Wednesday, October 30, 2019
Success of McDonalds Research Paper Example | Topics and Well Written Essays - 1250 words - 2
Success of McDonalds - Research Paper Example Impact of globalization and technology changes Globalization has a critical impact on McDonald’s activities and expansion all over the world. The company has affected the eating lifestyle of people all around the world. With the advent of globalization, the company became able to expand its market, thus, increasing its revenues and sales. The corporate model of the company and its expansion symbolizes globalization in a true manner. There is variation in menus that the company offers all over the world while keeping core values and brand of the company intact and constant (Watson, 2006). However, any change in the local and the global economy leads to changes in the financial performance of the company. The company has the aggressive international expansion, and with this, it is also very sensitive towards the economic slowdown in other nations. Due to its global presence, McDonald’s has to focus on individual problems of every nation’s economy in which it has it s business. For instance, in the US and Europe, the major markets of the company are facing economic slowdown due to which overall operations of the company are affected. Technological changes have a vital impact on the operations of the corporation worldwide. In order to enhance the experience of the customers and drive increased transactions, the company adheres to implementing advanced technologies for the efficiency of the labor: self-order kiosks, updating the point of sale system, and installing of hand-held order devices. All these technologies were not available in old franchises of the company of the earlier times. Technological changes are related to bringing in innovation in processes as well as products. For instance, with the advancement of the technology of touch screen and use of swipe cards for making payments, the company also announced in 2011 to make use of touchscreen technology and swipe card system at their restaurants in order to increase operations efficiency and gain knowledge about the food ordering habits of its customers (Gilbert, 2008). I/O model and resource-based model Industrial organization model studies the external perspective for developing a strategy of the company and earns above-average returns. The first step in the model is to study the industrial environment. The fast-food industry is a highly fragmented industry, and new markets in developing countries support the growth of the industry. Today, there is an increasing awareness towards health, and the healthy and organic food is driving attention of food lovers around the globe. McDonald’s emphasizes on three key areas: restaurant reimaging, service enhancements, and menu innovation. Thus, the organic and healthy food industry can be the attractive industry which has the potential for above-average returns.
Monday, October 28, 2019
Alien Rhyming Poem Essay Example for Free
Alien Rhyming Poem Essay I’ll even do the rhyming thing, I guess. Firstly, I should tell you of our species But keep in mind, we’re very different beings Our social status is decided by blood. Some were brightly colored, others were like mud. Not of whom we are from descended from, We had no family, no dad, or mum. We are assigned a caretaker from birth, Not of Troll descent, for what it’s worth. They’re assigned an animal, called a lusus, I, was a special case. One that caused a fuss. I had candy red blood. I was a mutant. And most trolls, considered me a pollutant. I was left for dead as a baby grub, It was quite an intentional snub. I would have died that first night, cold and lonesome, If it weren’t for one troll, who was wholesome. No troll had ever cared for a young one, Let alone raise it, was their son. She was an adult, in green attire, And the look on her face, made her seem quite dire. Despite her outwardly appearance She taught me the meaning of adherence. Our species is naturally hostile, And knowing this, made me feel quite vile. I despised all of my species needless strife, The type that nearly ended my life. The hierarchical system is cruel, Leaving it to chance if you serve or rule. The lowest color on the hemospectrum, Were the bronze-bloods, all of which were thought as scum They were lucky to live through their childhood, And they were blessed if they were understood. The second of blood colors was yellow, These poor souls were forced to live in the ghetto. And if they could not afford to live there, They were sold to slavery, and none would care. Up next was olive, jade, and then teal, And none of these were really a big deal. After that, cerulean and dark blue, These were the hardest to attend to. These classes were always struggling for power, It made their general tone, quite sour. The highest of the normal bloods was purple, And out of all of them, they were most verbal. Always making demands, but never amends, However, the aggrievance extends. They considered themselves royalty, Flaunting around all flamboyantly. Near the top, were the violet blooded, And they lived in places that were flooded. They had a mutation which gave them gills, And plenty of impractical frills. And at the top were those with blood like gold, And every single one of them was cold. They like the purple-bloods had gills and frills, But they would kill others just for thrills They ruled over our race with an iron fist, But only one at any time could exist. This made a cruel sort of monarchy One which plunged plunged the lowbloods into poverty. And if you spoke out against the crimes Well it was like stepping into a field of landmines. And if one was seen with my blood hue, They’d be allowed to kill me. Through, and through. Despite all this, she raised me as a child, And when I learned of this I think I smiled But that was the only blessing I was brought, For the rest of my life, I wish I forgot. I traveled the lands, preaching my ideal, I had set out on my quest with a great zeal. I sought to change the views of society, And change all of their impropriety. I taught the values of peace and love, Something that most were afraid to talk of. Not all were too fond of my teachings, They thought of it as annoying screeching. But eventually, I gathered a cult. One much to her majesty’s insult. She sent her best men to find and catch me, I on the other hand, did my best to flee. Eventually they caught me, my disciple too, But in some stroke of luck, the let her through. She went on, spreading word of my Lessons, I hope she went on, to teach her own sessions I, however was not treated so well, They locked me up in their deepest cell. They tortured me for what seemed like forever, They had no mercy for me whatsoever. I screamed with anger that pierced the skies All of my love, had said their goodbyes. The only thing left, was anger and hatred, And in time, all my teachings faded. I could not make a stand for peace and love, For those, my species are unworthy of. And now you know all of my suffering, And why my irons, are still burning. â€
Saturday, October 26, 2019
Steps When You Purchase an Existing Website :: Sell Websites Buy Websites
Steps When You Purchase an Existing Website Reprinted with permission of VotanWeb.com The search for a website to purchase almost always starts with a visit to a web site like the one we host at VotanWeb. Sometimes the prospective buyer has a very definite idea of the type of website wanted. But, often the website buyer is a first time buyer and is still in the formative or exploratory phase of the search. Many first time buyers wonder what kind of website is best for them to purchase. That's a tough question to answer without some idea of the buyer's resources, skills and needs. To determine the best website for you it will necessary for you to ask yourself a series of questions: "How many days per week do I want to work?", "Do I want to have employees?", "How much am I comfortable spending on a website?" and many other questions. Open and honest answers will allow you to quickly narrow your search and save you much time and aggravation. Our web site buyer registration offers a questionnaire that is a great way to narrow your search. It will help you find the website of your dreams. After you reflect on your true interests and focus your search, you should begin to review the non-confidential summaries listed on VotanWeb. Our non-confidential summaries show a description of the business, a summary of financial performance, various metrics to allow an independent analysis of the opportunity, and the asking price. We recommend that at this point you focus on the business and not on its financial performance or price. It's far more important now to find a business type you would enjoy owning. After reviewing the non-confidential summaries you may find that you selected one or more websites that you want to know more about. To take your search to the next level will require a greater level of trust and commitment between you and the Seller of the website you are interested in. To truly understand the value of a website will require you to receive detailed and specific information about each website of interest to you. Your agreement to keep this information confidential is required. Before you receive confidential information, we require you to send us your Buyer Profile and we require you to sign a Non-Disclosure and Confidentiality Agreement. When you return these documents to us, we will provide you with the domain name of the website you're interested in.
Thursday, October 24, 2019
Money supply in the United States Essay
Money supply in the United States, and indeed any other economy using a central banking reserve system, is controlled and managed by a limited number of private banks working together for their own benefit instead of the benefit of the nation. As Thomas Jefferson, the third President of the United States allegedly once said, â€Å"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs (Quotations Page). Money supply in the United Stated is expanded in line with a fractional reserve policy. This policy whereby the banks retain a fraction of their total deposits, and are then able to lend the rest means there will always be a constantly expanding money supply, and this will always be a multiple larger than the actual amount of base money that is made by the Federal Reserve. This multiple is known as the money multiplier and is calculated by the Federal Reserve based around its reserve requirement and other fiscal regulations. The importance of financial intermediation cannot be understated, as this is required in order to manage the banking and monetary system and to try and avoid banking panics, to serve as the central bank for the government, and to manage the nations’ supply of money through economic policies which try to maximize employment, minimize taxation, and produce positive gross domestic product. The significance of banker’s taste for excess reserves on the Fed’s ability to expand the money supply shows that the fractional reserve system is not perfect and that to gain maximum control over the money multiplier and the supply of money, reserves are needed to manipulate fiscal information to the banker’s benefit. These assets are counted as reserves due to the fact that they are not necessary for the bank to hold these reserves as collateral against its lending, hence they are considered excess. The banks could use these reserves to aggressively increase loans or investments if they so wish. This is a key factor to consider here, that the banker’s taste limit the power of the Fed, as they may be able to undermine the central banking system of the United States by manipulating the money supply.                                                          Works Cited Quotations Page. 13 May 2010 .
Wednesday, October 23, 2019
Quality and Quantitative Approach in Engineering
The objective of this paper is to propose a study and discussion on the use of quantitative and qualitative approaches in engineering research methods and design. In this introduction it is to provide a thorough presentation on the aspects of qualitative and quantitative approaches for engineering research. As such, the scope of this paper covers a broad range of topics and it is important that the engineer to perform successful experiments, and it is equally important that to understand and be able to estimate the accuracy of the engineering investigations through these approaches. In the past research approaches in engineering have accumulated to a point at which the engineers and investigators have many selections. For those designing an engineering research proposal, it is recommended that a general framework be maintained to accommodate advice about all facets of the study, from assessing the general theoretical ideas behind the investigation to the detailed data collection and test procedures. Using an extant framework also allows engineering researchers to lodge their plans in design ideas well grounded in the literature and recognized by audiences that read and support the proposals for engineering research. The focuses in this paper are on the use of quantitative and qualitative approach and the comparisons and contrasts in the characteristics as well as the significances of these approaches within the field of engineering design research. 2. Background This section suggests the background and the framework of quantitative as well as the qualitative approaches for engineering research. The theoretical assumptions about what constitute the knowledge claims; the general procedures of research are the strategies of investigation; and detailed procedures of data collection analysis are called methods. . 1 Outline of Quantitative Approach to Engineering Research A quantitative approach in engineering is defined as one in which the engineer mainly employ postpositivist claims for developing knowledge. The knowledge are called cause and effect thinking, reduction to specific variables and hypothesis and questions, use of measurement and observation, and the test of theories. Quantitative appro ach employs strategies of analysis such as experiments and opinions, and collects information on predetermined instruments that yield statistical information. In this scenario the engineer tests a theory by specifying narrow hypotheses and the collection of experiment data to support or refute the hypotheses. An experiential engineering design is applied in which attitudes are assessed both and after an experimental treatment. The data are collected on an instrument that measures attitudes, and the information collected is analyzed using statistical execution and hypothesis testing. 2. 2 Outline of Qualitative Approach to Engineering Research. A qualitative approach in engineering research is one in which the engineer makes knowledge claims based primarily on constructivist perspectives and that is, the multiple meanings of individual experiences, meanings evidently and historically constructed, with intent of developing a theory or pattern, and that is issue-oriented or collaborative. It also uses strategies of investigation such as narratives, phenomenologies, ethnographies, grounded theory studies, and case studies. The engineer collects open-ended, emerging data with the primary intent of developing ideas and design from the data. In this situation the engineers seek to establish the meaning of a phenomenon from the opinions of participants. This means identifying a culture-sharing group and studying how it developed shared patterns of behavior over time (i. e ethnography). One of the key elements of collecting data is to observe participants’ behaviours by participating in their activities. For this research approach, the engineer seeks to examine an issue related to oppression of individuals. To study this, the approach is taken of collecting stories of individual oppression using a narrative approach. Individuals are interviewed at some length to determine how they have personally experienced feedback. 3. Comments and discussion Different form of investigations must be performed on all experimental data. The examination may be a simple verbal appraisal of test results or a complex theoretical analysis of errors involved in the experiment and matching of the data with fundamental principles. The discussion considers the analysis of data to determine errors, precision, and general validity of experimental measurements. The experimentalist should always know the validity of data. In order to specify the performance of an amplifier, an electrical engineer must know the accuracy with which the appropriate measurements of voltage and distortion have been conducted. A nuclear engineer must know the accuracy and precision of many instruments to make radioactivity measurement with confidence. In the quantitative approach like experiential analysis, design engineers have drawn on their own experience of designing to give explanation of aspects of design. Design researchers are also concerned about the lack of acceptance of their ideas by practicing engineering designers. By involving in the engineering research, it is more likely that the outcome of the research will be taken up because of the shared ownership of the knowledge produced by quantitative approach. On the other hand, in the qualitative approach, historical analysis is the discovery from past records a description of explanation for invention in the past. Scientists divide data into primary and secondary sources. Primary source include eyewitness and contemporary records such as instruction manuals and the personal notes. Secondary sources are summaries and reports of invention by other scientist or engineers. The role of historical analysis in qualitative approach is to provide theoretical base for the current research. Development in design due to the introduction of new technology can be compared to the development in the past. During the last decade, the strategies of investigation affiliated with quantitative approach were those that invoked the post-positivist perspectives. These include true experiments and less rigorous experiments. More recently, quantitative strategies involved experiments with many variables and treatments such as factorial and measure designs. They also included elaborate structural equation models that incorporated paths and the identification of the collective strength of multiple variables. The two critical strategies of investigation in the quantitative approach are test experiments and surveys. Experiments include authenticated test experiments, with random assignment of subjects to treatment conditions, as well as quasi-experiments that use non-randomized design. Survey includes using questionnaires and structured interviews for data collection to gather the feedback from the past records. In the qualitative approach, the experiment results those are usually rich and detailed, offering many ideas and concepts to inform consumers your new invention. Qualitative approach can display how the product user feel and think, but cannot tell how many of the audience feel and think that way. Qualitative approaches in research results are considered thought of as themes; they should not be reported as percentages, subjected to statistical analysis or projected to a wider population. The main reason is because the participants do not make up a randomly selected representative sample and not all participants are asked exactly the same. This approach offers flexibility as far as timing is concerned and exhibits an important challenge for engineering design. 4. Conclusion The following points can be considered and taking note when using the quantitative and qualitative approaches for engineering research: 1. Examine the data for consistency. No matter how hard an engineer tries, there will always be some data points that appear to be grossly in error. For instance, if adding heat to a container of water, the temperature must rise, and so if a particular data point indicates a drop in temperature for a heat input , that point might be eliminated. The data should follow common sense consistency. If many data points in the experiment fall in the zone of â€Å"inconsistent†. The entire experimental procedure should be investigated for gross mistakes and miscalculation. 2. Perform a statistical analysis of data. A statistical analysis is only necessary when measurements are tested several times. If this is the case, make estimates of such parameters as stand deviation or etc. 3. Estimate the uncertainties in the test results. The engineering researcher should bear in mind the influence of different variables by the time the final results are collected. 4. Anticipate the test results based on theory. Prior to obtaining correlations of the experimental data, the researcher should review the theory affiliated with the subject and glean relevant information that will indicate the trends the results may take. Critical dimensionless groups, pertinent functional relations, and other information may lead to a fruitful interpretation of data. 5. Correlate the data. The investigator should make sense of the data in terms of physical theories and on the basis of previous experimental work in the engineering field. The test results should be analyzed to display how conform to or differ from previous investigations or standard that may be employed for same measurements. In quantitative approach, the experiments are number-based whereas the qualitative approaches are text-based. Statistical test are used for investigation in quantitative method and more in-depth information on case study of a qualitative method for research in engineering. The main aim in the use of quantitative approach provides observed effects that are interpreted by engineers of a test program on a problem or condition whereas the main function of qualitative approach is more subjective and that is, solving a problem or condition from the point of view of the past experience. In conclusion, both quantitative and qualitative approaches are valid and reliable. However, the use of quantitative approach accounted largely for the measurement device and engineering instrument employed. This offers heavier time expenditure on the planning and lighter on the analysis phase. The use of qualitative approach depended largely on the skill and rigor of an engineer, and that allows the engineer a lighter time expenditure on planning end but a heavier during the investigation stage.
