Monday, May 25, 2020

Business Ethics - 820 Words

Nika Krikheli Chapter 5 Questions Mr. John Long 10/9/2013 1. First of all, the word work can be separated in two parts: verb or noun. As a noun work can refer to particular accomplishment, like homework or a job or employment. As a verb it can be used as working for government or as a teacher or as a coach and etc. Work can also be referred as an activities performed in exchange for wages. Work can be separated in three main parts which are: job, career, and calling. Job is described as work where self-identity is independent of activity. Career involves development between self and activity. Career is connected to activities which are â€Å"morally inseparable†. Work does have value, because working gets people paid, and†¦show more content†¦So basically, to it is employer’s responsibility to make work meaningful. For example when I was working in cafà ©, I wouldn’t do anything if I wasn’t told to, why? Well, because I was getting paid anyways but there were also time when I didn’t know what to do so I needed employer to tell me. 6. Human fulfillment is when work is the primary activity through people developing their full potential as human beings and trying to express their potential to the fullest. Liberals do not think that there are objective norms to determine the kind of person everyone should be. Whether work is meaningful is determined by the worker. Liberals recognize that we should make ethical assessments of work on the basis of how work affects workers. They would criticize by saying that human fulfillment school makes judgment on the basis of some vision of what makes a good meaningful life. On another hand liberals make judgment in terms of how work affects a worker’s ability to make free decisions about their ownShow MoreRelatedBusiness Ethics : Ethics And Business943 Words   |  4 Pagesdiscussions in Business is Ethics. 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Thursday, May 14, 2020

