Tap schools for research, expert tells owners of family businesses-A A +A
Monday, February 17, 2014
TO IMPROVE their systems, services and profitability, family businesses in the Philippines can collaborate with higher education institutions to conduct research for them.
Both the business and the academe will benefit from this collaboration, said Dr. Petrina Faustine, an entrepreneur from Indonesia and an advocate of entrepreneurship and family business management, during her 3-V (Vision, Values, Vitality) Talk at St. Theresa’s College last Feb. 10.
“Business owners can become co-educators of students while teachers are given opportunities to be consultants in a specific area of the business,” she said.
In this collaboration, HEIs will be able to define their core competencies, learn how to source funding for academic
entrepreneurship, and improve their curriculum and internship program based on industry needs.
At the same time, family businesses will be able to identify internal issues that might affect their growth.
“Not all small family businesses will remain small forever. If given the right opportunities to improve, network, and exhibit their capabilities, then they will grow,” Faustine said.
In Indonesia where she is also founder and chairperson of the Indonesia Family Business Network, she noticed that not many family businesses there were aware of the possibility to tap HEIs for business research.
“Family businesses need to be informed and educated of this collaborative opportunity. Schools can also learn from this arrangement because they also need to be managed entrepreneurially. Also, members of HEIs will be encouraged to be entrepreneurs and family business owners themselves,” she said.
She said that through research, families will be empowered to be open to new paradigms and practices of management as well as balancing family and business priorities.
“One of the problems of family businesses is that the owners forget to be professionals. They hire many family members who are not being productive. This can hinder business growth. Research can show family business how to be efficient,” she said.
Faustine is the vice director of Johann Bali Property. She has received numerous grants and awards for her research papers related to international marketing and business.
She recently made a presentation at the International Conference on Entrepreneurship 2014 in Davao, which was organized by the Entrepreneurship Educators’ Association of the Philippines, an organization of educators handling entrepreneurship subjects.
Her 3-V talk is part of STC’s 80th year celebration with the 3-Vs as the theme that encapsulates the institution’s 80 years of empowering and transforming their students into valuable citizens of society. (PR)
Published in the Sun.Star Cebu newspaper on February 18, 2014.