Tuesday, October 22, 2019
Analytical Essay Sample Based on the Book The Murder of Helen Jewett
Analytical Essay Sample Based on the Book The Murder of Helen Jewett Dorcas Doyen, more popularly known as Helen Jewett, is at the centre of the book The Murder of Helen Jewett written by Patricia Cline Cohen in 1999. Doyen or Jewett as she is popularly known was born in Temple, Maine on October 18 1883 to a working class family. Her mother died while she was still a child and her father, who was an alcoholic, followed soon. Orphaned at an early age, she was adopted by a local judge, Chief Justice Nathan Weston and his family who provided her with a good education (Cohen, 23). She additionally worked as a servant in the judge’s home and it is here that she grew into a young woman renowned for her beauty. She is said to have developed sexual assertiveness at this point and was rumoured to be involved with a Banker in an affair that became scandalous. Upon attaining 18 years of age, the girl moved out of the judge’s home and began working as a prostitute in Portland, Maine, under an assumed name, as was the practice at the time. Her trade took her to Boston, and then finally to New York where she met her death (Cohen, 37). Her murder brought to the fore various aspects of people’s lifestyles that may have contribute to the nature of life that Jewett led besides other women and men. Upon the discovery of her murder and the attempted arson on her body, investigators focused on her long time client and close associate, Richard P. Robinson who used the name Frank Rivers when visiting prostitutes such as Jewett. During the times when Jewett lived, the 19th century, women were expected to practice a lot of restraint during their lives yet their living conditions and the opportunities that were available to them were very limited compared to their men folk. Women were expected to be pious, which meant that were expected to be deeply spiritual and those women that actually managed were regarded well and accorded the honour of having a position in a church or in a charitable organization (Cohen, 78). It was believed that the nature of women placed them in a better position to handle both Christian leadership as well as domestic duties. The number of women that were church ministers at that time was great. Piety and observance of religious activities was supposed to keep women from conducting themselves â€Å"badly†and was supposed to encourage them to bring pleasure to their minds. Piety was also recommended for men but not as strongly (Cohen, 79). As a result of this preoccupation with religion, â€Å"mental derangement as a result of religious excitement†was blamed for suicide among women. This thinking on the part of society restricted women to lives that were devoid of challenges and excitement as a way of wielding control over them. However, men were not severely subjected to these terms of piety as the women folk were (Cohen, 79). Women were expected to get married and once married; they were considered the property of their husbands. Women were additionally expected to be â€Å"pure†. This purity referred to sexual matters and it is therefore hardly surprising that prostitutes such as Jewett were looked down on at this time after losing their â€Å"purity†(Cohen, 56). it is important to note that even though women were encouraged to be pure all their lives and given recommendations on how to go about this, men on the other hand were only advised on how to recover once they had participated in impure acts (Cohen, 59). Those who engaged in these â€Å"impure acts†knew of the implications as well as the perceptions of the society and it is therefore the reason both men and women who met for prostitution purposes used names other than their own. Prostitutes at this time were confined to parlour houses and brothels for those that attracted upper class clientele and bawdy houses that catered to clients of lower classes (Cohen, 63). Once a woman had engaged in prostitution, it was very hard for her to e integrate with society again and be accorded the same opportunities. Adulterous women were regarded with the same kind of contempt while adulterous men were not treated so harshly. Moreover, if a woman engaged in premarital sex and bore a baby out of it, she was disowned by her family. The woman may have been forced to leave the family home and in addition, the father of the child was not held responsible for child support (Cohen, 65). The opportunities that were available to women during the 19th century depended on the social economic status of the women. Lower class women, who were mostly daughters of poor farmers, had to work in order to support their poor families (Cohen, 68). The kind of employment that these girls got included household chores for richer families, laundry, tailoring, nursing or midwifery. The highest paying of these were midwifery, nursing and dressmaking as they involved skills. Upper class white women of the nineteenth century were generally pampered as they grew up with nothing to do and with servants to mind them (Cohen, 71). However, upon marriage, they were expected to oversee the welfare of their households and that of their slaves including but not limited to making clothes for them and nursing them. These women had very few opportunities for education with only three colleges admitting women; their opportunities for formal jobs were even less. However, there are omen that managed to get very high levels of education in those times and become experts in fields such as engineering, and physics among others. This ensured that women were not adequately equipped to live independent lives and they had to rely on somebody; most preferably a man (Cohen, 73). In the case of Jewett, she is reputed to have been a highly educated lady and very intelligent on the basis of the letters that she wrote and the books that she read. Unlike other women, she was better placed to benefit from opportunities that other women could not benefit from such as entry to one of the few colleges (Cohen, 77). She was possibly bound by the expectations that society had of her and by engaging in an affair with a banker to begin with, may have felt that she had no more options in life except for a life of prostitution (Cohen, 80). This career, which she chose, was The legal system of the day was no better for the women that lived in that period. Like everything else, when dealing with women, their marital status was a factor that determined the outcome of the legal situation (Cohen, 25). Women were expected to be married and have children; once married, all her assets, liabilities, and everything they owed was transferred to their husbands. Consequently, if somebody wronged a woman, it is her husband that could institute charges and prosecute (Cohen, 33). Because of this, married women relied on the possibility that their husbands were kind and good people that had their best interests at heart. This meant that it was highly unlikely for single women to get a fair hearing or even any hint of attention from the law enforcement and legal authorities (Cohen, 54). This is especially visible in the trial of Richard P Robinson in the murder of Helen Jewett. The judge that presided over the particular case particularly told the jury to not consider t he evidence that was presented by the prosecution’s witnesses for the reason that most of the witnesses worked as prostitutes. In conclusion, the lives which women lived in the 19th century were markedly different from the lives that men lived in the same period. Women were subjected to a vast number of rules and so much was expected from them in comparison to their male counterparts. Men were exposed to so many opportunities as far as education, place in society, and job opportunities are concerned (Cohen, 52). They were placed at a higher place than women were and in addition, hardly suffered the same consequences that women suffered for the same offences. Moreover, men were in a position to make rules, which would ensure women continued to be repressed in society (Cohen, 64). On the hand, women were mostly expected to marry and have children. After marriage, the woman and everything she owned or owed belonged to the husband. This placed her in a precarious position as even her wellbeing depended on the whims of her husband. Due to this kind of thinking, the learning opportunities for women were very few a nd even fewer were their job prospects even after finishing college if they ever managed to enter in one in the first place. Society expected women to be pious, pure and chaste and failure of a woman to achieve these standards meant that she was considered an outcast like Jewett was (Cohen, 69). It s this kind of situation that may have put Jewett in the situation that led to her murder as prostitution as a career even today has been proved to expose women to the dangers of death more than any other career. More than anything, it is her career and the career of the prosecution’s witnesses that caused her case to not be taken seriously by the legal system. This was done in total ignorance of the lives that women were forced to live at the time (Cohen, 74).
Monday, October 21, 2019
Red Barons Kills
Red Barons Kills Flying ace Manfred von Richthofen, more commonly known as the Red Baron, was not only one of the best pilots of World War I: he has become an icon of the war itself. Credited with shooting down 80 enemy aircraft, the Red Baron owned the skies. His bright red airplane (a very unusual and ostentatious color for a fighting plane) brought both respect and fear. To the Germans, Richthofen was known as the Red Battle Flier and his exploits brought the German people courage as well as increased morale during the bloody years of the war. Although the Red Baron survived for much longer than most fighter pilots during World War I, he eventually met their same fate. On April 21, 1918, the day after his 80th kill, the Red Baron once again got into his red airplane and went searching for the enemy. Unfortunately, this time, it was the Red Baron who was shot down. Below is a list of the Red Barons kills. Some of these aircraft held one and others held two people. Not all of the crew members were killed when their airplanes crashed. No. Date Type of Aircraft Location 1 Sept. 17, 1916 FE 2b near Cambrai 2 Sept. 23, 1916 Martinsyde G 100 Somme River 3 Sept. 30, 1916 FE 2b Fremicourt 4 Oct. 7, 1916 BE 12 Equancourt 5 Oct. 10, 1916 BE 12 Ypres 6 Oct. 16, 1916 BE 12 near Ypres 7 Nov. 3, 1916 FE 2b Loupart Wood 8 Nov. 9, 1916 Be 2c Beugny 9 Nov. 20, 1916 BE 12 Geudecourt 10 Nov. 20, 1916 FE 2b Geudecourt 11 Nov. 23, 1916 DH 2 Bapaume 12 Dec. 11, 1916 DH 2 Mercatel 13 Dec. 20, 1916 DH 2 Moncy-le-Preux 14 Dec. 20, 1916 FE 2b Moreuil 15 Dec. 27, 1916 FE 2b Ficheux 16 Jan. 4, 1917 Sopwith Pup Metz-en-Coutre 17 Jan. 23, 1917 FE 8 Lens 18 Jan. 24, 1917 FE 2b Vitry 19 Feb. 1, 1917 BE 2e Thelus 20 Feb. 14, 1917 BE 2d Loos 21 Feb. 14, 1917 BE 2d Mazingarbe 22 Mar. 4, 1917 Sopwith 1 1/2 Strutter Acheville 23 Mar. 4, 1917 BE 2d Loos 24 Mar. 3, 1917 BE 2c Souchez 25 Mar. 9, 1917 DH 2 Bailleul 26 Mar. 11, 1917 BE 2d Vimy 27 Mar. 17, 1917 FE 2b Oppy 28 Mar. 17, 1917 BE 2c Vimy 29 Mar. 21, 1917 BE 2c La Neuville 30 Mar. 24, 1917 Spad VII Givenchy 31 Mar. 25, 1917 Nieuport 17 Tilloy 32 April 2, 1917 BE 2d Farbus 33 April 2, 1917 Sopwith 1 1/2 Strutter Givenchy 34 April 3, 1917 FE 2d Lens 35 April 5, 1917 Bristol Fighter F 2a Lembras 36 April 5, 1917 Bristol Fighter F 2a Quincy 37 April 7, 1917 Nieuport 17 Mercatel 38 April 8, 1917 Sopwith 1 1/2 Strutter Farbus 39 April 8, 1917 BE 2e Vimy 40 April 11, 1917 BE 2c Willerval 41 April 13, 1917 RE 8 Vitry 42 April 13, 1917 FE 2b Monchy 43 April 13, 1917 FE 2b Henin 44 April 14, 1917 Nieuport 17 Bois Bernard 45 April 16, 1917 BE 2c Bailleul 46 April 22, 1917 FE 2b Lagnicourt 47 April 23, 1917 BE 2e Mericourt 48 April 28, 1917 BE 2e Pelves 49 April 29, 1917 Spad VII Lecluse 50 April 29, 1917 FE 2b Inchy 51 April 29, 1917 BE 2d Roeux 52 April 29, 1917 Nieuport 17 Billy-Montigny 53 June 18, 1917 RE 8 Strugwe 54 June 23, 1917 Spad VII Ypres 55 June 26, 1917 RE 8 Keilbergmelen 56 June 25, 1917 RE 8 Le Bizet 57 July 2, 1917 RE 8 Deulemont 58 Aug. 16, 1917 Nieuport 17 Houthulster Wald 59 Aug. 26, 1917 Spad VII Poelcapelle 60 Sept. 2, 1917 RE 8 Zonebeke 61 Sept. 3, 1917 Sopwith Pup Bousbecque 62 Nov. 23, 1917 DH 5 Bourlon Wood 63 Nov. 30, 1917 SE 5a Moevres 64 Mar. 12, 1918 Bristol Fighter F 2b Nauroy 65 Mar. 13, 1918 Sopwith Camel Gonnelieu 66 Mar. 18, 1918 Sopwith Camel Andigny 67 Mar. 24, 1918 SE 5a Combles 68 Mar. 25, 1918 Sopwith Camel Contalmaison 69 Mar. 26, 1918 Sopwith Camel Contalmaison 70 Mar. 26, 1918 RE 8 Albert 71 Mar. 27, 1918 Sopwith Camel Aveluy 72 Mar. 27, 1918 Bristol Fighter F 2b Foucacourt 73 Mar. 27, 1918 Bristol Fighter F 2b Chuignolles 74 Mar. 28, 1918 Armstrong Whitworth FK 8 Mericourt 75 April 2, 1918 FE 8 Moreuil 76 April 6, 1918 Sopwith Camel Villers-Bretonneux 77 April 7, 1918 SE 5a Hangard 78 April 7, 1918 Spad VII Villers-Bretonneux 79 April 20, 1918 Sopwith Camel Bois-de-Hamel 80 April 20, 1918 Sopwith Camel Villers-Bretonneux
Sunday, October 20, 2019
How to write winning proposals - Emphasis
How to write winning proposals How to write winning proposals Rob Ashton explains how developing your writing skills can help you to win sales. Whether you love them or hate them, you can’t deny that reality TV shows such as The X-Factor provide contestants with honest feedback about their performances. After the tone-deaf wannabes are swiftly weeded out, the ones with raw talent are prodded and guided by Simon et al before being transformed into marketable acts. But when it comes to your sales proposals, the only critics you have are your prospects. There’s usually no training ground before you’re let loose on your public. So if they like what you have to offer, the chances are you’ll get a sale. If they’re uncertain, they may well give you little idea of where you went right or wrong. Imagine that you meet a client and build a good relationship before promising to email over a proposal later in the week. But by the time it comes to putting pen to paper, you’ve forgotten the conversation and struggle to get back into the groove. Instead, you simply send out a standard proposal that leaves the prospect cold and you without a sale. In this case, the client gives some helpful feedback, but it skirts around the real issue. You don’t get the witty one liner that says: ‘great in person, but sounded like a robot on paper’. Most salespeople haven’t been taught how to develop a fresh, personable writing style. But proficient sales writing is a skill that can be learnt. And once you have, your proposals can act as a ‘silent sales force’ that is out there winning business for you while you’re busy pursuing other opportunities. So, become your own judge by learning and applying some simple tips and techniques to your written work. Switch off your computer We tend to live in the virtual world of our computer screens. But at the beginning of the writing process, it’s helpful to get away from the screen and use a pencil and paper to gather your thoughts. So before you type a word, ask yourself the following six questions: What is the proposal about? Who will read it? How much do they already know about the subject? What do they absolutely need to know? How important is the subject to them? How interested are they in the subject (which is not necessarily the same thing)? Doing this allows you to home in on the main ideas and messages you want to communicate. Keep asking yourself: What do you really want to say? Then jot down all the ideas that are essential and important to your proposal. Build a persuasive structure Next, focus your proposal by using the Four Ps technique, which stands for: position (where they are now), problem (why they can’t stay there), possibilities (where they could go) and proposal (where they should go). This approach turns conventional wisdom on its head and is surprisingly effective. It allows you to begin with the client’s situation and needs, and to recommend solutions, while building your credibility in the process. Only then do you write about your pedigree – by which point you’ll just be confirming what they’ve already concluded. Get personal One of the best ways to show your personality through writing is to use words such as ‘we’, ‘us’ and ‘our’. These words help to connect you to your readers. Similarly choose the active voice to make your sentences livelier. For instance, you can write ‘I [or we] guarantee that you’ll notice a difference in three days,’ rather than ‘a difference has been guaranteed within three days.’ Short and sweet Finally, no-one wants to wade through the sales equivalent of War and Peace. Keep sentences to a maximum of 15-20 words and edit ruthlessly until you have a compelling document that begs to be read. Mastering these skills will help you to tailor your writing so that it meets the needs of each particular client. Don’t worry if you don’t hit gold on your first go. For every one-hit wonder in the record business, there are those who’ve created a long, successful career by making constant adjustments to their performance, until they develop that certain something that sets them apart from the rest. For proposal-writing training, see our course for teams and our course for individuals.