Financial Analysis of Bevan Industries

Financial Analysis of Bevan Industries Bevan Industries’ current cost of capital From the given information, the cost of capital for Bevan Industries comprises of the cost of debt, the cost of preferred stock, and the cost of common stock. A combination of all these three components constitutes the current cost of capital of the firm. This is also known as the firm’s Weighted Average Cost of Capital (WACC). Discussed hereunder is the step by step calculation of Bevan Industries’ current cost of capital (Barber, 2004). Cost of Debt (Cd) Cd = I (1 TR) Where I is the Interest Rate on Debt TR is the Tax Rate Cd = {(30,000,000 X 0.06) / 25,000,000} X (1 – 0.28) = 0.072 X 0.72 = 0.05184 = 5.184% Cost of Common Stock (Ccs) Based on the given information, the cost of common stock is calculated using the formula Ccs = Cd + risk premium rf = (20 X 8) / 160 = 1 (rf is the risk free rate) Ccs = 5.184 + 0.75(1) = 5.934%. Cost of Preferred Stock (Cps) Cps = {preferred stock dividend/ market price of preferred stock (1 – flotation cost)} In this case, there is no flotation cost, thus = (0.04 X 100) / 20 = 20% Weighted Average Cost of Capital (WACC) is given by the sum of the above components. WACC = Cd + Ccs + Cps = 5.184% + 5.934% + 20% = 31.118%. 2. The new financial requirement The working capital falls by about 15m, while the additional investment costs 75m. Total additional cost = 75m 15m = 60m. From the initial conditions, the total investment is given by 30m + 100m + 160m = 290m Total investment = 290m 60m = 230m. 3.The three proposed financing options Weighted Average Cost of Capital (WACC) can be found using the formula below (Barber, 2004). WACC = (Md/V) X k (1-T) + (Mp/V) X {Dp/Pp(1-Fp)} + (Mc/V) X {g + Dc(1+g) /Pc(1-Fc)} Where V is the firm’s total value given by the sum of the debt, the preferred stock and the Common stock. Md is the market value of the debt; Mp is the market value of the preferred stock; and Mc is the market value of the Common stock. k is the current market interest rate; and T is the tax rate. Dp is the annual dividends for the preferred shares; Pp is the market price of the preferred shares; and Fp the flotation costs of preferred shares. Dc, Pc, and Fc are the dividend, market price, and flotation costs of common stock respectively. First option (debt) Cost of debt = {(100m X 0.06)/230m} = 2.6% Second option (common stock) Cost of Common stock = 100m/230m = 43.48% Third option (Preferred stock) Cost of preferred stock = 100m/230 = 43.48% Weighted Average Cost of Capital is therefore given by the sum of the above three components WACC = 2.6% + 43.48% +43.48% = 89.56%. The advantages and disadvantage of each of the proposals made by the bankers From the bankers’ pieces of advice to Phil Bevan, three basic financing opportunities are presented. Basically, he is faced with a dilemma of either considering Common shares stock, preferred stock or debt financing to aid stabilize the business. However, before a decision is made, he should be in a position to understand the cost associated with each. This implies that he will scrutinize each proposal’s merits and demerits, but with cost of the capital, flexibility, risk the proposal is associated with, control and timing as the basic guidelines. Capital management definitely guides business owners to attain sole objective of an optimal capital structure (Dewatripont and Tirole, 1994). For instance, cost of capital is a cornerstone for measuring the profitability’s of varied investments (Harris and Raviv, 1991). It is thus essential to identify the merits and demerits, with reasons, of each proposal before a recommendation is made. This is discussed as under. Debt Issue Issuing corporate debt is one method of financing different business activities. These activities encompass business expansion or need to carry out research and development. An organization’s debt is signified by bonds. Bonds are future instruments sold to the willing investors. Phil Bevan is likely benefit from accepting Hiram J. Pipesucker’s proposal of debt financing in the following ways. Interest payments are tax deductible The interest charged on debt issued is tax allowable. This implies that its cost is likely to be cheaper as compared to other sources. Often, when an organization issues stock, it pays taxes on the income generated. This leads to a higher liability in form of tax to be paid (Harris and Raviv, 1991). When debt is issued, however, interest is paid to debt holders. Interest has to be paid to the bondholders annually. Debt issue thus has an advantage of due to the fact that the interest paid is tax-deductible. This generally translates to a larger savings in form of tax to be paid by the business to the bondholders. The allowable tax reduces interests to be paid hence increasing profitability. Debt issue avoids dilution of earnings per share or control within the business Debt issue does not interfere with the control of the business, i.e. it at all times avoids the dilution of earnings per share. If Phil Bevan adopts the proposal of issuing debts to raise its capital, he shall have avoided a likelihood of change of control or ownership. It therefore presents the owner with an opportunity to maintain its control as the earnings per share is maintained and not diluted. Long term financing approach Debts issue is a long term approach to raising finances. If Phil Bevan is for the opinion that he invests in a project with duration more than 20 years from beginning to the end, issue bond or debt is the best option to for the business to obtain long funding. On this premise, if he gets a loan from the financial institution, say a bank, the repayment terms and the duration of the loan will be optimally determined by the bank. Besides, Phil Bevan is privileged to choose the terms and the time period of bond maturity. The maturity date is such a time he is to pay back bondholders the principal amount. The date to maturity is always a long term period. Debt issue cost is fixed and the amount of principal repaid does not change overtime Debt issue is also advantageous due to the fact that the principal amount does not change overtime but remain fixed until the date of maturity (Heinkel and Zechner, 1990). This is beneficial as the owners can plan optimally to repay the principal before the maturity date reaches. The repayment terms are usually better on new debt issues than when compared business loans. Lower level of returns to the investors Usually, debts issue presents a lower rate of return to the investors as opposed to the common stock. This implies that if Phil Bevan considers this proposal, it shall have reduced to the amount to be paid to the investors hence profitability. However, debts issue has the following demerits to a business when used as a source of financing. Adds more risk to the business If Phil Bevan considers the proposal of debts issue, he may place the business in a risky position. This is due the fact that debt issue has restrictions on the limit of how much debt to be used. Basically, it presents a frontier as to how much debt can be used to finance the business. It is worth noting that an excess use of debt may plunge the business into bankruptcy. Compulsory maturity date Debts issue as source of finance has as well a disadvantage maturity date. This implies that the capital invested must perform and provide returns faster enough and this return must be passed over to the investors. It carries fixed charges Regardless whether a business has profitable cash flows or not, a fixed charge is imposed to the business. This may plunge a business into financial crisis in events that the fixed charged cannot be met due to lack of earnings. Common stock and retained earnings The cost of common stock and retained earnings is the rate of return an investor requires to make demands to make a common stock investment in the business. As opposed to debts issue, it does not generate tax benefits due to the fact that dividends are paid after taxes (Heinkel and Zechner, 1990). If Phil Bevan adopts Rollo Strauss proposal to invest in common stock, he is likely to experience the following benefits: Common stock financing is devoted to the business and the intended projects. Those who invest in the business only realize their investment in situation where the business has better earnings or cash flows. This is only in an event of market flotation or a sale to fresh investors. There is the advantage of skills that come along with equity finance. For instance, angel investors and venture capitalists do come into the business with valuable management skills, acquaintances and knowledge that improve the business performance. This implies that Phil Bevan is likely to benefit from investors strategic decisions and decision making. Common stock financing does not entail fixed payments When a business uses common stock as source of finance, the fixed payments demanded by investors cease to exist. In other