Sunday, March 31, 2019

Analysis On Financial Statements Economics Essay

Analysis On pecuniary Statements Economics EssayATandT Inc. (NYSE T) is a United States telecommunications corpo balancen headquartered in Texas. Founded in 1983 as SBC Communications, it became ATT Inc. upon purchase of ATT Corporation in 2005. It is the leading U.S. provider of wire-line and tuner communications. ATT delivers 3G wireless services through ATT Mobility LLC, a wholly-owned subsidiary. Other major divisions admit broadband inter last(a), digital television, directory publishing, and argumentation communications.In 2006, ATT Inc. acquired BellS kayoedh communications corporation, take to bed at $86 gazillion, absorbing its wire-line, wireless, and broadband interests. ATT has stated specific rising goals in 4G wireless, speech recognition, telehealth, and digital convergence. Recently, ATT selected Alcatel-Lucent and Ericsson as equipment providers for its LTE (4G) wireless deployments. ATT has over 150 one million million million customers and 280,000 employee s. ATT reported a $124 million operating revenue and $23 meg terminate income as of Dec. 31, 2008.Verizon Communications Inc. (NYSE VZ) is a United States telecommunications corporation headquartered in New York. It was founded in 1983 as Bell Atlantic. Bell Atlantic acquired GTE Corp. in 2000 and changed its name to Verizon Communications Inc. It is the second largest U.S. provider of wire-line and wireless voice services. Verizon wireless is a joint venture, with Vodafone Group holding 45 percent ownership. with its FiOS product, Verizon provides fiber-optic delivery of internet, television, and digital voice. Other major operations parcel out IP networks, applications, and professional services for business line.In 2008, Verizon stated its goal to make it ATT as the U.S. market place leader in wireless voice and data communications in the United States. It is aggressively pushing fiber-optic deployments to assail industry-wide access-line losses. Verizon has over 91 m illion customers and 220,000 employees. Verizon reported a $97 one million million operating revenue and $6.5 billion net income as of Dec. 31, 2008. relaxation airplane unusual breaker pointsATTAt Dec. 31, 2008, ATT reported a current ratio of 0.53, and a long-term assets / long-term liabilities ratio of 1.92. This mismatching indicates that also much short-term fiscal support has been used to acquire long-term assets. ATT may have problems meeting its short-term obligations without supererogatory re fiscal backing. If additional financing batchnot be obtained, a lack of asset liquidity poses a bankruptcy risk.At Dec. 31, 2008, ATT reported good result at $71.8 billion, accounting for about 27% of their total reported assets. This stems from ATTs aggressive learnedness strategy. The towering measuring rod poses a great asset impairment risk. however losses, not gains, can be enter for goodwill. If the acquired entities lose value, as judged by an yearly impairment test, the loss of preserve assets and corresponding write-offs against stockholders equity can be substantial.VerizonAt Dec. 31, 2008, Verizon reported wireless licenses valued at $62.0 billion. These ar indefinite-lived intangible asset which account for 30.6% of Verizons total assets. Wireless licenses atomic number 18 super important for a telecommunications comp both, besides placing much(prenominal) large valuation on an intangible is a undecomposed risk. Estimating average value is very subjective, and any significant write-offs (as judged by a periodic impairment test) could affrighten stockholders corporate trust.At Dec. 31, 2008, Verizon reported funds and cash equals of $9.8 billion. Having much(prenominal) a large amount of cash and cash equivalents (investments with a maturity of 90 days or less) is good for liquidity. However, a significant portion of this $9.8 billion could be reborn to less-liquid, extravagantlyer-interest investments that mature within a year, or even long-term investments. Having so much cash-on-hand is a problem because it is not being invested to generate additional value to the business.Income Statement unusual itemsATT At Dec. 31, 2008, ATT reported basic earnings-per- helping of $2.17. During the said(prenominal) period, their nearest market competitor, Verizon, reported $2.26 basic earnings-per-share. To the common stockholder, this is one of the closely important factors to suck in and maintain investment. Unless ATT can achieve high earnings-per-share, investors will be much likely to invest in their competitors, posing a threat to ATTs future(a) growth.At Dec. 31, 2008, ATT recorded a net new(prenominal) income (expense) of -$589 million (versus +$615 million in 2007). A closer look at tone 4 to the financial didacticss reveals that this is entirely attri merelyable to Consolidation and excrement expenses. Reorganization due to acquisition and restructuring has been a significant part of A TTs market-growth strategy, but they must take care not to incur excessive expenses for the pastime of growth. That could lead to an general loss of competitiveness and lack of stockholders confidence.VerizonAt Dec. 31, 2008, Verizon recorded a net income of $6.4 billion. Their nearest market competitor, ATT, posted a net income of $12.9 billion. In terms of absolute numbers, this gives Verizon less power in the market and also serves as an indication to investors that Verizon might not be managing its contribute well enough. Income is essential to future value creation and expansion, so Verizon should hand to im substantiate operational efficiency and attain an income thats more than aligned with (or break out than) its competitor.At Dec. 31, 2008, Verizon recorded a net profit margin (ratio of net income to revenues) of wholly .066, up from their 2007 profit margin of .059, but still get off than their 2006 profit margin of .070. In general, Verizons profit margin seems l ow compared to separatewise U.S. telecommunications corporations (especially ATT), a sign of managements in tycoon to recall strong returns. This weak financial performance should raise concerns for shareholders and financers, and it poses a survival risk to Verizon.Cash carry Statement unusual itemsATT In 2008, ATT issued $9.5 billion in dividends to stockholders (which has been increasing piecemeal since 2004). Consistent dividends are good to attract sustained stockholders confidence and investment, but a dividend payout of $9.5 billion is unusually high. By paying out too many excess funds to stockholders, ATT may be missing out on more lucrative investment opportunities that would generate better returns. In 2008, ATT reported $5.6 billion in accounts payable and accrued liabilities. This amount, due to ATTs suppliers or banks, must be paid off within 12-months in request to avoid default. This significantly high amount is a constraint against ATTs on the job(p) capita l. If the attach to is not able to fully pay off the debt in time, its future operations could be hindered.Verizon In 2008, Verizon reported net $15.9 billion in acquisitions of licenses, investments, and businesses. Such a substantial investment introduces a high level of business risk. If Verizons investments do not demonstrate profit susceptibility, not only will significant funds have gone to waste, but more doubt will be cast on the corporations future investing decisions by investors and financers.In 2008, Verizon accumulated net cash inflows from financing activities of $13.6 billion. In particular, $21.6 billion were proceeds from long-term borrow, objet dart there was a refund of only $4.1 billion in long-term borrowing and capital take obligations. It seems that Verizon is using this leverage to achieve their investing activities discussed previously. Such aggressive financing this fiscal year can put heavy constraints on Verizons ability to acquire additional financ ing in future years. Verizon is in a precarious position where, if they cannot repay the financing in a punctual manner, they enter a high risk of declining into bankruptcy.Notes to Financial Statements unusual itemsATT At Dec. 31, 2008, ATT reported that $14.1 billion of its outstanding debt would mature within one year, compared to just $6.9 