Good Students = Good Grades †Here’s 10 Ways to Be That Student

Great Students = Good Grades †Here’s 10 Ways to Be That Student 10 Ways to Become A Good Student Great Student Equals Good Grades We practically still characterize a decent understudy as one who gets passing marks. While this may appear to be somewhat limited for a definition, what will be will be. We could contend that a decent understudy is one who doesn't simply acknowledge what he is told by a teacher or a reading material, who addresses the state of affairs, who has aced course content despite the fact that his assignments and test don’t show that, and who can break new ground of ordinary substance and learning exercises. Bill Gates was not an especially â€Å"good† understudy, for instance; Einstein was an awful understudy. Yet, in the event that you need the evaluations that will dazzle future managers, you need to do those things that will make you a â€Å"good† understudy according to the individuals who give you those evaluations. Here’s 10 different ways to be that â€Å"good† understudy. Mentalities You Must Have Drive. In some cases this is known as an elevated level of desire. The fact of the matter is, you must be focused on getting the most ideal evaluation in each course and to taking the necessary steps to get that. You Must Have Persistence. We never must be tenacious when things come without any problem. It’s when we fall flat and we need to begin again or when we don’t comprehend something that ingenuity kicks in, in the event that we have it. There will be times when you fizzle and when you don’t â€Å"get† something. Do you surrender or do you stay with it until you do it right or get it? Know When You Need Help. A â€Å"good† understudy will know when he can't ace an expertise or content and when s/he won't have the option to satisfy a task. What's more, that understudy will at that point find a way to get the assistance that is vital. Possibly you structure an investigation gathering; possibly you meet with your educator or TA to get extra assistance; maybe you can discover a kindred understudies who can support you. Assume Liability. Great understudies comprehend that they need to complete schoolwork and get all assignments in on schedule. They realize they need to read for tests. What's more, they verify that they do these things. Create Flexibility. You will be presented to an extraordinary assortment of showing styles, educator characters, and sorts of learning exercises. You should adjust to the entirety of this assortment, â€Å"changing gears† as is called for by a circumstance. Practices Go to Class. Significant stuff goes in class. You can’t re-go to a talk; you can’t create notes from no place, and you can’t catch anything on a whit board once it has been deleted. In the event that you need to miss a class, be sure that you get the notes from a confided in peer. Don’t Procrastinate. Holding up to the latest possible time, particularly to compose your papers and papers, is a perilous game. Imagine a scenario in which you haven’t completed your exploration and there is an Internet blackout. Consider the possibility that you become ill. Get a schedule and a timetable, and build a course of events for finishing each progression of a significant task. Accept Notes as You Read Your Texts. On the off chance that you do this, and put them in an organizer alongside your talk notes, you will have all that you need when it comes time to read for a test. In the event that you don’t do this, you will be re-perusing that content, and that is actually a misuse of important time. Locate a Good Writing Service. Indeed, even the most sorted out understudy will some of the time face an emergency and understand that those expositions and papers basically can't be finished on schedule. That is the point at which they will ask compose my article in 12 hours It is consoling to realize that you have a paper aide that you can trust to come through for you. Use Technology. Record or video addresses; make screen efforts of everything that is introduced outwardly Get devices and applications that will keep you composed and design your papers for you and that will remind you when things are expected. Get a decent language checker and copyright infringement identification programming. On the off chance that you can't set up an examination bunch nearby, utilize one of the online investigation bunch alternatives Locate a decent application that you can use to make streak cards. These are incredible examination gadgets. In the event that you need passing marks, at that point you need to acknowledge the conventional meaning of a â€Å"good† understudy. Ideally, you will likewise figure out how to address and consider some fresh possibilities. Furthermore, a reward tip? Call your folks in any event, when you don’t need cash!

Theoretical Literature Review Pecking Order Theory Finance Essay - Free Essay Example

The purpose of this chapter is to give an introduction to this study and an explanation why the research was being done. First it reviews literature on Small and Medium Sized Enterprises. Thereafter, it also discusses the nature and importance of working capital as well as strategies used in management of working capital. Finally, it analyzes information on the challenges facing SMEs in management of working capital all over the world. The Pecking Order Theory takes into consideration the information asymmetry which indicates that managers know more about the firms value than potential investors (Myers and Majluf, 1984). The information asymmetry affects the choice between internal and external financing. Based on this concept, the Pecking Order Theory suggests that firms tend to rely on internal source of funds to be financed, and prefer issuing debt to equity if external financing is required (Myers and Majluf, 1984). According to Nakamura et al. (2007 p.76), that order is based on the consideration that resources generated internally do not have transaction costs and on the fact that issuing new bonds tend to sign a positive information about the company, while issuing new stocks tend, on the contrary, to sign a negative information. The information asymmetry decreases the price of new bonds to be issued and, consequently, increases the transaction costs in the capital markets derived from lack of cash (Myers and Majluf, 1984). From this point of view, companies do not pursue a specific objective for the debt level and they use external funds only when internal funds are not enough (Graham and Harvey, 2001). External source of funds are less desirable because the information asymmetry between managers and investors implies that external source of funds are underpriced in relation to the asymmetry level (Myers and Majluf, 1984). This theory, according to Chen (2004), explain the companys choice to keep an amount of reserve in cash or other forms of financial slacks to avoid the problem of lack of resources and the need of external sources. From this point of view, cash is similar to negative debt, getting external resources when there is lack of cash and paying debt when there is excess of cash. Thus, the company chooses a more passive cash management policy, waiting to liquidate an existent debt in any time with no cost (Koshio, 2005). Financial slack is a result of large holdings cash or marketable securities, or the ability to issue default-risk free debt, beyond what is needed to meet current operating and debt servicing needs (Myers and Majluf, 1984; Brealey, Myers and Allen, 2008; McMahon, 2006). To have a fast access to debt market, companies chooses a conservative financing, in a way that potential investors see them as a safe investment. According to Smith and Kim (1994) and McMahon (2006), financial slack, in adequate levels, allow the company to pursue positive net present value investment opportunities without issuing risky securities. The conventional rationale for holding financial slack cash, liquid assets, or unused borrowing power is that the companies do not want to have to issue stock on short notice in order to pursue a valuable investment opportunity (Myers and Majluf, 1984). Brealey, Myers and Allen (2008) suggested that the Pecking Order Theory explains the reason why more profitable companies usually ask less for borrowing money not because they dont have lower levels of debt targets but because they dont need external source of funds. On the other hand, less profitable companies issue bonds because they dont have enough internal funds to finance investments decisions. In this matter, those companies also prefer issuing debt before issuing new stocks. Following this theory, not only managers of less profitable companies but also managers of more profitable companies would choose a more aggressive working capital policy, pressuring for lower level of current assets and higher level of financing via suppliers, in a way to source internally the needed funds to finance their companies and to avoid issuing debt and equity. The purpose of the first research hypothesis is to understand if companies with a higher debt level have also lower working capital level, reflected in lower level of inventory, lower credit terms and higher payment terms due to a management decision decide to adopt an aggressive working capital management to avoid issuing new debt and equity. 