How about how to balance a checkbook, how to calculate simple interest and amortization, and how about personal budgeting and credit card debt issues? How about the tradeoffs of student loans for college tuition – whoops? Is that one taboo – sorry, but why not, why should anything be off-limits. Let’s talk shall we.

You see, one think tank type agreed with me stating that he liked the principle and was amazed it wasn’t already part of the curriculum. Of course, he also told me that my ideas of ‘balancing a checkbook’ were a little archaic stating; “Seriously? How many people still use checks – haven’t written one this decade.”

Okay, I concede that point, still the principles of looking at a bank statement are of value. Interestingly enough, I’ve only written a handful of checks this year myself come to think of it.

Another couple of points – in the USA we see 1.3 Trillion Dollars in outstanding tuition debt – 40% over 90-days in the rears, most of those students will default eventually, worse either way they are economically enslaved as that debt cannot be discharged by bankruptcy, at least not yet, Democrats want to forgive and eventually give free college tuition, still those loans were taken out unwisely.

Another challenge Auto Loans, zero interest, zero payments until next year and loans to those who have very substandard credit, that’s another sign of bad decision making. What if those folks had better knowledge about interest, loans, and money?

When people took out ARM Home Loans during the run-up to the 2008 financial crisis, many said they didn’t understand what they were signing. Maybe they did, but used that as an excuse, either way, they should have known what they were signing and getting themselves into.

Why are we in such a hurry to economically enslave the next generation with debt? They get out of college and cannot buy a car, start a business, or buy a home, how does that help our economy moving forward? Something is amiss, and it is something that we can fix by simply teaching financial literacy, which is just as important for success in life as math, science, reading and writing. Please consider this.

Selection of an institution

First of all, you need to choose a good institute. You should not underestimate the importance of getting your degree from one of the best schools or universities. What you need to do is make sure that the institute you are going to choose is renowned for its services. However, keep in mind that even the top university may have its weaknesses.

Consider the alumni network

Your school or university will be more than that. It will be a strong alumni network for you. When considering different universities, we suggest that you also take into account its alumni network. Not all of the alumni networks offer the same level of efficiency. As a matter of fact, the alumni network of a small institution will be more efficient.

Your career

Make sure that the study program you choose will help you make a career in your desired field. Nowadays, companies expect that young graduates should be knowledgeable, operational and adaptable. You need to be able to understand the complexities of the world of business. Moreover, you should be able to change according to the changes in the organization you are working in.

Employment statistics

You should go for a program that won’t close the doors for you down the road. It may be fascinating to study some subjects. But do you really want to study a certain topic for three years despite knowing that it won’t take you far enough in the field? Did you look at the employment statistics for the degree holders of that subject? Nowadays, employers look at the relevance between the qualifications of the candidates and the jobs they are offering.

International university

Did you do your research to find out if the university you are considering offers scholarships for students to study abroad? Learning is more fun if you study in a university where students from various cultures sit together in the same room.

Content matters

Do you know the content that you will get? Often, students don’t give much importance to the teaching style of teachers in the universities. Some schools and universities are known for their research; however, their teaching style is not so great. As a result, students that come from a different culture find it hard to follow the teaching style. So, make sure you understand this point ahead of the time.

There is no doubt that choosing a study program involves a series of personal choices like studying in a cosmopolitan city or getting a scholarship, just to name a few. At the end of the day, what matters is that the institute must be a combo of personal and rational elements. However, you should keep in mind that if you choose the right undergraduate degree, it will be the best investment of your life and you will get the highest return on this investment. Therefore, we suggest that you consider the factors given in this article before choosing to study in a certain university.

Every department of government and business life requires people holding degrees and doctorates in fields relevant to their positions. The need to maintain a stream of graduates has to compete with sacrifices made on the part of students. They often surrender life-styles and other things to undertake courses.

Our hospitals need doctors, nurses and scientists. Our cities run with the help of educated graduates in law, economics, and a long list of other subjects. In a growing community that is expanding as rapidly as Australia there is no end to the number of graduates we require.