billion in the previous year (see Note 8). This current debt introduces a liquidity problem, since ATT must be able to generate enough cash in the next year to repay its financers. This is a significant business risk for AT&T if it is futile to dressing its debts in time, its future financing options will be limited and its business operations could be in jeopardy.As of Jan. 1, 2007, ATT indicated a loss of $123 million in goodwill related to the settlement of IRS audit in its wireless segment (see Note 6). Excess goodwill is already a problem because a high risk of asset impairment is introduced, but devaluation due to an IRS audit raise s serious concerns about managements judgment for proper accounting. Investors are cautious about missteps such as this, and a recurring incident could further unsettle their confidence in ATT.VerizonOn Jan. 9, 2009 (beyond the reporting date of the financial arguments), Verizons wireless segment closed the acquisition of Alltel Corporation, paying $5.9 billion for its equity, but also getting $22.2 billion of its debt obligations (see Note 2). Acquiring such a massive debt puts Verizon at a significant financing risk. The notes reveal that Verizon has relied on credit to straight cover the acquisition cost and debt prepayments, with $2.5 billion debt that remains outstanding. Verizon faces emf insolvency in other words, a high risk of adequate repayment and future refinancing.At Dec. 31, 2008, Verizon reported obligations for all defined benefit pension plans at $29.4 billion (see Note 15). The future collection of this large liability poses a financial risk to Verizon, should they not be suitably prepared to cover the costs. Along with Verizons already large debt obligations, this is a noteworthy threat to the participations viability.Balance Sheet differencesAt Dec. 31, 2008, ATT had a debt-to-equity ratio of 1.75 (total liabilities / total equity) and Verizon had a debt-to-equity ratio of 3.85. ATT and Verizon hold similar levels of total liabilities ($169 and $161 billion, respectively), but ATT has a great count more stockholders equity ($96.3 versus $41.7 billion, respectively). ATTs much larger stockholder interest provides change magnitude financial flexibility and an ability to service its debt, in comparison to Verizon which should be more cautious in its debt accumulation, at risk of being unable to generate enough cash to satisfy its debt obligations. ATTs dismount debt-to-equity ratio may boost stockholders confidence since their investments are better protected in the incident of business decline. On the other hand, ATTs lower debt-to -equity ratio may hint that it is not taking advantage of enough financial leverage to generate increased profits.At Dec. 31, 2008, ATT lists Customer Lists and Relationships as a long-term asset valued at net $10.6 billion. Verizon does not such an item listed on their balance sheet, but Note 4 to the financial statements reveals that customer lists and relationships are a net $820 million component of Other Intangible Assets. This item is a limited-life intangible asset, and is subject to amortization accumulation. The relatively similar size of it of each companys customer base suggests that these valuations shouldnt be so drastically different. Estimating fair value of customer lists and relationships is very subjective, based on how each company judges the ability to generate returns. ATTs high valuation compared to Verizon leads to higher annual write-offs of the asset. Stockholders confidence could be shaken by too high write-offs arising from higher valuations, so Verizon s more conservative valuation may be safer in the long-term.Income Statement differences As of 2008, ATTs income statements divide operating revenues into five segments wireless service, voice, data, directory, and other. Verizons income statement only specifies a catch-all operating revenues item, but Note 17 to the financial statements identifies two segments domestic wireless and wireline. Both companies wireless segments are equivalent in scope. Verizons wireline segment is the equivalent of ATTs voice data segments combined. Notably, ATT has a more diversified business portfolio, including its directory services which include the publishing of print directories, directory advertising, internet-based advertising, and topical anesthetic search and the other segment which includes information services, payphone, and corporate operations. The presentation of ATTs income statement emphasizes their diversity of operations in comparison to Verizon. This shows two different approach es to business diversification. For Verizon, if one of its two segments were to fail, the financial impact would be catastrophic. For ATT, the failure of a single segment would be less severe on the company as a whole. Verizon lists nonage interest as a searching item under operating income with a recorded expense of $6.16 billion. ATT does not list a distinct item, but Note 4 to its financial statements indicate that $256 million of minority interest expense is part of its other income (expense) item. Minority interest expense refers to the share of profit belonging to minority shareholders. In this case, Vodafone owns a 45% interest in Verizon Wireless and receives that share of the generated income. For Verizon, this is a very large amount of income that it could be collecting for itself, if it was to take full control of its wireless subsidiary. If Verizon recognized the full income of its wireless subsidiary, its overall net income would be more competitive with ATT. Also, by giving Vodafone such a large stake in its wireless subsidiary, there is the potential for a future takeover.Cash Flow Statement differences In 2008, Verizon recorded $13.6 billion in net cash provided by financing activities, magic spell ATT recorded $4.7 billion in net cash used in financing activities. That is, Verizon acquired net debt in its financing activities, while ATT was able to pay back more financing that it acquired. Because of this, ATT shows more financial solvency than Verizon, as its ability to repay previous financing activities boosts shareholder confidence and enhances its record as a reliable borrowing partner for future financing. Verizons big borrowing introduces significant business risks and a potential for bankruptcy if their operations dont return considerable income. On the other hand, Verizons aggressive financing activities may prove beneficial if it uses the finances to successfully grow its market-share, which would be a threat to ATT. In 2008, Veri zon recorded $1.4 billion of purchase of common stock for treasury, while ATT recorded $6.1 billion of the same. The goal of these treasury stock repurchases is to increase the value of the shares held by stockholders. Both ATT and Verizon have repurchased shares over the past 5 years, with ATT averaging $4.3 billion in repurchases per year versus Verizons $1.3 billion per year. ATTs consistently larger repurchasing may signify that it views its shares as undervalued, or that it wants to improve its reported earnings-per-share. As noted earlier, ATTs 2008 earnings-per-share were $0.09 lower than Verizons, so this might be a legitimate strategy to attract future stockholder investment. However, the consistent treasury stock repurchases may be a sign that ATT is struggling to obtain legitimate interest from investors, so they are instead just acquiring their own shares to inflate the stocks value.ReferencesATT Inc. 2008 annual Report. ATT Investor Relations. Online. .ATT Inc. Form 1 0-K 2008. Rep. no. 1-8610. Washington, DC United States Securities and Exchange Commission. Online. .ATT Investor Relations. ATT Official Site. Web. 16 Feb. 2010. . ATT. Wikipedia, the free encyclopedia. Web. 12 Feb. 2010. .Top 10 Profit Margins by Industry, telecommunication Domestic. The Online Investor. Web. 20 Feb. 2010. .Verizon Communications Inc. 2008 Annual Report. Verizon Investor Relations. Online. .Verizon Communications Inc. Form 10-K 2008. Rep. no. 1-8606. Washington, DC United States Securities and Exchange Commission. Online. .Verizon Company Profile. Verizon Investor Relations. Web. 17 Feb. 2010. .Verizon Communications. Wikipedia, the free encyclopedia. Web. 12 Feb. 2010. .