Saturday, October 19, 2019
Sociology Research Paper Example | Topics and Well Written Essays - 250 words
Sociology - Research Paper Example Being raised in a politically aware and active family, Weber had every possible opportunity to form his own ideas about the political and social world around him (Giddens, 1973). He saw first-hand many of the things that he was learning, so he was able to come to his own conclusions about some of these things. Especially with the sociological aspects, Weber was so close to all of the action that he was able to watch as it changed; in fact, after he had gone through the proper schooling, he was able to contribute to the things that he saw and believed. Like most people, Max Weber was influenced by what he grew up around. He took the views from both of his parents, as well as the views of other sociologists before him, and come up with theories of his own that he was able to pass on to the world of sociology. Since his mother was devoutly religious, and though Weber did not share this devout feeling, he based a lot of his work on religious grounds, spending a lot of his time comparing social phenomenon with religion. Likewise, his father being a political person, Weber took some of what he saw from his father and added it into the equation. With his own ideas mixed with the thoughts of his parents, Weber was able to come up with ideas that were uniquely
Friday, October 18, 2019
Research advantages and disadvantages to bring World Cup to US Paper
Advantages and disadvantages to bring World Cup to US - Research Paper Example and equipment, which could be practiced on any more or less flat open space of the required size, made its way through the world entirely on its merits. But not in the United States†(Markovits & Hellerman, 2001, p.7). Sports culture is what people breathe, read, discuss, analyze, compare, and historicize and the less popularity of soccer in the US may be a reason of cultural hegemonic sports culture in the US which may lead to the domination of other sports like baseball, basketball, tennis and so on over the soccer extravaganza (Markovits & Hellerman, 2001, p.9). However the craze for soccer is gaining speed in America and a transition has taken place from soccer pioneers to soccer-literate and are gradually directing towards the creation of the road to soccer-passionate by the soccer fans (Saporito, 2010). The Men’s Soccer World Cup held in 1994 saw almost near-capacity crowds at stadiums around the United States and attracted large domestic television audiences. Coupled with this success, the Major League Soccer (MLS) was founded in 1996 with money flowing from large owners and influential investors accelerating the games’ recognition with high media coverage. Women’s football became the most popular game in the United States nowadays followed by the phenomenal World Cup shootout victory over China by the United States Women’s national team in 1999 paving the way for the Women’s United Soccer Association’s (WUSA) founding in 2001 with huge inflow of investments (Richard & Nagel, 2007). The US bidding committee has also started bidding for the 2018 and 2022 World Cup for bringing this mega event in their country. This paper will analyze the advantages and disadvantages of bringing the World Cup to the United States with the subsequent impacts on the social, economic, and environmental dimension of the country. Emphasis is given on the research of secondary literary resources. Justifications of the statements are provided with examples and
Juvenile Justice Essay Example | Topics and Well Written Essays - 250 words - 6
Juvenile Justice - Essay Example Detention hearing is required if a formal charge is filed. It is in this hearing where it will be decided whether the accused is to be released or detained until the preliminary hearing is held, and then the adjudicatory hearing in which guilt will either be established or not. And the next action will be taken, which is dispositional hearing, if found to have committed offense, during which the penalty will be handed down. In the case of diversion, the matter is diverted out of the system alternative programs which according to Center on Juvenile and Criminal Justice include community service, counseling, restitution to victims, and academic programs (OJJDP, n.d.). Based on personal view, the process shown in the flowchart is fair, and there is the assurance that a juvenile is given due process. But in my opinion, diversion or informal action should be removed and incorporated after the dispositional hearing. This program would be incorporated with probation supervision. Three programs would still exist; however, Diversion would take the lead and would incorporate probation as one of its output programs. A juvenile is either guilty or innocent of the offense. The severity of the offense is the important consideration in meting out the punishment. There are just two directions to which the process points after dispositional hearing: correctional facility and residential and non-residential services. The changes in the process would eliminate redundancy and incorporates punishment only after the full process of the law is completed (Center on Juvenile and Criminal Justice,
Thursday, October 17, 2019
Security Risk Mitigation Policies Coursework Example | Topics and Well Written Essays - 500 words
Security Risk Mitigation Policies - Coursework Example The first option should involve different methods for making it more intricate to intercept and locate the wireless signals. This way, hackers will have a hard time locating the organization’s signal. Additionally, the other principal option will involve utilization of encryption in order to preserve confidentiality even when the wireless signal gets intercepted (Choi et al., 2008). It will also be imperative for the organization to utilize signal-hiding techniques so as to properly intercept wireless transmissions. This is because for any attacker to successfully intrude into a wireless network, they will first need to locate and identify the wireless network. This will be achieved by utilizing numerous steps that will make it extremely difficult to locate the organizations wireless access point. Therefore, the company should include some of the easiest as well as least costly methods which include turning off the service set identifier (SSID) which broadcasts by wireless access points. This will not only make it hard for hackers to have no access, but also, it will make it hard for them to access the company’s servers and download sensitive and personal materials. Moreover, assigning cryptic names to the SSIDs will also make it hard to access the organizations data. Additionally, reducing the organization’s signal will provide requisite coverage.
Frontline Analysis of Terrorist Attacks of September 11 Essay
Frontline Analysis of Terrorist Attacks of September 11 - Essay Example The first controversy that is detailed within this program is the lack of communication between US organizations such as the FBI and CIA. Former FBI agent, Ali Soufan is interviewed in this program and he describes how the CIA withheld information from the FBI which could have stopped the terrorist attacks on September 11th. According to Soufan, he requested information from the CIA on several occasions before the attacks because he was working on another terrorist attack that had occurred on the USS Cole in Yemen and was struggling to figure out specific connections between terrorist groups(â€Å"The Interrogator,†2011). However, the CIA ignored all of his requests, but after September 11th, 2001, they suddenly began to provide him with documents and photographs which, if he had been given access to these sources earlier, he believes that the FBI would have been able to track down the people involved with 9/11 and ultimately been able to stop it. Ali Soufan did not really un derstand why he was ignored earlier, but most people seem to think that it had to do with miscommunication in that the CIA might have thought that the FBI and other agencies already had access to this information(â€Å"The Interrogator,†2011). There is a lot of â€Å"what ifs†in this particular controversy as people imagine what the United States and the world might look like today if these two major agencies had been better at communicating with each other. There were other problems with communication as well when it came to interrogation techniques. Ali Soufan was one of the FBI’s foremost interrogators because of his ability to speak Arabic. He had spent a great deal of time questioning terrorist subjects; however, after September 11th, 2001, the United States decided to begin using enhanced interrogation techniques which included water boarding, nudity, sleep deprivation, and no toilets. Ali Soufan did not agree with these techniques because he believed th em to be ineffective in comparison to his own method of questioning. Ultimately, Soufan and others like him were replaced by experts in enhanced interrogation techniques. Soufan attempted to communicate his concerns about this, but no one really listened. He even spoke before the government with his identity concealed that there were plenty of examples which illustrated that techniques like water-boarding did more harm than good as terrorists simply give out false information in order to stop what some consider to be torture(â€Å"The Interrogator,†2011). The controversy here stems from the fact that Soufan believes that no significant information has been gleaned from imprisoned terrorists using these severe interrogation techniques. However, those on the other side of the argument such as Dick Cheney, continue to defend these methods and say that they have been able to thwart many potential terrorist attacks because of it. The average American will never know the truth bec ause this controversey appears to be more of a difference of opinion than anything else with each side saying that the other is wrong. The average American is also unlikely to be aware of the controversey that surrounds how much money has been spent on counter-terrorism efforts and the ultimate impact that these efforts have had on stopping
Wednesday, October 16, 2019
Security Risk Mitigation Policies Coursework Example | Topics and Well Written Essays - 500 words
Security Risk Mitigation Policies - Coursework Example The first option should involve different methods for making it more intricate to intercept and locate the wireless signals. This way, hackers will have a hard time locating the organization’s signal. Additionally, the other principal option will involve utilization of encryption in order to preserve confidentiality even when the wireless signal gets intercepted (Choi et al., 2008). It will also be imperative for the organization to utilize signal-hiding techniques so as to properly intercept wireless transmissions. This is because for any attacker to successfully intrude into a wireless network, they will first need to locate and identify the wireless network. This will be achieved by utilizing numerous steps that will make it extremely difficult to locate the organizations wireless access point. Therefore, the company should include some of the easiest as well as least costly methods which include turning off the service set identifier (SSID) which broadcasts by wireless access points. This will not only make it hard for hackers to have no access, but also, it will make it hard for them to access the company’s servers and download sensitive and personal materials. Moreover, assigning cryptic names to the SSIDs will also make it hard to access the organizations data. Additionally, reducing the organization’s signal will provide requisite coverage.
Tuesday, October 15, 2019
Regultion of public utilities Essay Example | Topics and Well Written Essays - 3250 words
Regultion of public utilities - Essay Example I shà °ll use the term in its broà °d sense, to comprehend à °ll industries over which the right to regulà °te hà °s been està °blished à °nd efforts à °t regulà °tion introduced. It is worth while à °t the outset to distinguish cleà °rly between the specià °l control over public utilities à °nd the regulà °tion of industries in generà °l. Under the police power, à ° stà °te hà °s the right to regulà °te à °ny business. This sort of regulà °tion hà °s to do with sà °fety devices, conditions of heà °lth à °nd well being of employees, à °nd, with more or less defined limità °tions, the generà °l welfà °re of the public (King, 2000). The regulà °tion of public utilities, however, is of à ° different sort à °ltogether. It embrà °ces the right to control the very orgà °nizà °tion à °nd conduct of the enterprise. It is concerned not only with sà °fety à °nd welfà °re, but with the rà °tes chà °rged the public à °nd the returns or profits reà °lize d by the business, à °s well à °s with the products or services furnished. In the so-cà °lled unregulà °ted business the right to such interference is not recognized. à fter à °ll reà °sonà °ble provisions for the public welfà °re hà °ve been mà °de, ordinà °ry business is still free to furnish such services or products à °s it desires, chà °rge such prices or rà °tes à °s it is à °ble to exà °ct, à °nd conduct its finà °ncià °l mà °nà °gement à °ccording to its own purposes or contrà °ctuà °l à °rrà °ngements. The right to regulà °te in the specià °l sense wà °s first recognized in the celebrà °ted cà °se of Munn v. Illinois, decided by the Supreme Court of the United Stà °tes in 1876.
Monday, October 14, 2019
Compare and Contrast the Speakers Essay Example for Free
Compare and Contrast the Speakers Essay The Road Not Taken and Stopping by Woods on a Snowy Evening are both very good poems. I feel The Road Not Taken is one that reminds me of myself. I will tell you how they differ but at the same time are so much alike. In The Road Not Taken he lets us know that he has to make a decision. In order to make that decision he looks as far as he can to see what road he wants to take. He talks about how the path he took may have been the better on for him. It had been the one less traveled on. In Stopping by Woods on a Snowy Evening he also has a decision to make. He is walking with his horse in the woods. There are no other people around on this snowy night. He stops in the woods to watch them feel up with the snow. Even his horse thinks this is a strange thing that he is doing. It’s cold and dark, plus he knows he has miles to go before he can get any sleep. Now both speakers have a conflict to handle. One has to decide which path he will take while the other has to decide if he will stop in his path. They both are on a path and they both have to get to the end of their path. In The Road Not Taken he makes is decision by taking the path less traveled. Stopping by Woods on a Snowy Evening know he has miles to go in order to sleep so he can’t stop now. As you can see we all have choices to make and paths to travel. There will be things that come in your way that will get you off track, but you have to make sure you get on the path till the end.