2.2.2 Agency Theory According to the Agency Theory (Jensen and Meckling, 1976), a firm can be seen as a nexus of a set of contracting relationships (implicit as well as explicit) among individuals, by means of which shareholders principals delegate everyday decisions of business management to managers agents who should use their specific knowledge and companys resources to maximize principal agents return. Through these contracts or internal rules of the game, shareholders specify the rights of each agent in the organization, performance criteria on which agents are evaluated, and the payoff functions they face (Fama and Jensen, 1983, p. 2). Due to a non-rational and opportunistic behavior of agents (Jensen, 1994), the interests and decisions of managers are not always aligned to the shareholders interests, resulting in agency costs or agency problems. For Shleider and Vishny (1997), the essence of the agency problem is the separation of ownership and control. In large and complex organizations , these problems can be clearly observed, once the valuable and specific knowledge relevant to decision control is diffused among many internal agents across the company (Fama and Jensen, 1983). In this case, owners are not able to participate in the ratification and monitoring of each decision due to the high costs associated. Jensen and Meckling (1976) defined agency cost as the sum of the expenses in monitoring by the principal, the bonding expenditures by the agent and the inevitable residual loss derived from the separation of ownership and control. To minimize divergences of interests, the principal can establish incentives, monitoring mechanisms and instruments to make sure agents dont take actions to jeopardize their interests or to be compensated (bonding costs) in the case of any agency problem. Fama and Jensen (1983) suggested that the agency problems could be minimized through the separation of the ratification and monitoring of decisions from the initiation and im plementation of decisions. Thus, organizations should count on decision control systems as formal decision hierarchy, mutual monitoring systems and active board of directors. Weir and Laing (2003) differentiated three mechanisms designed to protect shareholder interests: incentive, monitoring and disciplinary mechanisms. Incentive mechanisms include executive director shareholdings or board compensation systems (Jensen and Meckling, 1976), while monitoring mechanisms include, for example, the proportion of outside directors on board (Fama, 1980; Fama and Jensen, 1983) and disciplinary mechanisms include the market for corporate control (Jensen, 1986). Monitoring devices were designed by shareholders to aligned agents actions to their interests (Fama, 1980). According to Tirole (2005), monitoring systems include a variety of instruments such as board composition, auditors, large shareholders, large creditors, investment banks, etc. The decision of how to invest internal funds is c entral in the shareholders and managers conflicting interests (Jensen, 1986). For Easterbrook (1984), when managers have a substantial part of their human capital or wealth allocated in companys share, they tend to take decisions to enhance the probability of companys survival. These decisions can be reflected in a conservative management of working capital, reducing the risk involved in the business operation, such as to keep high level of inventories beyond the process cycle needs, to offer credit terms above the product turnover, to accept low payment terms not aligned to the market practices, etc. In that case, these investment decisions would be translated in excess of working capital. Therefore, the second research hypothesis is to investigate if companies that present monitoring mechanisms of managers actions have lower level of working capital requirement. According to Jensen (1986), managers with substantial free cash flow have incentives to engage the company in unneces sary expenses. He defined free cash flow as the excess of cash flow beyond the required to fund all projects that have positive net present values when discounted at the relevant cost of capital. In an organization with low level of monitoring or discipline on management actions, a high level of free cash flow may incentive managers, guided by their own interests, to undertake negative present value capital projects rather than return cash to equity holders (McMahon, 2006). Jensen (1986) suggests that manager tend to invest the free cash flow in new projects because they are motivated to cause their firms to grow beyond the optimal size. Companys growth increases managers power by increasing the resources under their control, which is also associated with increases in managers compensation, commonly linked to sales. For McMahon (2006, p. 15), retaining free cash flow is essentially a negative net present value investment in liquidity. Therefore, companies with high level of free cash flow may have higher agency costs, derived from expenditures with organizational inefficiencies or investments with negative returns. The third research hypothesis aims to explore if companies with higher level of free cash flow also have higher level of working capital, represented by the excess of the difference in current assets and liabilities as a result of investment in inefficient projects with negative or null net present value. 2.3 Empirical literature review Cash Conversion Cycle (CCC) measures how long a firm will be deprived of cash if it increases its investment in resources in order to expand customer sales. It is thus a measure of the liquidity risk entailed by growth. However, shortening the CCC creates its own risks: while a firm could even achieve a negative CCC by collecting from customers before paying suppliers, a policy of strict collections and lax payments is not always sustainable. There are benefits to using the CCC. CCC = Inventory conversion period    +    Receivables conversion period       Payables conversion period Use of the CCC approach provides a framework within which management can analyze the impact of changes in the management of the components of working capital on working capital as a whole, and on the performance of the business (Schilling, 1996, Gallinger and Healey, 1987). Sensitivity analysis of key variables and the impact on performance criteria such as liquidity, e fficiency, productivity, and profitability can be undertaken systematically (Gallinger 1997, Gitman, 1997, Schilling, 1996, Brigham and Gapenski, 1994, Maness, 1994, Moss and Stine, 1993, Soenen, 1993, Chang, et al. 1991, Cheatham, 1989, Shulman and Cox, 1985). Measuring working capital in terms of the CCC provides an indication of the volume and speed with which cash is generated in the cycle of buying goods and services, creating inventories, selling for credit, collecting cash from customers (Maness, 1994, Cheatham, 1989), and paying trade creditors. Managing working capital by means of the CCC approach contributes toward maximization of share value (Back, 1988), decreases the need for external financing, preserves proportionate shareholder value, preserves unused debt capacity (Soenen, 1993) and enhances profitability (Chang, et al. 1995, Kamath, 1989, Madura and Veit, 1988 Gallinger and Healey, 1987). Unfortunately the CCC focuses only on the length of time funds are tied up in the cycle. It does not take into consideration the amount of funds committed to a product as it moves through the operating cycle (Maness, 1994, Cooley and Roden, 1991, Gentry, et al. 1990). CCC utilizes days sales outstanding to determine the length of time funds are tied up in accounts receivable. The shortcoming in using days sales outstanding as a performance measure of receivable management is that it is dependent on sales pattern effect, a collection experience effect and a joint effect that causes accounts receivable to change (Gentry, et al. 1990). The CCC is based on standard accrual accounting information and procedures which is indirectly related to a businesss valuation (Gentry, et al. 1990, Cheatham, 1989). This information needs to be transformed into economic information. Richards and Laughlin (1980) do not decompose inventories into its three component parts, raw materials, work in progress, and finished goods (Gentry, et al.1990). The operating cycle as described by Richards and Laughlin (1980) assumes all the costs related to raw materials, production, distribution and collection start on the first day of the cycle and have the same amount as the final value of the product (Gentry, et al.1990). In other words, the dollar costs are not uniform per day of CCC. Given the fact that the length and reliability of the CCC depends on the industry or environment in which the business operates; the concept of float; the number of days a company get credit from suppliers; the length of the production process; and the number of days finished products remain in inventory before they are sold out (Maness 1994, Soenen, 1993, Cooley and Ryan, 1991, Madura and Veit, 1988) the possibility of increasing the CCC as an objective of working capital management rather than only shortening the CCC is ignored. Various researchers (Maness, 1994, Gentry, et al. 1990, Cheatham, 1989) have addressed some of the limitations of the CCC. Cheatham (1989) takes the framework of Richards and Laughlin (1980) one step further by converting the number of days of the CCC to a dollar value to measure the performance of the businesss operations (Cheatham, 1989). Maness (1994) takes the basic Richards and Laughlins approach (1980) and inserts average values into the equation. The weighted cash conversion cycle approach of Gentry, Vaidyanathan and Lee (1990) enables some of the above limitations of the basic CCC approach to be addressed, and is presented and discussed in the next section. Gentry, Vaidyanathan and Lee (1990) take the traditional cash flow line of Richards and Laughlin (1980) and expand on the basic CCC