Saturday, March 30, 2019

Intravascular papillary endothelial hyperplasia

Intravascular papillary endothelial hyperplasiaIntravascular papillary endothelial hyperplasia, regarding a exerciseINTRODUCTIONIntravascular papillary endothelial hyperplasia (IPEH) was first draw as a malignant lesion by Pierre Masson in 1923(1), monition his histological similarity to angiosarcoma. Later, Henschen(2) described an intravascular endothelial proliferation that he interpreted similar a reagent process due to inflammation and stasis vascular.We present a boldness of a patient diagnosed with intravascular papillary endothelial hyperplasia in renal vein.deterrent example REPORT61 years old male referred to our department with symptoms matched with right renal colic. He has previous history of hypertension, obstructive relaxation apnea syndrome and benign prostatic hyperplasia with alpha-blocker therapy.The patient relates intense pain in the right flank, sometimes radiating to ipsilateral inguinal region. On physical examen revealed pain with percussion in the r ight flank. Blood and piddle analysis, abdominal radiography and ultrasound are requested, all of them normal. Due to the tenacity of symptoms, CT scan with contrast was requested (Fig. 1), in which a firm chain reactor of 3.5 x 3 x 4 cm, lobulated and with entangled necrotic center find at the right renal hilus infiltrates renal vein is seen . This mass is adjacent to lower portion of adrenal gland, kidney, and commode portion of the duodenum, not clearly identifying dependency. To try to understand the dependence of this mass MRI is requested (Fig. 2), which describes hypointense on T1 and hyperintense on T2 tumor, with probable adrenal gland dependence.Suspecting adrenal injury, hormonal and metabolic study is carried on in extraction and urine of 24 hours, all was normal. Scintigraphy was also performed with MIBG finding no enhancing lesions. attached previous findings, and the likelihood of adrenal malignancy (nonfunctional), surgery is decided. By a subcostal laparoto my, a tumor about 4 cm, firmly adhered to the renal hilus is observed. Right fundamental nephrectomy is performed due to impossibility the tumor ablation alone.postoperative course without incidences and the patient was discharged on the fourth day.Microscopic examination of the surgical specimen revealed kidney and adrenal gland unaltered. Near of the renal hilum and, at least partially, contained within a dilated vein, thrombosis and endothelial reactive field of study proliferation (capillary and papillary), compatible with papillary endothelial hyperplasia intravascular (Fig 3).Currently the patient is re postureed every 6 months, with analytical tests and CT normal.DISCUSSIONEnzinger and Clearkin(3) suggested several(prenominal) morphological features that served in the first derivative diagnosis between IPEH and angiosarcoma, including intraluminal location of the lesion, absence of necrotic tissue and front end of thrombotic material, and proposed the intravascular pap illary endothelial hyperplasia term.The etiology of IPEH is still unknown. Trauma has been proposed as the primary(prenominal) etiological factor, but the traumatic history is exceptional. Several authors agree with the view of Clearkin and Salyer who believe it is due to an alteration in the thrombosis process, consisting of an unusual and peculiar carriage of organizing thrombus.( 3,6 )IPEH can occur at any age, more frequently in female. Most of the cases are localized to skin vessels, in head and neck, where they come forward as small hard mass of bluish red colouring material to the skin. Although there have also been less frequent locations as jejunum, important nervous system, liver, and lungs (4,5).Three forms have been described Primary, on dilated vascular lakes subsidiary or mixed, with preexisting vascular lesion as hemangioma , arteriovenous malformations or pyogenic granuloma and the third and less frequent, extravascular, resulting in a hematoma (7).The finding of IPEH in the renal vein is rare, there are very hardly a(prenominal) cases reflected in the literature. The symptoms are variable, ranging from an incidental finding, asymptomatic, to colic pain and hematuria.In imaging, with the CT scan with contrast we can find a solid lesion with heterogeneous contrast enhancement, and in MRI a lesion hypointense on T1 and hyperintense on T2 , which does not exclude malignancy(8, 9).In a case reported(10), preoperative diagnosis was performed with excision of the lesion and kidney preservation. But in most cases, it was impossible to rule out malignancy, and the radical surgery is usual, either for technic impossibility by proximity to the renal vessels, or the suspicion of malignancy. No metastases or malignant degeneration has been reported.Preoperative diagnosis of IPEH is difficult as there are no characteristic symptoms or an imaging test that allows adequate differential diagnosis.There are several neoplastic and non-neoplastic lesions t hat can be found in the renal hilum. Among them renal carcinoma, angiomyolipoma , schwannoma , myelolipoma , hemangiopericytoma , lymphoma, cysts, Castleman disease or lipomas.Therefore, this condition, although rare, must fall within the diagnostic possibilities, especially if their dependency or proximity to vessels is detected.CONFLICT OF INTERESTThe authors declare no conflict of interestREFERENCESMasson P. Hemangioendothelioma vegetant intra-vasculaire. Bull Soc Anat Paris 19239351723.Henschen F. Lendovasculite proliferante thrombopoietique dans la lesion vasculaire locale. Ann anat Pathol 19329113-21.Clearkin KP, Enzinger FM. Intravascular papillary endotelial hiperplasia. ARch Pathol Lab MEd 197610441-4.Johraku A, Miyanaga N, Sekido N, et al. A case of Intravascular Papillary Endothelial Hyperplasia Arising from renal sinus.Jpn J clin Oncol 1997 27(6) 433-36.Pelosi G, Sonzogni A, VIale G. Intravascular Papillary Endothelial Hyperplasia of the renal vein. Int J Surg Pathol 19( 4) 518-20Salyer WR, Salyer DC. Intravascular angiomatosis development and distinction from agniosarcoma. Cancer. 1975 36 995-1001Hashimoto H, Daimaru Y, Enjoji M. Intravascular papillary endothelial hyperplasia. A clinicopathological study of 91 cases. AM J Dermatopathol. 1983 5539-46Kuo T, Sayers CP, Rosai J. Massons Vegetant intravascular hemangioendothelioma a lesion often mistaken for angiosarcoma. Cancer 1976 38 1227-36. van den bogaert S, Boel K, Van Poppel H, et al. Massons tumour of the kidney. Cancer Imaging. 2002 2 116-9.Akhtar M, Aslam MAL-Mana H, et al. Intravascular Papillary endothelial Hyperpasia of Renal Vein. Arch Pathol Lab med. 2005129 516-520LEGENDS TO FIGURESFig.1CT heterogeneous mass with necrotic core located in the right renal hilum.Fig. 2 T1-weighted MR image hypointense mass on the right renal hilum.Fig. 3 Histological specimen. Close to the renal vascular pole and partially including a dilated vein, an intravascular thrombus and a reactive endothelial pr oliferation regularise (capillary and papillaroid) are observed.Fig. 4 Greater magnification of the previous image, which can be seen proliferation of papillary structures that tend to anastomose that are lined by a row of endothelial cells, centered on an axis of collagen and fibrin. No images of necrosis, atypia or mitosis (not characteristic of malignancy) were observed.

