they don’t play around, they always find their clients the best rates. In addition, as a reward for bringing them millions of dollars a year in business, many banks will offer special rates that are only available to mortgage brokers for their clients.

Quick Approval: Usually, a mortgage broker will approve your mortgage within 24 hours, at the best interest rate. Even if a retail bank approves someone’s mortgage quickly, it can sometimes take weeks to negotiate it to their best rate.

Feel At Ease: Mortgage agents will take the time to explain the whole process to mortgage recipients, this is very entertaining for first time home buyers. They will take the time to explain all the terms and conditions of the mortgage commitment so there are no surprises later on. They will usually present more than one option to clients, and can explain the differences between each bank, this will help consumers make an educated choice about which bank they prefer.

Where is your next mortgage financing experience?

Today, there is no need for Canadians to place their trust blindly in their bank for their mortgage. Now that there is a huge amount of information available to consumers, with all the information available, it is advantageous for consumers to use the services of a Canadian mortgage broker to help them analyze which product will best suit their needs.

What Is Real Estate Agent?

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A real estate agent is a person who is used as an expert to facilitate the sale of real estate. In my opinion, a real estate agent should be open to new things, including innovative marketing ideas and recent changes that impact buyers and sellers. A real estate agent must be someone who listens to buyers, sellers, and renters to find out what the public hates about agents and proactively make changes in their own business plans. Real estate agents must have working hours applicable to other professionals who are paid thousands of dollars per transaction.

A real estate agent must practice their skills by using them every day. Real estate agents may not be part-time in the business. This means they shouldn’t have full-time jobs and sell real estate when they need extra money. A real estate agent must be skilled at keeping their cool when things go wrong. A real estate agent must be professional and never hang up on clients or other real estate agents, no matter what they say or do.

Real estate agents must be responsible for studying, understanding, and following all the marketing tools that can and may have to be used in selling or buying a home. The fact that real estate agents are “uncomfortable with the Internet” when most homes are now being sold via display on the Internet by buyers is no longer an excuse. Real estate agents must diligently understand the modes of communication and marketing through every type of medium from which buyers can search for and eventually buy a home.

A real estate agent doesn’t have to turn on their fax machine when they come back from the store. They must be in business, full time, and arranged to conduct business at any time of their day. A real estate agent should never leave town without a backup and just leave the deal hanging as a result. No one cares that the real estate agent is on vacation more than the agent himself. Real estate agents shouldn’t tell sellers that open houses aren’t working, when in fact, open houses sell properties, every day. A real estate agent shouldn’t be so busy that they laugh at someone for discussing using the St. Joseph. They shouldn’t scoff at the fact that the smell of apple pie may or may not sell the house just because they don’t want to go to the trouble of explaining what may or may not work to the seller.

A real estate agent should never cry when a seller tells them that they no longer want to sell their home or that they will not use it to sell their home. A real estate agent may not steal a yard sign from a lawn or a directional sign from a subdivision just because someone didn’t choose to register the house with them but a competitor. Real estate agents should not undermine other business models. They just have to point out the things they bring to the table and why they feel their business model works better.

A real estate agent should never open a house to a buyer and let them live there alone, just because the buyer looks good. Real estate agents should always look at the identity of the buyer because they recognize that they are responsible for the property of the seller. A real estate agent should always be grateful that someone was willing to pay them thousands of dollars for a job that was never fully explained to the public about how little knowledge the agent needed and how little you were trained when getting your license.

Unfortunately America is the only place where all of these standards, or should I say lack of standards, are lauded every day as good and acceptable behavior. The public needs to be reminded that a large number of inexperienced part-time real estate agents hold the fate of most people’s greatest assets in their hands. When are we going to put our feet down and say enough is enough… real estate is a real profession that requires skill, knowledge and constant reach to execute strategies and results for clients.

The Best Real Estate Broker

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Real Estate is a very preferred financial investment for most people and nowadays a large number of people are very interested in investing in commercial or residential property. Only a few of them really like this field as their main source of income. It consists of real estate brokers, property investors, property attorneys and those who are primarily focused on the real estate market.

