Abstract:

Since so many years, efforts are focused on encouraging graduates to join their family business or to start their own business. In Punjab, family business plays an important role. The programs being taught in business schools of Punjab like MBAs need to understand the needs of a learner and also the society while designing the course curriculum as well as structure. It appears that these programs offered in Punjab lack practical aspects that are unique to family business. Due to this, the students lose interest in their professional degree which acts only as a means of increasing matrimonial value. There are very few business schools of Punjab that have a curriculum featuring family business in terms of specialist courses or part of mainstream curriculum. The challenges related to educational aspects have an impact not only on the business environment but also on family firms’ business due to lack of family-business-specific management training and entrepreneurial education. In the dynamic business environment where needs of the business are changing from day to day, the development of the new curriculum has to be evaluated on continuous basis. In Punjab, there are total 106 AICTE approved Management Institutes. None of the courses being taught in these B-Schools address the practical aspects unique to family businesses. The aim of the paper is to focus on the requirement of a different teaching paradigm for B-schools in Punjab thereby improving the quality of education. It seeks to emphasize the importance of family business management in the new curriculum. Through multiple generations, the development of sustainable family business would be better supported only if multi-teaching paradigm or curriculum reflecting the inter-twining of family and business is adopted. It is essential to modify business education to provide an integrated curriculum to family business students that will help them to make connections across various disciplines. Raising the level of business education has become one of the most fundamental for the advancement of economic and social well being of students living in Punjab aspiring to join their family business. Merging real-world experiences with sustained engagement and collaboration will help in the construction of knowledge, engagement in detailed research and communicating effectively with their supply chain members.

Design/Methodology/Approach:
The paper is based on the extensive literature regarding the failure of B-Schools to address the modern needs of today’s prevailing environment. It is advisable to incorporate certain changes in the education system and refocus on business curriculum. Development of sustainable family businesses would be better supported through multiple generations only if a multi-rational teaching paradigm was adopted.

Research Limitations/ Implications:
Incorporation of a new teaching paradigm is a difficult task as greater participation of curriculum planners, developers, community members, teachers, students and trainers is required. The implementation of the new curriculum also involves patience and enormous resources. As this paper is limited only to Punjab, implication exists for other B-schools of India also. This paper is limited only to management courses but has implications for other Post graduate courses also.

Keywords:

Multi-rational, paradigm, B-schools, curriculum, innovative, experiential learning, simulation, family business, academicians.