The Monopolist And Profit Maximization Economics Essay

The Monopolist And returns Maximization economics EssayMonopoly is a sensation vender and m separately buyers. thither is no difference amid wet and sedulousness and monopoly form as in truehearted commercialize. Besides that, monopoly is the sole provider of goods and services.2.1 Characteristics of MonopolyThere argon some characteristics of monopoly commercialize. unrivaled trafficker and abundant calculate of buyersThe one of monopoly characteristic is one seller and large number of buyers is large and the size of severally starchy is in truth keen. The number of buyers also large and this firm shtupnot bend the market cost. So basically, individual firm does not b some other about the reactions of the firm. Besides that, adjusts its cut-rate sales agreement to earn maximum lettuce and the charge given under hone disputation. The acquire of individual buyers relative to the thoroughgoing take on. And so bittie that push asidenot influence the price o f the fruit by his individual action. harvest-time has no have substitutesThe import characteristics is, harvest-home diametricaliation, there is harvest-festival ar close substitutes exclusively not staring(a) substitutes. Its means, products are alike exclusively not equal. For an example, Colgate toothpaste is more or less different from Darlie toothpaste. Otherwise, similarly dettol soap is different from life buoy soap. unless if the buyers can find any(prenominal)(prenominal) substitutes for toothpaste and soap means, may be the differences is sure or imaginary but its create attachments. Consumers prefer one product to another(prenominal), under noncompetitive competition. Monopoly cannot exist if there is a competition or any substitute product because consumers or buyers could not find any replacement for the product.Restriction on the founding of recent firm.The third characteristics of the monopoly are, firm under noncompetitive are flabby to entry a nd march on the attention. Barriers are not entry is natural or legal restriction that restricts the entry of new firms into the industry. Hence, a firm has legal watch over other firms. There is restricting competition in the market.AdvertisingIn monopoly market, publicize is depends to the product sold. If the product is good and services means, the monopoly needs make publicizing to inform consumers on the goods. So that, its try to establish goods of its own products. By the advertising, consumers can greet their selling costs. However, if the products are not luxury goods much(prenominal)(prenominal) as water service, electricity service, and local telephone service, then the seller no need to create any advertisement. This is because a lot of the buyers know that where are the places and locations to get and purchase these a couple of(prenominal) products.2.1.1 DiagramThe Monopolist and pay MaximizationIn the diagram, the criterion of assignd and price charged has o wn checker for both of it. That also, consummate demand arch for goods and services produced. So that, it provide facing a downward slopping demand rick in the diagram. Equivalently, a monopoly never operates in the inelastic portion of its demand curve.Monopolist Profit Maximizationhttp//i.investopedia.com/inv/articles/site/micro3.12.gifWhat happens if the monopolist later faces a demand curve such as D1? In that elusion, the monopolist cannot cover costs and volition go out of short letter.2.1.2 Demand, Marginal Revenue, and Elasticityhttp//cyro.cs-territories.com/asa2_economics/unit4/images/monopolisticcompetitionlongrun1.pngIn the diagram, demand curve is elastic as there many a(prenominal) firms. So that, there is overlook of close substitutes. The scratch shown as abnormal where the shaded area and competitor the succinct run.As shown in the graph above, a monopolist facing demand curve D0 allow produce quantity Q0 and the price charged go away be equal to P0.2.1 .3 ConclusionAll in all, monopoly have quartet characteristics of structure. Besides that, monopoly is the sole provider of goods and services. The monopoly market is still solely by mutually beneficial exchange of firm exist and many.3.0 Difference between Perfect competition, monopolistic competition, oligopoly, and monopolyPerfect competition, monopolistic competition, oligopoly and monopoly have their own singly features. Their characteristic of their four markets is not same. In monopoly, the market structure in which there is however one producer and seller for a product. Oligopoly is barely few firms that make up an industry and select group of firms has control over the price. Monopoly and oligopoly has high barriers to entry. Then, monopoly structure is opposite for spotless competition. Perfect competition are has many buyers and sellers, many products that are similar in record and there are many substitutes.3.1 Differentiate between perfect competition, monopolisti c competition, oligopoly and monopoly3.1.1 Perfect competitionPerfect competition is a market is a affirmable market where competition is at its greatest in mathematical level. The products are homogeneous and seller can easily enter and take place from their market. payoff of seller and buyersPerfect competition is very large meter of firms in the market. Perfect competition also existence of large number of buyers and sellers. There is no dominating firm and all firms are unremarkably small and are price takers, because the individual sales volume is comparatively small compared to market volume. The price does not change and there is no discernible change in the quantity exchanged in the market. free to entry and existThe second characteristics of perfect competition is there are unrestricted on the entry and exist of both buyers and sellers. A firm can easily enter into perfect competition market and leave the market at any time, if that firm cannot continue the firm. The a bsence of such barriers does not affect the prices, and there is always a substitute for suppliers, who enters and leaves if, wants. If any losses occur the firm will exist the industry without any reason. This is important to understand the free entry and free exist is possible in the long-time firm. homogeneous productThere another condition of perfect competition is homogeneous product that is a product offer for sale by seller. It must be goods offers for sale and perfect substitutes of one another seller. One firm cannot differentiate the same products sold in the industry because buyers can identify the difference in terms of colors, quality and packing. There is mean, even though the products are same in nature but there is difference in terms of quality. Seller cannot raise the price above the prevailing price or lower the price. Homogeneity of product has an important implication for the market if products of different seller. Besides that, buyers not maintenance who they buy from, as long as the price is same.Maximum profitsIn the perfect competition, profit maximization determine by the quantity of product they sell. The marginal cost by the product of a single unit of the product is equal to the marginal revenue. Total revenue and come in cost approach are the profit maximization. When the cost is lowest, and then only can be maximum profit.3.1.2 Monopolistic competitionThe concept monopolistic competition is more realistic than perfect competition. Monopolistic competition market each firm has its own price policy. The most slips from another thing feature of monopolistic competition are the products of various firms are not identified. But they are close substitutes for each others. In the case, monopolistic and perfect competition is characteristic by the existence of sellers. The firms do not produce perfect substitutes. Otherwise, each firm has a small percentage of the total monopolistic market and thus has limited control over market pri ce.Product differentiates.Under monopolistic competition, product differentiation may implicate physical or qualities differences in the products by their selves. There output product are tell apart between which are relatively close substitutes for each other. So that, that product prices cannot be very much different from each other. Product differentiated by location, services, designs, and brand names. The firms in monopolistic competition will differentiated their products and make them more appealing to the customers in lay out to maximize their profits.3.1.3 OligopolyIn anoligopoly, there are only a few firms that make up an industry. This select group of firms has control over the price and, like a monopoly an oligopoly has high barriers to entry. Main characteristic of oligopoly is interdependence of firms in the industry. Sum more, in the oligopoly market, all firms can earn abnormal profits in the long run because, the entry of new firms are difficult. Oligopoly is not like monopolistic market, because if firms change the prices or output, it has noticed effects on the sales and profits of its competitors.Small number of large firmApproaches from small number of large firm are each which is relatively large compared to the overall size of market. Under oligopoly, few firms control the overall industry and there is no specific number of firms that must control the market.Homogeneous of differentiated productUnder oligopoly, when a product sold that can be either a homogeneous or a differentiated product. For example, petroleum, steel and etc. and also, oligopoly focus on goods sold. Basically, people have different wants needs and thus enjoy variety. Such as, automobiles and computers.Barriers no entryBarriers no entry is similar to monopoly market. The oligopoly firms will restrict new entry into the market. In this industry, a few huge firms own most of the available squeeze ore, a necessary raw material for steel production. Once the new firms are out of the market, there large firms reduce the production will increase the price. In these cases, barriers to entry are low, and it also as small investment may be required to enter the market structure.3.1.4 MonopolyMonopoly can be considered opposite of perfect competition. It is a market form in which there are only sellers. Even though, there are many factors to rise up monopoly market. There is only one supplier and the demand curve that individual firms face is the market demand curve. A monopoly firm is deemed to have considerable control over the price of its product. In the case a monopoly can also arise if a company owns the entire supply of a necessary material needed to produce a product.3.1.5 ConclusionCharacteristicPerfect CompetitionMonopolistic CompetitionOligopolyMonopolyNumber of firmsVery ManyManyFewOneType of ProductHomogeneousDifferentiatedHomogeneous / DifferentiatedOnly product of its good-natured(no close substitute)Ease of entryVery easyRelatively ea syNot EasyImpossiblePrice Setting power postcode(Price taker)SomewhatLimitedAbsolute(Price Maker)Non Price CompetitionNone significantConsiderable for a differentiated oligopolySomewhatProductive efficiency exceedingly efficientLess EfficientLess EfficientInefficient large run profits00PositiveHighExamplesDoesnt endure agriculture closeFast Food, retails stores, cosmeticsCars, Steel, soft drinks, cerealsSmall town newspaper, campestral gas station4.0 Conclusion and recommendationsIn the whole assignments, I conditioned about microeconomics subject ant it is a very important subject to whom taking billet course. The subject teaches every student about business skills and helps to learn about business knowledge of economics.In first question, I know the characteristics of monopoly. I also learn the differentiated of monopoly in the markets. The second question is about the differentiate between perfect competition, monopolistic competition, monopoly and oligopoly markets. From this question, I learned about the four characteristics of the markets such as the four markets are not same all the times.In spite of this assignment, I give thanks to my lecturer and coordinator for guide us to do this introduction to business. I consider from this assignment that I can know well about the business chapters.Appendix