words, it implies that dividends are only to the investors when earnings are available. As opposed to the debts issue where payments have been made regardless of presence of cash flows or not, common stock financing has an advantage of varying payments. Payment can for example be made when the business makes better earnings. Lastly, the invested capital is not being repaid. As opposed to the debts issue where the principal has to be repaid fully after the maturity period, common stock is beneficial to a business due to a reason that it has no maturity date on the securities and thus the invested capital can be necessarily not be refunded. The finance is there to stay in the business. Common stock financing, however, have the following disadvantages to a business which uses it as a source of finance. Dividend payments to shareholders are not tax deductible Often, when an organization issues stock, it pays taxes on the income generated. This leads to a higher liability in form of tax to be paid. On the other hand, when debt is issued, interest is paid to debt holders. Interest has to be paid to the bondholders annually. Debt issue thus has an advantage of due to the fact that the interest paid is tax-deductible (Harris and Raviv, 1996). This generally translates to a larger savings in form of tax to be paid by the business to the bondholders. The allowable tax reduces interests to be paid hence increasing profitability. This however is not applicable to the issue of stock. This signifies that it may prove expensive for the business. This makes its issuance cost higher than that that of debt. Dilutes the earnings per share to shareholders If Phil Bevan adopts the proposal of issuing stocks to raise its capital, he should be prepared for change of control or ownership. It therefore presents the owner with an opportunity of not being able to maintain business control as the earnings per share is diluted. It is time consuming and costly in the long run Issue of stock is often characterized with unnecessary procedures that make it appear demanding. It is always demanding, costly and takes a lot of time to fully effect. Venture capitalists for instance would demand to know the background of the business which many businesses are not for as they can always source for funds without the scrutiny. Preference stock Barry Nicebloke presents Phil Bevan with the proposal of using preferred stock to finance his business. This is a special equity security, having both properties of an equity and debt instrument. Often, they have no voting rights but do carry dividends. It presents a business with the following advantages when used as source of finance (Myers and Majluf, 1984). Avoids dilution of the earnings per share to shareholders Some forms of preferred stock issue do not interfere with the control of the business, i.e. it at all times avoids the dilution of earnings per share. If Phil Bevan adopts the proposal of issuing preferred stock to raise its capital, he shall have avoided a likelihood of change of control or ownership. It therefore presents the owner with an opportunity to maintain its control as the earnings per share is maintained and not diluted. He can thus make strategic decisions that affect the business for success. Preferred stock does not carry fixed charges A fixed charge is imposed to the business depending as to whether the business makes better earnings or not. Dividends are often marked as a percentage of a par value and preference shares dividend can at times be negotiated as floating. The major disadvantage of preferred stock is that interest payable is not tax deductible (Myers and Majluf, 1984). The interest charged on preferred stock issued is tax allowable. This implies that its cost is likely to be cheaper as compared to other sources. Often, when an organization issues debt, it pays taxes on the income generated. This leads to a higher liability in form of tax to be paid. This generally translates to a larger savings in form of tax to be paid by the business to the bondholders. The allowable tax reduces interests to be paid hence increasing profitability. This however is not applicable to the preferred stock issuance. From the presentation above, Phil Bevan should accept Hiram J. Pipesucker’s proposal which is about using debts issue as source of finance. This is basically applicable in this case due to the fact that this source of financing enables him benefit from benefits of tax allowable on interest’s payments, assured level of control of his business without external disturbance and due to the reason that it presents lower returns to the investors. Debt financing is thus recommended. Assessing whether the advice given by each of the bankers is in the best interests of Bevan Industries and why such advice should be treated with caution. Consideration on whether to accept the proposals given by bankers should be made to the flexibility, timeliness and cost of each proposal. Besides these, the business’ economic conditions, market conditions, operating conditions and financial conditions presented by each proposal should be checked and scrutinized. For the Bevan Industries, Phil Bevan, the CFO, is concerned that his capital structure is not as efficient as it might be. In particular, he is concerned about the amount of the business funded by short term debt and that his overall gearing level is quite low. This scenario presents him with different opportunities. The proposal of debts issue might be of weight but is disqualified forthright. This is because, as per the business needs, debts issue is applicable for long term financing but Phil Bevan is concerned about the amount of the business funded by short term debt. Debts issue proposal is not appropriate as it results in a more business financial risk. Phil Bevan is not ready to take the risk. Current levels of exceptional debt will impact on the amount of finance raised. Higher levels of debt as well as the preferred stock will result in wider variations to earnings per share. This is because they come forth with higher fixed obligations that must be paid. For instance, he must be ready to pay the interest to debt holders and fixed dividends to preferred stock holders. He is thus likely to incur more financial risks as opposed to his desired need to improve short term debt and balancing gearing ratio. On the other hand a proposal to undertake common stock issue may be applied. However, it as well has effect of earnings per share on the business or control influence. Due to the fact that Phil Bevan is concerned with the control level of the business, if he goes for this proposal, he is deemed to diluting the control level which he is not for. Reference Barber, J. R., 2004. â€Å"Cost of Capital with Flotation Costs.† Quarterly Journal of Business and Economics, Vol. 43, 2004. Retrieved at http://www.questia.com/googleScholar.qst?docId=5009214076. Dewatripont, M., and J. Tirole, 1994, â€Å"A theory of debt and equity: diversity of securities and manager-shareholder congruence,† Quarterly Journal of Economics 109, 1027-1054. Harris, M., and Raviv, A., 1991. â€Å"The theory of capital structure,† Journal of Finance 46, 297-355. Harris, M., and Raviv, A., 1996. â€Å"The capital budgeting process: incentives and information,† Journal of Finance 51, 1139-1174. Hart, 1995. Firms, Contracts, and Financial Structure, Clarendon Press, Oxford. Heinkel, R. Zechner, J. (1990), The Role of Debt and Preferred Stock as a Solution to Adverse Investment Incentives, Journal of Financial and Quantitative Analysis 25 (1): 1–24 [p. 2] Jensen, M., and W. Meckling., 1976. â€Å"Theory of the firm: managerial behavior, agency costs and ownership structure,† Journal of Financial Economics 3, 305-360. Kieso, D. E., Weygandt, J. J., and Warfield, T. D., 2007. Intermediate Accounting (12th ed.), New York: John Wiley Sons, p.  738 Modigliani, F., and Miller, M., 1958. â€Å"The cost of capital, corporation finance, and the theory of investment,† American Economic Review 48, 261-297. Myers, S., and Majluf, N., 1984. â€Å"Corporate financing and investment decisions when firms have information that investors do not have,† Journal of Financial Economics 13, 187-221. Rosenbaum, J., and Joshua, P., 2009. Investment Banking: Valuation, Leveraged Buyouts, and Mergers Acquisitions. Hoboken, NJ: John Wiley Sons. Scharfstein, D., and Stein, J., 2000. â€Å"The dark side of internal capital markets: divisional rent seeking and inefficient investment,† Journal of Finance 55, 2537-2564. Stein, J., 1997. â€Å"Internal capital markets and the competition for corporate resources,† Journal of Finance 52, 111-133. Subrahmanyam, A., and Titman, S., 1999. â€Å"The going-public decision and the development of financial markets,† Journal of Finance 54, 1045-1082. Tirole., 2006. The Theory of Corporate Finance, Princeton University Press. Yee, K. K., 2000. Aggregation, Dividend Irrelevancy, and Earnings-Value Relations. Contemporary Accounting Research 22 (2): 453–480.