defmition. In short, the weighted CCC measures the weighted number of days funds are tied up in receivables, inventories, and payables, less the weighted number of days cash payments are deferred to suppliers. The weight used is determined by dividing the amount of cash tied up in each component by the final value of the produc t so that the performance of management at all levels of working capital can be evaluated, rather than at the aggregate level only. Gentry, Vaidyanathan and Lee (1990) developed the WCCC as a two-stage process. The first phase determines the number of days funds are tied up in raw materials, work in progress, final goods, accounts receivable and gives the weighted operating costs. The weighted operating cost brings costs into the analyses and they are added at each phase of the operating cycle. These costs are adjusted for their respective weights namely their relative dollar contributions. The weighted operating cycle provides an aggregate current asset summary measure for short-run financial management. When managing working capital factors such as fluctuations in the level of economic activity (Brigham and Gapenski, 1994, Madura and Veit, 1988), the term structure of interest rates (Gitman, 1997, Brigham and Gapenski, 1994, Weston and Brigham, 1992, Asch and Kaye, 1989, Bac k, 1988), the monetary policy of the Reserve Bank (Gitman, 1997, Brigham and Gapenski, 1994, Back, 1988), the business cycle (Nawrocki, 1997, Begg, et al. 1994, Beardshaw and Ross, 1993), monetary and fiscal conditions, and exchange rates need to be included in the analysis upon which their decisions are based. 2.4 Contextual literature review 2.4.1 Definition of SME According to the SME Solutions Center (SSC, 2007) in Kenya, there is no specific definition for an SME. Organizations that lend money to the SMEs mostly look at the cash flows from such enterprises so as to test whether they can be able to repay back the money given to them. However, according to the SME solution centre, Micro and Small enterprises can have even one employee and its not easy to examine the cash flows they get, it has not thus been easy to categorize these enterprises according to their cash flows or the number of employees they have. In Kenya, an enterprise that is a formally registered business can qualify to be an SME. The SME definition that is currently in use in the EU is based on the Commission Recommendation 96/280/EC. In accordance with the Article 1, the definition of SMEs adopted by the European Commission is the following: 1. Small and medium-sized enterprises, hereinafter referred to as SMEs, are defined as enterprises which: Have fewer than 25 0 employees, and have either An annual turnover not exceeding ECU 40 million, or an annual balance-sheet total not exceeding ECU 27 million, and conform to the criterion of independence as defined in 3 below. 2. Where it is necessary to distinguish between small and medium-sized enterprises, the small enterprise is defined as an enterprise which: Has fewer than 50 employees and has either an annual turnover not exceeding ECU 7 million, or an annual balance-sheet total not exceeding ECU 5 million, conforms to the criterion of independence as defined in paragraph 3. 3. Independent enterprises are those which are not owned as to 25 % or more of the capital or the voting rights by one enterprise, or jointly by several enterprises, falling outside the definition of an SME or a small enterprise, whichever may apply. This threshold may be exceeded in the following two cases: If the enterprise is held by public investment corporations, venture capital companies or institutional investors, provided no control is exercised either individually or jointly, if the capital is spread in such a way that it is not possible to determine by whom it is held and if the enterprise declares that it can legitimately presume that it is not owned as to 25 % or more by one enterprise, or jointly by several enterprises, falling outside the definitions of an SME or a small enterprise, whichever may apply. In the 2004 SME Finance Conference in Cairo Egypt, Assad presented a paper highlighting the role of SMEs in any economy. SMEs are expected to boost efficiency and growth and lead to economic development because they: constitute the most dynamic segment of many transition and developing economies are an engine of job creation are a seedbed for innovation and entrepreneurship offer new entry, competition and flexibility play an important role in promoting growth and development The importance of Small and Medium Enterprises (SMEs) and Micro Firms in both na tional and international context is undoubtedly of higher relevance. In a large number of countries the percentage of micro and small firms is extremely high, e.g. 98% in Portugal. These firms are important not only on what concerns to its representation for economic analyses but also for the countries economies and the implications that it brings to the society. These firms have an important role on many aspects, such as employment, taxes or innovation that, most of times, is regarded as something on the responsibility of large firms or research centers. Through their flexibility and their potential for employment creation, SMEs can play a major role in regional development (Inforegio, 2000). 2.4.2 An Overview of Kenyan Economy Government of Kenya (2002) said that Kenya, with a gross domestic product (GDP) approaching US$12 billion, is the most developed economy in East Africa. The country possesses an extensive infrastructure, a generally well-educated population, and a strong entrepreneurial tradition. Kenyas pattern of economic output has undergone a structural transformation since independence in 1963. Kenya has a sizeable SME sector that the government is attempting to promote. The sector was estimated to employ about 3.2 million people and contributed about 18 per cent of total GDP in 2003. Earlier government policies aimed at promoting the SMEs were based on welfare considerations: SMEs were regarded as potential generators of employment, vehicles for achieving balanced regional growth and as counterweights to the concentration of economic power by larger firms. This contributed to keeping the SME sector in Kenya weak and uncompetitive. (OECD Development Centre 2004/2005) 2.4.3 Role of SMEs in the Economy In the mid 1960s, the government of Kenya started to focus on the development of the SMEs in the country. This was due to several factors: First, there was growing concern over low employment elasticity of modern large-scale production. It was claimed that even with more optimal policies, this form of industrial organization was unable to absorb a significant proportion of the rapidly expanding labor force (Cherney et al., 1974; ILO, 1973). Second, there was widespread recognition that the benefits of economic growth were not being fairly distributed, and that the use of large-scale, capital intensive techniques was partly to blame (McCormick, 1988; House, 1981; Cherney et al., 1974). 2.4.4 Nature and Importance of working capital Pandey (2006) defines working capital as the difference between current assets and Liabilities. Current assets mainly refer to inventory, receivables and cash while current liabilities considered here are creditors (payables). A statement reporting the changes in working capital is useful in addition to the financial statements. He further adds that there are two concepts of working capital: Gross working Capital: This refers to the firms investment in current assets. Current assets are the assets which can be converted into cash within an accounting year and include cash, short term securities, debtors (account receivables), bills receivable and stock (inventory) Net working capital: It refers to the difference between current assets and current liabilities. Current Liabilities are those claims of outsiders, which are expected to mature for payment within an accounting year and include creditors (accounts payable), bills payable and outstanding expenses. Net working capital can be positive or negative. A positive net working capital will arise when current assets exceed current liabilities. A negative net working capital occurs when current liabilities are in excess of current assets. These two concepts of working capital are not exclusive and have equal significance from the management viewpoint. The working capital meets the short-term financial requirements of a business enterprise. It is a trading capital, not retained in the business in a particular form for longer than a year. The money invested in it changes form and substance during the normal course of business operations. The need for maintaining an adequate working capital can hardly be questioned. Just as circulation of blood is very necessary in the human body to maintain life, the flow of funds is very necessary to maintain business. If it becomes weak, the business can hardly prosper and survive. Working capital starvation is generally credited as a major cause if not the major cau se of small business failure in many developed and developing countries (Rafuse 1996). The success of a firm depends ultimately, on its ability to generate cash receipts in excess of disbursements. Poor financial management exacerbates the cash flow problems of many small businesses and in particular the lack of planning cash requirements (Jarvis et al, 1996). Van Horne (2001) classifies working capital types into two categories. The first category is called permanent working capital, which specifies the amount of current assets required to meet a firms long-term minimum needs for a company. The other type of working capital is called temporary working capital. This is the amount of current assets that varies with the companys seasonal requirements (Van Horne, 2001). 