Friday, March 29, 2019

Frameworks of Entrepreneurship

Frameworks of EntrepreneurshipIntroduction In the minds of masses, entrepreneurs atomic number 18 getd as al one heroes who after putting a brave fight once against on the whole the odds of business world became successful. Tradition on the wholey, all theories touted entrepreneurship as an individual wager entirely problems like scarcity of finances, inadequacy of skill set and free-enterprise(a) market forces gave way to a spick-and-span epoch in entrepreneurship much comm plainly termed as Team Entrepreneurship.Objective The concept and theory- found put inations in this cope withing argona be still in the stage of infancy. This paper is an attack to explore the concept of Team Entrepreneurship, trace the comments and identify the conceptual theoretical account on the basis of the enquiryes done in the field.Findings Diverse opinions looking squad-building mechanisms, composition and dynamics of the entrepreneurial ag throngs take a leak been observed from the literature. The study in like manner identified the manifold facets in which the entrepreneurial ag convention exists. A conceptual framework interpret the phenomenon of creation and operation of entrepreneurial squads let been highly-developed.Conclusion Team found entrepreneurial fortuitys accommodate proved to be successful provided an effective schemeal model is developed for its sustenance. Researches have shown a considerable success site for police squad gages especially nethertaken at SME take. Global slowdown has signifi ignorenistertly highlighted the enormousness of risk sacramental manduction in business ventures. Team entrepreneurship bear be considered as the wholesome-nigh possible and effective mode of venturing in the endue and future scenario given its bene suitables of communion of mental imagerys, skills, and above all monetary risks. creative activityManagement and its practices in the present era has experienced major simulacrum s hift and one of the most prominent shift is the change in the philosophy from individual excellence to group excellence. Team players or else than solo stars are what companies look for while recruiting lot. Performance is judged much specifically on the criterion laid down for the aggroup as a whole. An ripe project these days whitethorn non be the baby of a single individual only the soul child of a aggroup. This sail jump from solo show to the band of performers can withal be observed in the case of entrepreneurship.Since the seminal work of Birch (1979), umteen a(prenominal) studies have focused on small takes (as their valuate of growth can frequently appear to a greater extent dramatic than that achieved by larger governings). For a long metre it has been a great myth that entrepreneurship implicitly describes the skirmish of a lonely hero against economic, governmental and accessible forces (Cooney Bygrave, 1997). Lot of research work could be found where entrepreneurs were identified as individual business consecrates(Gartner, 1985 Hofer Sandberg, 1986 Carland, Hoy, Boulton, Carland, 1984 Olson, 1987, save aggroup entrepreneurship as an area of study is a more recent phenomenon (Ensley et al., 1999 Kamm et al., 1990). However, over the past 15 years, squad entrepreneurship has received change magnitude attention. Based on research conducted from the inside of a fast-growing theater, Alex Stewart shows that entrepreneurship is two collective, a police squad-based activity and individual, a leader-made creation.It is arguable that despite the romantic depression of the entrepreneur as a lone hero, the factuality is that successful entrepreneurs either built groups about them or were mapping of a team throughout. For example, when one considers the success of Apple Computers, the name of Steven Jobs immediately springs to mind. However, while Jobs was the charismatic fellowship hero and visionary, it was Steve Wozni ack who invented the first PC model and Mike Markkula who beseeched the business expertise and access to venture capital (Sculley and Byrne, 1988).DEFINING TEAM ENTREPRENEURSHIPIn the primordial 90s scholars (eg Kamm et al 1990, Mller-Bling and Heil 1994) explored a genuinely important scarcely almost undiscovered field in the entrepreneurship research namely team entrepreneurship.The studies on team ventures are scarce, they often lack a theoretical background or fail to even provide a right translation of the researched object.Due to this lack of research it has become a real tough proposition to get a comprehensive definition of team entrepreneurship. Some researchers argue that this lack of definition and theoretical framework leads to the contradictory and several(prenominal) times even confusing empirical results in the field of Team Entrepreneurship.Team entrepreneurship does not view the act of entrepreneurship as a preserve of the individuals rather it is seen as a capability and attitudes whereby individual skills are integrated into, group or team, becoming partners in the businesss future maturation.This collective cleverness to innovate becomes something greater than the sum of its parts. Ensley, Carland, Carland (1998), combine elements from other definitions found in the literature and ramp up three conditions which identify an individual as fellow member of an entrepreneurial team they have either (1) jointly open up a firm, (2) a fiscal delight in, or (3) a subscribe influence on the strategic alignment of the venture.The most frequently busy definition is that by Kamm et al. (1990), who suggested that an entrepreneurial group is two or more individuals who jointly establish a business in which they have follow financial interest. These individuals are present at the pre- jump-up phase of the firm, before it really begins reservation goods or serve operable to the market. However, two substantive elements of this defini tion are subject to disagreement (1) the inclusion body of the term equal financial interest, where a more open interpretation of financial interest is necessary instead, and (2) the focus on pre-start-up, because an individual could possibly become a team member at any point in the maturation of the firm. The definition should additionally concentrate on wise venture creation rather than on team development in spite of appearance an established organization.An entrepreneurial team be defined as two or more individuals who have a significant financial interest and participate actively in the development of the enterprise. The purpose of significant financial interest is in experience of the fact that only sporadically would all partners have equal financial interest. However, the question of what constitutes significant remains undefined and should only be considered within a specific context. The intent of the phrase participate actively was knowing to eliminate sleeping or s ilent partners (i.e. those who invest capital but do not involve themselves beyond seeking a take place on their investment). Moreover, the definition excludes venture capital firms, banks, and other investment institutions since it is only concerned with individuals. A final point of note to the definition is that it was with regard to the development of the enterprise. This ac knowledges the dynamic nature of the enterprise and accedes to the prospect that team members can join (or leave) at any stage of the maturation of the firm. Therefore, the definition is not restricted to pre-start-up but embraces the concept of entrepreneurial teams as fluid and evolutionary.Leon Shjeodt developed another comprehensive definition of entrepreneurial team as a team consisting of two or more persons who have an interest, both financial and otherwise, in and commitment to the ventures future and success whose work is interdependent in the pursuit of common goals and venture success who are acc ountable to the entrepreneurial team and for the venture who are considered to be at the executive direct with executive responsibility in the early phases of the venture, including founding and pre-start up and who are seen as a social entity by themselves and by others. This definition again brought forward that such team are not necessarily fabricated as pre-start-up rather can be organise at the later stages. interdependency of the team members for venture performance and accountability are likewise merged alongwith the identity of entrepreneurial teams as a social entity.FORMATION AND composition OF entrepreneurial TEAMSResearch has shown that teams start a significant number of tender ventures, or a team is created within the first years of start up (Kamm, S gay, Seeger, Nurick, 1990 Watson, Ponthieu, Critelli, 1995), the quality and composition of the team is a critical epitope of organisational performance (Glick, Miller, Huber, 1993 Hambrick, 1994).According to Cooper and Daily (1997), an entrepreneurial team is more than a group because it involves a shared commitment to the hot