Wednesday, May 6, 2020

Actions Speak Louder than Words in Michael Hoffmans Film,...

Expression is universal. The majority of all people can interpret exasperated sighs, wide eyes, loud voices, clapping, etc. Even when characters are not physically speaking, movies emit numerous messages through actor portrayal. Audiences visually experience characters’ physical reactions which are not included in books. The actors’ individual portrayals of characters in Michael Hoffman’s 1999 film, William Shakespeare’s A Midsummer Night’s Dream, enhance the extreme personalities of characters already established in William Shakespeare’s play. By using tone of voice and pace of speech, the movie characters offer insight into personality more clearly than expressed in books. Although Shakespeare’s words alone indicate Egeus’s disproval of Lysander, the movie stresses his hatred for disobedience through his speech addressing Hermia, Demetrius, and Lysander in the initial scene. In attempt to demonstrate authority over the noncompliant lovers, Egeus speaks loudly while clearly pronouncing each syllable as if spitting the words out of anger. The movie offers a desperate side to Egeus not illustrated in the text because he is so frantic for control that yelling is his sole way of catching the lover’s attention and regaining the dominance that he craves. The movie also illustrates how Egeus remains consistent with his disapproval of Lysander because when Theseus proclaims the lovers’ marriage, Egueus’ facial expression is furious, demonstrating how he does not grow as a