2.4.5 The Management of Working Capital According to Horne and Warchowicz 2001, working capital management is the administration of the firms current assets (inventory, cash and marketable securities and receivables) and the financing (current liabilities) needed to support current assets. For small companies, current liabilities are the principal source of external financing. These firms do not have access to the longer-term capital markets, other than to acquire a mortgage on a building. While the performance levels of small businesses have traditionally been attributed to general managerial factors such as manufacturing, marketing and operations, working capital management may have a consequent impact on small business survival and growth (Kargar and Blumenthal, 1994). The management of working capital is important to the financial health of businesses of all sizes. The amounts invested in working capital are often high in proportion to the total assets employed and so it is vital that these amounts are used in an eff icient and effective way. However, there is evidence that small businesses are not very good at managing their working capital. Given that many small businesses suffer from under capitalisation, the importance of exerting tight control over working capital investment is difficult to overstate. Padachi (2006), states that a firm can be very profitable, but if this is not translated into cash from operations within the same operating cycle, the firm would need to borrow to support its continued working capital needs. Investments in current assets are inevitable to ensure delivery of goods or services to the ultimate customers and a proper management of the same should give the desired impact on either profitability or liquidity. If resources are blocked at the different stage of the supply chain, this will prolong the cash operating cycle. Although this might increase profitability (due to increase sales), it may also adversely affect the profitability if the costs tied up in worki ng capital exceed the benefits of holding more inventories and/or granting more trade credit to customers. Another component of working capital is accounts payable, but it is different in the sense that it does not consume resources; instead it is often used as a short-term source of finance. Thus it helps firms to reduce its cash operating cycle, but it has an implicit cost where discount is offered for early settlement of invoices. (Padachi 2006) Although working capital is the concern of all firms, it is the small firms that should address this issue more seriously. Given their vulnerability to a fluctuation in the level of working capital, they cannot afford to starve of cash. The study undertaken by (Peel et al., 2000) revealed that small firms tend to have a relatively high proportion of current assets, less liquidity, exhibit volatile cash flows, and a high reliance on short-term debt. The recent work of Howorth and Westhead (2003), suggest that small companies tend to focus on some areas of working capital management where they can expect to improve marginal returns. For small and growing businesses, an efficient working capital management is a vital component of success and survival; i.e. both profitability and liquidity (Peel and Wilson, 1996). They further assert that smaller firms should adopt formal working capital management routines in order to reduce the probability of business closure, as well as to enhance business performance. The study of Grablowsky (1976) and others have showed a significant relationship between various success measures and the employment of formal working capital policies and procedures. Managing cash flow and cash conversion cycle is a critical component of overall financial management for all firms, especially those who are capital constrained and more reliant on short-term sources of finance (Walker and Petty, 1978; Deakins et al, 2001). 2.4.6 Working Capital Management Strategies According to Dunn (2001), working capital management involves focusing on the key elements of working capital cash flows in a cycle into, around and out of a business. It is the business lifeblood and every manager has to keep it flowing and to use the cash flows to generate profits. Two elements of the working capital cycle absorb cash (i.e. inventory and receivables.) The main sources of cash are payables, equity and loans. According to Dunn (2001), the commonly used working capital management strategies are: The conservative working capital management strategy: This is whereby the current assets to fixed asset ratio are high. The company invests relatively high in current assets in relation to its sales. In this approach, cash levels will be generally higher to avoid liquidity problems. In this case, there is a notable high investment in short-term bank deposits and other short-term liquid investments. The moderate working capital management strategy: This is whereby th e ratio of current assets to fixed assets is one. Companies with this working capital management policy have moderate earnings. The aggressive working capital management strategy: This is whereby the current asset to fixed asset ratio is lower. Companies using such a policy exhibit poor liquidity and have volatile earnings. 2.5 Working Capital Challenges facing SMEs Although the problems faced by SMEs in Kenya vary by sector, limited access to financing is a problem that is experienced across the board. In spite of Kenyas relatively large financial services sector, only about 10 per cent of the population is estimated to have access to banking services. The bulk of the poor, who mostly live in the rural areas, have no access to formal financial services. Consequently, small entrepreneurs start their business by investing their own savings and/or using funds obtained from relatives or friends. This might be supplemented by loans from informal lenders or by credit from suppliers. It is only after the business has been operating for some time, usually as a micro-enterprise or on a small scale that any attempt is made to seek financing from a bank for further development and expansion. The main reason why commercial banks are reluctant to lend to the SMEs is that this type of business seldom has any credit history or marketable assets to use as collateral. SMEs are weak in Africa because of small local markets, undeveloped regional integration and very difficult business conditions, which include cumbersome official procedures, poor infrastructure, dubious legal systems, inadequate financial systems and unattractive tax regimes (Kauffman 2004). According to Marwanga, Okomo, Epstein (2002), the most worrying challenge faced by SMEs is funding. Most new small business enterprises are not very attractive prospects for mainstream banks, with their rigid lending regulations. In Kenya, several lending schemes have been developed to address this key sector of the economy, but the solutions offered so far have been inadequate. Moreover, the schemes do not address the SMEs that operate in the rural areas where the majority of Kenyans live. Perret (2003) identifies that the financial services demanded by SME are varied, and normally are categorized as loan products, savings products, and miscellaneous services. The potent ial demand for each of these products not only varies between the products themselves, but also is country specific. The demand for these products in Romania is discussed below: 2.5.1 Loan Products The World Bank Technical Paper on financial markets in Rural Romania  [i]  estimated that only 50% of all private sector rural enterprises had a demand for loans. Estimates made by micro finance practitioners of the number of micro-clients who would want to borrow ranged from 10% of all potential micro enterprises to 90% of the total. If it is assumed that the demand for credit by urban and peri-urban micro enterprises would be somewhat higher than in the rural areas at, say, 67%, a national weighted average of active micro enterprises wanting to access credit would approximate 54% of the total number of micro enterprises, or about 272,000 entities. 2.5.2 Savings Products By North American and Western European standards, Romanians are prolific savers, with an average savings rate for the period 1998-2002 of 13% of GDP. This high level of savings is serviced by a network of 3,156 bank branches and 840 credit co-operatives  [ii]  , which suggests that for most Romanians who wish to serve in monetary assets, they would have the opportunity to do so. Additionally, the World Bank (WB) notes that most rural enterprises have some type of bank account. This suggests that there is only a limited unfulfilled demand for this service. With this factor in mind, and given the regulatory hurdles to obtaining the required banking license in order to mobilize savings, there is not a pressing need for micro finance providers to extend this service. The exception being that they may wish to mobilize savings services by the micro finance sector. 2.5.3 Other Financial Services While many of the other financial services normally required by micro businesses are available in Romania (e.g. funds transfers by Western Union), it is likely that the outlets for them are limited, as well as being expensive. As such, there is probably a considerable amount of pent-up demand for these financial products. While this need is recognized, a detailed market survey of these products in terms of demand, and the products potential profitability, is considered beyond the scope of this literature and, therefore, is not covered in any depth. It is suggested, however, that as the micro finance market grows, serious consideration be given to the provision of these services. 