However, others who are not interested in this field or market still want to put their money in the industry or property market arguing that this kind of field is very attractive to most people today. But for people looking for a place to live, finding the ideal agent or broker can make a big difference between the bad and the good.

So how can you say that you have the ideal real estate broker?

The main thing to consider is about the reputation of your broker.
Property brokers who have a good track record will be quite reliable in helping their buyers to get the property they dream of, while also providing them with the best deals on the property.

The second thing to know about a real estate broker is his experience in the field. Bad real estate agents won’t be around for a few years because bad humor spreads faster than news. Therefore, experience is a way to make big profits just to give you an idea that your real estate agent hasn’t done that can take him out of this market. The ideal and perfect real estate broker doesn’t just serve as a salesperson waiting to receive his commission when the deal is done. The ideal agent should pay attention to the needs of the buyer.

In addition, it must have the most widely available product that can be offered to the buyer at all times. An agent also needs a small team of people who work on a systematic plan just to close deals with prospects. The ideal agent should be set up in such a way that it is easy to follow through a series of sections such as location, quantity, type of house and more. The ideal broker will not only sell but also provide advice to vendors who can help land their property at a better price for a particular buyer.

The best commercial or residential property brokers have to stick around at all times especially when dealing with prospects and listen to every requirement and offer them some of the most suitable areas for prospecting for possible properties.

If you have a friend of a friend or a family member who has dealt with a real estate broker this way it can help you to find the ideal agent for your real estate business fairly and quickly.

Real Estate Agent Vs Broker

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You may not be the only one who is confused about the difference between a real estate agent and a real estate broker. Your confusion is understandable as there are important similarities and differences.

In fact, to complete the sale or purchase of your home, you will need the services of both a real estate agent and a broker – but not at the same time, and not for the same purpose.

Let’s start with a very simplified description of each estate representative:

• A property agent is a person who has a license to sell property. An agent cannot work independently: he must work under the supervision of a property broker.

A property broker also has a license to sell property but has taken additional educational courses and passed the broker license exam. The broker may work completely independently, or may hire an agent to work with him at the brokerage, or may be a co-broker, working with other brokers in a joint business relationship.

Become a real estate agent

Each state has specific requirements to become a real estate agent. Requirements vary, but generally include completing a minimum number of property classes and passing a real estate exam to gain a license.

Upon successful completion of coursework and licensing exams, the new agent must be sponsored by and work with a real broker. Real estate agents function as real estate sellers under the supervision of brokers.

This will be a valuable learning period and one of the main ways in which real estate agents begin to build clients.

The property broker is already a licensed agent with several years of real estate experience and who chooses to obtain a broker license. Agents will be required to complete additional property-related courses, pass the state-mandated brokerage exam, and become licensed as a real estate broker. Property brokers have a higher standard of industry knowledge.

Property brokers are responsible for the actions of their salespeople (real estate agents) and oversee all intermediary activities. He can act as a mediator if there is a conflict between the client and the agent. He may step in to help with more complicated negotiations.

The broker is the person who receives the payment of the sales commission on the successful completion of a property transaction. The broker determines how the commission is shared with the property agent who is directly involved in the transaction.

Brokers also have a fiduciary responsibility to accept “real money” deposits from home buyers, open an escrow account and deposit the money into the account.

Do you need agents and brokers?

The short answer is yes. Sometimes, the agent and the broker are one and the same person. Whether buying or selling a home, you will be working with a licensed estate agent. When the transaction reaches the point where the money is transferred, the broker will handle the escrow deposit process. And if any conflicts arise or help is needed during negotiations, you and your agent will ask for the experience and skills of the broker.

Commercial Property Broker

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In a commercial real estate agency, the skills a sales executive requires are specialized and many. Each property market, town, or city will have unique negotiation and listing terms. On that basis you need to train yourself for the best performance.

Too many salespeople wait for the boss to pay for some training sessions or send them to a workshop or seminar. While that process may seem convenient, most generally motivated salespeople don’t improve or learn much from any workshop or seminar.

