"Entrepreneurship and Family Business" by Prof. Roman

Family firms, particularly the larger diversified conglomerates, are a dominant presence in Asia and in other parts of the business world. Entrepreneurship is key to the legacy of the family business and essentially determines the internal organization of the business. Managers of businesses active in the Asian region are likely part of a family business, working under a family-controlled firm, or dealing with family firms or businesses. The Entrepreneurship and Family Business course analyzes the problems with and opportunities for entrepreneurship in or by family firms.

Focusing on concepts and frameworks that intersect or overlap between the two themes of entrepreneurship and family firms and emphasizing internal dynamics, key topics such as succession, governance, and professionalism in the family business are explored and discussed by visiting faculty member Prof. Francisco Roman of the Asian Institute of Management (Philippines) and course participants, with a special session about Japanese family firms on the second day taught by Prof. Yokoyama, President of the Association of Asia-Pacific Business Schools (AAPBS) and visiting professor at NUCB Business School as well.

On the third day of the course, Prof. Roman discussed governance in terms of the power dynamics in family firms, how the board exerts or asserts control in key decisions, and where priorities may lie in view of key constituencies and external stakeholders. He demonstrated how perceptual mapping via x-y graphs such as power vs. interest provide a useful framework for managing both internal and external relationships.

Referring to real-life instances in which theoretical concepts can be employed and demonstrating how they impact perspective and influence decision-making are key ways in which case method teaching imparts lifelong lessons that budding leaders of businesses can apply towards resolving the issues and conflicts that they will face in their careers.