2.5.4 Access to financial services Most studies of private sector development in countries in transition identify access to financial services as a critical element to the development of small and medium size enterprise. The financial system serves several important functions. It provides an accepted and sound medium of exchange and a payment mechanism within a country; encourages mobilization of resources through savings mobilization; helps to allocate resources to activities with highest returns, if market prices prevail; spreads risks by offering a diversity of financial instruments; and it leads to wider ownership of societys assets. SMEs and other business firms require access to long and short term financing, on reasonable terms (market), to function properly. Credit, unless provided from abroad, depends on the financial institutions ability and capacity to mobilize local/national savings, directly or through access to capital markets, on the part of financial institutions. Without adequate savings mobiliza tion there cannot be a significant lending or investment program. Price stability, market interest rates, and cost efficiency in the operation of financial institutions, not only determine the viability of the latter, but the ability both to mobilize savings and provide the different length maturities businesses seek to meet their credit needs. Fontes (2005) notes that the main problems related to SME access to finance in China are the following: 2.5.5 Structure of the financial system China lacks an adequate credit system for SMEs, composed of the appropriate financial-service institutions. Large state-owned commercial banks have a very high market share of deposits and loans. The rating requirements for loans are quite high and are not met by SMEs, or the minimum amount that banks will lend vastly exceeds the demands for SMEs. City and rural credit cooperatives cannot fill this gap due to their own structural limitations. A related issue is the insufficient development of the capital market in China. The capital markets started being developed by the sale of state-owned enterprises shares, but with a very cautious gradualist approach. This affected the initial development of stock markets. 2.5.6 Existence of collateral to banks The most common mechanism to reduce informational problems in financing SMEs is the use of appropriate collateral. In general, it is easier to assess the value of assets instead of the value of expected future cash flows. In the United States, for instance, 92 percent of SME debt is secured by appropriate collateral and 52 percent of debt is guaranteed by the owners of the firms (Berger and Udell 1998). The most common form of collateral is accounts receivable or inventory. 2.5.7 Credit rating There is a lack of credit rating assessments for SMEs in China, together with low incentive of SMEs to build a credit reputation since it does not have a direct effect on future borrowing. This affects negatively the quality of loans and decreases further the credit rating of SMEs. A nationwide credit assessment system for SMEs was proposed in 2001. This credit assessment system was intended to improve the information processing and transmission of the credit situation of SMEs. 2.5.8 Accounting and auditing Financial structure of private firms is often opaque. There is a lack of transparent, audited financial records. There are restrictions in the registration under different forms of incorporation that gives incentives to firms to misrepresent financial flows, total employees, stocks of assets, and other aspects of the accounting and financial structure of firms. The tax system also can be circumvented partially by misreporting, usually under recording. As in other countries where incentives for true reporting are weak, firms are said to keep different accounting books: one for the government, one for banks and the last one for themselves (International Financial Corporation 2003). 2.5.8 Economies of Scale There are important economies of scale in the activity related to borrowing by banks. These economies of scale cannot be exploited at the typical borrowing scale of SMEs, and consequently banks will prefer large loans which can only be demanded by larger enterprises. 2.5.9 Tax and investment policy treatment Private SMEs have disadvantages in accessing credit and receiving approval due to their weaker connection to local authorities as compared to state owned enterprises or privatized former state-owned enterprises (Kanamori and Zhao, 2004). This is also true for incentives in investment policy with respect to state-owned and foreign enterprises (Kanamori, 2004). Foreign firms, for instance, can enjoy special tax exemption programs, where they get exemptions for two years after the first year that they register profits. SMEs face barriers to growth from poor or inadequate information regarding the wider market environment (pricing, demand, trends) and with poor communications between suppliers and markets (Grimard 1998). According to Tambunan (2006) in less developed countries (LDCs), SMEs are facing obstacles that are sometimes similar to those experienced by Large Enterprises. However, SMEs, especially the smaller ones are much more vulnerable in relation to these problems. The nature or complexity of many of these problems is also related to the size of enterprises or activities. The smaller the size of enterprises the more complex the problems they face. The problems may differ from region to region and between one industry-group to another. Although the problems vary even between individual enterprises in the same size category and within a branch of activity, there are certain problems which are common to all SMEs which are linked to three groups of issues: infrastructure, institution, and economic issues. Other issues include no access to formal training and, as a result, lack of skills in particular as regards basic economic skills and managerial expertise, lack of formal schooling sometimes even resulting in illiteracy, limited access to property rights, limited access to formal finance and banking institutions, excessive government regulations in areas such as business start up, in particular as regards cumbersome, time demanding and costly pro cedures for business registration and lack of information on prices. 2.5.10 Control of debtors and creditors Chittenden et al (1998) reported that granting of credit has existed as long as trade itself. They also state that trade credit is an important source of short-term finance because it represents a substantial component of the business assets and liabilities for the small business. In their findings they found that more than 96 per cent of small businesses provide credit to their customers. McMahon and Holmes (1991) found that owner-managers tend to neglect accounts receivable management and that it is exogenously determined and beyond their active control. On the other hand, Chittenden et al, (1998) reported that management of accounts receivable is paramount to the survival and success of every business. A UK study found that trade debtors represent 28 per cent of total assets, whilst trade creditors are equivalent to 11 per cent of total assets (Chittenden et al, 1998). In contrast, trade debtors levels in a business can absorb cash and therefore result in low or negative l evels of cash flow, the effect of which can result in the bills being paid late or impossible to pay at all (Scott, 1991). So the collection of past-due receivables can make a significant contribution to a companys cash flow (Perry, 1995). Chittenden et al (1998) found that late payment in all sectors in the United Kingdom related to trade debt and the same problem continues in Australia where the small business experience that paying on time has become an issue. 2.5.11 Cash flow and cash allocation The UK study found that even if a company does not have the necessary internal cash flow to take advantage of trade discounts, substantial cost saving would result in borrowing the money to settle accounts (Chittenden et al, 1998). In addition the survey found that businesses face a significant opportunity cost by building up cash reserves to buffer any downturn (Chittenden et al, 1998). In fact 54 per cent from the UK study have had surplus cash in the business on a regular basis, especially in the service businesses (Chittenden et al, 1998). 2.5.12 Record keeping Review of previous literature suggests that there is clearly significant progress in encouraging small businesses owner managers to install and use accounting information systems (McMahon and Holmes, 1991). Holmes (1991) raised the issue financial management practices for the small owner-managers is limited and they require education and training to the point where operating a small business utilises cash-based accounting systems to provide an acceptable level of financial control. 2.6 Conclusion Some research studies have been undertaken on the working capital management practices of both large and small firms in Romania, India, UK, US and Belgium (Burns and Walker, 1991; Peel and Wilson, 1996) to identify the push factors for firms to adopt good working capital practices or econometric analysis to investigate the association between WCM and profitability (Shin and Soenen, 1998;Anand, 2001;Deloof, 2003). There are no studies that address the working capital challenges facing SMEs in a developing country like Kenya. This is what this study sought to address.