They may remember things over the course of a few days, and try some recommendations or tools from the program even though the problem of breaking old habits and establishing new ones will always hinder progress. That being said, the top agents in our industry are the ones who can change their actions and improve their processes. They train themselves to be the best at everything.

While we do many things every day, there are really only 8 things that are fundamentally important to our careers and progress. Self-improvement in these 8 separate items will radically improve roster and final deals.

Here are the eight special items:

Prospecting new business will always be number 1 on the list regardless of how busy you are on any given day. Prospecting should always happen without fail and with great focus. This will take about 2 hours per day. Therefore, you need to practice your prospecting and dialogue methods. In contacting people, you are simply looking to understand whether they have a need or interest in commercial or retail property.

From a successful prospecting process, you can move on to meeting with a prospect or customer. The frequency of your meetings and the growth in your market share will come from prospecting. Therefore, you need to practice your meeting presentations and sales pitches.

From a successful sales pitch, you will have the opportunity to register the property. If you create a list with a primary focus on exclusive listings, you will build a better market share. In this case you will always list the sale and lease of shares that you can control and therefore avoid the interference of competing agencies.

The marketing process for each list should be considered unique and special. Each listing should be directed to the target market that best suits the improvement and location of the property. Gone are the days of generic marketing in commercial real estate. We really need to explore the types of properties and levels of inquiries that exist today. That’s marketing and you’ll find out what kind of marketing works more effectively than others in today’s economic climate.

From a successful marketing campaign, you will generate multiple inquiries with qualified prospects. The inquiry will then be turned into a property inspection. The property inspection process can be optimized and improved through deliberate effort. Understanding property features and the best way to get people through the property will always help you turn out better results from property inspections. Preparation is key. Knowing the property will be of great help to you.

A successful property inspection will develop into a negotiating process. Given that you’re negotiating client terms to potential buyers or tenants as the case may be, you can really optimize the outcome through improving your self-negotiation skills. Top agents with excellent negotiation skills are independent people. They deliberately choose to improve each stage of the sales or lease marketing process. Practice your negotiation skills. Control negotiations at every stage.

Successful negotiations will proceed to the creation of proper documentation or possible agreement. Given that this is one of the most important parts of the sale or lease process, there is no excuse for inaccurate or average property documentation. Understand what needs to be done and then improve your documentary skills for accurate transactions. The clients we serve expect us to provide waterproof documentation. In some cases, complex transactions must be referred to the client’s attorney for final documentation. If you don’t know what to do with the document, don’t start it; find someone who knows what to do.

Business Manager – Vital Cog in Business Enterprises

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A Business Manager is a professional who is entrusted with the job of managing a business firm or a corporate enterprise or a private enterprise on behalf of a company or individual with the outcome of earning profits and revenues. There are several areas where a Business Manager can use his or her knowledge and expertise to serve – accounting, auditing, budgeting and taxes, data processing and analysis, finance, HR and personnel, marketing and public relations, operations analysis, purchasing and so on. Besides there are also specific technical areas in which a Business Manager can have specialized knowledge and skills like computer programming, e-commerce, law, science etc.

Even small businesses or home businesses sometimes typically have Managers doing multiple roles that focus on the company’s marketability and reach. In such a scenario, the Business Manager shares much of the owner’s duties and responsibilities in running the business successfully and in some cases, earning a share of the profits.

There is no doubt that the role of a Manager is very essential and crucial to a business. As we have seen in the modern era, even artists and private individuals like musicians, dancers, painters, writers, sportspersons etc. have Managers who manager their business affairs, professional commitments and financial matters. Hence, the role of a Manager cannot be taken lightly. In the context of a governmental agency or a military agency, the position of Business Manager would be equivalent to that of an Executive Officer or a Chief of Staff.

Functions or Role

Overseeing the operations in small, large or private enterprises involves many specific functions. Generally, the duties of a Business Manager extend to:

• Developing and implementing budgets
• Fixing business goals and targets
• Hiring, training and evaluating employees
• Supervising and overseeing duties of support staff
• Handling payments and contracts
• Managing business commitments, travel schedules etc.