venture, but they stop short of defining what shared commitment is. Katzenbach (1997) suggests that what mustiness be shared is the accountability.Eisenhardt and Schoonhovens (1990) contribution in defining entrepreneurial team considered a group of people holding full-time executive positions at the time of founding. Whereas Leon Schjeodt emphasised that it is not necessary to be in the pre-start up or founding phases of the venture to be a part of the entrepreneurial team. It is possible for a person to be considered a part of the entrepreneurial team if the person is brought into the venture in the early phases to help establish the venture.The composition of the entrepreneurial team refers to the collective characteristics of its members (e.g., Banter Jackson, 1989). Entrepreneurial teams are most effective if they balance their skills, knowledge, and abi lities as Cooper and Daily (1997) suggest.heterogeneity in the entrepreneurial teams composition is unavoidablenessed for the team to achieve a high level of effectiveness and venture performance. TMT serve upal heterogeneity increases the likeliness of strategic change (Lant, Milliken, Batra, 1992 Wiersema Bantel, 1992), increases strategic consensus (Knight et al., 1999), and enhances performance (Bunderson Sutcliffe, 2002), but it can also create cognitive and affective contravention (Amason, 1996 Kamm Nurick, 1993 Miller, Burke, Glick, 1998). Despite this conflict, research suggests that compound TMTs perform better because their ability to leverage multiple perspectives improves their decision making (e.g., Miller et al., 1998 Simons, Pelled, Smith, 1999).Demographic variety does not play a really significant role in team formation and composition. Sanjib Chowdhury(2005) suggests that demographic diversity is not important for entrepreneurial team effectiveness, w hereas the team process variables positively influence team effectiveness. He also identified that the diversity in terms of gender, age and functional background does not contribute to the team-level cognitive comprehensiveness and team commitmentAnother aspect of composition is time and its affect on the team. As mentioned earlier, it was found that effects of diversity, especially for demographic characteristics, within the entrepreneurial team decreased over time as the ET engaged in lengthy discussions and solved disagreements and complex problems (Glicket al., 1993 Harrison, Price, Bell, 1998)Two principles of team formation dominate the strategic reignment literature on teams, although most research concerns the upper echelons of established firms, rather than startups (Forbes et al., 2006).First, a rational process model of team formation emphasizes selecting members based on pragmatic implemental criteria, such as complementary skills or work experiences. From this viewp oint, competency should digit team formation so that new ventures possess the capabilities needed to manage complexity and growth. Second, a social psychological model emphasizes the interpersonal fit between team members and the need for smoothly functioning group processes. numerous scholars have pointed to the important role that social and emotional support play in affecting human behavior (Thoits, 1984). For example, positive social transaction within a team can create a accessary context within which people are furtherd to undertake innovational actions. The two sets of principles are not mutually exclusive. Within the constraints of interpersonal attraction, teams can still search instrumentally for members. Similarly, within the constraints of imaging-based needs, teams can still choose people who are attractive.SUSTAINING TEAM ENTREPRENEURSHIP IN AN ORGANIZATIONAL ENVIRONMENTSetting up of an entrepreneurial venture jointly is one aspect but sustaining entrepreneurial groups poses a big dispute. When educated, skilled and dynamic individuals join hands for a venture in the entrepreneurial capacity then firms must turn back that their organizational surround is closely matched to their heterogeneity of mental models (e.g.,diversity of ideas and entrepreneurial skills) at all levels, especially at upper-level management. However, an organization collected of individuals with very similar perceptions of the potential services from firms resources and the competitive environment is likely to have a truncated set of profitable opportunities. In team entrepreneurship, the team can be as effective as the creative inputs provided by its members, which can expand and be enriched when members learn from each others diverse ideas, perceptions, and expectations. Also, with the inclusion of complementary skills in the team, the cooperative entrepreneurial team can typically overcome the limitations of its individual members (Barnard, 1938).An informal or ganization culture is required to encourage continuous resource learn through interactions in teams. Under conditions that hold in creative thinking, entrepreneurial experimentation, and risk taking, human resources are likely to function substantially below their full entrepreneurial capacity. It is of utmost important that an environment be created to avoid stifling of creativity of individuals that mar many firms.Individuals must have freedom and opportunities in order to imagine different services of resources, to deploy individual entrepreneurial capital, to renew the firms unique productive hazard set, and to mobilize invisible assets (Itami Roehl,1987). Individuals are not only allowed to think creatively, but are also encouraged to voice their creative ideas and visions about new product ideas and novel ways to utilize resources.An entrepreneurially stimulating environment provides individuals with resource flexibility and slack for calculative experimentation (Barry, 19 91 Dobrev Barnett, 2005 Mosakowski, 1997), which helps mobilize the cognitive assets of the firm that are in the form of heterogeneous mental models. Resource breeding and organizational learning involve taking risks, making mistakes, and experimenting with novel solutions and ideas. distributive fear of failure and punishment instilled in employees does not belong to entrepreneurial environments, as it can severely constrict risk- taking and resource learning (McGrath McMillan, 2000).Besides seeking creative thinking, effective entrepreneurship requires investments in ideas and rewarding entrepreneurial thinking and experimentation both at the individual level and at the team level. An effective allocation of inducements to encourage entrepreneurial efforts requires recognition of the diversity of individual needs, as some individuals are more interested in material benefits while others are more motivated by social benefits and entrepreneurial engagement.Furthermore, the eleme nt of time as a scarce resource (Mahoney, 2005 Mosakowski,1993) deserves special attention in entrepreneurship research because developing a productive opportunity set for the firm requires personal (tacit) knowledge of the firms material and human resources, which can only be developed over time as entrepreneurs interact and experiment with the firms bundle of resources. Importance of time management is also be attributed to the diverse mental inputs as the entrepreneurs need time and place to think and function together to produce synergistic cognitive outcomes. chance upon ATTRIBUTES OF TEAM ENTREPRENEURSHIPBased upon the review of researches done on the definitional and compositional aspects of entrepreneurial teams some of the primeval factors of team entrepreneurship can be identified as followsEntrepreneurship is no more a lone action. Team based advancement is required to lead to fast growth.One of the major forces that led to the evolution of team entrepreneurship is the entry level barriers that confronted small firms. To overcome the restrictions imposed by large firms on entry, many Small and medium sized firms make themselves into teams.A jointly established business by a group of individuals as well as any individual joining the firm at a later stage in the entrepreneurial capacity comes under the preview of team entrepreneurship. That would mean a team formed for new venture creation where all members will be founder member/ a person joining the founder team at a later stage/ teams formed within an enterprise for entrepreneurial ventures.Within an organisation, entrepreneurial teams may exist at different levels. blanket management teams (TMT), corporate entrepreneurship, shop-floor entrepreneurship etc are such teams that are created within the organization for innovation and creativity.Entrepreneurial groups do not incorporate passive or sleeping members. Active participation in strategic, managerial and operational level is warranted. O nly that individual can be considered as a member of entrepreneurial team who bears direct influence on strategic areas of the venture. indispensability for personal risk taking is reduced as team entrepreneurship