ASIAN INSTITUTE OF FAMILY MANAGED BUSINESS (AIFMB)Guidelines for Association1About AIFMBa)OverviewThe Asian Institute of Family Managed Business (AIFMB) is a unique social initiative from scions of family businesses who have realized the need to promote excitement of joining the family business.It is a not for profit company with the objective to catalyze the growth of Family Managed business in Asia. Its mission is to inspire, educate and support the second generation Entrepreneurs so that they not only take forward the family legacy but scale new heights.The central theme of the program is to get the participants excited from early age to join the family business and to prepare them for both a leadership role in the family business as well as to be a positive influence in the familys business organization. AIFMB looks forward to a day when companies will proudly announce that they are a family business as it stands for long term perspective, relationship and trust.b)ApproachAIFMB proposes to achieve its objective by building institutional capacity to support Family Managed Business.AIFMB aims to create a significant and sustainable impact with a collaborative model leveraging on the strengths of each of the stakeholders.AIFMB has a inclusive approach and is relevant for kirana stores as well as a business chain. It completely believes that a grocery store today can metamorphose into Wal Mart.c) ValuesAIFMB values represent a strong belief that the progress of Asian economies is going to be driven by excellence of family businesses and not by MNCs.The family businesses are likely to outperform non-family business primarily due to owner identification, unconventional strategies and skills in managing contradictions. The family institution in Asia shares a number of similar family values and is tuned for ensuring continuity of family business. It is important to reinforce these values and promote pride and confidence in joining the family business. d) Flagship ProgramAIFMBs Flagship Program is to inspire and develop a pool of sons and daughters from family businesses at different academic institutions by enabling formation of business learning cells with support system of programs, networks, knowledge and information.

e) Benefits for College from Business CellFirstly it will be a symbol of progressiveness of the college which cares for providing best exposure and expanding possibilities for the students.Secondly there will be better awareness of the college among the business community as they will be involved in the planned Actions/Activities.Thirdly it will be an useful exposure for the Lead Faculty to get insights about a crucial and upcoming field.Fourthly it will be a great social contribution as Family Business constitutes the lifeline of Indian Economy and generate highest contribution to GDP and Employment.2 Business Cell Each college enlisted for Business Cell initiative becomes a Member of the AIFMB Community. The Business Cell can perform as a independent entity or as a part of Entrepreneurship Cell.Amongst other action plans the Cell/Club/Association will arrange four primary actions every year. Samagams interaction with a family businessman who will share his journey, ups and downs and the excitement of being in the business. Industrial visits to family or non-family businesses to get an idea about the different forms of business and its dimensions. Such visit will be inspirational and will ignite the aspirational dreams for oneself. Panel discussion, inviting experts and stake holders in different family business to understand the different dimensions, challenges and the opportunities in joining the family business. Talks by experts who could be motivational as well as guiding the young students into bigger dreams and leading them towards building strong action plans.The Actions will be spread over a year .The schedule and other details will be worked out with individual colleges. Each Cell will be mentored by a Young Business Leader.3. Terms of MembershipTo facilitate the smooth functioning of the Cell AIFMB has designed the following points of understanding.a) Eligibility Criterion: All under graduate students are eligible for the program. However students from BMS and BCom streams as well as those from Business Families are expected to derive maximum benefit for the program. Each Business Cell should comprise of a minimum of 15 and a maximum of 60 students.b) Commitment: By choosing to be a member of the AIFMB Community, an academic institute is demonstrating its intent towards nation building through 2ND generation entrepreneurship. Each member of the AIFMB Community assumes responsibility for driving the changes on the ground; members are supported in these efforts by AIFMB.

c) Accountability: It is recommended that the member institute appoints a Lead Faculty/Coordinator who will coordinate between the institute and AIFMB.AIFMB will provide a orientation program for this faculty and support her/him in all related initiatives.

d) Access to Resources: AIFMB will provide the member institute with access to resources like Mentor Pool, Online Portal and a panel of Expert Educators. In turn the Institute will provide the students as well as the physical infrastructure for the activities.

e)Guidance to Faculty Leaders-Guidance for overall direction & annual planning would be provided to the Faculty leaders of Business Cells.

f) Financial Commitment: AIFMB will deliver the Business Cell initiative free of cost.

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3Asian Institute of Family Managed Business-A Not for Profit Organization to promote 1ST and 2nd Generation Entreprenuership