Qualifications

Most Managers require a basic qualification of a bachelor’s degree in Business Management which has many in-built modules in tandem with the duties listed above. They also need to have excellent communication skills, great inter-personal relations, be adept in promotional and marketing abilities and have contacts with media agencies and networks. In many businesses, salespersons who have worked through the company for many years handling several responsibilities are promoted to Managers levels and entrusted with greater responsibility.

Public profile

In a private enterprise such as a Manager handling the portfolio of an artist or sportsperson, the role of a Business Manager is very much in the public eye. Several past business managers have been caught in financial and personal scandals ranging from negligence of professional commitments to fraudulent practices in financial matters, illegal and unethical management of assets, swindling of revenues etc. which can be a serious setback to professional enterprise.

How to Makes You Better Property Brokers

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As a commercial real estate person you have to know your real estate market and all the properties and listings in it to a high degree. Sounds logical but it’s worth looking into as not many people do it well. This is the division between the large commission and the average commission; the division between the big list and the average list.

First, it’s a good idea to ask yourself what type of property you specialize in. The best people in the industry tend to focus on only one or two types of properties. That allows them to research all market trends and keep abreast of things like:

Rent rate
Rental type
Rental type
Job rate
Building costs
Register currently on the market
Price reached
Sales or rental method
This list could go on, but we’ve given you the main issues for now and to get to the bottom of it. The information above is detailed and important whenever you talk to the owner of a property that you want to sell, rent or manage. To be the best in your area, you must provide the best property services and solutions.

Being ordinary doesn’t pile up in this market. There are many ordinary real estate agents or brokers out there. Make a clear decision now to be the best and your success will follow.

So you can say that you already know the above, and therefore you are the best! Let me ask you 10 questions to test your true knowledge.

What is the current rental rate in your area and what has been the trend over the last 2 years for this type of property?
What have incentives been in the latest rental deals and what are the best incentives owners use to attract tenants today (and give me a reason why)?
If you were going to rent a space today in a prime location and with great tenants, what rental alternatives would you discuss with the landlord and why?
How will the leases you make today for properties lead to better investment performance for owners over the next few years, and why?
What direct comparison properties in the area remain in the market for sale and which properties will compete?
What is the target market for this property and why?
How do you best market your property to tap into the right target market?
What makes your proposal to a client more significant and better than other agencies in the area?
Who are the best property developers in the area and are there any projects on the drawing board that will compete with you on this new list?
What time is it in this type of property market and how has it changed over the past 12 months?
If you are selling or renting my property today, I hope that you as a real estate agent or broker in the area have this answer for me. I want you to give me a reason to use your service and convince me that you are the best. Think about these points and start building your professionalism. The greater your value to people in the property market means you get more listings. The income equation is simple isn’t it.

What Is An Online Business Manager, and Is It Time for You to Hire One?

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Are you a successful woman entrepreneur whose multiple 6-figure business feels out of control?

Are you stuck? Overwhelmed? Frustrated?

Ever thought seriously about walking away because you’re so bogged down with business operations that you can’t follow your passion?

If this sounds like you, it’s time to find an online business manager.

What’s an Online Business Manager?

According to Tina Forsyth, the author of Becoming an Online Business Manager, the official definition of an Online Business Manager (OBM) is:

A virtually based support professional who manages online based businesses, including the day-to-day management of projects, operations, team members, and metrics.

An OBM isn’t a virtual assistant who performs tasks. He or she is a professional business manager who runs the company’s daily operations to give the owner energy and time to focus on strategic growth. The OBM gives the owner permission to be the Visionary and serve her clients, plan the company’s growth and future, and use her gifts to their fullest potential.

The OBM keeps all the balls in the air as the Integrator of the business. Gino Wickman and Mark C. Winters first defined the Integrator role in their book, Rocket Fuel: The One Essential Combination that Will Get You More of What You Want from Your Business. The Integrator harmoniously combines the major functions of the business (sales, marketing, operations, and finance), runs the organization, and manages day-to-day issues. This role is literally the glue that holds the people, processes, systems, and strategy of the company together.