Tuesday, May 5, 2020

Small Firm Growth is the Only Measure of an Entrepreneurs Success

Question: Discuss about theSmall Firm Growth is the Only Measure of an Entrepreneurs Success. Answer: Introduction: An entrepreneur is a person who follows his passion and gets on the path of achieving it through a small firm. Growth of a small firm can be considered to be stepping stones of the entrepreneurs success (Cooper Gimeno, 1992). As the business grows, the entrepreneur gains higher exposure to his business environment and then steadily is able to adapt as well as take measure to make the business powerful in the competitive market. Entrepreneurs design the economys future and therefore even government has taken various steps to help their small businesses grow in the form of various incentives and tax benefits (Audretsch Keilbach, 2004). Growth of there is not beneficial for their monetary interest but also psychological interest. It helps in motivating them as well as boosting their confidence. Growth of small firms definitely defines one aspect of the success of the entrepreneur, be it Steve jobs, Dhirubhai Ambani, or JRD Tata all started with a small firm the journey of their dreams and achieved to be the billionaires of the era. The stated preface or introduction speaks about a single aspect of the Success of entrepreneur that is Growth of Small Firm there are various other factors that contribute to their success (Bygrave, 2007). The Concept of Business growth is one of the primary and most important objective for various firms. Currently society has started giving due importance to this aspect and one of the major evidence is the list that is prepared by the leading media houses, journals and magazines of various successful and accomplished ventures. The basic reason small firm growth is given due priority by government is due to its valuable contribution to the economy. This stand as the major reason why the concept is given due importance. The concept and terminology of small firm and entrepreneurship is often been inter-linked with each other leading to confusion and ambiguity. In recent times it was considered that all new firms are established were run by their respective founders and owners. Hence, these successfulness of these businesess were often linked with the success of an entrepreneur. (Edvinsson Malone, 1997). The terminology entrepreneurship is used in much broader sense. It originally had a very specific connotation referring to the process of Seeding and functioning of of business, and anyone so engaged was considered as an entrepreneur. Entrepreneurship in todays world give a wider prespective on occasion, the term is used interchangeably and replaced with enterprise. Lately the globe is driven by the ideology that the word entrepreneur is used for a specific kind of big tech firms or magnum opus start- ups which is lead by the stalwart proprietators like Mark Zuckerberg. Creation of new economic activities is a part through which the concept of Entrepreneurship is based. In growth if only amount of expansion is taken into consideration then growth is not a part of entrepreneurship. Entrepreneurship remains an paradox even now and the very basic idea that all the small firm establishments are generated and started by an entrepreneur is still under lot of consideration and topic of debate. Just a little reading or by just skimming and scanning about the topic would make the reader confused and may leave him with a different kind of curiosity (McDougall et al., 1992). Thus, concluding that only small firms growth is the only measure of an entrepreneurs success would be wrong and thus various other factors which the authorities of the subject have coined out should be studied and only then the success factors must be ascertained with successfulness of an entrepreneur. To measure current valuation of small businesses considering the country of origin, the primary thing that one needs to understand is what constitutes a small venture. As per the authority board , a small venture is independently owned and functioned and it shows very little influence in its industry and has very limited or less number of personnel working. So how can one differentiate between or rather is there can difference between a small firm owner and an entrepreneur? (Watson et al., 2003). Most of the small business are staretd as the ventures but not all the owners of the business be considered as entrepreneurs (Jennings Beaver, 1997) divided the small business into three categories. Income-replaced firms: These firms are built to facilitate incomes to the owners. The amount is very similar to what one used to earn while employed. The products they offer covers- retail merchandises, or a service like hairstyling or accounting. Most small firm are of this kind. Sociology firms: People begin the these firms to earn their livelihood while following a certain lifestyle. These firms shows the owners hobbies or favorite pursuits for example cricket, swimming, different adventure sports that will help the owner grow and expand . As a thumb regulation, these ventures dont do anything new or out of the box that might bring new aspects of innovation, and need to grow at an uncontrollable pace. à ¢Ã¢â€š ¬Ã‚ ¨ Enterprising firms: These owners are people whoà ¢Ã¢â€š ¬Ã‚ ¨recognizes an opportunity and develops aà ¢Ã¢â€š ¬Ã‚ ¨product to fulfill some certain needs of market segment. They bring innovative products to market. Their primary aim is to expand their ventures and eventually capture into the other markets. What is Small Firm Growth? In an Ordinary scenario, growth of a firm is achieved in different levels step-by-step in a small business process (Bosma et al.,2004). A business venture under normal condition encounters three-levels of development process- (I) the Seed level, (ii) the Start-up level and, (iii) the Expansion level. The Seed level introduce a new well-formulated and thought idea into presence, the idea is screened refined and given a practical point so as to make the venture a feasible one in terms of the situation better off. The Start-Up level included procurement as well as accumulation of capital from different banking organizations and non-banking organization such as angle investors to give the idea a practical shape and be developed in the real world. The Expansion level deals with manufacturing or service capacity increment when the business grows the kind of demand generated is more than that of installed capacity hence the expansion is needed in order to bridge the gap between demand and supply. Where the one author has taken three levels of business development process while the authors (Bridge,ONeill Martin, 2013) has suggested four level of small firm growth: Each level of the business lifecycle inherits certain new or former hurdles. Stage 1: Existence under the stage One various Challenges are Encountered by the businesses and entrpreneurs such as Profitability issue faced since the inception of the idea, Feasibility of idea in the desired market segment, Fabricating and installing Business designs, Managing the financial clauses and statements etc. Stage 2: Survival the major Challenges there of are of Managing Monetary Collection, Managing Sales achievable, Managing the financial clauses and statements, Maintaining and Establishing Customer interface, Setting up Market recognition etc. Stage 3: Success the challenges here are of a little higher magnitude such as Managing Surplus Revenue, Managing Extra Customers, Managing the financial clauses and statements Robust Management, Market Head-On competition etc. Stage 4: Take-off and landing the challenges faced here are more of a managerial Increasing Market Head-On, Managing the financial clauses and statements, Entering into New ventures, Additional fresh Products/Services, Existing Business Expansion etc. The authors backed the concept of the multiplelevel model of various developmental growth levels when the authors performed an extensive analysis. They defined the levels as mentioned below: The Existence level is quite similar to the previously stated Seed level explained Mukherjee, while the Survival level mentioned is that stage when there are various options in hand open for further growth, the next stage that one can encounter is the Take-off level, in this very stage the owner decides to grow and expand the business venture to capitalize the larger region of market segment i.e. the owner is opting for expansion of ones business venture. In the last stage i.e. Maturity level the organization will attain that level when it exhibits certain trademark of a profound organization. In due time, the literati (Naman Slevin, 1993) came up with a derived inference that, its tedious to be specific in formulating the business development stages, this ambiguity prevails throughout the process (Business aeon). Despite these towering challenges to categorize and measure growth, literati still commonly considers the small firm growth as the major index of accomplishment. Since it is now considered a patois to recommend or to state that success needs growth and if not then it leads to obligation . Large number of literary works are available that represents various theories about rise and proliferation mostly