So you have been working for your family business and now
you are thinking how you could give tough competition to other applicants who have
experience of working in Fortune 500 companies?
Applicants who have worked in a family business sometimes
worry that their professional profile won't measure up when compared with other
MBA hopefuls with more traditional employment paths. Nothing could be further
from the truth.
Working for your family business can help you stand out, as
business schools try to diversify their classes. Most schools accept students
who will go back to work for the family business. Business schools strive to constitute
a cohort of diverse personalities and backgrounds to guarantee lively
discussions. Every successful applicant’s experiences would likely add a unique
perspective to the class.
Family business management has emerged as an important
discipline at business and they have introduced courses and clubs on family
business, founded centers dedicated to the subject or launched concentrations
in this area.
How would you select a school?
Your school selection research should partly focus on what
types of resources and support for family businesses are offered by your target
programs. For many applicants, a one-year MBA program is ideal since you won't
need the internship and recruiting opportunities that job-switching students in
two-year programs rely on.
Strategy to approach
As with any winning application, the strategy in this case
is to show in detail how an MBA degree will help you further your professional
goals. Explain with specifics what you need to learn in order to grow the
family business.
Paint a clear picture of your vision for the company's
future, and leave no doubt as to how an MBA will help you make an impact on the
business after graduation. That way, the admissions committee understands why
business school is the logical next step.
For your essays
Start brainstorming some of the challenges your business has
faced, and come up with examples that show how you as a family worked to
overcome those obstacles. Business schools place a high value on teamwork, and
what better way to show commitment and follow-through than by demonstrating you
know how to work well with others to achieve a common goal?
LOR from Mom/Dad/Uncle?
As many applicants know, the ideal recommender for an MBA
application is the manager to whom you report directly. However, if your
immediate supervisors are relatives, you'll need to get creative since you
cannot have a family member write your recommendation letter.
Can you approach a supervisor or manager from a company
you've previously worked for? Or have you worked closely with any clients or
vendors that can speak to your managerial or leadership abilities?
Deepak had been working for the family business, a
manufacturing company in Nanded, for three years after college.After brainstorming for recommenders he could approach
outside the business, Deepak hit upon a retail vendor that had been supplied by
his company for more than a decade with whom he'd built a strong relationship.
Since this vendor was evaluating Deepak on many similar criteria as a direct
supervisor and was an objective, outside source, he turned out to be the
perfect choice.
In the end, Deepak’s family business-based application fared
well next to candidates coming from a corporate background.
If you're planning
on pursuing an MBA to learn how to take your family business to the next level,
take pride in your professional circumstances and know that business schools
will value your accomplishments and responsibilities, whether acquired at a
Fortune 500 company or under Mom and Dad's tutelage.