The Integrator creates space so the business owner, the Visionary, can fully step into the CEO role and do what she’s called to do-change the world.

Finding an Integrator for your business would take a big load off your mind and off your plate, wouldn’t it?

I help women business owners who need that time and space. For the past eight years, as an Integrator in my clients’ businesses, I’ve had the great honor of making someone else’s vision happen.

You can’t do it all, and you don’t want to.

When you started your business, you had to wear all the hats. You had to be the visionary and the manager. You knew it wasn’t your best fit, but you could do it until the business grew a little and you could hire help.

Soon you hired someone to take care of the tedious work, but you couldn’t let go of much more. You still needed to lead and manage alone. You told your family (and yourself) that wearing both hats wouldn’t last much longer and you could handle it.

Now, your business keeps growing and you spend way too much time managing and not enough time leading and serving. You don’t have enough time to decide where the business is going because you’re trying to keep up with managerial tasks you never wanted.

You started your business to change the world and to have the freedom to enjoy life. At this point, you can’t do either because you can’t get out of that manager role long enough to catch your breath!

Hitting the ceiling is inevitable. Every successful woman entrepreneur I’ve seen comes to the point where she’s exhausted and can go no farther – she can’t continue to manage and grow the business by herself. She needs online business management services so she can move into the CEO position and Visionary role to grow her company.

Transform your business with an OBM

Your business needs a Visionary and an Integrator to be successful, and you can’t be both for long and sustainable growth. As the Visionary, you need an Integrator to implement and drive your vision, and your Integrator needs you to lead the company’s direction and strategize its future.

My specialty is working with multiple 6-figure clients who have hit that growth ceiling. They know they can’t continue being in charge of everything. I’m an Online Business Consultant, Certified Online Business Manager, and most importantly, a diehard Integrator in every sense of the term.

My clients are high-achieving women entrepreneurs who want to change the world, and their visions are huge. They have proven business models that generate multiple 6-figure+ revenues. Their desire to build an empire is inspirational, and they’re ready to turn over the reins of management to a trusted professional who will move the business forward.

Are you ready for your Integrator?

Have you hit the ceiling in creating new growth? Feeling overwhelmed or frustrated with all the “DOING” in your business?

About

Brenda Violette is Founder and CEO of Violette Business Services, a business management company that partners with entrepreneurial woman who have built a multiple six-figure online business and are stuck in their ability to create new revenue with them being the only one in charge of everything! They struggle and lose traction as they are buried in the “DOING” of the business.

Being a seasoned woman business owner herself, Brenda understands the struggles of other women trying to build a viable online business, balance work and a personal life, and contribute to the world through the business.

3 Surefire Ways to Know If You’re Ready to Hire an Online Business Manager

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Are you a woman entrepreneur who’s frustrated in your 6-7 figure business?

Are you feeling overwhelmed, over-stressed, and not sure where to turn?

Are you so busy doing everything in your business that you never have time to focus on those high level tasks that will truly bring direct growth to your business?

Your business may be ready to hire an Online Business Manager (OBM).

When your business has grown to multiple 6-7-figures, it will require that you begin to step into a CEO and Visionary role to lead your business to higher levels of growth. The business now has a life of its own and if you stay in the doing role too long, you will lose control of your vision.

If you’re like most women business owners, you started your business for some or all of the following reasons:

You wanted control over your time and the money you make
You wanted your work to have an impact in the world
Sick of the 9-5 grind
Have a business you can schedule around your family and personal goals
Commit to something bigger than yourself
Create financial and time freedom

If you have a multiple 6-7-figure business, it may be time to step out of the tasks of day-to-day operations and management. You’re the only one who can lead your company to the next levels. You alone know how to move your business forward. Time and focus are now in high demand for you to lead your company to the next level.

The result of not stepping up will be that the business will begin to stagnate – you’ll hit the ceiling in ability to grow any further. You’ll need to stop trying to do and manage everything on your own because it’s simply not sustainable. You need help in business. At this phase in your business, you have a team that executes tasks.