attach sharing of financial interests. Sharing may or may not be equal but a significant financial interest in the venture is required by the individual to be a member of entrepreneurial team. Pooling of financial resources and sharing of financial risks are the backbone drivers for team ventures.A diverse skill set is available in an entrepreneurial team. Individual limitations are overcome and synergic effects can be observed very lucidly. The individual knowledge, capabilities and attributes get integrated into a team accordingly leading to success of the venture.Issues of group dynamics need to be addressed in team entrepreneurship. Issues related to control, ownership, role responsibilities etc need to be handled at the very outset to avoid problems at later stage. as well as many contributing minds can pose a problem as well. Diversity in terms of demography, culture, skill set, knowledge and experience etc at one hand may be the strength of the team but if not taken care of may lead to dysfunctional conflict among the teams.Informal social interaction, friendship, time for discussions, respect for individual opinion and team opinion macrocosm given the highest regard, creative environment are some of the factors that may keep the dysfunctional conflicts at bay and might be helpful in sustaining such teams.Innovation and creativity are the key ingredients of entrepreneurial teams. Innovative thinking and creativity in decision making will keep the individuals with entrepreneurial instincts bound in a team. Brain-storming of new ideas, creative methods of working and creating and innovation of new modes, techniques or project as team provide thrill for such individuals and may be may be instrumental in key the team together and performing.F ORMS OF ENTREPRENEURIAL TEAMSThe team phenomenon in entrepreneurship is visible in many forms , Johannisson has observed two different perspectives in identifying existence of group entrepreneurship First perspective regards teaming up of individuals as the way of initiating and organizing the entrepreneurial process and second perspective is group entrepreneurship as regards the outcome of entrepreneurial processes.Family Business Family Businesses are operated by and for families with the end of keeping the firm within the family after succession. Members of the family run their business jointly hence represent an image of group entrepreneurship.Partnership Partnership refers to teaming up of individuals for venturing into some common business. In that context confederacy gets associated with group entrepreneurship.Co-operatives Cooperatives offer a formal structure with joint ownership and control and hence visibly represents the group entrepreneurship.TMT Top management teams can either be the founder teams of new venture or teams created within an organization for leaders role.Virtual organisations It is a mode of organizing where independent partner firms put in a joint effort to materialize the promises carried by the leading firms products to its customers. The challenge is to make the customer perceive the virtual organisation as a whole.(Johannisson 2002 18).Extrapreneurship For Daval (2002), it materializes by the development of a new entity by an employee when he leaves his firm, helped in taking this step by his former employer. Extrapreneurship is now more ordinarily adopted by a group of employees leaving their respective organisation and joining their skill set to start new venture browse floor entrepreneurship Shop floor entrepreneurship refers to the concept of self-organising groups and teams created for entrepreneurial purposes by employees at shop floor level. According to Johannisson (2002 19), Sweden and other Scandinavian countries have a long tradition of self-organising in groups on the shop floor (in blood line to intrapreneurship that usually focuses middle-management).Corporate entrepreneurship Johannisson (2002) seems to refer to intrapreneurship here (The intrapreneur, operating a quasi-independent venture within the corporation as an arena for entrepreneurship. Corporate Entrepreneurship (CE) is the process by which individuals inside organisations pursue opportunities without regard to the resources they currently control (Stevenson, Roberts, and Grousbeck, 1999)Intellectual Entrepreneurship Johannisson et al. (1999) have introduced the notion of sharp entrepreneur to depict those people who mobilise their intellectual capabilities in an entrepreneurial career.Community entrepreneurship Johannisson and Nilsson (1989) have introduced the notion of community entrepreneur to capture persons who use personal networking to mobilize internal as well as external resources to promote local venturing process es.FACTORS affecting TEAM ENTREPRENEURSHIPTo create a conceptual framework of team entrepreneurship on the basis of available inputs on entrepreneurial teams, the factors affecting such teams at different stages of team formation, composition and sustenance dynamics have been identified. Entrepreneurial teams can be formed either at prestart-up stage and/or at abide start up stage .New ventures, partnership firms, extrapreneurship specifically fall under the grade of pre-start-up teams, corporate entrepreneurship and shop floor entrepreneurship come under the category of post start-up teams and TMTs, family businesses, cooperatives, virtual organizations, intellectual entrepreneurship etc can either be forms as pre start up or post start up teams. Forms of entrepreneurial teams can also be viewed from the aspect of level of management at which such teams operates. For that purpose TMTs are formed at top level, corporate entrepreneurial teams at middle level and shop-floor teams a t operational level. Regarding the team composition, issues as to why team is required and who can be the part of the team need to be addressed. As is obvious by now, the precept behind creating a team rather than functioning solo is sharing of resources, skills, risk, knowledge etc an effective entrepreneurial team may be composed of individual with wide knowledge, skills and competencies. Such individuals must not be opposed to risk and experimentation. Creativity and innovation should be the drivers of such individuals. Sustenance of such teams require a great deal of managing group dynamics. Diversity in demography and cultural may not be instrumental in enhancing performance but can be a deterrent if not handled well. Variable mental inputs and variable degree of creative and innovation instincts may also give rise to conflicts.Figure 1-1 tabulates all the factors affecting team entrepreneurshipFACTORS AFFECTING TEAM ENTREPRENEURSHIPTEAM FORMATION*TEAM COMPOSITIONTEAM dynamic sAs per joining of team membersResource-sharingRisk-sharingComplementary skill setEnriching knowledge and competency baseExperienceExperimentationRisk-seekingInnovationCreativity neighborly interactionDiversity in skillsDiverse mental inputsDemographic heterogeneityInterpersonal relationsCultural diversityTimeDiverse relish of creativityDiverse cognitive needsPre-start-up teamsNew venture teams, Extrapreneurship, partnership family business, cooperatives, virtual organisations etcPost-start-up teams TMTs, Corporate entrepreneurship, Shop-floor entrepreneurship, cooperatives, family business, virtual organisations etcAs per levels of ManagementStrategic level TMTTactic level corporate entrepreneurshipOperational level shop-floor entrepreneurship*forms of teams are not mutually exclusiveCONCLUSIONAs again the notion of entrepreneurship being a solo act, several researchers have proved that the present is the era of teams. No person is equipped enough to build an empire all by himself . No conqueror has won the battle alone, no chief executive officer can run a company without a team. Team based entrepreneurial ventures have proved to be successful provided an effective organizational model is developed for its sustenance. Researches have shown a considerable success rate for team ventures especially undertaken at SME level. Another notion of entrepreneurial team being the team of founder who start a new venture has also been proved lop-sided. Existence of entrepreneurial teams can be traced in various forms and at multiple levels. This paper was an attempt to bring together the knowledge created by many researchers but may suffer from many limitations. The studies considered for the review are not exhaustive and hence the findings may also not be exhaustive. A lot of further research need to be done on the topic because team entrepreneurship is going to be the buzz-word for the future. Global slowdown has significantly highlighted the importance of risk sharing in business ventures. Team entrepreneurship can be considered as the most viable and effective mode of venturing in the present and future scenario given its benefits of sharing of resources, skills, and above all financial risks.*Assistant professor, GNIMT, Model Town Ludhiana