Essay on The Ideal Hero in Shakespeares Hamlet - 1632 Words

Hamlet is not like the other tragic heroes of his period. He stands apart from other Shakespeares heroes because of his innocence. Perhaps this supposed tragic hero is an ideal hero - one without the tragic flaw. The tragic flaw has been a part of the formula for the tragedy since the Golden age of Greece. The main, and, most often, the only flaw that has been attributed to Hamlet is his delay. This seems to constitute the central part in Hamlet. Critics seem to cling to this detail, as if trying to save the status of Hamlet as a typical Elizabethan tragedy of revenge. By the definition of tragedy, there should exist a flaw in the character of the main hero, who is a great personality that is engaged in a struggle that ends†¦show more content†¦Being a loyal prince and son, and one whom entire kingdom respected, he should seek revenge and bring justice back in the royal court. The whole play would be very simple if this murdered was an open assassination. But no, Shakespear e made sure that this assassination was secret, that no one, except maybe Claudius, knew about it. This puts in a completely different context the play that was written by Thomas Kyd, a play titled Ur-Hamlet, which Shakespeare used as a basis for his Hamlet (Grebanier, 111).This way, Shakespeare accomplished very different development of action, and ultimately one of the best plays in the history. Along with that, Shakespeare created disagreement concerning reasons why Hamlet waited so long before killing Claudius. A careful reader can notice that more than two months pass between Hamlet being told by the Ghost about the evil deed, and Hamlet following through his plan. One can argue that from this follows that Hamlet procrastinated, having that one flaw - being passive, not daring to act. But Shakespeare never payed attention to this time interval. An audience wasnt aware of it, because Shakespeare didnt want it to be - the rather large time interval was of no consequence, and truly one cannot notice this without a conscious calculation (Grebanier, 179). More critics, especially during popularity of Freud, have tried to explain Hamlets delay exclusively fromShow MoreRelatedAnti-Idealism In Shakespeares Hamlet1563 Words   |  7 Pageshe calls William Shakespeare â€Å"our great de-idealizing author.† In his book, Edmundson examines the ideals of the ancient world and how they have been lost in the modern world. In one section of the introduction to his novel he analyzes S hakespeare’s works and how they function as a shift between these two worlds. Specifically, he examines Shakespeare’s rejection of the â€Å"religious ideal [and] the ideal of contempt,† as well as his use of skepticism and â€Å"uncertainties, mysteries, and doubts without drivingRead MoreEssay about Greek Tragedy Exemplified in Shakespeares Hamlet1191 Words   |  5 PagesGreek Tragedy Exemplified in Shakespeares Hamlet For several thousands of years, drama has existed among mankind. The ancient Greeks are accredited with the creation of drama, which began as simple religious rituals and eventually evolved into the more complex forms of tragedies and comedies. The first rules of drama, not surprisingly, were also written by a Greek--the famous philosopher and intellectual, Aristotle. Aristotle took note of the what qualities created a successful dramatic pieceRead More Hamlet, why did he delay Essay1626 Words   |  7 Pageswell, Shakespeares ability to provoke feeling and reaction to his writing is also what sets him apart from other common writers. 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Both the plays are set in a time when theRead MoreThe Libation Bearers and Hamlet1302 Words   |  6 PagesThe Libation Bearers and Hamlet Many of Shakespeare’s plays draw from classical Greek themes, plot and metaphors. The tragedies of Sophocles, Aeschylus, Euripides and Homer have themes like royal murders, assassinations by near relatives, the supernatural, ghostly visits, and vengeful spirits of the dead- themes which reappear in Shakespeare’s tragedies with a difference. Shakespeare’s tragic hero Hamlet and Aeschylus’s Orestes have a great deal in common. Both the plays are set in a time whenRead MoreThe Flaws of the Tragic Hero Hamlet in Shakespeares Hamlet Essay974 Words   |  4 PagesThe Flaws of the Tragic Hero Hamlet in Shakespeares Hamlet With Hamlet being generally labeled as the best tragic hero ever created, it is ironic that his tragic flaw has never been as solidly confirmed as those of most of his fellow protagonists. 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Evaluating Hamlet using Aristotle’s theories, especially considering the criticism Shakespeare received for seemingly defying these ideals, may be the most compelling way to make an argument for or against the validityRead MoreHamlet and The Desire-Destiny Paradox872 Words   |  3 Pagesquoted line of Hamlet, of Shakespeare’s works, possibly of all Elizabethan literature, presents a philosophical Hamlet who questions â€Å"Whether ’tis nobler in the mind to suffer, The slings and arrows of outrageous fortune, Or to take arms against a sea of troubles,† Shakespeare does indeed explore the individual’s enduring need to define one’s role or identity within society, but presents the paradox of whether to embrace one’s fortune OR to ‘carve for himself’ a fate and identity. 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Rational Horatio despite his fear of ghosts finds the strength to not only challenge the ghost but also protect Barnardo and Marcellus. Even ruthless Old King Hamlet accepts the challenge and ba ttles Norway

Reasons For Attending College Are Financial Supporting A...

is important to succeed in life, only 48% of these same young adults intend to get a college degree themselves (Pew Hispanic 2009). The most salient reasons for not attending college are financial: supporting a family, no money for tuition. This holds true even more for foreign-born Latino/as than for native-born. Foreign-born Latino/as make up 35% of those 16-25 years old, and nearly two-thirds (68%) of these are supporting not only themselves but are sending remittances to family in their native countries, as compared to 21% of their U.S. born counterparts (Lopez and Livingston 2009). Other reasons for not attending college include: a) the cost of tuition; b) inadequate high-school education; c) discrimination; d) no need for a college degree to be successful; and e) a preference for staying close to family rather than going away to college (Fry 2004). For those Latino/as who do enter college, persistence to degree completion is lower than that of Whites. In 1995 21% of all Latino/as aged 18-24 were attending college, and 35% of all Latino/as of that age who had attained a high school diploma were attending college. By 2000, NCES reports showed that the highest degree attained for all Latino/as aged 25 or over included 5% with associate’s degrees and 10.6% with a bachelor’s or higher (7.3% bachelor’s, 2.2% master’s, 1.2% first professional or doctoral). For whites, in 1995 38% of all whites aged 19-24 were enrolled in college, and 44% of white’s with a highShow MoreRelatedCost of College1120 Words   |  5 Pagesthing called college. They told you that you have to go there to get an education before you can get a good job. Many kids have dreamed of going to college, and being able to get the job of their dreams. By putting in hard work and dedication to good grades in high school, you had high hopes that you would be able to get into an Ivy League school. 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Miltons Paradise Lost has been praised since its edition as being the greatest English epic of all time Essay Example For Students

Miltons Paradise Lost has been praised since its edition as being the greatest English epic of all time Essay Miltons Paradise Lost has been praised since its edition as being the greatest English epic of all time, most stunningly in its authorquot;s realistic depiction of the fabled parents of humanity, Adam and Eve. How Milton chose to portray the original mother and father has been a focus of much criticism- especially with contemporary readers. One of the main subjects of these comments is in reference to Eve, who, according to many, is a trivial character that is rather naÃÆ'ƒÂ ¯ve, juvenile, and most definitely inferior to her mate. Nonetheless, which many do not recognize is that, surprisingly, after the fateful Fall, she becomes a much more evolved character. When Eve is introduced to the storyline of the epic, her character is shallow and extremely undeveloped, meant simply for display. She is quite firmly set as being inferior to her mate as a female in a predominantly male world. However, upon her decision to eat the apple from the Tree of Knowledge, her change is dramatic and she is no longer the simple character seriously lacking in depth of intellect or knowledge. Thus, as portrayed by Milton, the Fall of the parents of humanity is, in fact, an educational and developing process for Eve. Immediately upon the introduction of Eve to the epic she is clearly portrayed as being slightly dimwitted and unsophisticated, and seems to simply exist for the exhibition of her beauty and grace. She is shown as being desirable and extremely beautiful to look upon, as Milton often describes her beauty. Actually, the first time that Eve sees Adam she flees from him in fear, as he was not as beautiful as the image that she saw of herself in a pool of water. In fact, she was so infatuated with the image of herself that she would have remained had God not taken her away to meet her mate: Pleasd it returnd as soon with answering looks/ Of sympathy and love, there I fixt/ Mine eyes till now, and pind with vain desireÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ IV, 464-466. Milton discusses the scene through Eve and she is the one who describes what goes on. He does this because the scene happens in the past and therefore he uses