Role of management education in enhancing startups – a descriptive review

: In the Indian Business ecosystem, the country is witnessing a flurry of new startups, almost in all industries, predominantly with new innovations, new technologies, since 2015. This may be of two prime features – with tremendous potential of profound market size and rapid increasing of day-today budding of new entrepreneurs. This may be due to new government initiatives like “Startup India, Standup India”. The new startups or the existing startups, so-called family business firms give the ones to actualize their faster growth, accomplishments, such as financial growth and freedom, pride . In the journey of entrepreneurship, there are myriad of challenges such as huge competitors, political strategies, law enforcements, and market dynamics to be encountered every day. In the case of new ventures an entrepreneur need to be of well-versed the contemporary events and should be of muscled with the knowledge of management tactics to abreast the challenges. The management education is indeed provides the ample of knowledge of management tactics with its application in forming successful strategies pertaining to marketing, finance, human-capital, employee engagement, Product innovations, pricing that matches the business environment, that will aids a entrepreneur to have a smooth glide in the business atmosphere. Despite the startups are of flourishing in numbers, it is horrendous that there are many witnesses of Startup failures, due to the lack of knowledge of management about the business, these shortcomings in the management of business have lead to many breakdowns of the new startups and non-viability of running the family businesses due to lack of management tactics that have lead to many closed downs. This article will give a Descriptive review about the how the role of management education that enhances a new entrepreneur and family firms in a successful way.


INTRODUCTION
As we live amidst of coeval society of "4 th industrial revolution" of the world with metamorphosing of massive technology, automation, E-blended connectivity such as ecommerce, Artificial intelligence, Robotic technology, and the continuum, that have taken the

STATEMENT OF THE PROBLEM
This research study provide a appreciable comprehensive kaleidoscopic picture about the importance of Role of management education that had have playing in different times of family businesses such as family-firm-Incubators, Home-genius-incubatees, business Incubators, Business accelerators for Startups, Engendering diversity, like Women Entrepreneurs, Mompreneurs, Technopreneurs; the failures in Startups due to lack of knowledge Management, and success rate due to Knowledge of Management education. The incidence of failure of startups are as high as 82%, this is due to incompetency , in sense, the lack of knowledge how to take forward the venture, and to thrive in the market. But, alarmingly, the shut downs of startups takes place even in the second year, and more breakdowns happens in the 4 th year. This research article gives a conclave focus on type of factors that are underlying and cause for Shutdowns, and why it happens, and how the role of management education helps to maneuver the hardships and run the business successfully.

OBJECTIVES OF THE STUDY
1. To gauge the effect of the Promoters of the family firms as incubators successful in educating their successors.
2. To analyze whether the family businesses are facing challenges in day-today business.
3. To study the rate of women entrepreneur and their success rate in the entrepreneurship.
4. To analyze to the extent the policies of the government assist the budding new entrepreneurs.

AN OVERVIEW OF BUSINESSES -A PRISMATIC VIEW
The history of family business had been dated back to few thousand years, when men have started to live by cultivation, and his business means. The flourishment of business were in the period of pharaohs, Nicolas, where the family businesses in the time of biblical period have shown in the form of shepherding, cattle-farming, cultivation, and so on. The Semitic etymology Caucasoid, depicts the trade was in the form of shepherding and the counting was done in terms of counting the sheeps, camels, etc, that have categorized the prisms of business levels. These family businesses were bequeathed to their sons, daughters, and even son-in-laws to continue the legacies of the business. Even the terms such as Business, Family Business, and Own Business have transformed into Family-Owned Business, Entrepreneur, New Startups, Mompreneur, Technology Based Incubators, and Incubatees and so on.

PANTOMIME OF MANAGEMENT EDUCATION IN FAMILY BUSINESSES A LEGACY STANDPOINT
In India, the so-called business giants family-Owned business groups, such as Tata, Jindal groups, Birla, Reliance groups, are once upon a time were the new startups at one junction started as small shoot that have grown and branched out into a big tree now. In their journey of entrepreneurship the family businesses would have faced many challenges, such as dynamic

PITFALLS IN FAMILY BUSINESS DUE TO IMPROPER MANAGEMENT
The family business faced a distinctive management issues that have emanated lead to the shutdowns. In the 1980's upto 90's, generally the family business concentrated on the financial bottom lines instead of development process for instance, taking risks of shares subscribing from public, except few companies. It's inevitable that both family and business are intertwined, but the relationships like husbands and wives, parent and sons, daughters, extended families often left with conflicts for leaderships, Improper management of finance, and other issues overlapped with business left with downfall and winding up of family businesses. As per the study, it has been found that only 13% of the family business exists, out of 60 years since Independence. The reason being majority of the family businesses administrators where ignorant of drawing the line between business and the relationships, this is due to the inadequacy of management education.

FORMS OF FAMILY BUSINESSES, LEGACIES, PITFALLS AND EXISTENCE
Existence of family business was in thousands even before Pre-Independence and after.
Many family business, for instance in small scale and medium types of business, such as agriculture, cattle farming, textiles, hotel, small groceries, wholesalers, some of the handicrafts, arts and so on. These businesses never continued into next generation because of lack of proper management education even at the administration level of government, by non-conducive government reforms.

VC=VENTURE CAPITAL INVESTMENTS
The above data depicts There is an increase in the investment trend in the business especially Venture Capital.

ROLE OF MANAGEMENT EDUCATION IN ENHANCING STARTUPS
The above diagrammatic represents the role of managament education in enhancing startups.

Other Policies of Government:
Small business units require proper financial support to grow. Indian Government understands this and that is the reason why Government has come up with Pradhan Mantri Mudra Yojana. This scheme will provide financial assistance to small businessmen who want to grow their business.

THE STARTUP MANIA OF GEN-Y, (Born mid-1990s to early 2000s),GEN-Z's (Born 1995-2012)
Despite the failures of "The Greatest Generation to Generation-X" (i.e. Born 1910Born -1979, the style of operation of the business firms such as family firms and individual start ups were of predominantly converged their focus on financial bottom lines, i.e. they played within the comfort zone, reluctant to take a bold step such as risk-taking in tie-ups, modernization, and foraying their business with confidence in the hands of their successors. The new Startup investment have increased considerably since two decades.

Conclusion:
The research study clearly depicts those "New Start Ups are Temple Run Games" which increasing due to automation.