Sunday, October 13, 2019
Contrast And Compare Two Different Festivals Tourism Essay
Contrast And Compare Two Different Festivals Tourism Essay According to oxford dictionary the definition of festival is A series of different types of performances which includes film show, music, dance, fair etc. And it also occurs in the same place and the same day in once a year. Festival is that things which is the aspect of a country. Its standing for people amusements and the historical background of a country. Festival is organized by people or group or organization. Different kinds of festivals are found in a country such as cultural festival, local festival, national festival, ritual festival etc. cultural festival is very important festival. It represents the culture and heritage of one country. Now questions can arise that what is cultural festival, how people celebrate it, and so on. For giving the answers of these questions I have decided to choose two different countriess and find out the cultural festival of these countries and also try to make a compare and contrast of these two festival to show the differences and similarities. Countries that I choose: For making contrasts and compares of two different festivals I have choose two different countries for this purpose. The countries are Oman and Italy. Oman: Oman is an Asian country. Its situated in the middle of Asia. It has many cultural contents which make Oman rich and for a huge affluent of cultural contents Oman is also known as the culture capital of the Arabian world.. Italy: Italy is a European country. Its located in south-central of Europe. Italy have many cultural ingredients which make Italy exceptional then others country. Festivals that I choose: Oman: In Oman the most regular, popular and significant festival is MUSCAT FESTIVAL. This festival is one of the traditional festivals in Oman. The residences of Muscat eagerly wait for this day in every year. Through this festival people celebrate their cultural heritage. Italy: In Italy the most anticipate, common and popular festival is Venice festival. Its called in Italy (Carnevale di Venzia). Its an ancient festival of Italy. People all over the Italy wait for this festival very enthusiastically actually not only just Italian people but also the European people wait for this stunning festival. Origin: Muscat festival: The origin of this festival is very significance. It starts in 1998 since then its going on very proudly. This festival established to get back the cultural heritage of Omans people. Venice festival: The Venice Festival is the most internationally known festival celebrated in Venice, Italy, as well as being one of the oldest. It begins in the 15th century. During the 1970s, the Italian government decided to bring back the history and culture of Venice, and sought to use the traditional Carnival as the centerpiece of their efforts. Compare: Similarities: Both were established to bring back the cultural legacy of their country. Dissimilarities: Venice festival is more ancient than Muscat festival. Duration of these festivals: Muscat festival: Its held in January of every year and continuing for a month. Venice festival: its held in February of every year and continuing for few days (10 or 14). Celebrations: Muscat festival: Omans people celebrate their festival very stunningly. On these days different types of performances held in Muscat. The list of performances is categorized into Cultural Events, Desert Panorama, Family Village Events, Skill Shows and Events for Women. By performing on musics and dances many local and international artists increase the enchantment of this festival. Local artists usually sing their folk songs and perform traditional dances. For adults people different types of programs are held by famous Omani and Arab intellectual. Like discussion and debate on earthly and environmental topics. There are also different artistic, educational workshop, parades, seminars, poetry readings, literary gatherings and exhibition. This festival is very welcome by children. Because of this festival they find enormous happiness. This is the huge opportunity for them to enjoy and fulfill their wishes. Through this festival they can attend concert, game show, theatres and so on. Venice festival: In Venice festival people wear mask to disguise themselves. as wearing masks hid any form of identity between social classes. By wearing mask people attend everywhere. Venice festival presents many events such as music, ballet, fireworks night, mardi gras, theatre and circus street entertainments all around the city. This is a festival for spending money. On this festival people spend a huge amount of money lavishly on the purpose of gambling and other worldly pleasure. For gambling many gamble boots are set up all over the streets. For represent exotic animals and bird many dens, boots are set up. In addition to jugglers and ropewalkers performing on the streets; wine shops, restaurants, cafes and even brothels. For making this festival more attractive many contests are held for the participants and spectators along the way. Some of these include the Best Mask Contest for children and Music Concert Contests for local bands. Compare: Similarities: Both of these festivals represent the cultural view of their own country. Both of these festivals have the same entertaining sources such as concerts, theatres, game shows etc. Dissimilarities: In Venice festival people have a great chance to spend money lavishly but in Muscat festival people spend money but not as like as Italian people. The main attraction of Venice festival is to wear mask people wear their traditional mask for this festival but Muscat festival doesnt contain this type of thing. In Muscat festival there is a village which represent the cultural heritage of Muscat but Venice festival dont include this type of thing. The main attraction of these festivals: Venice festival (Venitian mask): Masks have always been a central feature of the Venetian festival. The masks are created by specially appointed craftsmen called the Mask Makers. Wearing mask people come out down road for celebrating this festival. Muscat festival (Indigenous village): A massive heritage village is set up to showcase Omans rich traditions and heritage, and light is shed on Muscats history and its various arts and crafts. This village is known as Indigenous village. This village locates in the Qurum National Park. Significance of this festival: Venice: This festival has noble purpose and that is no difference between rich and poor. This discrimination is lapped by wearing musk. This festival also gives an opportunity to let go of everything and simply enjoy life like it was meant to be. But among all the joyfulness of the masks, there sometimes appears a black mask of Death reminding people at the carnival that nothing lasts forever. Oman: This festival stands for people recreation and entertainment. This festival exposes the heritage and culture of Oman. And by this the new generations are able to take the savour of their countrys ancient culture and heritage. Compare: Similarities: Both of these are stand for entertaining people. Both of these festivals are stand for noble reason. Dissimilarities: Venice festival gives a great effort to remove social differences on the other hand Muscat festival emphasis on exposing their culture. On Venice festival people wear mask but Muscat festival people dont have to do this. Recently celebrated festivals: Muscat: Muscat festival of 2007 was started on 1st January and goes on 2nd February. The theme of the festival was Living Culture and Family Fun. Every year this festival has its own theme. Figure 1: The logo of Muscat festival Figure 2: Festival picture of children games On this day different types of performances like Arab music performance, Indian music performance were held. For children and adult there were children and adult theatre. In whole the festival was the for that time. Venice:Venice Carnival of 2007 was begun on 9th February and end on 20th and it was a successful festival. There were concerts, dances, games and so on. People had a great entertainment and fun. . Figure1: people wearing with Conclusion:
Saturday, October 12, 2019
The Message in John Miltons Paradise Lost :: free essay writer
Paradise Lost is an epic of epic proportions! It chronologs the designs of Satan, the fall of the angels, the creation and subsequent fall of man from paradise, and finally ends with some hope for a paradise regained. At first glance it seems to be two epics rolled into one. The book begins right away introducing us to the would be protagonist, Satan, up against an indominable force, God. We are made to sympathise with Satan's plight and almost admire him or hope for his success. There is a certain excitement and allure to Satan and even to Hell. But, quickly our hero begans to degenerate right before our eyes in book III with the introduction of God and Christ. The focus on Satan seems to be all but abandoned with the introduction of man, and now Satan only plays a sinister role in a new story centered around our greatest ancestor, Adam. We are painfully reminded of our initial affiliation with Satan and his doomed aspirations when Rapheal recounts the war in heaven in book VI. It seems the first epic revolving around Satan was over before it was started, and now our would be underdog threatens us by threatening our new protagonist in Adam. The brief warnings of Raphael are not enough to preserve paradise and save Adam & Eve from the vengence of the Devil. It seems our hero is destined to ruin once again, but this time there is hope. Man turns out to be more repentant than Satan, and God turns out to be a little more leniant to man. Adam and Eve are still banished from Paradise but the oppurtunity for inner paradise is still offered before them by the angel Michael. Which leads me to my comment earlier about Paradise Lost seeming like two epics (the plight of Satan and then that of man). But, really Paradise Lost is like three epics, because there is a third story, that of the reader. Milton paints the characters with such a humanity that they all become real people and not just the entities of some Sunday school lesson. Because of this, we find ourselves initially enamoured with Satan and his "heroic" aspirations, but quickly we get slapped on the hand by our hero's destruction. Then we are taken by the arguments of Eve & Adam and are made to question some of God's actions when it comes to informing them and protecting them, so we then go through the fall with them.
Friday, October 11, 2019
Cecilia Penifader: an Ordinary Peasant in Medieval Times Essay
Cecilia Penifader lived on the English manor of Brigstock in the early fourteenth century. She was not a princess nor was she of noble blood. She was, in fact, a peasant. While many people today would consider her poor and lowly just because of that title, she was actually rather successful in life and was one of the wealthier peasants of her time. Cecilia did not leave behind any personal writings, as most medieval peasants were illiterate, but her life has since been pieced together through the use of the archives of Brigstock. These archives reveal many aspects of Cecilia’s life. They tell us that she functioned as the head of a household, that she faced gender bias because she was only a woman, and that she led a family-oriented lifestyle. Cecilia went through life as a singlewoman, the term used by medieval peoples to describe women who never got married (Bennett 143). Because she never married, she was considered to be the head of her own household. She held many of the same rights that men had as heads of their households. She certainly had more freedom than her married sisters; a wife was completely dependent on her husband, who functioned as the head of the household (Bennett 115). As the head of her household, Cecilia could hold the title of an independent tenant of the manor. She was able to accumulate several acres of land throughout her lifetime, and she could buy and sell it as she pleased. By the time of her death, she had acquired an extensive amount of land and other possessions. Cecilia also had the ability to manage her household as she saw fit. This meant that it was necessary for her to organize her household and lands effectively in order to survive a less than favorable economy, especially during the periods of the Great Famine and the Black Death. Though Cecilia lacked a family to provide supportive labor to the household, she could usually manage her lands on her own because she chose to devote her land to the less labor-intensive practice of animal husbandry. If she did hire workers, it was probably only at certain times in the year so she could have help with plowing her property, cutting hay from her meadows, and harvesting her food (Bennett 98). To help ease labor demands of her household, Cecilia also bought goods from others in the commodity market. In this market, people could purchase almost anything that they were in need of (Bennett 94). Through what Bennett calls an â€Å"economy of makeshifts,†Cecilia was able to function effectively and make a suitable living for herself, without a husband. Despite Cecilia’s success as an independent head of the household, she still did not receive the same treatment in her community as men did. For example, when males turned twelve, they entered groups called tithings. These groups contained ten or more men who were responsible for making sure they all obeyed the laws, and if someone did not follow the laws, the other members of the group were responsible for making sure that the law-breaker showed up in court (Bennett 144). Cecilia could not be a part of these groups because of her gender. While few peasants ever learned to read or write, those that did were men. Cecilia would not have been given the opportunity that her brothers may have. Men also earned better wages than women did (Bennett 117). As a woman, Cecilia was unable to hold office or pledge in court, meaning that she could not stand in court to affirm that someone would do what he or she claimed. While this may not seem major, it actually prevented Cecilia from creating important networks throughout her community, and even from possibly accumulating income (Bennett 120). Cecilia may have been an independent woman in her community, but she still had close ties to her family throughout her entire life. When she was young, she obviously relied on her family, primarily her parents, to raise her and teach her important life skills. After her parents’ deaths, Cecilia often bought land that was next to those of her brothers or were near lands that they bought. With properties near each other, the Penifaders could help each other work on their lands (Bennett 80). Family was also important in court for Cecilia as well. Every time she did business in court, she needed a man to be a pledge and back her promise that she would pay the amount that she needed to pay. When she went to court on these occasions, she relied on her brothers or men that her brothers knew well to pledge for her (Bennett 81). In June of 1336, Cecilia and her brother Robert combined their resources and their households. Neither of them was married and they were both in the last few years of their lives. In combining their possessions, they supported each other and entrusted each other with their possessions when one of them died (Bennett 82). Before Cecilia died, she attempted to give some of her relatives who would not have originally had a part in her inheritance a twenty-four year lease on her lands. She chose to give her lands to those relatives whom she liked best. Although her wishes were not considered legitimate because she was not able to fulfill all the requirements to make the lease legally binding, this shows that she was trying to provide for her family and ensure that they would be cared for in the future (Bennett 85). Cecilia Penifader was certainly a prosperous peasant in fourteenth century European society. She successfully functioned as the head of her own household despite the many disadvantages of being a woman, and family was a major part of her life. While studying the history of someone like Cecilia Penifader may be interesting, studying the histories of exceptional male figures like kings, knights, and clergy reveal more about certain time periods than the histories of ordinary people. This is because the lives of ordinary people like Cecilia can often be generalized since there are so many people that live lives similar to one another. Exceptional people, on the other hand, are often persons who have exhibited qualities that are highly esteemed by people in that period or severely looked down upon. These cases may not be representative of society as a whole, but the fact that those stories are passed down over others reveals the values and general workings of the societies they came from .
