Tuesday, October 7, 2014

Significant Experiences Outside of your Home Country Essay

Today it is common for young people to leave their home countries and obtain education and find employment abroad. I am not an exception to this pattern. Lower I would like to present the experience I have gained outside my country and what this experience has helped me achieve.

After graduating the university I moved to Dubai where I was honored to work for a large construction company. Over the course of my employment there I had a chance to apply theoretical knowledge I had received earlier in practice. The team I worked in consisted of multi-ethnical and multi-lingual individuals. Our team served as a central source of information for the company, and its success was dependant purely on cooperation from each of us. I was honored to be a senior member of the team and was able to contribute to the group by gathering information from investment professionals, training group members, controlling the quality of the group’s output, collecting, analyzing and calculating data, supervising the projects, and many other tasks.

Employment experience obtained in Dubai has taught me to work individually and in the international multi-lingual groups. It helped me realize that a strong team is the first step on the way to success and that it is essential for one to be open to the opinions of others. Finally, this overseas experience solidified my interest in the field of entrepreneurship and exposed me to the enormous potential of this field in India. 

Wednesday, October 1, 2014

Family Entrepreneurship Management Essay

Over 80% of all US businesses are family businesses and they contribute 50% of the US Gross National Product also providing work to half of the workforce. Due to the unique nature of these businesses and the specific problems they face, only about 10% of them survive to the third generation due to the unique problems they face.

Family Businesses can be defined as: “businesses where two or more family members work in the business and share or expect to share ownership, and want to pass ownership on to the next generation”. Dennis T Jaffe

The organizational structure of the business depends on the size of the business and the communication within the company, concerning the decision making and the responsibility.

Family entrepreneurship is very challenging, because the family life and the business life are very different and are also contradicting to each other. What is effective for the business is not always good for the family and things good for the family can be disastrous for the family business. The overlap of family and business and ownership concerns can cause confusion to the organizational structure and the people within the organization. To effectively manage a family business, communication and decision making within the family, the business and the ownership groups is required.

Having a family business, one should consider succession planning and estate planning to protect the business from unforeseen things that may happen in the future. Succession planning is a process that enables the organization to identify talented employees, to train them and to develop their skills and abilities, so they are prepared for promotion and higher more challenging positions.

Estate planning is the process by which the real and personal property of an individual is distributed by a trust or will to the individual’s heirs. It is usually done in anticipation of death.

The financial well being of the family businesses is done by hiring a business and financial consultants. In that way the family business is protected by some family members and an objective and expert opinion about the business situation of the company is given. These experts are very important when the business is in transition from small to larger business.

Young family members sometimes do not want to be part of the family business, sometimes they become uninterested in the business and no desire to participate in its management in the future. They very often take the business for granted, that it will always be there to support them financially.

Not all family members have to remain with the family business. Children should be encouraged to pursue their passions and only if they want to enter the family business, they should be encouraged to do so. Young family members that have worked for other companies often come back to the family business to reach their full potential.

In a family business succession occurs when the CEO passes away or retires. Usually the successors of the family business are the heir of the founder or a member of the family, but not necessary. It is good to have a succession and continuation contingency plan in case of a tragic accident.

Family business is unique, due to its close family connections, experience and expertise. In order to keep its uniqueness, the future of the business should be planned early and carefully, so successors can be chosen from the family.

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Tuesday, July 29, 2014

Free Accounting Essay Example

The classification of costs in CTC’s income statement is on the basis of the business’ operations. This means that the listing of expenditures covers aspects that affect its productivity. The expenses of the firm are on the basis of employees’ wages, costs of production, logistical costs and utility expenses. This classification is internal because it focuses on the company alone. However, there is the need to include other crucial expenditures such as interest expenses and taxes in order to get comprehensive information on the scope of the business.

The calculation of the estimated cost of goods manufactured considers the production expenses. In other words, there will be the factoring in of the wages, cost of purchases and utility costs of production. From the expenditure list, there will be the exception of the expenses that do not directly affect the production of finished goods. This total expense is $677,000 while the estimated cost of goods sold tops up the remaining amount in expenditures. Therefore, from a total expense outlay of $925,000, $248,000 is the Company’s total cost of sales.

