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And in superbly run firms, playing both roles simultaneously may be possible.
And it is why badly run firms can still command market confidence.
Those that recognise the need to run firms as businesses will thrive.
They find that China's tail of poorly run firms is a lot shorter than India's or Brazil's.
In every part of the world, the spread between the best and worst run firms is wide.
Rich-world laggards like Portugal and Greece, and big emerging markets, have a long tail of badly run firms.
Similar(43)
State-run firms make up 40% of Asia's total and family-run firms, often conglomerates or "business houses", account for 27%.
He believes in vouchers to improve education and in privatising state-run firms.
They are small, often family-run firms employing an average of ten people.
It shows that some foreign-run firms in India make tasty profits.
The gains are then used to direct subsidised capital to favoured state-run firms and national champions in industry.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com