The next government that arrived a few months later quickly replaced university fees and since then they have been on the incline. The country is now in the situation of having to import qualified people from overseas to do the jobs for which Australians have been prevented from qualifying because of the cost.

The fees now are extremely high and going up by the year. Overall the cost of doing a medical degree may soon be up to $100,000. The books alone are often too expensive for students to own and they either borrow or hire them. Add to that the other equipment and costs and it is quite substantial.

While the government offers students loans it has now put a time limit on them that means the repayments may exceed one’s income when first starting out. The question is what do the politicians expect to happen. Most of the current ones got a free education or paid very little for it in the past but they are now making it not only impossible for many Australians but putting us behind the rest of the world in the education stakes.

The university students are protesting fiercely over the demonstrations that won’t stop until something better is produced. They require better financial aid and more government support for their sacrifice. The country will be better served if they get it.

1. Fulbright-Nehru Fellowships
Introduced by the United States-India Educational Foundation, or USIEF, these scholarships are offered to Indians who wish to pursue either a master’s level course or research in any U.S. institution.

Students who have completed the U.S. equivalent of Bachelor’s (4 years of college education) and have at least 3 years of relevant work experience are eligible for the scholarship. Besides education, candidates are also evaluated on communication skills, leadership and community service, and their motivation to pursue higher studies. Therefore, it is better if you highlight these aspects in the application.

The scholarships cover airfare (economy), tuition fee, textbooks, and a living stipend. That said, candidates who wish to pursue their Master’s in areas of Environmental Science, Arts and Culture, International Legal Studies, Gender Studies, Public Health, Public Administration, Urban and Regional Planning are eligible to apply for these scholarships

There is no specified number of seats for these scholarships as USIEF considers the applications of all candidates who are found deserving. The application process usually starts in the month of June and continues till July, prior to the year of the start of the course. Final selections are then declared in the month of March.

2. Tata Scholarship
By getting this scholarship, talented Indian students can apply for undergraduate courses at Cornell University, USA.

Candidates who are Indian citizens and have secured an admission to Cornell University are eligible to apply for this scholarship. They must also produce proof that they need a need-based financial aid.

Introduced by the Tata Education and Development Trust, these scholarships cover the tuition fee for undergraduate programs for a period up to eight semesters. For programs such as Architecture that exceed that duration, the additional costs are managed by the student themselves. Other expenses including food, medical, living and travel expenses are also covered under the scholarship.

Furthermore, the Trust only supports a total of 20 students studying at Cornell at once. Applications for the scholarship open in the month of October/November each year, around the time of college applications, while the final selections are declared in December.

3. Commonwealth Scholarship and Fellowship
The Commonwealth Scholarships Commission offers financial aid in the form of scholarships to students coming from Commonwealth countries such as India, who seek to pursue Master’s and Ph.D. programs in the UK.

To be eligible, the candidate must be an Indian Citizen and should have completed education in the English medium. In addition, the candidate must have secured a minimum of at least 65% in Science, Technology, Engineering, and Agriculture or 60% in Social Sciences and Humanities. Same criteria apply to Ph.D. candidates as well.

Moreover, the Ministry of Human Resource Development does shortlist the applicants on the basis of preliminary interviews. The scholarship amount covers tuition fee, economy return airfare, and living expenses.

Scholarship applications open in August every year, prior to the start of the course the next year. Having said this, the commission does not have any specific number of seats; deserving candidates are shortlisted for the scholarship.

4. Chevening Scholarships
These scholarships are offered by the UK government to help Indian students and professionals complete a one-year master’s program in the country and take on leadership roles in the future.

To be eligible, applicants must have completed their undergraduate or postgraduate studies. In addition, the UK government also considers candidates with 2 years or more of work experience for this scholarship.

The application process for the scholarship usually takes about 6 months, starting from the second week of August. The process ends in July every year. There are 65 scholarships on offer every year under the program.

Wrapping Up
Well, there you go! Don’t let your dreams of furthering your education wither away because of financial constraints. There are various programs that offer loan for higher education in India and scholarships, to deserving applicants. You can also choose one according to your aspirations.

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.