linked with job generation. In yester years entrepreneurship came into the light because of its momentous contribution in the domain of generating employment opportunities Measuring change in Size firm growth should be researched to an extent in depth to understand the analysis of the forecaster take precedence over analysis of the results, i.e., the change in size, this is one of the main factor to measure the firms growth. Growth as a process measure It refers to growth as an extensive process of organizational alterations, which guides to this change in size and a start to end distance of other changes as well. Even if restricted to one of these individual aspects that guides ones behavior, growth as know its a heterogeneous phenomenon and therefore requires an extensive research. The Concept of New Firm Success The study of various measures which are pretient to new firms success is part of the most important and intriguing topics in the area of entrepreneurship. Although this area has been under hawk eye observation and studied from various different perspectives to gain insight, no clouser has been derived yet as far as the formulation of success and/or performance from the new business firm prospective is considered. It is moving away from the near possibilities of finding the common juncture or convergence of criteria that helps in scientific progress and uplift Enterprise (Ghobadian ORegan, 2006). Therefore, what should one can refer as accomplishment to in a young business ventures? Formalizing companys growth is extremely up hill task in every type business but the task is even more tedious when it comes to young business ventures. Young and fresh firms lack historical and past database and many have neither uniform financial norms nor index of performance up till now. Moreover, the firm might still incur losses whilst the sales being on a continus rise in the initial years.(Stuart Abetti, 1987). Due to this reason various profound distinguished authors questioned the foundation of success and eventually growth extensively on financial performance parameters. Some authors for example prefers to explain success as a measure of emulous to understand the refered initial time period of a new firm. One of the extreme view points represented through certain inputs and orientation is that the entrepreneurship and small businesses are different and the current performance of the business must be the last indicator to be opted to determine the strength and success of an indicator. Back in 1992 balanced scorecard was developed by (Kaplan Norton, 1992) it was basically a tool used to align the business activities with that of the management and its strategic vision and objectives, it creates a balance between the financial measure and non-financial measure and gives a more balanced tool to the manager in order to create a feedback and appraisal which is more robust and provides a practical report which in turn is effective for the firms growth. The tool uses the financial measures and operational measure basically related to consumer satisfaction (Perspective of Customer, Process Perspective of Business, Perspective for growth). As a matter of fact the balanced scorecard is one of the most acceptaded and most widely used tool in the organizations, be it government or private, non-profit organizations to facilitate organization planning and analyze how to measure the results of what is to be done. Hence, to encounter the redundancy it collects different view points on internal business process and its outcomes to continuously enhance the firms performance outcomes. Dimensions and Indicators of Success There are various factors that are paramount towards the success of the businesses like Innovation these Non-financial aspects are sometimes attributed along with the financial aspects, a research (Rhodes Butler, 2004) suggested there are 8 different parameters which are attributed to measure the success of the organization of which are related to the business and towards the entrepreneur. The four that relate to the business are: Resources of personnel: Relating quality and quantity of people available in the business at the operational and managerial level Infrastructure Resources: How robust and well buit the Information technology is Firm Resources: relations with consumers, suppliers and distributors, manufacturing and distribution processes, market share which establishes a place for the business in the marketplace. Financial Resources: cash and borrowings, bargaining power of the business. 4 Indicators proposed for the entrepreneurs are as follows . Financial Perspective: Related To Profit, Liquidity, Sales, Income and Profitability Customer Perspective Customer satisfaction, Number of customers, Loyalty Recommendations etc. Business Process Perspective: related to the various processes business follows such as manufacturing, distribution, sales and service etc. Business Volume: the amount of business organization has generated, market share captured. To determine the success of the organization proper variables should be considered as it happens some variables may focus on aspects which might show the business as successful whereas when other factors are considered the result might not be same (Sapienza et al., 1988) hence, the organization needs to make sure the right kind of variables they think perfectly describe the situation they consider as successful. To keep the right kind of approach towards the stated issue the management can decide upon the various factors and indicators with a perspective that can clearly define the objective of the firms vision and can be used to measure the success in the long term. We can agre that small firms growth is the indicator of the entrepreneurs success but it is just one aspect of it there are various indicators of success, In most of the industries the financial results and performance of the organization are considered as the most trustworthy way of determining the success but it is seen in some of the high technological industries such as Research and development a huge amount of capital is required in the initial stages and the return on investment may be very low or even negative in the initial years thus to tackle with the problem, it was proposed to include non-financial indicators such as product quality, design etc so depending upon the kind of Industry and type of organization indicator s might change to determine the successfullness hence right indicators should be selected to determine Entrepreneurs success that just taking firms growth into consideration. References: Cooper, A.C. and Gimeno-Gascon, F.J. (1992). Entrepreneurs, Process of Founding, and New Firm Performance, The State of the Art in Entrepreneurship. Ed. Sexton and J. Kasarda, PWS Kent Publishing Company, Boston. Edvinsson, L. and Malone, M.S. (1997). Intellectual capital. Realizing your companys true value by finding its hidden brainpower, HarperCollins Publishers, New York. Ghobadian, A. and ORegan, N. (2006). The impact of ownership on small firm behavior and performance, International Small Business Journal, vol.24, no. 6, pp. 555-584 Jennings, P. And Beaver, G. (1997). The performance and competitive advantage of small firms: A management perspective, International Small Business Journal, Vol. 15 no. 1, pp. 66-75. Kaplan, R.S. and Norton, D.P. (1992). The balanced scorecard. Measures that drive performance. Harvard Business Review, pp. 71-79 McDougall, P.P.; Robinson, R.B. and DeNisi, A.S. (1992). Modeling new venture performance: An analysis of new venture strategy, industry structure, and venture origin, Journal of Business Venturing, Vol. 7, pp. 267-289. Naman, J.L. and Slevin, D.P. (1993). Entrepreneurship and the concept of fit: A model and empirical test, Strategic Management Journal, Vol. 14, No 2, pp. 137-153. Rhodes, C. and Butler, J.S. (2004). Understanding self-perceptions of business performance: An examination of black American entrepreneurs. Journal of Developmental Entrepreneurship, 9(1). Sapienza, H.J.; Smith, K.G. and Gannon, M.J. (1988). Using subjective evaluations of organizational performance in small business research, American Journal of Small Business, Vol. 12, No 3, pp. 45-53. Stuart, R.W. and Abetti, P.A. (1987). Start-up ventures: towards the prediction of initial success, Journal of Business Venturing, Vol. 2, pp. 215-230. Watson, W; Stewart, W.H. and BarNir, A. (2003). The effects of human capital, organizational demography and interpersonal processes on venture partner perceptions of firm profit and growth, Journal of Business Venturing, Vol. 18, No 2, pp. 145-164. Audretsch, D.B. and Keilbach, M. (2004). Entrepreneurship capital and economic performance. Regional Studies, Vol. 38, No 8, pp. 949-959. Bosma, N.; Van Praag, M; Thurik, R.and DeWit, G. (2004). The value of human and social capital investments for the business performance of start- ups, Small Business Economics, Vol. 23, pp. 227-236. Bygrave W. D., (2007). The Entrepreneurial Paradigm (I): A Philosophical Look at Its Research à ¢Ã¢â€š ¬Ã‚ ¨Methodologies, Entrepreneurship Theory and Practice, Vol. 14, No. 1, pp. 726 Bridge S O'Neill K, (2013), Understanding enterprise entrepreneurship and small business, Palgrave Macmillan, united kingdom.

