Some people think that the best way to run a business is within the family. What are the advantages and disadvantages of a family-run business?
A company's growth is often determined by the value added by its stakeholders. Many owners in the business community strongly agree that the contribution of family members is the most effective element in running a business successfully. While this viewpoint has various positive aspects to it, there are a number of disadvantages as well.
To cite one of the cogent advantages is that organisations with trade secrets are not prone to outside threats, if the key knowledge remains within the family members. Not only does this help safeguard the age-old secret sauce, but also helps in maintaining a competitive edge. For instance, the recipe for KFC Chicken lies solely with a few stakeholders of the family. Another advantage of having closely knit relatives in a business is the factor of trust, especially when it involves highly-valued assets. To illustrate with an example, the diamond trade business communities in Gujarat, India, are extremely wary of outside employees. As a result, their precious stones assets are held in the custody of only the family members. Therefore, businesses where the assets or trade secrets have a massive economical value, are often well run by family alone.
On the other hand, factors such as low market reach and slow adaptation to current technology and trends contribute to growth impediments for a family-run business. While the ultimate business owners will be adept in their trade, hiring external professionals with a plethora of relevant experience can bring additional advantages. Moreover, these professionals, especially in the marketing and technology fields can take the business to new heights. Having worked in other companies, these professionals bring in the current trend and can add to the growth of the organisation. Had the business been run only by a handful of relatives, it would be extremely difficult to expand it in various regions or parts of the world. Additionally, with added levels of technology, the business can cater to different segments and hence, bring in more revenue. A clear example of this is any big conglomerate which, although, started as a family-run business, reached great heights as many external stakeholders joined hands in the running of business.
To conclude, it is fair to state that the success of a business depends on the importance of its trade secrets/ assets. If these hold a higher economic value, it pays to have close-knit family members guard it. However, if one wants to expand, it is imperative that external professionals be hired as well.
Grammar and spelling errors:
Line 5, column 342, Rule ID: WHITESPACE_RULE
Message: Possible typo: you repeated a whitespace
Suggestion:
...n bring additional advantages. Moreover, these professionals, especially in the m...
^^
Transition Words or Phrases used:
also, but, hence, however, if, moreover, so, therefore, well, while, for instance, such as, as a result, on the other hand
Attributes: Values AverageValues Percentages(Values/AverageValues)% => Comments
Performance on Part of Speech:
To be verbs : 16.0 13.1623246493 122% => OK
Auxiliary verbs: 6.0 7.85571142285 76% => OK
Conjunction : 8.0 10.4138276553 77% => OK
Relative clauses : 7.0 7.30460921844 96% => OK
Pronoun: 22.0 24.0651302605 91% => OK
Preposition: 58.0 41.998997996 138% => OK
Nominalization: 7.0 8.3376753507 84% => OK
Performance on vocabulary words:
No of characters: 2147.0 1615.20841683 133% => OK
No of words: 411.0 315.596192385 130% => OK
Chars per words: 5.22384428224 5.12529762239 102% => OK
Fourth root words length: 4.50256981431 4.20363070211 107% => OK
Word Length SD: 2.99245938932 2.80592935109 107% => OK
Unique words: 225.0 176.041082164 128% => OK
Unique words percentage: 0.547445255474 0.561755894193 97% => OK
syllable_count: 692.1 506.74238477 137% => OK
avg_syllables_per_word: 1.7 1.60771543086 106% => OK
A sentence (or a clause, phrase) starts by:
Pronoun: 7.0 5.43587174349 129% => OK
Article: 5.0 2.52805611222 198% => OK
Subordination: 6.0 2.10420841683 285% => Less adverbial clause wanted.
Conjunction: 1.0 0.809619238477 124% => OK
Preposition: 5.0 4.76152304609 105% => OK
Performance on sentences:
How many sentences: 20.0 16.0721442886 124% => OK
Sentence length: 20.0 20.2975951904 99% => OK
Sentence length SD: 30.3632590477 49.4020404114 61% => OK
Chars per sentence: 107.35 106.682146367 101% => OK
Words per sentence: 20.55 20.7667163134 99% => OK
Discourse Markers: 6.1 7.06120827912 86% => OK
Paragraphs: 4.0 4.38176352705 91% => OK
Language errors: 1.0 5.01903807615 20% => OK
Sentences with positive sentiment : 15.0 8.67935871743 173% => OK
Sentences with negative sentiment : 3.0 3.9879759519 75% => OK
Sentences with neutral sentiment: 2.0 3.4128256513 59% => OK
What are sentences with positive/Negative/neutral sentiment?
Coherence and Cohesion:
Essay topic to essay body coherence: 0.286131947172 0.244688304435 117% => OK
Sentence topic coherence: 0.0798170496206 0.084324248473 95% => OK
Sentence topic coherence SD: 0.0718021030568 0.0667982634062 107% => OK
Paragraph topic coherence: 0.171112562878 0.151304729494 113% => OK
Paragraph topic coherence SD: 0.0510815512006 0.056905535591 90% => OK
Essay readability:
automated_readability_index: 13.4 13.0946893788 102% => OK
flesch_reading_ease: 42.72 50.2224549098 85% => OK
smog_index: 8.8 7.44779559118 118% => OK
flesch_kincaid_grade: 12.3 11.3001002004 109% => OK
coleman_liau_index: 13.0 12.4159519038 105% => OK
dale_chall_readability_score: 9.16 8.58950901804 107% => OK
difficult_words: 118.0 78.4519038076 150% => OK
linsear_write_formula: 12.0 9.78957915832 123% => OK
gunning_fog: 10.0 10.1190380762 99% => OK
text_standard: 13.0 10.7795591182 121% => OK
What are above readability scores?
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Rates: 73.0337078652 out of 100
Scores by essay e-grader: 6.5 Out of 9
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Note: the e-grader does NOT examine the meaning of words and ideas. VIP users will receive further evaluations by advanced module of e-grader and human graders.