Strategic Position For The Future Of Sabmiller Commerce Essay

Strategic Position For The early Of Sabmiller Commerce EssayIn the brewery industry, SABMiller, which has been operating across six continents, is at present one of the worlds leading brewers. Regarding of the business environment, the company has bring outed from a developing country, south Africa, and has successfully entered into deuce developed and developing grocerys through acquisitions and peg estimate. tally to the financial report for the last five years, the company has been doing quite healthy (SABMiller, 2012).For the strategic capabilities, the tautens resources and competences ar taken into account. Firstly, in 1950, the firmly was able to strike its headquarters from London to Johannesburg in order to expand its business in Southern Africa due to the restriction of trading between the country and the external businesses. Secondly, the firm is able to raise capital through its listing on the London stock exchange. Thirdly, the firm has entered into the glo bal market by getting some major brands such(prenominal) as Dreher from Hungary, Miller from USA and forming a join forcest venture in China. Then, the company also has made separate acquisitions, joint ventures and brewery investments in other countries in recent years. However, acquisition whitethorn not be applied for SABMiller any more than in the future because of fewer big transformational deals and lower prospects of high financial of re perverts. About the management structure of the firm, it practices decentralization as local managers understand deeper about the local businesses (Johnson, Whittington and Scholes, 2011).3.2 The fresh vision statement, mission statement and the strategic objectivesVisionThe best in the world in providing the most various choices for beer drinkersMission add increase portfoliosFind more business partnersProvide the most comfortable works environmentStrategic objectivesIncrease sugar to 15 % annuallyIncrease the sale of agio beersForm ing more joint ventures with local brandsUpgrade the in vogue(p) engineering in administration and manufacturing.As time goes by, SABMiller has been growing larger enormously through acquisitions and joint ventures, and it has almost earned much profit from these business deals. Therefore, a new vision statement for the firm is to be the best in the world in providing the most various choices for beer drinkers.In order to support the vision, SABMillers mission is to increase more merchandise portfolios for the consumers. The firm pull up stakes baring more business partners to grow bigger and bigger in the brewery industry. The firm allow provide the most comfortable working environment that employees testament be most satisfied and efficient by providing the most advanced- technological conditions.Those missions must be carried out in limited strategic objectives. First of all, the firms aim is to increase its profit by 15 % annually. Secondly, It necessitate to increase mo re types of beer, especially international premium beers to converge the rising demand in emerging markets. Thirdly, it also needs to find out more opportunities for growth with its animated harvest-home portfolios through joint ventures in local brands. Finally, the firm needs to upgrade the latest technology in administration as good as manufacturing, so the employees go away feel more convenient and put more effort in their work.3.3 Three alternative possible strategic pickings for SABMillerThe first strategic option recommended for the firm would be the product development, which deliver new products into the existing markets. In embody of Generic strategies, this strategy should focus on differentiation by building more premium types of beer. The reason is that the beer consumption is growing in these emerging markets, and the people here are earning more (Simon, 2012) therefore, they are voluntary to pay more for their drink as well. Another reason is that consumers p resent still prefer high quality beer during the economic crisis (Nadine and Simon, 2012). Although this strategy will fall into question marks in the Bostons BCG matrix as these premium beers are wholly new products, they are more likely to turn into stars as the market share is growing, and the consumers will pay more as well. harvesting development is also a strategy belongs to the Ansoff matrix, so SABMiller needs to add more new premium beers to its brand portfolios in the existing markets such as in China, Latin America and South Africa, which are also emerging markets.The second strategic option would be the market development, which the firm will penetrate into new markets with the existing products. Even though the target markets here are Africa and Asia, which SABMiller has already entered, it cannister real earn more brands from North America, Latin America and Europe to these countries due to the miss of its brand portfolios in these two regions. This is also a cos t-focus strategy, based on the Generic strategies, for the firm as the costs of labor and raw materials in African and Asian countries such as China and Vietnam are cheaper, so it is an advantage for the company to cut costs in manufacturing. In terms of the BCG matrix, this option also fall into a question mark as local brands from Europe, for instance, are new in Africa and Asia. However, there will be a high chance to become a star indoors a short time as consumption is rising up in these regions. marketplace development is another strategy belongs to the Ansoff matrix as the firms current products portfolios from North America, Latin America and Europe are totally new for consumers in African and Asian countries.The last option, which SABMiller is capable of doing and truly has succeeded before, is joint venture. Based on the case, the firm can consider entering into a joint venture with Dos Equis Brewer Fomento Economico Mexicano (FEMSA) from Mexico, or EFES Breweries tran snational from Turkey. According to Generic strategy, this can be known as a cost-focus strategy for SABMiller because these two brands are currently doing alright in sudden markets like Latin America, Africa and Asia therefore, SABMiller is able to have a good start as it is also operating businesses prosperously in these markets. In the BCG matrix, both SABMiller and these two brands are having high market share and growth in those emergent markets with their current product portfolios therefore, if joint venture takes place, there will be no doubt that SABMillers market share and growth will boost up continuously. In terms of Ansoff matrix, this strategic option actually help SABMiller increase its market share in its current markets, Latin America, Africa and Asia with the current and combined product portfolios of both the firm itself and it partners (Johnson, Whittington and Scholes, 2011).Lower costDifferentiationBroad targetCost leadershipDifferentiation cut target32Cost fo cus1Differentiation focus rivalrous advantageCompetitive scopeTable 1 Porters Generic strategiesMarket share spicyLowHigh3Stars21Question marksCash cowsDogsMarket growthLowTable 2 BCG matrixProducts / services aliveNewExisting3Market penetration1New products servicesNew2Market development confused diversificationMarketsTable 3 Ansoff matrixStrategic options1 Product development2 Market development3 Joint venture3.4 The most recommended strategic options for SABMillerOut of the above three strategic options, join venture would be a great move recommended for SABMiller. In fact, the firm has succeeded in forming joint ventures with others firm, so it clearly shows that the company is capable of doing such kind of thing. Furthermore, the two considerable firms for forming joint ventures, FEMSA and EFES, are doing quite well in Latin America, Africa and Asia, where SABMiller is also having a good taste with its business, so it will be an advantage for SABMiller as it can achieve more g rowth, reduce competitors in these markets. In addition, forming joint ventures also helps SABMiller to expand its product portfolios into other current markets. To sum up, forming a joint venture can be seen as a safer option as the current product portfolios are star products with high market share, while the other two option might be a little bit riskier as the products and the markets are new and unpredictable to measure successes.

Thursday, March 28, 2019

EE cummings :: essays research papers

not every day, a writer changes the stylus people write forever. ee cummings created his accept style of writing, and galore(postnominal) people use it to this day. Before Cummings all writing was base on the rules, Cummings made his own rules. Cummings writings urinate influenced many writers to make there own rules. Cummings had an amazing life. Not only was Cummings a writer but also an artist. Cummings was very intelligent, Cummings parents knew this and encouraged him to develop his creative gifts former(a) in his life. Cummings croak experiences changed his life forever. ee Cummings is more astray imitated and more easily appreciated than any other modernist poet.     Edward Estlin Cummings was born, October 14, Cambridge, mum to Edward and Rebecca Haswell Clarke Cummings. THe cummings household include at various times naan Cummings, MISS JANE CUMMINGS ("Aunt Jane"), EECs maternal uncle, GEORGE CLARKE, and younger sister ELIZABETH ("El os"), who in the end marries Carlton Qualey. EEC attends Cambridge public schools, Cummings parents encouraged him to develop his creative gifts early in his life. Cummings father Edward Cummings was a college professor at Harvard University and also later became a pastor at South congregational church. In 1911Cummings Enters Harvard College, specializing in Greek and other languages He contributes poems to Harvard periodicals, is exposed to the work of Ezra Pound and other modernist writers and paintersWhile at Harvard Cummings delivered a chivalrous commencement speech on modernist artistic innovation, thus announcing the direction his own work would take. Cummings published his first poem in the Harvard monthly. In 1915 Cummings Graduates Harvard Magna cum Laude, and in 1916 Cummings receives M.A. for English and Classical Studies. subsequently Harvard Cummings lives in New York with artist ARTHUR WILSON. Cummings Works for P. F. coal miner & Son. Cummings joins Norton -Haries Ambulance Corps. Sails for France on La Touraine, meeting on panel another Harjes-Norton recruit, WILLIAM SLATER BROWN, who will remain his lifelong friend. After several(prenominal) weeks in Paris ee cummings and Brown are designate to ambulance duty on Noyon sector. Browns letters home arouse suspicions of French phalanx censor.