                                  Revised Income Statement ($)

Sales                                                   980,000

        Factory wages                             365,000
        Utilities                                        102,000
        Council Rates                                  5,000
        Sales staff                                    110,000
        Advertising                                    18,000
                  Total Expenses                                                600,000
                  Net profit                                                        380,000

There are some changes between the above income statement and the original one. The first change involves a matter of bookkeeping because the cost of goods sold and the depreciation cost are not in the income statement. The cost of goods sold goes into the trading, profit and loss account and is in under the sales bracket. The inclusion of the cost of depreciation is on the balance sheet, where it reduces the value of the assets.

The balanced scorecard approach is an excellent recommendation for making a format that will analyze the company’s costs. It incorporates a variety of metrics that affect the overall progress of the business. These metrics, in turn, influence the business’ operations and have an effect on revenue. Therefore, using this approach to manage costs will split the operations of the organization into consumer metrics, financial metrics, employee evaluation and business performance measures. This precise approach to analyzing the costs within the operations of the organization will allow the business owner to account for cash flow.

There are several factors that influence the cost of a product and position it will take in the market. Thus, basing the costs of the organization’s products on the cost of direct materials and labor is risky. This is because there are other crucial market conditions that can easily cause the sales of the business to decline. Although the direct initial costs need factoring in into the financial future of the organization, an analysis of the progress of the competitors is crucial. It is also imperative to keep in mind that the prevalent market demand should be the additional bases for determining the prices of products.

The company should stop using incomplete records to put down its financial information. Incomplete records are a slow method of recording information and often leave room for errors. In addition, it would be beneficial for the company to adopt the International Accounting Standards to report each financial activity. These recommendations will increase the ability of the business to thrive in the current market conditions.

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Tuesday, July 1, 2014

Essay on Economic Justice

Justice is, in the first place, a basic concept of socio-political, moral and legal issues. As such, it is the concept of due parity. In general terms, it is the parity between the real value of different individuals (social groups) and their social position. In more concrete terms, the parity between their rights and obligations, crime and punishment, between the act and the reward, and remuneration, etc. The discrepancy in these relations is estimated as injustice.

Justice is also a basic concept of the economy. As an economic concept, justice refers to that section of the economy as welfare economics. Here it is understood as a lack of interest or impartiality (fairness). This understanding of justice was named after its author - justice by Rawls. In his book "A Theory of Justice," he argues that justice is a sign of the society, which individuals would choose if they were not influenced by purely personal interests. In this state they are disinterested as if to conclude an agreement on the nature of society and its economic system. "Ignorance" of their interests do not allow them to know the position (determined by ability, gender, race), which they will take in this society. In this case, the company will be chosen from four properties and these properties can be regarded as the property of justice.

The properties of justice as an economic concepts. The first is the equality of rights for the maximum liberty compatible with the freedom of other individuals. The second is inability to ensure economic equality through the first property. Third is the competitive nature of inequality, it may be the result of free competition. The fourth property is a utilitarian justification of inequality, i.e., it can be justified only insofar as it benefits all members of society. The last two properties are focused in a constitutive principle of justice.

Constitutive principle of the modern understanding of justice as an economic concept is "a differential principle." It requires that the inequality guaranteed the greatest possible welfare to the poorest members of society.

The etymology of English words equity and fairness are very “economical." Fairness of Fair means market; Fair exhibition. But the term “equity” has most wide range of economic meanings. Already on the surface analysis, we see that along with the word justice, it means at least five basic financial concepts associated with the share. Among them are the ordinary shares, the share capital of the shareholder in the company, equity, capital, margin (the difference between the market value of the shares and the state of the client's margin account with a broker, i.e., the size of the loan obtained under them). This range of the equity meanings can be explained by the fact that the share is the greatest "democratizer," i.e., an equalizer of the bursts of economic life, for the rights that it presents do not depend on the status of their holder.

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Wednesday, May 7, 2014

Sociological Essay Example

This paper talks about a class - socioeconomical status on an advertisement about a perfume called channel No 5. The rhetorical appeal works on different socioeconomic levels, according to this advertisement. The advert is appealing, and its main goal is to encourage women spend money so as to obtain the perfume. The music tone in this ad is slow and romantic, and the movement is classy, this shows that it belongs to a socioeconomic class of middle level.

The advert represents a working or lower-middle class to show upward mobility symbol. The perfume is relatively expensive. According dialogue in the advert, it shows that when a person uses the perfume he will likely attract people of the opposite sex. Also, a person is likely to obtain elite status if the buy and use the perfume. The use of logical fallacies connected with middle level class may be shown in channel No 5 perfume advert. The ad uses figurative language that shows the working and middle class people may be represented. 