Saturday, April 11, 2020

Analysis Of The Holocaust Essays - The Holocaust, Nazi Germany

Analysis of the Holocaust Of all the examples of injustice against humanity in history, the Jewish Holocaust has to be one of the most prominent. In the period of 1933 to 1945, the Nazis waged a vicious war against Jews and other "lesser races". This war came to a head with the "Final Solution" in 1938. One of the end results of the Final Solution was the horrible concentration and death camps of Germany, Poland, and other parts of Nazi-controlled Europe. In the aftermath of the Holocaust, people around the world were shocked by final tallies of human losses, and the people responsible were punished for their inhuman acts. The Holocaust was a dark time in the history of the 20th century. One can trace the beginnings of the Holocaust as far back as 1933, when the Nazi party of Germany, lead by Adolf Hitler, came to power. Hitler's anti-Jew campaign began soon afterward, with the "Nuremberg Laws", which defined the meaning of being Jewish based on ancestry. These laws also forced segregation between Jews and the rest of the public. It was only a dim indication of what the future held for European Jews. Anti-Jewish aggression continued for years after the passing of the Nuremberg Laws. One of these was the "Aryanization" of Jewish property and business. Jews were progressively forced out of the economy of Germany, their assets turned over to the government and the German public. Other forms of degradation were pogroms, or organized demonstrations against Jews. The first, and most infamous, of these pogroms was Krystallnacht, or "The night of broken glass". This pogrom was prompted by the assassination of Ernst von Rath, a German diplomat, by Herschel Grymozpan in Paris on November 7th, 1938. Two days later, an act of retaliation was organized by Joseph Gobbels to attack Jews in Germany. On the nights of November 9th and 10th, over 7,000 Jewish businesses were destroyed, 175 synagogues demolished, nearly 100 Jews had been killed, and thousands more had been injured, all for the assassination of one official by a Jew ("Holocaust, the." Microsoft Encarta 96). In many ways, this was the first major act of violence to Jews made by the Nazis. Their intentions were now clear. The Nazi's plans for the Jews of Europe were outlined in the "Final Solution to the Jewish question" in 1938. In a meeting of some of Hitler's top officials, the idea of the complete annihilation of Jews in Europe was hatched. By the time the meeting was over, the Final Solution had been created. The plans included in the Final Solution included the deportation, exploitation, and eventual extermination of European Jews. In September 1939, Germany invaded western Poland. Most, if not all Jews in German-occupied lands were rounded up and taken to ghettos or concentration camps. The ghettos were located inside cities, and were a sort of city/prison to segregate Jews from the rest of the public. Conditions in the ghettos included overcrowding, lack of food, and lack of sanitation, as well as brutality by Nazi guards. Quality of life in a ghetto was probably not much above that in a concentration camp. In June 1941, Germany continued it's invasion of Europe by attacking and capturing some of the western U.S.S.R. By this time, most of the Jews in Europe now lived in lands controlled by Nazi Germany. The SS deployed 3000 death squads, or "Einstagruppen", to dispatch Jews in large numbers ("Holocaust, the." Microsoft Encarta 1996). In September 1941, all Jews were forced to wear yellow Stars of David on their arms or coats. A Jew could be killed with little repercussions for not displaying the Star of David in public. Some of the first Jewish resiezce to the Final Solution came in 1943, when the process of deportation to concentration and death camps was in full swing. The Warsaw ghetto in Poland, once numbering over 365,000, had been reduced to only 65,000 by the continuing removal of Jews to camps in other lands ("Holocaust, the." Microsoft Encarta 1996). When the Nazis came to round up the remaining inhabitants of the ghetto, they were met with resiezce from the small force of armed Jews. The revolt lasted for almost three weeks