Thursday, October 10, 2019
Consider Pip from Great Expectations and Ralph from Lord of the Flies Essay
Which character do you think gives the most realistic portrayal of childhood? Both of these novels contain depictions of childhood. An important fact to keep aware of is that in Dickens’ portrayal of childhood, there are adults present to mould Pip through his encounters with them, whereas Golding leaves his characters free from any guiding adult hand. Pip’s sister being on â€Å"the rampage†when she felt Joe or Pip had done the slightest thing wrong, is different to Ralph’s experience of childhood on the island as the closest thing he has to an adult guide is Piggy, who whilst undoubtedly more intelligent than the other boys, lacks the respect and authority an adult commands. Pip and Ralph are alike however in their longing for a lack of adults, â€Å"but then the delight of a realized ambition overcame him. In the middle of the scar he stood on his head and grinned at the reversed fat boy. ‘No grown ups!’ †Is what Golding tells us of Ralph, and similarly Dickens’s Pip calls them all â€Å"toadies and humbugs†. Although these views both seem to concur that a lack of adults is definitely a good thing, they do differ somewhat, I do not believe Ralph would go so far as to call all adults â€Å"toadies and humbugs†and this is certainly to do with their different backgrounds. Ralph is a Home Counties lad with a father high up in the navy who knows that the queen has â€Å"a drawer full of maps†, whereas Pip is the adopted son of a blacksmith and although Ralph’s lifestyle may not necessarily have been glamorous, it was much more homely and welcoming than the one Pip enjoys. The two novels are also set over a greatly differing time span. Lord of the Flies lasts perhaps several weeks at the most, whereas Pip’s childhood lasts several years in Great Expectations. Obviously this will play a part in how realistic their childhoods seem as we see no more than the blinking of an eye of Ralph’s, but have a much more in depth viewing of Pip’s. Adults mould Pip throughout his childhood, and the most important adults involved in this are Pumblechook, Mr Wopsle and Pip’s sister. All of these have a tendency to look down on Pip, and it is for that reason that Joe is not included in the list, as he and Pip treat each other like equals. Ralph on the other hand has no guiding force behind him throughout all the time the reader knows him. Whereas Ralph is a very expressive child, he stands on his head and laughs and looks â€Å"golden†, Pip is not, in the early stages of the book, free from the tyranny of his sister. So there is a crucial difference between the two novels in that Ralph and his companions are free to be children without adult ideals being laid upon them, whereas Pip is expected to be a child the way society expects him to be, â€Å"be grateful boy to them which bought you up by hand†being a good example of this. A key aspect of childhood is Fear, fear of the dark, fear of the unknown and fear of adults to name but a few. Both authors work this aspect of childhood into their novels somehow. Dickens does this with Magwitch’s young man â€Å"a boy may lock his door, may be warm in bed, may tuck himself up, may draw the clothes over his head, may think himself comfortable and safe, but that young man will softly creep and creep his way to him and tear him open.†All this to scare Pip into getting him some â€Å"wittles†and it works, from the language in that quote, it is obviously apparent that Dickens had a very good idea of childhood and it’s workings, on of the few things universal to children is that they do think bed to be the ultimate haven. Pip is scared by Magwitch into stealing from his sister, who he is already afraid of, and this is significant in that it shows Dickens had a very good grasp of what childhood was about, and is thus likely to have a very good portrait of childhood in his novel. Possibly even more significant than this is that Pip steals a file from Joe his trusted friend, and this also shows more understanding on Dickens’ part about children, they do not discriminate between close friends and others to the extent older people do. And so we see the counter part to this in Lord of the Flies, when alone and with no adults on the desert island the children feel the need for a fire and steal Piggy’s glasses to light it. Piggy is Ralph’s main ally on the island, and certainly Ralph is Piggy’s only friend, so the situation is much akin to the one in Great Expectations but we do not see the same level of remorse from Ralph. Instead of Pip’s fearful â€Å"I held tight to the leg of the table under the cloth, with both hands, and awaited my fate†in anticipation of any retribution that may be dealt out, all that Golding says of the boys remorse at leaving Piggy blind and helpless is for Ralph to hand them back when done with them, and it is here that it seems as though Golding has a better understanding of children, he appreciates that their consciences are not yet fully developed as they are unable to grasp the implications of what they have done. The fear that grows apparent on the island however is not the same kind of fear as Pip experiences. One of the little-uns complains of â€Å"a beastie†, nonsense is the response he gets from Ralph, and yet â€Å"The vivid horror of this, so possible and nakedly terrifying held them all silent†. And it is here where the crux of the argument begins to form for Dickens’ having the better portrayal of childhood. The Beastie is in fact symbolic of the horror humans will create on the island, and the rest of Golding’s novel is also mostly symbolic, whereas Great Expectations isn’t. The natural reaction for Ralph and company to have is to try and ward of the beastie somehow, and thus the fire begins to become more than simply a rescue beacon. The relationships between characters is also a major part in the views we are offered of childhood. Golding uses the views of others to reveal aspects of the main characters, and so influence how we feel about them, Piggy’s view of Ralph and the others â€Å"Like a crowd of kids -†is supposed to make the reader feel that Piggy is far more mature, and that in turn Ralph is excessively immature, and childlike. Dicken’s however uses Pip’s perspective throughout the novel, and the language he uses differs greatly at the start as compared to the finish for the purposes of showing the transition between child and adult. For example â€Å"I religiously entertained that they had been born on their backs with their hands in their trouser pockets†is clearly not the impression an adult would get from having dead brothers or sisters, and most likely not the way they would describe them. However at the end of the book the language use has progressed to statements such as â€Å"Oh, Joe, you break my heart! Look angry at me, Joe! Strike me, Joe! Tell me of my ingratitude. Don’t be so good to me.†This is a statement the younger Pip would have been incapable of making, ti shows the complex differences in language that Dickens appreciates children use as compared to adults. In Great Expectations Pip is not treated as an adult, he is treated as a particularly worthless child, and as such he forms negative opinions of the adult world he will have to grow into, â€Å"that ass Pumblechook†being just one example of the way Pip views this world, however Dickens also understands that children’s attitudes change very quickly, as does Golding, and so when Pip obtains â€Å"Great Expectations†and Pumblechook starts acting up to him, then he decides that maybe â€Å"Pumblechook was a practical, sensible, good hearted fellow†. This is also shown in Lord of the Flies because although by the end Ralph and Jack are literally at each others throats, when making the fire at the start Ralph finds a log that looks too heavy, but gets the reply of â€Å"Not for the two of us!†And so Golding shows the reader a glimmer of hope that the two may get along well, but they don’t, and this demonstrates the inconsistency of children. Ralph has responsibility for the other boys on the island, and this causes him in many aspects to grow up. Instead of being completely child like and swimming, diving and running about, he gets worked up because the shelters haven’t been made and the other are incapable of concentrating â€Å"And they keep running off. You remember the meeting? How everyone was going to work hard until the shelters were finished?†This is not a very childlike statement, children get frustrated because they don’t get their own way, Ralph is not saying â€Å"I’m the leader and they don’t obey me†but instead worrying that the community is beginning to tear apart, a concern more voiced on tabloid letter pages than children’s conversations. Pip however has no such responsibility, admittedly while he does some chores set him by his sister, or his lessons under Mr Wopsle’s great aunt â€Å"that preposterous female†, he is nowhere near as empowered as Ralph who has been voted to care for a few dozen boys. And so this also affects the childhood of the two we see, while Ralph had the easiest growing up previous to the novel (with his parents) as opposed to Pip’s dead parents and harsh sister, he is given a far more demanding role to play. And the way he deals with it is not very childlike; in fact it comes to eventually represent the way a tired adult may feel, worn down, beginning to despair and wondering why on earth he’s taken the responsibility at all. And this is another key point to consider, Golding’s children are literary metaphors for mankind, whereas Pip, although he teaches the reader about aspects of the human character, is not supposed to be representative of the whole human race, and so more likely to represent childhood better. Yet another fact to remember is that Golding and Dickens were writing in very different times. Dickens was writing in what was the height of Victorian England and was teaching about society in those days. Whereas Golding was writing after the World Wars and so was trying to tell a more global message. So his Ralph is, although a child, not necessarily entirely representative of one. Pip however is forced to be a child by the constraining presence of his sister, Pumblechook and eventually the bond apprenticing him to Joe, all things that represent Victorian society, and yet things that still apply today even if in a different form, such as parental control and discipline and mandatory education. Childhood on Golding’s island is also not really something enjoyed particularly by Ralph and his peers, instead it is the little’uns who are the children, Ralph and the other bigger boys find themselves in the positions of adults simply because they are the biggest ones on the island. Perhaps because they are not completely mature at the time this does not help them deal with the events that happen on the island. There is possibly a case for saying that Pip too, is no ordinary child and has to grow up very fast in his attempts to impress Estella and grows up even more rapidly once he has his expectations laid upon him. However this is most likely a part of his childhood akin to the beginning of school and as this has been a part of life for every child in the last hundred years and more, this is not something that can be argued as not being a part of childhood. And most certainly at the start of the novel Pip is a child plain and simple, with no more worries than his si sters â€Å"rampages. Another aspect of childhood to consider is trust and loyalty. Children are usually trusting unless something happens to make them otherwise. In Lord of the Flies, loyalty is shown by the twin’s and Piggy’s dedication to Ralph and their faith in him to get them through. Ralph however displays a special kind of loyalty, a loyalty to the good side of human nature and a deep trust in fair play. Pip’s trust however is in Joe and his own learning, but the trust is very temporary with Joe, it is more of a mutual agreement to be equals. And Pip is more than happy to trade his oldest friend for some money and a life in London. Here again we see that Dickens understands children are rarely consistent, whereas Golding is trying to use children as a metaphor for something much bigger. To conclude I believe that Pip is by far the better portrayal of childhood. Childhood does not generally involve the lack of adult presence to so huge an extent as it does in Lord of the Flies, however the battles of child against adult and adult society such as are seen in Great Expectations do occur almost universally. I think that some qualities the reader sees in Ralph, such as the headstands, do display the kind of innocent glee a child might express, but other than that Ralph and is peers are all examples of the human race and so representative of those who rule the world, adults, and not of children who merely inhabit it. Golding’s book is a political message of it’s time, whereas Dickens was writing a novel, but his was free from the idealism that contaminates Golding’s work. Dickens’ novel still had a point, but this point was made about the way in which his society worked and in particular his belief that money is a great corrupter. Therefore I believe that Dickens’ Pip is the most realistic portrayal of childhood as he behaves like a child, his expressions and attitudes are all those common to children. Dickens’ also displays a deep understanding of how children work, and this comes across in Pip’s actions. Golding’s children however are only just recognisable as children, they could easily be replaced with full grown adults and still the story would work just as well.
Ap World History Compare and Contrast
During the post-classical time period, both the Umayyad and Mongol empires rose to the height of their power through many similarities and differences. For example, both dynasties expanded by militaristic advances, but a single man was responsible for the rise of the Mongols and they also supported all faiths unlike the Umayyad. The Mongol founder, Genghis Khan, conquered surrounding nomadic tribes and brought them under his rule through extensive military conquest.Over the entire rise of the Mongols, they gained Asia, Russia, the Middle East and parts of Europe all as territories. In fact, the land Genghis had obtained was so vast that it had to be broken up into to four kingdoms upon his death. To conquer new lands, the Mongols were experts on horseback and were known for their cruel and barbaric torturing rituals, such as â€Å"drawn and quartered. †Similarly, the Umayyad prevailed against people groups from Saudi Arabia all the way West to Morocco in Northern Africa.Unlik e later Islamic dynasties, the Umayyad were mostly concentrated on power and the conquering of land by their brutal military tactics. With their capital at the central location of Damascus, in Syria, they were able to govern and expand their large Islamic kingdom effectively. Overall, both the Mongol and Umayyad empires expanded through military conquest during their rise to power. The Umayyad dynasty was formed from a clan of prominent Meccan merchants in Arabia.From their established reputations and connections throughout the region, they were able to rise to power and stabilize the Islamic community. Unlike the Umayyad, the Mongols rose to power from one man, Temujin, who is better known as Genghis Khan. At the age of twelve he was orphaned and began to form alliances with other boys his age. Then, over time he had his own army that began to conquer nomadic tribes. Little by little, he began to capture what would soon be his entire Mongolian empire. Not only were the Mongols crea ted by a single man, but they were also accepting of all faiths.Ap World History Units 1-3 Study GuideThey did not persecute any specific religion; in fact they often adopted the native religions of the land because the Mongols had no strong religious influence. This allowed an easier rode to power because the conquered people felt less pressure to revolt on the Mongols. The Umayyad did the exact opposite in their empire since they were the rulers of the dar-al-Islam, or the house of Islam. They had substantial religious ties and favored Islamic people. Many times Christians, Jews, Zoroastrians and Buddhists were taxed heavily; this was called jizya.Also, people of different religions could not access wealth and positions of authority in the empire, which created an overall resentment of the Umayyads and a resistance to their rule. The Mongol and the Umayyad empires both had influential effects during the years of 500 to 1000 A. D and rose to power through many similarities and diff erences in their strategies. Overall both empires depended heavily on their military to expand territory, but they differed in the way they treated the conquered people. Both of these played a role in how each came to power, and also the total effect they left on the world.