People from an upper and working/ middle class are the one who are using the perfume.  Many celebrities have used the perfume, among them being Marilyn Monroe who once said that he uses the perfume in her bed. The statement by Marilyn Monroe, it encouraged many women from both high and middle class to look for perfume. The advert is appeals a stereotype which is gender based; this is because it may be addressed to women. The advert seems to reinforce the status quo of the world since it liked and impressed by millions of women worldwide. The channel no 5 has set values associated with it as it clears bad odor and bring the house with fresh frost air.

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Monday, April 7, 2014

Essay on Ecosystem

In ecology, an ecosystem, is the set formed by a partnership or community of living beings (or biota) and its biological, geological, edaphic, hydrological, climatic, etc. (biotope). The elements constituting an ecosystem develop a network of energy and matter exchange for the maintenance and development of life. The term was coined by Arthur George Tansley in 1935, to describe the basic unit of nature. A unit in which plants, animals, and habitat interact in the biotope. In the ecosystem, the role of soil is to provide a diversity of habitats, act as storage, processor and transfer medium for water and other products.

In 2004, the authors of the report commissioned by the UN and called the Millennium Ecosystem Assessment have explicitly included the necromass defining an ecosystem as "a dynamic complex of plants, animals, micro-organisms, and the nonliving environment acting interaction as a functional unit."

We can speak of natural ecosystem, naturally balanced: at each level, the biomass is stabilized through interactions with other levels.

In 2012, The IUCN has announced plans to create (before 2025) a "Red List" of vulnerable ecosystems, endangered or critically endangered in the world. This initiative is a tested and supported by a Venezuelan biologist Jon Paul Rodriguez who worked on the importance of local data and regional red lists criteria (2001) then made such a classification for terrestrial ecosystems of Venezuela published in 2011 and in 2011 a reasoned list of criteria of environmental assessment of the health of ecosystems and prioritized threats to ecosystems.

An ecosystem is all the fauna and flora together in a natural area. It is composed of producers (plants), consumers (animals) and bioreductive agents (micro-organisms), which are supported by emitting energy from the sun.

The ecosystem is a natural system that tends to evolve towards a stable theoretically stable state called climatic climax while being capable of evolution and adaptation to abiotic and ecological context. We talk about ecological regression when the system evolves from one state to a less stable state. Ecosystems, such as the biosphere are still in a state out of equilibrium, constantly drawn to a climax by complex feedback loops.

A living ecosystem is healthy when all agencies and inert environments that form it are in equilibrium.

Diseases are developers and pathogens (bacteria, virus, fungi, pests, etc.) that merely regulate an imbalance but are by no means the cause. Their presence is, instead, a manifestation of the ecosystem need to find a balance and ensure its sustainability.

Eradicate the limit, even by biological control is postpone the problem, often prevent the self-regulation of dysfunction. Good basic knowledge in botany, entomology, plant pathology, agronomy, soil science, embryology, genetics, etc. allow another reading of what the disease process is.This is an approach similar to the Ecopathology.

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Thursday, January 23, 2014

Capital One 360 Savings Account Essay

This study aims at determining the fees and interest rates of my Capital One Savings Account.

The minimum balance amount is $0, meaning there are no consequences if balance falls below that amount. Capital One 360 allows a limit of 6 withdrawals for each calendar month. The consequences of exceeding the withdrawal limit several times can lead to closure of the account. Deposits have no restrictions, as an individual is required to collect a Certificate of Deposit declaring their deposit amount and specified timelines. The length of time given before an account is declared dormant is one year. If the account holder does not log in or call the company while there are no withdrawals or deposits, it is then declared dormant. There is no fee applied in this event.

There are no checking fees or monthly fees. It also comes with no minimum balance. This means there are no insufficient funds fees. Transfer from savings fee is at $25. The account earns interest at 0.20% P.A for a balance of $49,999.99 or less, 0.80% P.A for a balance between $50,000-$99,999.99, and 0.85% P.A for a balance of $100,000 or more. There are no restrictions on the account interest. However, the rate may alter if the balance reduces or increases.

There is no insufficient funds fee or use fee for the Capital One 360 debit card. Transfer from savings fee is $25.

Maximizing Returns
The APY for a Capital One 360 traditional savings account is 0.75%. The APY for a Capital One 360 money market account is 0.84%. The FV of $2,000 if held for 5 years in the traditional savings account is $75 while for the money market is $84. Therefore, my money works hardest for me while in the money market account.