Newswise — Historically, family-owned businesses have been the foundation of the U.S. economy. However, rumors have circulated that many of these businesses have folded under the constraints of the recession. Joseph DiAngelo Jr., Ed.D. ’70, dean of the Erivan K. Haub School of Business at Saint Joseph’s University in Philadelphia, holds that family-owned businesses continue to be a strong economic force. So much so, that the Haub School will soon offer a new major and minor for students interested in pursuing a degree in Family Business and Entrepreneurship.
According to research, family businesses represent approximately 50 percent of the U.S. gross domestic product. They range in size from small businesses to large corporations. In fact, 37 percent of Fortune 500 companies are family-owned or operated.
DiAngelo says the Haub School developed this new program in response to regional and national trends, along with trends identified within the school itself. “A 2006 poll of students revealed that a high number of students’ families owned businesses,” explains DiAngelo. “We’re excited to offer these students a comprehensive program which will position them to contribute to the social and economic well-being of the Greater Philadelphia metropolitan area.”
The mission of the major and minor in Family Business and Entrepreneurship is to provide students with the tools, theory and practical knowledge required to function within a family business environment.
“The major will have a focus on family business ventures,” says Patrick Saparito, Ph.D., director of the program and an assistant professor of management and international business with the Haub School. “The courses are structured to offer students a study of the unique interpersonal and business issues associated with a family-owned and managed firm. Special emphasis will be placed on finance, business plans, entrepreneurship, family business, entrepreneurial law, negotiations, and new product development.”
Management Major Nicole Arnold ’11, whose family owns a home heating and air company, shared her perspective on what is to be gained from this new major. “The economy is unstable right now…I feel that having a family business and entrepreneurship major will prepare us as students to ‘become our own boss’ and take the future into our own hands.”
Family Business and Entrepreneurship is currently offered as a track within the Management Department of the Haub School. Students will have the opportunity to declare the major/minor in Fall 2011.
The Haub School is an international AACSB-accredited institution in business and accounting offering programs at the bachelor's, master's and executive master's levels. Both the undergraduate and graduate programs are included in the U.S.News & World Report’s “America’s Best Colleges” 2011 edition. The Haub School has been recognized by the Aspen Institute as one of the Top 100 business schools in the world in its 2009-2010 edition of Beyond Grey Pinstripes for its leadership in integrating ethical issues into graduate business curricula. The school was recently named one of the nation's top business schools in the Princeton Review's “The Best 301 Business Schools” and recognized by Beta Gamma Sigma, the honor society for AACSB-accredited institutions, with the Gold Chapter Award.
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