her to discuss it rather than confusing the reader with a flashback type scene. He also has Eve relate what happened to prove that Eve must indeed be beautiful if she herself was taken by her looks as she discusses how she pined with vain desire IV, 466 for the image of her reflection. In fact, Eves beauty is discussed repeatedly. For example, when Satan first sees the human couple, he is overtaken by Eves beauty and submissive charms IV, 498. Milton even goes so far to stress her beauty and charms as to have her stun Satan himself with it. Actually, as Satan is on his mission to seduce Eve into eating the apple, her beauty overtakes him. If chance with nymphlike step fair virgin pass, What pleasing seemed, for her now pleases more, She most, and in her looks sums all delight; Such pleasure took the Serpent to behold This flowery plant, the sweet recess of Eve Thus early, thus alone; her heavenly form Angelic, but more soft and feminine, Her graceful innocence, her every air Of gesture or least action, overawed His malice, and with rapine sweet bereaved His fierceness of the fierce intent it brought. That space the Evil One abstracted stood From his own evil, and for the time remained Stupidly good, of enmity disarmed, Of guile, of hate, of envy, of revenge. IX, 452-466 Thus Milton creates an Eve that is so lovely that even the antagonist of the story temporarily forgets his cause to corrupt her upon sight of such beauty. She is called nymphlike and this is most definitely not the first time that Milton uses allusions to Greek and Roman mythology in the poem- such as calling her a wood-nymph light,/ Oread or Dryad, or Delias selfÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ IX, 386-387. At the time that the epic was written such stories were familiar to the average reader so a description of Eve alluding to these figures would create a very clear image of Eve in the mind of the reader of the time that the epic was written. Milton even stresses the irony of the entire situation by specifically naming Satan as the Evil One which strengthens the fact that the ultimate evil presence is for a moment, not so evil, just by looking at a woman so beautiful that he forgets his purpose- ironically making him in this seem more human. Adam, too, despite the fact that he spends every waking moment with her and sees her constantly, still is overtaken by her beauty and is loathe to part with her. Even while she convinces him to allow for the two of them to part in order for a more efficient work scheme, he long with ardent looks his eyes pursued/ Delighted, but desiring more her stay IX, 397-398. The majority of the description of Eve, however, is not through any character but rather through Milton with the parts whereupon he relates her to a nymph and Dryad as examples of his narrative description of her beauty. In fact, other than as titles given by other characters, mostly Adam, such as fairest of Creations IX, 896, there is little description to the reader, or even indication that she is indeed beautiful. The two greatest exceptions to this statement are from Raphael and Satan. Satan does compliment her beauty extravagantly with phrases such as Fairest resemblance of thy Maker fair,/ Thee all things living gaze on, all things thine/ By gift, and thy Celestial Beauty adore/ With ravishment beheldÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ IX, 538-541. Yet the fact that he, even self-admittedly, is using any method possible to seduce her into eating the apple including flattery makes these words have not a great impact onto the reader in terms of understanding and believing in her great beauty. However, Raphael very poetically describes her beauty with great eloquence as he is discussing the creation of Eve from Adams rib, the last part of his long story within the epic, which Milton uses in order to provide the reader with a background to the story without the need of starting the epic from before the fall of Satan himself. Upon describing the birth of Eve, he calls her Manlike, but different sex, so lovely fair, / that what seemd fair in all the World, seemd now/ Mean, or in her summd up, in her containdÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦into all things from her air inspird/ the spirit of love and amorous delight. VIII, 471-485. Not only does this quite clearly suggest that the only purpose of Eve is for her looks and amorous delights but establishes her beauty as undeniable. Until this point, as mentioned, it is Milton that describes her. As the narrator and thus the objective voice, the reader takes what he mentions as fact. When he describes her elaborately, for example by saying a phrase such as She as a veil down to the slender waist/ Her unadorned golden tresses wore/ Dishevelld, but in wonton ringlets wavdÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ IV, 304-306 the undeniable picture of her is drawn in the readers mind. Milton confirms her beauty to his narrative references by the characters descriptions of her beauty with Rapaels as the most powerful as well as the pools refection scene to substantiate her beauty. Thus, Milton quite clearly portrays Eve as being a character initially meant simply for display and to perform womanly duties at best. For, quite obviously, she is not initially meant to be superior or even equal to Adam as it is a male society that she lives in. Generally Eve is lower than Adam in intelligence, in overall importance, in the hierarchy of life, and in her closeness to God. Milton shows her to be for God in IV, 299 and to be ruled over by him. In fact, Milton goes so far as to claim that if Adam had, in fact, done his duty and ruled over his mate, the Fall of Man would have never occurred . It is a masculine world that she lives in with all of the intelligent beings structured as being male. For, God is male, as are all of the angels. The fact that Milton describes a paternal rule XII, 24 and a fraternal state XII, 26 is, to be sure, an illustration of the concept of the world. There is a definite link between intelligence and thus knowledge to superiority. JD Salinger s Catcher in the Rye Compared to Mark Twains EssayStill, despite these obvious, and in some cases, blatant references to Eve as being lowly and trivial compared to her husband, Milton somehow manages to change this For it is after Eve decides to eat the apple from the Tree of Knowledge does she truly evolve into a character far more complex and superior than the previous one. After she eats the apple, by the time she finds Adam it is extremely apparent that her mind set is undeniably different. Her mind set is more developed and she is actively thinking through her situation, which, obviously, she previously failed to do. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦But to Adam in what sort Shall I appear? Shall I to him make known As yet my change, and have him to partake Full happiness with me, or rather not, But keep the odds of knowledge in my power Without co-partner? so to add what want In the female sex, the more to draw and render me more equal, and perhaps, A thing not undesirable, sometime Superior- fro, inferior, who is free? This may be well; but what if God have seen, And death ensue? Then I shall be no more, And Adam, wedded to another Eve, Shall live with her enjoying, I extinct- A death to think. IX, 816-830 No longer does Eve think in terms of her and Adam and their mutual benefit but rather for her own benefit. She is now also intelligently going through all possible circumstances and fully realizes her own previous inferiority and the suppression of it For, inferior, who is free? IX, 825 and her present superiority. As mentioned, as Eve soliloquizes after having eaten the apple and muses over whether or not to share the apple she realizes her inferiority. As she has never soliloquized before, it is difficult for the assumption to be made that she has never been bitter about his fact. Yet she has never seemed bitter about the fact previous to this occasion and almost seemed to revel in Adams dominance over her. For example she claimed that without to no end, Guide/ And IV, 442-443 and in many occasions Milton describes her to yield and once to be in meek surrender IV, 494, for example. Another illustration of her newfound superiority is after Adam and Eve have both Fallen, and the two are within a state of conflict between one another as they both blame the other for their strife. After sharing carnal pleasures they hide themselves in shame of their sinful actions and then turn on one another with painfully true accusations. Adam claims had Eve hearkened to words, and stayed/ With , as besought ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦. had then/ Remained still happy, not, as now, despoiled/ Of all our good, shamed, naked, miserable. IX, 1134-11339. In response, Eve says: hadst been there Or here the attempt, couldst not have discerned Fraud in the Serpent, speaking as he spakeÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ Was to never parted from side? As good have grown there still, a lifeless rib. Being as , why didst not , the head, Command absolutely not to go, Going into such danger, as saidst? Too facile then, didst not much gainsay, Nay, didst permit, approve, and fair dismiss. Hadst been firm and fixed in dissent, Neither had transgressed, nor with me. IX, 1149-1161. This speech is extremely significant also in that she is for the first time contradicting Adam rather than humbly complying with his wishes. For, even though she contradicts him with the food scene she still does, at least, generally what he asks and her contradiction is more of a correction rather than a the rude contradiction that this statement is. She is no longer acting according to his wishes with the sole purpose of pleasing him but rather is proving her independence and individuality. Yet, neither is willing to take on any of the blame or is self-condemning IX, 1188- Eve for allowing herself to be enticed by Satan and Adam for allowing himself