Tuesday, March 10, 2020

Sophocles Oedipus the King essays

Sophocles Oedipus the King essays In the tragedy Oedipus the King by Sophocles, Oedipuss brother-in-law (Jocastas brother) Creon is a good example of the modern-day saying Dont shoot the messenger particularly in terms of Oedipuss reaction to Tiresiass earlier prophesy that Oedipus would kill Laius and marry Jocasta. Oedipus and Creon are also very opposite one another in their attitudes, behavior, and piety. Although Creon eventually develops into a more complex, even wrathful character in the two later tragedies by Sophocles built on Oedipus the King (Antigone and Oedipus at Colonus) Creon in this first of the three plays is calm, reasonable, matter-of-fact, and uninterested in exercising power by being King; while Oedipus is quite the opposite: anxious; unreasonable; prideful; interested in maintaining power, and disrespectful of the Gods. Throughout the play Oedipus shows hubris while Creon shows humility. A symptom of the hubris of Oedipus is that he refuses to accept the truth if the truth displeases him. For example, when Oedipus first speaks with Tiresias, he concludes that Tiresias and Creon must have conspired together against him to oust him from the throne so Creon can inherit Thebes. However, as Tiresias accurately tells Oedipus, (Sophocles, Oedipus the King line 434): Creon is not your downfall, no, you are your own. Although at the beginning of the play Oedipus strongly believes Creon has hatched a plot against him, Creons own insistence, in lines 663-667, that he himself has no interest whatsoever in becoming King, rings true. As he states, How could kingship please me more than influence, power without a qualm? Im not that deluded yet, to reach for anything but privilege. Then, not content to have Oedipus simply take his word, Creon adds (lines 677-679): Do you want proof? Go to Delphi yourself, examine the oracle and see if Iv...

Saturday, February 22, 2020

Nutrition for Health and Social Care (DISCUSSION) Assignment - 1

Nutrition for Health and Social Care (DISCUSSION) - Assignment Example The sugars that compose carbohydrates are called monosaccharide, and can combine to form very complex carbohydrates. The structure of a simple monosaccharaides is shown below. Digestion of carbohydrates initiates right from the mouth. The food is mixed with salivary amylase which breaks down the polysaccharides in the food. The saliva also assists in moistening of the food to allow it go down the stomach easily. From here the food is moved down to the stomach and is referred to as a chime. Here the stomach produces acids that kills bacteria in the food and stops the action of salivary amylase. In the pancreas and the small intestine, in the duodenum the pancreatic juice/amylase is added to the chime so as to break the polysaccharide to a disaccharide. In the small intestine, lactose, sucrose and maltose are produced to further break the food into a monosaccharide. These can therefore be absorbed into the lower parts of the small intestine by the villi into the blood system. In the colon, other carbohydrates that were not digested are partly digested by intestinal bacteria n\and the rest excreted as feces (DUGGAN, WATKINS & WALKER, 2008). Carbohydrates are essential since they provide energy for the body. They are therefore essential for the functioning of the central nervous system, circulatory system and other essential systems of the body. Fats and lipids are a wide group of compounds that are soluble in organic solvents and others in the water. Although there is no definite structure of fats, most of them belong to the triglyceride class, which assumes a three fatty acid glycerol backbone bond. The image of their structure is as shown below. The major issue to be considered in the digestion of fats is solubility. The digestion of fats is aided through emulsification. Their digestion begins in the stomach where hydrochloric acids, mucus and gastric enzymes are combined to form gastric juice.