Wednesday, October 9, 2019
Examine the arguments for and against international labour standard Essay
Examine the arguments for and against international labour standard - Essay Example Furthermore, the government prohibits in trade union formations amongst work force. These factors have stressed the superiority of capital market on labor market. The work force is under severe oppression and deserves much better dealings than they are presently receiving. There are billions of people getting less than a dollar in a day and working in malnourished condition. However, in this case we note that 80% of foreign direct investments flows from one advanced nation to another. Neoliberalism hasn’t delivered on its egalitarian promises†¦.and by 1999, the wealth of the world’s 475 billionaires was greater than the combined income of the poorest half of the humanity†. (Featherstone, L (2002, p Viii). The portions of investments, which are going to the developing economy, are not essentially once with low wage level. This does not mean that the free trade is a negative approach. A better socialistic approach needs to be maintained to handle the ill effects of open trade. A different dealing with corporate greed has to be done from government perspective. In recent time lots of changes have been incorporated, companies with image issues like Microsoft and Shell has gone in for charitable moves. In recent days the corporatio n has taken a â€Å"community betterment†approach attached to their vision statement, though the money making motive remains the main goal. In capitalist market there is a fear of lowering of the living standard from the competitors in labor market economies. (Beneria and Bisnath, 2004, pp 173-176). Therefore widespread grievances on immigrations are expressed in the developed world. In this context the example of China and India can be sited. In case of China, there is a rural migrant moving from villages. These people are working for seven days a week with a daily commitment up to 12 hours. On the other hand,
Tuesday, October 8, 2019
Operation Management Coursework Example | Topics and Well Written Essays - 1000 words
Operation Management - Coursework Example The role of this department shall be to source for appropriate human resources based on the specifications of the client or employers. It will also classify employees using their skills base and experience to align them with the various vacancies in the corporate world. The head of the human resources shall report directly to the Chief Executive Officer. The head of operations shall be in charge of the operations department. He shall be responsible for all the operations and activities of the company in relations to offering recruitment and placement services. He shall also report directly to the Chief Executive Officer. The marketing manager who shall report directly to the CEO shall head the marketing department. The responsibility of the maketing department shall be to increase the visibility and coverage of the company in the selected locations and to recruit new accounts. Lastly, the head of finance and accounts shall head the finance and accounting department. The responsibilit y of this department shall be to source financial resources for running the company and manage the financial resources and records. He shall report directly to the CEO. In order to promote synergy, all the functional areas shall be allowed to share information and communicate openly on a day-to-day basis and through weekly meetings chaired by the CEO. The wheel organization structure is mainly applicable performance of the procurement and distribution functions. Raw material are purchased at the hub or center and then distributed to the various regions for processing. Similarly, product deliveries are organized at the center and distributed to the various regions along the spokes (Knowledge & Helen 2005: 47). An example is provided in the fig. below In the traditional divisional structure, employees from diverse specializations are placed together in formal groups based on similar products or services, geographical regions and
Monday, October 7, 2019
Critique assignment Essay Example | Topics and Well Written Essays - 1500 words
Critique assignment - Essay Example It was good that the working title of their report was itself the primary aim indicated in the abstract. The authors were apparently determined to be consistent throughout. However, they failed to narrow down the research title, which was too general. The abstract specifically said that the patients were 42 men but the title overlooked this. Also, though the title may be understandable to readers of varying backgrounds, the abstract looked informal and deviated from the usual academic tone. It had sub-headings, some of which were composed of phrases instead of recognized sentences. The abstract’s opening line â€Å"Aim: To assess changes in quality of life (QoL) and oxygen consumption produced by two different patterns of physical training in patients with congestive heart failure (CHF)†was certainly a phrase. Though the abstract gave an accurate synopsis of the report, it was just puzzling why such informality was allowed to be published by professors and by an intern ational journal. The report did mention how participants were allocated into three groups as part of the intervention process, but failed to specify the randomization technique used. The introduction part was not very direct in conveying its message to readers, whoever they may be. There was never any mention for whom the report was intended – whether it was for aspiring cardiologists, for physical therapists, for patients with CHF beyond the study’s jurisdiction, or for nearly anyone interested in the research. Moreover, the scientific explanations provided in the introduction lacked statistical backing, which would have strengthened the need or the rationale for conducting the research (University of Guelph, n.d.). For instance, the authors merely explained the meaning of congestive heart failure and its association with high mortality the way a medical dictionary would. The meaning did not prove the necessity for employing physical exercises to improve the QoL and oxygen
Saturday, October 5, 2019
Mitt Romney Essay Example | Topics and Well Written Essays - 500 words - 1
Mitt Romney - Essay Example Mitt Romney has good policies but people fail to feel his sentiments in issued that affect ordinary Americans. One of the ways this has come out is by Mitt Romney failing to sound so original in his campaign scripts. When people perceive a leader honest, then he passed the likability test. He presents himself as Obama’s direct contrast as opposed to addressing the immediate concerns of America. Therefore he should explain how to shall fix the American economy while at same time look easy and approachable to all Americans. Romney should just be easy with his personality. He should not seem to try too hard. He should just be passionate about what he believes. The best messages to use should be aimed at addressing the ailing economy. He should clearly demonstrate how the current administration has failed and offer brand new solutions to alleviate the suffering of jobless Americans. This should be done with America in mind not Obama in mind. The campaign message should inform American the demerits of failing to support him and also offer more firm and well worded responses to democrats’ election propaganda. The target audience should be all Americans. Messages should however be customized to different age, social and economic groups depending on the place and the time of the speeches. This is because different groups understand the same message differently. The audience should see the passion and the merit of the issues he addresses. It’s not enough to have sound economic policies for a Mitt to beat Obama. Charisma and ability to speak and move people is equally important. This is because Obama is a gifted orator who sounds convincing with ease. The difference shall be how the message is presented that the attitude that Americans can read from the tone used. The energy in the campaign trail and absolute confidence that people really need what you have got to offer is equally important. The
Friday, October 4, 2019
Bombs Bursting in Air Assignment Example | Topics and Well Written Essays - 250 words
Bombs Bursting in Air - Assignment Example But we still hear the â€Å"bombs†going off in our lives and we are afraid or lost because of what is going on. Rather than shielding us from reality, our parents and teachers should instead help us understand why these â€Å"bombs†go off in some peoples lives and not in others. The importance of these life lessons cannot be stressed enough and just like the essay explains, our parents and other adults will no longer be able to shield us from that reality. So the question that we should ask ourselves is â€Å"how young is too young to understand lifes realities?†. In the modern age of the internet and 24/7 news media, the innocence of young people is stolen faster than parents can cover up the situations. Perhaps the time has come for parents to acknowledge that the children of today, if spoken to and explained to in a proper manner, can actually prove to be far more mature than their parents and teachers actually think they
Thursday, October 3, 2019
Growth and Future of Private Equity Essay Example for Free
Growth and Future of Private Equity Essay 1. Overview of Private Equity Private equity is an important source of funds for start-up firms, and firms in financial distress. This type of funding has gained great significance in the past two decades and as such is a relatively new concept. It is one of the fastest growing sectors in the world of corporate finance with extensive applications across all industry segments. Businesses across the globe depend on capital investment for their growth and survival. The capital investment is generally raised through public issues, financial institutions, loans from banking institutions, mutual funds, and lease financing options available in the market. Investment in start-up business venture has high risks associated where business returns are uncertain. Private equity broadly refers to investment in companies that are privately owned. This form of investment generally uses funds raised from pension funds, financial institutions and wealthy individuals for investing in high growth businesses or for acquiring businesses with higher rates of return. â€Å"The private equity market involves large block transactions, which are privately negotiated, generally involving unlisted companies†(Business Standard publication). This type of investment is not listed in the stock exchange and has become popular financing instrument for new business ventures. This kind of investment broadly covers management buy-outs and buy-ins, development capital and venture capital. Management buy-ins and buy-outs In this case private equity funds are used to purchase the company or controlling stake in it using debt and equity capital. Development capital – This form of investment generally refers to money borrowed for development or growth purposes. Capital borrowed under this category can be used for any organizational purpose ranging from financing new lines of production to ensuring smooth completion of on going projects. Venture capital – This refers to investment in new business ventures that has promising growth potential and higher financial returns. Private equity firms establish funds that raise capital from investors who form limited partners. The private equity firms, referred to as the general partners invest this capital along with funds collected from banking and other commercial institutions to buy businesses that have significant growth and increased profitability potential. The general partners have certain guidelines for selecting a company or business for acquisition. A business that combines the ability to generate cash, and significant market value along with a strong managerial team to steer growth in the desired direction is an ideal investment option. The general partners objective is to infuse well-planned growth strategies backed by a strong team to improve the company’s performance and generate higher returns on investment. This is accomplished through strategic advice, market analysis, restructuring of existing operational framework, change management strategies and financing. They make money from the cash flow of the acquired business and then sell them for profitable gains. The relationship is generally of a short-term nature ranging from three to ten years of ownership after which the proceeds are used to acquire another business or finance another venture. Once the company has grown in terms of valuation and profitability it is sold to a larger company or floated on a stock market. The private equity investment has its own cycle that is extended through long periods of activity to support sustained business growth and gains. Private equity firms raise funds every three to five years to fund specific activities within the acquired business. The best time for acquiring a business is when the markets and prices are low. Similarly the ideal time for exiting or selling stakes in the acquired business is when the prices are high to maximize gains from proceeds. Investments within a company are usually held for several years to give time to the business to mature and reach a stage of high profits and market value. The private equity market constitutes of the organized market and the informal market. The organized private equity market includes professionally managed equity investments in unregistered securities of private and public companies. Specialized firms and institutional investors provide professional management services that build on the company’s assets and managerial talent. The private equity managers have large ownership stakes in the business and get actively involved in the overall management of the company. These businesses are profit-building machines for them that are nourished and nurtured to provide higher returns on investment. Once the businesses are established and reap profitable returns they are either listed for public offers in the market or sold to larger companies for higher gains. The organized private equity market has four major players comprising of private equity issuers, intermediaries, investors, and the agents or advisors. The issuers comprises of firms that cannot raise financing in the debt market or the public equity market. These firms are relatively younger in comparison to other firms in the market and they seek to raise capital for new product development or technology to show very high growth rates in the future. These firms are still in the research and development stage. In some cases firms with years of operation in the market venture out to new technologies or lines of service also come into this bracket for financing needs. This segment has assumed great importance in the private equity market with rising statistics and more private equity investors taking active interest in their potential growth capacity and highly profitable ventures. High yields and increasing returns are one of the most attractive features of this market segment. Intermediaries comprise of nearly 80 percent of private equity investments. This market sector mostly constitutes of limited partnership firms managed by independent partnership organizations or by affiliates of financial institutions. This segment also includes small business investment companies, or publicly traded investment companies that account for marginal share of the private equity market. Investors comprise of the public and corporate pension funds forming the largest investor groups accounting for 40 percent of global capital out standings. Public pension funds are the fastest growing group of investors and have overtaken private pension funds in terms of amount of private equity holdings. Endowments, foundations, bank holding companies, and high net worth individuals accounting for almost 10 percent each of the total private equity funds follow the pension funds. The other investors include insurance companies, investment banks, financial investors, and non-banking financial institutions. Agents and advisors form a significant section of the private equity market. They are mainly referred to as the information producers, who place private equity, raise funds for private equity partnerships, and evaluate the feasibility of the partnerships for the potential investors. Their sole purpose is to reduce the cost of information gathering that is required for private equity investment. They facilitate the search of companies in need of private equity funding, and institutional investors who are willing to enter into partnership agreement. They advise on the structure, timing, and pricing of private equity issues and assist in the process of negotiation between the two parties. Their role assumes greater significance in the context of financial investors who are unfamiliar with the local market or economy.  In the informal private equity market unregistered securities are sold to institutional investors, where the number of investors is larger and minimum investments smaller than the organized private equity market. Investors in this segment are mostly insiders in the company who have stake in the company. The companies that are financed through private equity funds benefit in terms of better management and increased efficiency since the investors take active interest in monitoring and improvising changes for better financial performance. The private equity firms have access to specialized management expertise for acquired businesses. Moreover, the private equity managers conduct extensive market research and analyze the feasibility of business ventures from every angle to draw risk assessment and opportunities before deciding on investment. This equips them with indepth market knowledge to make well-planned strategic moves that can reap higher productivity and gains for the private equity investors. The concept of private equity dates back to the year 1946 with the establishment of the American Research and Development Corporation with the sole objective of providing financing to new and start up businesses in the private sector. It was setup as an institution that provided finance as well as management expertise to ailing organizations. Since then the private equity market has witnessed a booming presence across the globe especially in the last 15 years. The sector has generated profits of more than $430 billion for their investors between the years 1991 and 2006. The recent corporate trends in the private equity market have shifted towards consolidations and buyouts. This is mainly attributed to seeking good investments by private equity firms and the benefits of cost advantage and minimizing risks across various channels of distribution. The private equity firms look for companies that are market leaders in terms of product and service offering having a strong management team and high barriers to market entry, attractive growth opportunities and profit margins. The growth of private equity funds is evident with increasing investment in large number of private companies as well as taking public companies private. Private equity has played an important role in economic development contributing to enhanced productivity, competitiveness, and improved performance of businesses in the private sector. The private equity market in India has also grown from US$20 million in 1996 to US$1.75 billion in 2004. The country is emerging as the major market for private equity investments. 