Now the role you’ll want to hire will be an Online Business Manager, an Integrator, who can take your dreams and goals and make them a reality. You need someone who can effectively step in and manage your team, manage your day-to-day operations and marketing management, manage projects, and analyze and report metrics to determine what’s working – and what’s not.

If you can’t get out from behind the manager’s desk, frustration will overwhelm you… if it hasn’t already. You’ll struggle with “hitting the ceiling” and “feeling stuck” – if you aren’t already. Your life and relationships will suffer because you’re working a crazy number of hours every day just to keep things going. You cannot keep up this pace, and eventually something will give. You’ll burn out. I’ve seen it countless times.

While reading all this article, you may be wondering if it’s time for you to hire an Online Business Manager.

Here are three ways to know you’re ready.

Financial Readiness

Hiring an Online Business Manager is a long-term investment. An OBM does not replace a team of people who are responsible for executing tasks – you can hire any number of virtual assistants for task completion. An Online Business Manager runs your business while you step into the CEO and leadership role.

Psychological Readiness

You’re ready to turn loose a certain amount of control in your business to someone you trust. You know you need help in business, and you don’t want to be the only one in charge anymore. You understand it may be uncomfortable to turn over some control to someone else, but you’re willing to do it because deep down, you know it’s time. And you’re ready to let go of what you don’t truly enjoy to return to using your unique gifts to grow the business.

Lifestyle Readiness

You’re ready to have balance and get your life back. You’re ready to feel a renewed sense of passion for what you do, and you’re looking forward to having the time to create and strategize. As you let loose of the manager’s role, you’ll feel refreshed and energetic, and you’ll step into focusing ONLY on what you can do to grow the business.

If you can’t get out from behind the “manager’s desk” in your business it may be time to hire an Online Business Manager. Life’s too short to be frustrated and over-stressed in your business.

Visit www.BrendaViolette.com today to grab a complimentary copy of Accelerate Your Growth with an Online Business Manager. Discover 100 plus management tasks you can delegate to your Online Business Manager that will immediately accelerate the growth of your business.

Brenda Violette is Founder and CEO of Violette Business Services, LLC, a business management company that partners with high level successful women business owners to grow their online business. Brenda helps her 6-7 figure clients step out of the daily grind of managing their business so that they can have the focus to create new revenue and enjoy more freedom in their business and lives. Her clients would tell you that her super power is helping them to grow a business they can love again!

Importance of Family Business Management

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Ready to be at the wheel?
March 10 and 11, 2018 gave aspiring and budding entrepreneurs an opportunity to connect and collaborate. As the best and brightest minds came together and brainstormed on on how to fuel their business growth. It is the most important aspect in any of the business. The conference at IIT Mumbai brought together the best breed of entrepreneurs, innovators, venture capitalists, business model creators, consultants, policy-makers, academicians, and business practitioners to present and discuss innovation and success under the aegis of entrepreneurship for Small and Medium Businesses.

Over the past decade or so, in the dilemma between joining family owned businesses and higher studies. The scales have been tipping towards entrepreneurship and joining family owned businesses.

Let us explore the genesis and the reason why:

The Genesis
Today, family-owned businesses account for two-thirds of the world’s businesses and generate most of the world’s economic output, employment and wealth. In many regions of the world, family companies dominate the economy. “Family-controlled firms now make up 19% of the companies in the Fortune Global 500,” states The Economist. In India alone, 67% businesses are family run. McKinsey forecasts, that by 2025,there will be more than 15,000 companies worldwide with at least $1 billion in annual revenues, of which 37% will be emerging-market family firms.

The need
There is a need for Family Business Management Programs whether you are in a successful family business or you are into a business facing challenges and trying to bring about a changeover.

Successful family business:

Successful family businesses are successful because families see important changes in their industry. Simply put, successful families are entrepreneurial. Also,families succeed because they invest in productive activities, emphasise growing assets, and consume relatively little of their wealth. These families maintain a culture that encourages family members to create things of lasting value. It’s not surprising that these families encourage entrepreneurs. Furthermore,successful families remain reasonably united, keeping supportive members loyal to one another and to the family’s mission. Over generations, as families become more diverse, it is likely that only a few relatives per generation will directly work in the business.