to be enticed by Eve. Yet, for the first time after the Fall, Adam is forcing his dominance onto her. Previously, only Milton and only subtly mentioned her lowliness and never Adam. Now, though, he becomes petty and insulting and makes it clear that he is the dominant: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦. Thus it shall befall/ Him who to worth in Women overtrusting/ Lets her Will ruleÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ X, 1181-1184. It is Eve, however that initiated the mutual peace and causes for the two to push back their problems and to repent. She courageously approaches Adam and continues to plead her case despite his misogynist title of thou serpent X, 867 upon Eve and telling her to leave him. Still, with humility born out of the love that she feels for him begs his forgiveness for what she had done. Not so repulsed, with tears that ceasd not flowing, / And tresses all disorderd, at his feet/ Fell humble, and embracing them, besought/ his peaceÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ X, 910-913. Thus does she manage to bring peace between her and her spouse, remain humble in her taking of the blame and in the face of his cruel rebuffs, sacrifice herself in that repenta nce, and yet remain equal to Adam as they leave hand-in hand as they were in the beginning but were not ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦from her Husbands hand her hand/ Soft she withdrewÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ IX, 385-386 for a point in time when she went to the Tree. Through all of this, Milton manages also to make Eve the more courageous of the two. For it is Eve who confronts Adam from whom she has every reason to anticipate an insult, and also takes the blame. She is also brave in her proposal of killing themselves in repentance. Obviously, however, the idea is not used as Adam comes up with another plan. Milton gives her what is arguably the greatest victory within Paradise Lost, of obtaining the path to harmony, as well as the path to the continuation of the human race. Thus, while Eve is obviously portrayed as being the weaker before the Fall, she becomes the stronger after and uses the situation to her advantage to help rectify the situation while Adam is too busy dwelling in aggravated self pity. Thus she is courageous in her confrontation of Adam and starting an entirely new relationship with. If it was truly Adam who was the superior being, then Milton would have managed to at least not made him seem so bitter and petty as she sweetly and humbly initiated the peacemaking. Consequently, this is the first and last time that Adam manages to tear himself away from his wife. Thus Milton quite clearly creates the Fall of Man as an evolutionary process for Eve. Upon the introduction of Eve to the actual moment that she eats the apple she is clearly portrayed as being a figurehead to God, the angels, and especially Adam yet her intelligence is clearly lacking. Yet this seems to fit in the world that she lives in, as it is a clearly male superior world. Milton creates a dramatic evolutionary change in Eve as after she eats the apple from the Tree of Knowledge, her personality and overall role is that of a far more developed characters. Therefore, Milton within Paradise Lost creates a scene that is historically portrayed as being completely negative, the Fall of Man, as, in the end, being at least partly positive in that one of the main characters and causes of the entire episode, benefits by evolving into a character with far more overall development and purpose- thus allowing for the human race to at least in some way be the victor.

Cultural Competence Essay Topics

Cultural Competence Essay TopicsCultural competence is a highly important aspect in an academic writing context, and students can really benefit from a strategic approach to cultural competency essay topics. An assessment tool, such as that offered by my company, can be very helpful when deciding what cultural competence essay topics to address.Identity and strength: Everyone in college is part of a community. A student's first level of ability to deal with the community's identity is his or her childhood experience. The second level of strength for a college student is identifying himself or herself in relation to the community, where he or she fits within the group and the boundaries of the community. A core part of the test is developing and analyzing the values that drive the student's sense of identity and belonging within the college community.Intellectual authority: Self-identity and membership in a community may be defined by the community's location and academic standards. O n the other hand, individual achievement and intellectual authority may be defined by the student's personal self. Students may identify their sense of identity by the people they study with, or by the people they interact with outside of the classroom. They may identify their sense of intellectual authority in whether or not they are on a committee or perform in extracurricular activities. An assessment tool like the one we offer can help students develop a mental model of personal identity and intellectual authority within the college community.Cultures and experiences: College is an opportunity to develop personally. A student's sense of self may be defined by his or her experiences in the community. It may include things like drinking, drugs, or staying up late at night partying. Another component of a student's sense of self is the sense of belonging to the larger community, which may include finding people who share the same interests as the student or are inspired by the stud ent's work. An assessment tool, like that offered by my company, can help students develop the sense of self by exploring their relationships with people who are of the same ethnic background as the student.Ability to make a contribution: The most basic sense of identity is the sense of belonging to the larger community, which is one of the foundations of identity in college. A student's sense of self may also be defined by how a student makes a contribution to the community. Students may develop a sense of self by assisting in community projects, such as a school newsletter, or by contributing something to a community organization, such as a theater production. An assessment tool, like that offered by my company, can help students develop their sense of self by considering the impact of their contributions to the community.A student's sense of self is also determined by how an individual interacts with others. An assessment tool, like that offered by my company, can help students d evelop the sense of self by considering the impact of their interactions with people who are similar to them or different from them. Students may develop a sense of identity by learning about groups of people who share common interests or beliefs as well as people who don't. An assessment tool like that offered by my company can help students develop a sense of self by examining the impact of their interactions with people who share the same kinds of identities as the student.Sense of self: Another part of the sense of self is what goes on inside the person's head. This is the sense of what goes on inside the person's mind, and it is very difficult to determine in a laboratory setting, such as that offered by my company. But the important aspect is that a student's sense of self is always subjective. A student's sense of self may be defined by the community he or she comes from, or by the experience of his or her parents, siblings, or grandparents. An assessment tool, like that offe red by my company, can help students explore the subjective components of a sense of self.Cultural competence essay topics are essential to developing an academic writing style. These topic areas are an important foundation for a student's development as a writer.

Important Points Regarding Review Articles

Important Points Regarding Review ArticlesThe task of reviewing the article content is not an easy one. It is not the simple thing of taking a look at a short article and then sending it to the editor, but more of a set of complicated tasks in order to get the best content that will be properly appreciated by the reader.With so many words we encounter every day, it is also a crucial role to understand how we should introduce them. All the articles produced should have relevant keywords in the title. They must also be listed in the Meta tags in order to maximize their visibility.Keywords can also be used as article titles to further emphasize what the article is about. For example, a review of the book 'The Rules of Time Management' will definitely need the keyword 'Time Management' as its title.The title of an article is usually one of the most important aspects that must be placed in the article's content. It is also the most important component of the whole review article. Thus, it is important to be careful and considerate in the selection of the right titles.Besides titles, the most important aspect of an article review is the description of the contents of the articles. Many people find it difficult to write about something that they do not have experience in. Thus, for this reason, the description of the contents needs to be adequate. You should also consider using long paragraphs and highlight important points.There are many companies who offer to produce and review articles. But, when you are choosing to submit a review article, you need to do some research and compare the reviews of other publishers who produce and submit review articles. You can even look for the link of a website that can help you look at reviews of other reviewers.After a careful review of several review articles, you can feel comfortable that you have chosen the one that will meet your purpose. Once you have decided on the review article you are going to submit, make sure you have had the title and description in place and that all the information is accurate.