2. Growth of Indian Economy The Indian subcontinent having population of over 1.1 billion, diverse cultures, religion, and languages has one of the largest and successfully running democracies in the world. Post independence it has been successful in eroding poverty and illiteracy to a great extent. The low per capita income combined with fewer manufacturing industries and a service sector at the base level had labeled the country as poor and underdeveloped. The economy was primarily agrarian and lack of facilities and infrastructure posed great difficulties in its progress. Initially the government controlled everything from banks to major industries. Facing such extreme situation the country has emerged as one of the fastest growing economies in the world with an annual growth rate of 8% in the last three years. It is also seen as the destination for information technology and global process outsourcing. Increased foreign investments and growth in real per capita income has transformed the economy largely over the last decade. Now India is a rapidly growing economy experiencing a fast growth rate in the past few years. The path of economic development and progress that India has taken is spectacular and has emerged the new market for the world with immense growth potential. Various economists have predicted that India will become a major economic power in the years to come. This is largely attributed to the rising Gross Domestic Product (GDP) of the countries and the major economic transformation that has taken place in the countries recently. The Indian economy had very poor growth rate post independence with a predominantly agrarian economy and underdeveloped manufacturing and service sectors. Rise in privatization of various sectors paved the way for economic progress in the subsequent years. The government sought to implement policies to ensure overall development of the manufacturing and service sectors. These measures brought about major changes in the industrial landscape and economic growth rate accelerated. The annual economic growth rate was 5.5% in the 1980s. Industrial growth rate was recorded at 6.6% annually and 3.6% in the agricultural sector. The 1990s witnessed a rapid change in the economic growth and development with the liberalization of the economy. A GDP growth of 9% was observed in the 2005-06 and 9.5% during 2006-07. With rising GDP and increased investment the economy is poised for enhanced growth rate. The economy was largely boosted by growth in tourism, financial sectors, and manufacturing industries. It is now the fourth largest economy in terms of purchasing power parity. High growth rates in the industrial and service sector combined with a slump in the major economies across the world in the last few years have provided the Indian economy a boost. The mid 1990s saw a rise in the Information Technology sector in the country. The rapid penetration of computers and the Internet in nooks and corners of the country attributed largely to this rise. Moreover, the abundance of skilled professionals armed with latest technical know-how and the zeal to prove their abilities in this direction provided the necessary impetus. India soon became the hub of IT activities across the globe with surging demand for professionals from the country. Government reforms and policies provided the necessary infrastructure for the growth of this sector. This was a major achievement for the country. The growth in IT sector led to the rise in other associated service and industrial sectors contributing to overall development of the economy. Currently the service sector dominated by IT, financial services, and construction contributes more than 50% of the GDP. Business Process Outsourcing (BPO) is yet another arena contributing to overall economic development. This segment has attracted huge foreign investments into the country. A large portion of the Indian population comprises of young people. The educated young people have benefited the service sector with the availability of skilled labor and this contributed largely to the development of the country. Despite the slump in global economy that has hit hard some of the most developed economies like United States, Indian economy has remained immune to the effects of this recession. This is primarily due to the strong economic reforms adopted by the country. The low dependence of the economy on export trade is one of the reasons. The Indian economy is more driven by domestic demand than foreign investment. Moreover, the banking system has minimal exposure to foreign currency assets. This has rendered the economy relatively immune to the effects of the global slump. While other economies across the world are facing economic turmoil, India remains on steady footing. Being one of the fastest growing economies in the world India is attracting huge amounts of foreign investment. The total amount of foreign investment reached US$ 8.5 billion in the year 2006. Real GDP Growth Rate during 2003 to 2007   2003        2004   2005  2006   2007 4.30% 8.30% 6.20% 8.40% 9.20% The chart shows the real GDP growth rate in percentage during the period 2003 to 2007. (Data collected from economywatch.com) The current GDP of the country is at 9.2% per annum that is quite an impressive figure. Growth of merchandise exports and rise in exports of services have strengthened the foreign reserves of the country. The major destinations for exports are United States, United Arab Emirates, and the OPEC (Organization of Petroleum Exporting Countries). The active participation of India in international commerce has created enough opportunities for economic growth and development. The impressive growth rates and statistics predict the emergence of a strong economy in the coming future. Economists predict that the Indian economy will become a super economic power in the next two decades. Some of the major development indicators of Indian economy are summarized below: High rate of savings, almost 32% of the GDP and higher rate of investment – approximately 34% of the GDP indicate accelerated growth rate. A young population of the country is another factor contributing to the overall economic growth and development. Highly educated masses contributing to skilled labor force is yet another factor contributing to the rise in the IT and BPO sector. Economic growth has created huge employment opportunities that have helped in reducing poverty considerably. Economic reforms and policies adopted by the Government of India towards social upliftment with particular stress on education, health, and infrastructure has greatly assisted the process of economic growth. 3. Issues facing the Indian Economy India may be reckoned as the emerging economic power of the future, but it has its share of challenges that need to be overcome. Lack of adequate institutional and infrastructure facilities may create bottlenecks in the growth and development of the economy. Since independence the country has faced huge challenges in its way to modernization and political, economic and social growth. Impediments in the form of poverty, illiteracy, unemployment, poor health facilities, and socio-cultural barriers posed grave problems in its road to development. The fast rate of growth aided by effective economic reforms helped in overcoming these challenges to a great extent. Poverty and illiteracy were reduced considerably with adequate measures adopted in the form of Five-year plans implemented by the successive governments. The upliftment of the masses by creating employment opportunities and provision for free and compulsory education for all across the country did have significant effect on the economy. Infrastructure also received considerable attention in the development plans resulting in the emergence of a new and modern India. In spite of tremendous progress India still faces major challenges that need to be overcome if the country wants to become a superpower in the near future. The issues and challenges faced by the Indian economy currently are given below: Sustaining a growth rate of 8% per annum for the consecutive five years will be one of the biggest challenges for the Indian economy. The entry of companies and business ventures into the Indian soil requires extensive paperwork and legal procedures. Most foreign companies find it a little intimidating to enter the Indian market due to these reasons. Relaxation and simplification of the entry procedures will definitely work in the interest of the Indian economy. The huge population density of the country affects the gross per capita income of the country. The country’s economy is primarily agrarian but with rapid industrialization and governments boosting the service sector, agriculture has taken a backseat. The government needs to boost this sector as well giving it a more organized look.  Providing proper infrastructure to attract large scale foreign investment is much required for sustainable economic growth. The economy faces widespread problem of electricity supply, proper roads, and communication channels that can affect the economy adversely. Extending proper health care to all is another important issue facing the country. Health care has definitely improved over the past few years but it still remains inadequate by world standards. Poverty is still posing a stiff challenge to the economic growth and development. Inequality of wealth distribution is quite high across the country. Education is yet another challenge faced by the country. The government needs to implement effective policies and reforms to increase the overall standard of living of the poorer section and provide basic amenities to them. Reducing income inequalities along with social reforms are much required for overcoming these discrepancies faced by the Indian economy. The foreign direct investment has become a key feature of growing economic development and the focus of national development strategies in almost all countries across the globe. It is considered an important economic growth indicator that assists boost in domestic capital, productivity, and employment. It is considered to be the lifeblood of any economy. The Indian Government has initiated several promotional efforts to attract more foreign direct investment into the country in the form of private equity. There are several trends that are reinforcing traditional patterns in foreign direct investment across economies that include access to natural resources, markets, and low-cost labor. Globalization and liberalization of the economy added to the attraction of private equity funds in to the country. In addition to these economic factors the expansion in information and communication technologies, and improvement in logistics has greatly shaped the Indian economic attractiveness to foreign investors. Private equity investors across the globe are increasingly shifting their focus to India. Big names in private equity market across the globe like Blackstone Group, Texas Pacific Group, Kohlberg, Kravis and Roberts, Carlyle Group, Actis Partners and General Atlantic Partners have ventured into the Indian markets in search of higher returns on investment. 4. Growth Trends of Private Equity in India The market for private equity in India has emerged quite recently. The private equity market grew from a US$ 20 million in 1996 to US$ 7.5 billion in 2006. The country is now reckoned as one of the top ten destinations for private equity investments. Investors across the globe are eyeing the growing Indian market that offers extensive investment opportunities. Local and foreign investors are eyeing the domestic market investment opportunities with increased interest. The major sectors of investor interest are the IT and BPO sectors that continue to dominate the economy but manufacturing concerns are not far behind. Investors are taking avid interest in this rapidly growing market parallel to the Chinese economy that has shown immense potential in the past few years. The rise in entrepreneurship, skilled workforce, rising percentage of people with fluent English speaking capability and the country’s status as the world’s largest democracy have greatly contributed to its rising economy. The private equity market has risen both in terms of greater number of deals and greater number of firms’ capitalizing on this increasing opportunity. The Indian private equity market also saw an increase in exits and improved liquidity in the recent years. The Asian market has largely been perceived as difficult for exits in the private equity sector. Investors are wary of the fluctuating market trends and risk proposition involved in capitalization of their funds. Unlike the Asian market the Indian market has been strengthening over the years this has attracted the investors greatly. The increasing liquidity of the market has played in favor of these investors providing higher gains and returns from public offer deals and trade sales. As per K.P. Balaraj, the Managing Director and co-founder of West Bridge Capital Partners, â€Å"In India, the markets are in their third or fourth year of a bull run. The companies have a number of avenues to raise money at low cost. There’s a lot of liquidity in the debt system. The IPO markets and capital markets are very strong in India, and there’s lot of appetite overseas for Indian securities.†The Indian market has gained the investors’ confidence due to the stable environment and growth statistics that has worked to its advantage in the past few years. The foreign investment growth in the private equity market is seen as yet another boost to this finance segment contributing to a market capitalization of more than US$ 3.56 million in the year 2005. The private equity funds invest mostly in unlisted companies that have good growth potential and cash out option through public offers. In some cases the private equity firms invest in both seed capital and development ventures that have potential high rates of returns on investment. According to a study conducted by Venture Intelligence, a Chennai based research firm, â€Å"Private equity firms invested a record $7.46 billion over 299 deals in India during 2006,†that is three times greater the previous year figures. The biggest deal clichà ©d in 2006 involved Idea Cellular, the fifth largest wireless operator in India, raising a funding of $950 million from a group of private equity investors that included Providence Equity Partners, ChrysCapital, and Citigroup. Another important deal involved Kohlberg Kravis Roberts that paid $900 million for 85% stake of Textronics Software. Warburg Pincus’s $300 million investment in the year 1999 in Bharti Tele-Ventures the largest mobile service provider in India was subsequently sold in several stages for $1.6 billion. This is considered one of the most profitable private equity deals in the country to date. These high rates of returns and attractive gains lured many foreign private equity investors to the Indian market. The tremendous growth of the private equity market in the country is largely attributed to a combination of country-specific factors that distinguish the Indian environment in terms of investment opportunities from other emerging markets across the globe. These factors include: Sustained rapid economic growth of 8% per annum over the past five years consecutively. Rising domestic consumer market of India has given rise to potential business opportunities. A well-established public equity market of India has given rise to increasing breed of private equity investors in the country. The Mumbai stock exchange dating back to 1875 has more than 6000 listed companies recording extensive trading volumes comparable to no other exchange in the world. A highly educated population combined with widespread knowledge of the English language provides a distinctive advantage. The skilled workforce has resulted in the rising development of certain sectors like information technology, business process outsourcing, software development, pharmaceuticals, and automobile components. The country has one of the oldest and largest democracies in the world running successfully across decades. The stable political scenario combined with an effective legal framework has provided the economy with sound base for development and growth. The distinctive advantages mentioned above have created a huge market for private equity funds investors. Private equity firms are investing in retail, manufacturing, healthcare, real estate, infrastructure, media, and telecom sectors in India. India is the second largest market for private equity firms in Asia after Japan. It has surpassed China and Singapore with large amounts of investment in private equity and venture capital in the year 2006. (Source: Indiaopportunitiesfund.com) Research conducted by global research firm Evalueserve suggest that India will receive almost US$ 20 billion private equity funding by the year 2010 making it one of the top ranking countries in the world in terms of private equity investment. The lucrative Indian market has attracted foreign private equity investors in the past couple of years. As per a market analysis report released by Venture Intelligence the foreign capital investment reached US$ 2.2 billion in the year 2005 that increased to US$ 5.4 billion in the year 2006. The market research and analysis conducted by Evalueserve reveals that the Indian market needs an in-depth understanding and evaluation for the investors in private equity market to maximize returns. The investors need to conduct proper market research, adopt subtle managerial skills, and instill patience in order to maximize gains since the market is unique in many aspects. The research shows that there are over 366 firms currently operating in the private equity market in India and another 69 are in the process of starting funding operations. These private equity firms have targeted to raise funds totaling US$ 48 billion for investment between July 2007 and December 2010. This predicted growth statistics may face challenges in the face of economic slowdown in India or a liquidity crunch in the economy. The first firm to initiate private equity investment in India was the Risk Capital Foundation set up in the year 1975. Till the year 1995 very few financial institutions provided capital for investment in private equity or venture capital sector. These institutions were the Industrial Finance Corporation of India (IFCI), Industrial Development Bank of India (IDBI), and Industrial Credit and Investment Corporation of India (ICICI Bank). A number of private equity firms started raising capital from various international and domestic sources to invest in business ventures in the country. This market trend gained momentum during the period 1996 to 2000. The total amount of investment in the private equity and venture capital segment rose from US$20 million in 1996 to US$ 80 million in the year 1997. The market attracted increasing investment from foreign as well as domestic players largely due to the boom in the information technology sector. A crash in the market during the period of 2000 to 2003 brought down the levels of investment. The total number of deals in private equity finance reduced from 280 in 2000 to 110 in 2001. The economy recovered in 2003 and the market growth rate accelerated from 8% GDP to 9% annually. 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Number of deals 5 18 60 107 280 110 78 56 71 146 299 Value of deals 20 80 250 500 1160 937 591 470 1650 2183 7460 (Source data: Private equity market in India Evalueserve Market research report 2007) Out of a total GDP of US$ 910 billion in India in the year 2006 approximately US$ 7.5 billion accounted for private equity investment. This amounts to 0.8% of the total GDP. A comparative analysis of the private equity investment in other developed countries reveal that the percentage spent on private equity is far below countries like United States and United Kingdom. Private Equity Investment as a percentage of Total GDP of some major economies: (Source: Evalueserve Market research reports 2007) A global stock market review conducted by Standard and Poor ‘s in May 2007 reveals that the Indian equity market has far surpassed the markets of emerging and developing nations for the past three months growing at a rate of 25.87 percent as opposed to other key economies that reported a growth rate of 13.83 percent. The Chinese market reported a growth rate of 16.82 while the Mexican market growth rate stood at 24.4 percent. The equity market in South Africa rose by 11.48 percent. It was observed that the Indian stocks were cheaper than the Chinese stocks. The appreciating rupee in India has led to higher capital inflow from foreign investors to the Indian economy and this is accounted for higher growth rate in the Indian economy. The increase in interest rates of banks across the globe has a positive impact on the Indian economy. This trend will result in reduced external borrowings and consequently the export segment of Indian companies will not be affected. Similarly other developments in the global economy has had very little or negligible effect on the Indian economy so far and this has proved conducive for the private equity market in the country. The Securities and Exchange Board of India (SEBI) has specified the regulatory framework for investment in private equity and venture capital segment in India. A foreign investor proposing for investing in the Indian private equity market needs to fulfill the following eligibility criteria and other requirements specified in the SEBI foreign venture capital investor guidelines: The applicant’s track record, competence, financial soundness, and experience in the related industry are evaluated. The applicant needs to obtain an approval by the Reserve Bank of India for making investments in the country. The applicant needs to be an investment company, trust, partnership, pension fund, mutual fund, endowment fund, charitable institution or any other entity incorporated outside India. The applicant can be an asset management company, investment manager, or investment management company incorporated outside India. The applicant must possess the authority to invest in venture capital or operate as foreign venture capital investor. Evaluate if the applicant is regulated by an appropriate foreign regulatory authority or is an income tax payer. Check if the Board has not refused the applicant a certificate. Check if the applicant is a fit individual with proven track record. Besides the above-mentioned eligibility criteria the SEBI lays down certain investment guidelines that need to be followed by the foreign investors: The foreign investor must disclose its investment plans and strategies to the SEBI. At least 66.67% of the investment funds must be invested in unlisted equity shares. Not more than 33.3% of the investable funds may be invested in: Subscription of initial public offer of a venture capital undertaking whose shares is not listed. Debt or debt instrument of a venture capital undertaking in which the investor has already made an investment by way of equity Preferential allotment of equity shares of a listed company, subject to a lock-in period of one year The equity shares or equity linked instruments of a financially weak or sick industrial company whose shares are listed. 5. Sector Wise Growth Trends in Private Equity Market The primary feature of growth in private equity market in India has been the increased domestic market investment opportunities that are dominated by both local and foreign investors. In addition to the increase in investment in Information Technology and Business Process Outsourcing sectors a large number of deals have been made involving the domestic market in India with particular emphasis on the manufacturing sector. In the year 2006 the total investments in the private equity market ranged from IT and IT-enabled industries, to banking and financial services, insurance and health care sectors, engineering and construction to manufacturing. While the IT and IT-enabled industries accounted for more than a fifth of the total investment, the manufacturing sector attracted approximately $1 billion. Another significant sector receiving substantial private equity funding was the real estate sector that received almost $1 billion funding in 2006. But a greater portion of this amount was used to acquire physical assets. Shankar Narayanan, the Mumbai based Managing Director of Asia Growth Capital at the Carlyle Group states â€Å"We’re sector agnostic. Broadly we see two investment themes: One, the growth of outsourcing, whether IT, IT-enabled services, generic pharmaceuticals, clinical research, contract manufacturing, engineering and design or any other knowledge based service; and two, the huge infrastructure and consumption needs this growth fuels.