Outside-the-business members might still support family philanthropic efforts or social activities, and sometimes that level of involvement is enough to maintain family unity. But investing in family entrepreneurs can also keep talented members contributing to the broader family’s wealth and mission. Investing in family entrepreneurs has to be done objectively based on the feasibility of their business plans, and also fairly within the family. Even if some entrepreneurial projects don’t succeed, these investments will help you spot talent to keep your business growing. And you are sending an important message: this family is committed to creating value.

Family businesses – facing challenges
While family businesses on average are stronger performers than other types of enterprise, they face distinct challenges that need to be managed. This constraint often kills the family business.

This creates the need for a course of study in Family Business Management that helps students understand how to capitalize on the strengths, navigate the challenges, and guard against the weaknesses of the companies and the families that own them.

How is Family Business Management program different from an MBA in Entrepreneurship?
Both Family Business Management and an MBA in Entrepreneurship prepare you for setting up and gearing your own business. However, there is a subtle difference. Unlike MBA in Entrepreneurship which prepares students for a setting up a business, the Family Business Management programme is targeted at family business owners looking to sustain, scale and grow their businesses. The content and pedagogy includes concepts of entrepreneurship, business sustainability, market trends which thereby lead to portfolio expansion and business growth. The program would help you evaluate the state of your family businesses and gear you towards accelerating your business to the next level.

Colleges/Institutes for Entrepreneurial Management
Xavier School of Management (XLRI),Jamshedpur, offering a full-time six-month Post Graduate Programme for Certificate in Entrepreneurship Management (PGPCEM).

Entrepreneurship Development Institute of India, Gandhinagar,offering a two-year, full-time, residential Post Graduate Diploma in Management-Business Entrepreneurship (PGDM-BE).

SP Jain Institute of Management and Research – Mumbai,Start Your Business Certification Program (SYB), Grow Your Business Certification Program (GYB), The Entrepreneurial Manager (TEM).

Narsee Monjee Institute of Management Studies,Mumbai,M.B.A in Social Entrepreneurship

Xavier Institute of Management and Entrepreneurship – Bangalore, offering one year Entrepreneurial Development Programme (EDP)

Nirma Institute of Management,Ahmedabad,offering regular two-year MBA specialising in Family Business & Entrepreneurship.

Amity Business School,Noida, offering two year M.B.A in Entrepreneurship

IIM, Bangalore, specialization in Entrepreneurs & Family Businesses.

IIM Udaipur, Management Development Program for Women Entrepreneurs.

National Institute for Entrepreneurship & Small Business Development (NIESBUD), Delhi
The NIESBUD is an apex institute in the area of entrepreneurship and small business development under the Ministry of Micro, Small and Medium Enterprises, Government of India. It oversees the activities of various institutions and agencies engaged in entrepreneurship development, particularly in the area of small industry and small business. It also provides numerous training and development courses for budding entrepreneurs and small businesses.

Making the right choice:
In the world of family business, the entrepreneurs we celebrate are usually founders of companies. If you wish to be a founder of a company, start your new venture and learn how to navigate, go in for a pure MBA in Entrepreneurship. However, if you wish to join your family business and are supposed to take care of and grow the founder’s creation, you are not expected to be entrepreneurs but to understand and carry forward the vision of the founder,an MBA in Entrepreneurship would be more helpful.

Therefore, it is imperative that you make the right and informed choice…

Are these mutually exclusive?
If this makes you think that family business management programs are incompatible to entrepreneurship. The reason is because they are for students who are in family businesses that are usually tradition-bound, multi- generational. Let me tell you, we need to blur the lines here. The family businesses need to be more entrepreneurial. They need to pass on the entrepreneurial mindset and capabilities. To create new streams of wealth across many generations- not just pass the business on from one generation to the next. We need to come up with the concept of ‘family entrepreneurship’. When a leadership transition occurs in a family business, the new generation of leadership should be careful to maintain and build on the networks and knowledge of the former leaders, while expanding their own networks. This will insure that the business can continue to be entrepreneurial into the future.