†Most of the foreign investors are channeling funds to the Indian and Chinese market that have shown tremendous growth potential. These investors scale up the operations of the acquired firms and facilitate all-round transformation that spruces up the firm’s processing capabilities. It is widely felt that the family owned businesses in India that have so far been conducted in an orthodox traditional managerial approach can widely benefit from the private equity funding. The financial, strategic, and managerial support provided by these private equity-investing firms can transform the company’s operations to provide larger scales of operation and world-class business outlook. The various industrial sectors comprising of financial services, manufacturing industries, construction and information technology are attracting the foreign investors to India. In the year 2006 the service sector accounted for 55% of economic growth rate while the contribution of manufacturing and industries’ sector was 26% and the agriculture sector accounted for 19% of the overall economic growth in India. There are basically three industry sectors that are proving highly lucrative for the private equity investors in the country. These are broadly categorized as below: Hi-tech products and service sector comprising of the following segments: Information technology and software application development Business process outsourcing Knowledge process outsourcing Drug research and clinical research outsourcing Engineering services outsourcing Software and solutions related to e-commerce Telecommunication products and related services The market trend reveals that this sector will grow at approximately 22% per year during the next five years. The investment in this sector is of high value with higher rates of return. Service and retail sector that caters to the Indian domestic market needs including – Retail market of consumable goods Travel and hospitality sector (airlines, hotels) Health care (spas, hospitals) Entertainment (movie and television industry) Private education sector  This sector is expected to grow at approximately 19% per annum in the next five years. Products and services related to high-end manufacturing and infrastructure that includes automobiles, automotive components, electronic components, chemicals, pharmaceuticals, gems and jewellery, textiles, real estate, and construction. The growth rate of this sector is expected to reach 19% annually in the next five years. The pie chart below gives an insight into the sector wise private equity investment trend in the past three years. The financial services received the highest foreign private equity funding totaling US$ 277.8 million that constitutes 19.8% of the total funds invested. The total funding in this sector including the domestic investment accounted for 32%. (Source: Thompson Financial) The next industry that received most funding in the private equity form was the consumer related sector totaling US$ 196.7 million. This was approximately 14% of the total foreign private equity financing. The overall financing in this sector was 23%. The Medical Health industry accounted for 16% of the total funding, with total foreign equity investment amounting to US$ 134.4 million, followed by construction accounting for 15% and the Internet related sector accounted for 14% of the total private equity investment including foreign and domestic sources. The graph below shows the breakup of domestic and foreign funds invested in the private equity market in India. As is evident from the graph the amount of foreign investment far exceeds domestic funds invested in the private equity market in India over the past five years. Private Equity investments in India – breakup of foreign and domestic investment over the past five years (Source: Thomson Financial) The private equity market is thriving due to the huge influx of foreign funds in the recent years. The appreciation of the rupee combined with a strengthening stock market and controlled inflation rates are responsible for the huge attraction that the Indian private equity market is having for foreign investments. Among recent activities in the private equity market in India is the acquisition of Hutchinson Essar Ltd, a cellular carrier by Reliance Communications facilitated by private equity players like Blackstone, Texas Pacific, and Kohlberg Kravis and Roberts with a funding of almost $10 billion. Private equity emerged as the single most largest investment segment in the year 2006 with private equity deals overtaking both foreign and domestic strategic investors. Private equity investment in India crossed the global average by 20 percent of investment as a proportion of total merger and acquisition deals accounting for 28 percent of total value of deals. 6. Problems Facing the Private Equity Market in India The rapid pace of economic growth in India has raised concerns regarding the stability of the economic environment. The economy poses certain risks and challenges to the emerging and developing market of private equity investment. The country’s population demographics present a confusing picture – 54% of its population is below 25 years of age that works in favor of the economic growth and development. But at the same time statistics reveal a large gap in income distribution. The economy is widely imbalanced in terms of income distribution. It has a large chunk of population still under the poverty lines and at the same time the number of high net worth individuals is increasing. Some of the important sectors of the economy like Information Technology and IT enabled services, telecom services, airlines services and construction services are experiencing shortage of skilled labors. Most of these sectors depend heavily on the human resource for survival and growth. With rising inflation and increasing wages the companies are finding it difficult to retain employees. Better pay packages are luring the skilled staff to hop companies and this has become a matter of grave concern for most organizations. Increasing attrition rates and rising wages are posing a serious challenge to existing companies and start-up business ventures. A few years back the economy was known for providing cheap and skilled labor but with rising inflation the wages have also gone up thereby increasing the cost to companies in addition to high levels of attrition. The rapid economic growth and rising GDP has resulted in increasing cost of commercial as well as residential property. The boom in real estate is reaping benefits for most landowners but the purchasing power of the people have not increased at the same rate. This might have a negative impact on the economy in the long run. The real estate prices will be forced to crash with lesser number of people being able to afford the rising prices. The crash in the real estate market will result in substantial losses for the investors. The Indian stock market is currently on a strong footage with number of companies listed in the Bombay Stock Exchange rising steadily. A market fluctuation might topple the stock market any time and this could lead to severe losses for the investors. Foreign investments in the Indian economy in the last four years have been on the rise and this is one of the major factors contributing to the overall development and progress. Short-term foreign institutional investors invested more than US$ 40 million in the country while long-term foreign direct investment was US$ 23 million in the last four years. The short-term investment can be pulled out in any moment of crisis and this could result in severe economic setback for the country. The rapid inflow of capital in the form of these short-term investments for purchasing equities and securities has no doubt strengthened the stock market, but an outflow of this capital will depress the stock market and cause the economy to fumble. The economy needs more of long-term foreign direct investment to stabilize growth. Lately the Indian rupee has appreciated by more than 10% with respect to the US dollar, 8% with respect to British pounds, 7% with respect to Euros and 11% with respect to Yen. On one hand this appreciation has benefited the economy by making imports cheaper and controlling inflation to a considerable extent. The price of crude oil has been kept in check in India due to this reason. On the other hand the valuation of exports has gone down and this has hit some of the small-scale exporters hard. Moreover the Indian goods have to compete with Chinese goods in the market that are relatively cheaper and has captured larger market share. Broadly the Indian economy presents high risks to investors in terms of possible depreciation of rupee, high inflation, policies adopted by the Indian government for further liberalization of the economy and the highly volatile nature of the Indian stock market. Since the markets present high risks to foreign investors in the Indian market, they expect higher returns as compared to investments made in other developed economies of United States and Europe. The private equity firms that invest in these developed countries for a period of five to seven years expect an average net annual return of 13% to 15%. But the private equity firms investing in India have a time frame of three to five years and expect an average net annual return of 25% to 27%. 7. Future Trends in Private Equity Market in India Several factors have contributed to the growth and rise of private equity market in India. Among these the most prominent is the stable economic and political environment of the country that has triggered economic growth and prosperity in the past few years. The Indian economy is witnessing increasing number of high net worth individuals with increasing assets. The country has a large number of family-owned businesses that present excellent opportunities for investment and growth. Most of these businesses are changing their operational structure to accommodate new and better technology for higher returns. Tatas, Ambanis, Wipro (Azim Premji), Birlas, Singhs (Ranbaxy) and Bajajs are all family-run business. The Bombay Stock Exchange lists 47 companies that are partially or fully family-owned businesses with a total market capitalization of US$ 345 billion in the year 2007. The changing faces of the traditional modes of conducting business have created huge scope for investment. The existing modes of operations require re-modeling and re-structuring requires adequate investment. The family-run businesses lack effective management and vision to expand in the domestic and global market. The infusion of appropriate capital funds with strategic management moves and planning can create a huge difference in this type of business ventures. An investment in such companies can prove mutually beneficial for both parties. This has created a huge demand for private equity investment. Rising disposable income in the middle and higher income group has led to significant changes in their lifestyle. This has created markets for new sectors of commerce. One of the sectors affected by the changing lifestyle of these classes is the growth in domestic flight service sector. The country currently has 325 airplanes on the domestic route but this figure is projected to reach 750 by the end of 2010 that is expected to generate annual revenue of US$ 12 billion. The rise in this sector has created the need for more airline maintenance companies that are so few in numbers currently. Likewise it has also created market need for airline certification companies that will certify and check the audit requirements of the airplanes and the airlines companies. This is just an illustration of how emerging economic trends have given rise to new service sectors that require financing. Similar trends are visible in the food and beverage industry sector. Rising demand for quality processed food and beverages are slowly making their presence felt with changing tastes and lifestyles. The automobile industry is yet another industrial sector witnessing immense market growth potential. Finer tastes and longing for world-class cars engineered with latest technological specifications is changing the face of this industry. This sector is expected to generate revenue of US$ 165 billion by the end of the year 2016. E-commerce is yet another avenue of potential growth and development. The sector being in its nascent stages has a long way to go in the Indian market. Industries are slowly realizing the revenue and growth potential of this medium and are revising their existing strategies to exploit the advantages of increased market share and global outreach. The need for skilled professionals for the rising industries and opportunities presented by the growing economy has driven the educational institutes to adopt new strategies and expansion models to cater to changing market needs. More and more companies are entering this sector to satisfy the growing market requirements. The real estate and hospitality service sectors are also experiencing widespread changes owing to changing lifestyle and increased disposable income. Investment in this sector needs to be carefully examined and studied since the real estate prices in India are overpriced as compared to other economies in Asia. A growth in market demand has resulted in subsequent rise in demand for capital investment. Favorable economic conditions have lured private equity investors both domestic and foreign to start operations in India. The country’s extensive pool of skilled labors has produced excellent managerial and entrepreneurial talent who has ventured into new and promising business ventures. The private equity market in the country is still in its initial phases of development and hence promises immense scope and potential in the near future. The increasing interest of global firms in the Indian market has overcome the challenge of attracting more funds into the private equity sector. The real challenge now lies in extracting maximum value from these investments and retrieve higher gains. Government policies have raised the foreign direct investment (FDI) limit in various sectors to attract more funds. The retail sector now has 51 percent foreign investment limit while in the telecom sector the FDI limit has been raised from 49 percent to 74 percent. Absolute ownership of foreign firms is allowed in some selected infrastructure sectors like development of new airports, petroleum, mining of coal and lignite, natural gas pipelines and mining of diamonds and precious stones. 8. Conclusion The impact of private equity funding on the country’s economy has been quite significant since this financing sector has added new dimensions to the booming industrial and service sector in India. The financing alternative available to the firms has not only assisted them in improving financial and market valuations but has also provided them with the necessary backing to fulfill expansion and diversification strategies to the existing line of products or services. Max Calderon, a senior partner of Apex Partners Worldwide, which is a $20 billion firm is of the opinion that the â€Å"drivers of the private equity investment in the Indian market include consolidation in fragmented industries, international expansion, increasing domestic market spend, and continued growth in value added services. â€Å" It is only recently that the private equity funds have adopted segmentation and specialization strategies in acquiring investment portfolios. Some of the private equity firms target early stage investment in technology or matured stage investment in manufacturing. The strengthening stock market is witnessing increased volumes of trading and this has eased the exit process for private equity funds investors. Multinational financial institutions like Citigroup Venture Capital, Barings and Westbridge Capital, Warbug Pincus and Actis Partners have taken strong interest in this emerging market. Global private equity players like Blackstone and Goldman Sachs have established permanent operations in the country to reap the benefits of this promising market. The key factor to successful operations in this market will depend largely on one sole factor – the right leadership and availability of a strong team of professionals. The private equity market requires adequate managerial talent for designing effective business strategies for successful acquisitions made by the investors. It is therefore essential that the private equity firms focus on specific industry sectors to build their professional expertise and specialized areas of operations. This builds on the firms’ value and potential for higher rates of returns over their invested funds. The private equity firms hence not only need to look into the experience and skill sets of the professionals they hire but also need to train them on the finer aspects of the business requirements. The team of executives need to take overall responsibilities of entire operations and functioning within the company and think as owners while devising strategies and business plans. An in-depth knowledge of the business and market area is an essential asset for this venture. Experienced professionals are hence much in demand and a valuable asset for this market segment. The private equity firms also need to conduct extensive and in-depth market research and analysis activity before investing in any company. The Indian economy presents a diverse and variable growth indicators across the geographical boundaries. An understanding of the existing socio-cultural and political environment of the region helps to understand better the market and consumer behavior pattern. The investors across the globe are increasing fund allocations for the private equity market in India. It is boom time for this market segment and the trends of growth will continue over the coming years with the adoption of adequate government policies and measures to ensure a strong market performance. The private equity market is reaping benefits on the one hand from expanding into overseas market through acquisitions and on the other hand investing into private equity assets managed by global fund managers. Reference: What PE firms look for in Private Companies – Financial Executive Journal from British Council, December 2007 Private Equity: How long can the perfect storm last? Financial Executive Journal from British Council, September 2007 Think like private equity to enhance Financial Executive Journal from British Council, November 2007 Evalueserve Whitepaper – An indispensable guide to equity investment in India, Facts and Forecasts – September 2007 – Market analysis report from www.evalueserve.com From BPO to buyouts, Indian private equity is booming – 2005 AVCJ Private equity report – India Private equity pushes into India, Africa Financial Executive Journal from British Council, January/February 2008 Indian Buyouts – A market report by Anthony O’Connor Journal from British Council, June 2006 Economics of private equity market – Stephen D. Prowse, Federal Reserve Bank of Dallas – Economic review journal third quarter 1998 Recent developments in the private equity market and the role of preferred returns – Daniel Covitz and Nellie Liang, Board of Governors of Federal Reserve System, Washington DC  An overview of private equity: evolution of the asset class, rationale and considerations for investing and keys to success – James McGovern Review of the Economy 2007/2008 – Economic advisory council to the Prime Minister of India, New Delhi, January 2008 Our current perspective on private equity investing in India – Gopal Jain, Gaja Capital Partners Investing in India – Surging economy sees private equity investments soar by Arun Subramaniam – The Wall Street Journal, January 24, 2007 http://www.ventureintelligence.in/WSJ-01-07.pdf accessed on 30th March 2008  India’s economic star sectors: sliced and diced – an analysis on foreign private equity investments among India’s top industries – Thomson Financial www.thomson.com/financial  Private equity in India – adding human capital to the value creation recipe – Luis Moniz – Heidrick Struggles http://www.heidrick.com/NR/rdonlyres/BDE42EF8-E443-44D9-9B6F-48E69D67093D/0/HS_PrivateEquityIndia.pdf accessed on 31st March 2008 Private equity market in India http://www.indiaopportunitiesfund.com/private-equity-market-in-India.html accessed on 31st March 2008  India tops global market with 26% growth: SP – June 9, 2007 http://www.thehindubusinessline.com/2007/06/09/stories/2007060906500100.htm accessed on 30th March 2008  An introduction to Private equity http://www.bvca.co.uk/publications/guide/intro.html accessed on 30th March 2008 What is private equity? http://www.ipeit.com/pe.htm accessed on 30th March 2008  http://www.indiape.com/ accessed on 30th March 2008 http://www.idfcpe.com/pages/main1.html news articles accessed on 30th March 2008  http://www.privateequitycouncil.org/ Public Value: A primer on private equity 2007 – accessed on 30th March 2008  Economy watch – Indian economy overview http://www.economywatch.com/indianeconomy/indian-economy-overview.html accessed on 30th March 2008  http://news.indiamart.com/news-analysis/india-is-most-immune-18256.html accessed on 30th March 2008  Global research project on growth – India: Economic Growth, 1950 – 2000 by Shankar Acharya and Isher Ahluwalia http://www.gdnet.org/pdf2/gdn_library/global_research_projects/explaining_growth/India_complete_31Mar04.pdf accessed on 30th March 2008  The rise of Indian Economy: John Williamson http://www.unc.edu/depts/diplomat/item/2006/0406/will/williamson_india.html accessed on 30th March 2008  Indian Economy – Section 1: Economy and Markets http://www.bseindia.com/downloads/IndianEconomy.pdf accessed on 30th March 2008  Private equity article: http://www.privateequityinfo.com/article.php accessed on 30th March 2008  Globalization of alternative investments – working paper volume 1 – the global economy impact of private equity report 2008 – World Economic Forum http://www.weforum.org/pdf/cgi/pe/Full_Report.pdf accessed on 30th March 2008  A coming of age for private equity Business Standard, 7 November 2007 http://www.mayin.org/ajayshah/MEDIA/2007/pe.html accessed on 30th March 2008
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