Monday, May 25, 2020

Investment Pattern On The Basis of Risk Profile of Investors - Free Essay Example

Sample details Pages: 3 Words: 923 Downloads: 10 Date added: 2019/06/24 Category Management Essay Level High school Tags: Profile Essay Did you like this example? All in all, to put is to disseminate cash in the desire for some advantage later on for instance, interest in strong merchandise, in land by the administration business, in industrial facilities for assembling, in item improvement, and in innovative work. Notwithstanding, this article centers particularly around interest in money related resources. In fund, the advantage from speculation is known as an arrival. Don’t waste time! Our writers will create an original "Investment Pattern On The Basis of Risk Profile of Investors" essay for you Create order The arrival may comprise of a benefit from the offer of property or a venture, or speculation salary including profits, interests, rental pay and so forth., or a blend of the two. The anticipated monetary return is the suitably limited estimation of things to come returns. Financial specialists for the most part expect higher comes back from more hazardous ventures. When we make an okay venture, the arrival is additionally for the most part low. Financial specialists, especially tenderfoots, are regularly encouraged to embrace a specific venture methodology and broaden their portfolio. Broadening has the factual impact of decreasing generally speaking danger. Individuals contribute their cash for creating great returns. Yet, in this venture some sort of hazard included all speculators have distinctive states of mind towards hazard with regards to contributing, it is critical to consider the hazard profile or resistance deliberately including how agreeable financial specialists are wi th conceivable the hazard profile of speculators relies on their statistic structures or attributes. The undertaking manages the breaking down the speculation design based on hazard profile of financial specialists at SHAREKHAN PVT LTD. Whats more, what are the hazard factors that impact the kind of venture made by people. As we as a whole realize that each individual who needs to increase better returns in future they should need to put their cash in securities exchange or anyplace else. This investigation portrays the speculation design use by various people while doing interest in securities exchange remembering. The primary motivation to pick this examination is to discover the speculation design conduct in regard of their hazard bearing limit and this exploration causes the organization to focus on the financial specialists as indicated by their hazard capacity. The issue which has been distinguished that the majority of the financial specialists are not prepared to go for broke in desires in exceptional yields. There is a solid relationship in speculation examples and hazard bearing limit of speculators while doing the venture. Speculation valuation Free income estimates the money an organization produces which is accessible to its obligation and value financial specialists, subsequent to taking into consideration reinvestment in working capital and capital use. High and rising free income in this manner will in general make an organization more appealing to financial specialists. The obligation to-value proportion is a marker of capital structure. A high extent of obligation, reflected in a high obligation to-value proportion, will in general make an organizations without income, and eventually the profits to its speculators, more dangerous or unstable. Financial specialists contrast an organizations obligation with value proportion with those of different organizations in a similar industry, and inspect drifts owing debtors to-value proportions and free income. An upgrade of the P/E proportion that could enable you to valuate a stock is the PEG (value profit development) proportion. As a standard guideline, search for organiza tions with a PEG near 1.0, which infers that the markets desires depend on practical suspicions about the associations development prospects. Speculation example of speculators on various items in basic words venture implies purchasing securities or other fiscal or paper (monetary) resources in the currency markets or capital markets, or in genuinely fluid genuine resources, for example, gold as a speculation, land, or collectibles Sorts of venture Stocks Bond Money identical Stocks Organizations pitch offers of stock to fund-raise for start-up or development. When you put resources into stocks, youre purchasing an offer of proprietorship in a partnership. Youre an investor. There are two sorts of stock: 1. Normal stock Investors have a level of possession, have the privilege to cast a ballot on issues influencing the organization and may get profits. 2. Favored stock Investors are by and large qualified for profits at indicated interims and in foreordained sums, however they dont normally have casting a ballot rights. Venture returns and dangers for the two sorts of stocks fluctuate, contingent upon variables, for example, the economy, political scene, the organizations execution and other securities exchange factors. Bonds When you purchase a security, youre loaning cash to an organization or legislative substance, for example, a city, state or country. Bonds are issued for a set timeframe amid which intrigue installments are made to the bondholder. The measure of these installments relies upon the loan fee built up by the guarantor of the bond when the bond is issued. This is known as a coupon rate, which can be settled or variable. Toward the finish of the set timeframe (development date), the bond guarantor is required to reimburse the standard, or face esteem, of the bond (the first credit amount).Bonds are viewed as a more steady venture contrasted with stocks since they as a rule give a consistent stream of pay. But since theyre more steady, their long haul return most likely will be less when contrasted with stocks. Securities, be that as it may, can once in a while beat a specific stocks rate of return. Remember that securities are liable to various venture dangers including credit chance, reimbursement hazard and loan cost chance. Money comparable Money comparable ventures ensure your unique speculation and given you a chance to approach your cash. Precedents include:

Thursday, May 14, 2020

Dissociative Identity Disorder A Condition Of Mystery

Dissociative identity disorder is a condition of mystery that is not clearly understood because of its way of presenting in a patient. In this research article there will be in depth analysis of the condition that is so publically recognized by Hollywood but at times ignored by medical professionals. There will analysis of demographics and who is affected more; male or female will also be looked at closely. There will also be a review of what factors predispose individuals to Dissociative Identity Disorder, how it is diagnosed and how it being treated. The usual signs and symptoms will also be discussed and medical and surgical interventions. In this paper there will also be a review of complications and prognosis and nursing application†¦show more content†¦The majority of patients with DID have memory gaps when a personality has taken over the primary personality. Some patients as being outside their body, or watching something take place in front of them that they cannot control describe depersonalization. Another sign is derealization which is when the patient may not recognize people such as friends and family. The most common sign is identity disturbances because the patient fears their alters because they have no control over them when they take over. They fear them because they have no control their actions and even some times even the host may be female or male the alter may identify as that opposite sex. The alters also may disrupt daily schedules or be ruthless, careless, promiscuous. It becomes obvious when a personality takes control over the host because the patients mannerisms change from body language, vocabulary, accents, style of dressing . What can often trigger personality changes is primarily stress and it can be any form of stress for some patients which can make debilitating because day to day tasks can become difficult if there are periods of amnesia for the patient. Not having control of the personalities is often times what is most difficult for such patients. There have been many studies associating DID attempted suicide for some the alters tend to get themShow MoreRelatedDissociative Identity Disorder : A Condition Of Mystery3089 Words   |  13 PagesUnderstanding Dissociative Identity Disorder Introduction Dissociative identity disorder is a condition of mystery that is not clearly understood because of its way of presenting in a patient. In this research article there will be in depth analysis of the condition that is so publically recognized by Hollywood but at times ignored by medical professionals. There will analysis of demographics and who is affected more; male or female will also be looked at closely. There will also be a review of whatRead MoreShutter Island : Film Analysis Essay1721 Words   |  7 Pages2010 film directed by Martin Scorsese. Starring Leonardo DiCaprio and Mark Ruffalo, this film is 138 minutes of psychological thrills and horror. Shutter Island covers the field of psychopathology. More specifically, it covers psychotic disorders, dissociative disorders, and treatment. Shutter Island is set in 1954 on Shutter Island, Massachusetts at the Ashecliffe Hospital for the criminally insane. The opening scene of the film is U.S. Marshals Edward Daniels and Chuck Aule arriving on Shutter IslandRead MoreDissociative Identity Disorder : Multiple Personality Disorder Essay1859 Words   |  8 PagesIntroduction Dissociative Identity Disorder, also known as Multiple Personality Disorder has intrigued a wide variety of individuals from psychiatrists, Hollywood directors and even teenagers dreaming of treating the disorder such as myself. DID, as abbreviated, is sometimes thought of as fake, this disorder has been proven an actual disorder and is described in the DSM-5. This paper will include a description of Dissociative Identity Disorder or DID, an exploration into the typical course of theRead MoreThe Child That Lives From Within1681 Words   |  7 PagesNorman’s varying behaviour and role reversal, he has dissociative identity disorder (DID), also known as multiple personality disorder (Ellason, Ross, and Fuchs 255; Boysen 329). Contemporary studies suggest that DID comes from childhood trauma (Ellason, Ross, and Fuchs 255; Boysen 330). His identity confusion is rooted to his past and is made clear once he switches back and forth from himself and â€Å"Mother†. Some argue that questioned identity is linked to a tampered prefrontal cortex that causesRead MoreThe Child That Lives From Within1611 Words   |  7 Pagesself-awareness. Considering his varying behaviour and role reversal, Bates has dissociative identity disorder (DID), also known as multiple personality disorder. Contemporary studies suggest that DID comes from childhood trauma (Ellason, Ross, and Fuchs 255). His identity confusion being deeply rooted to his past is made clear once he switches back and forth from himself and â€Å"Mother†. It is argued that his questioned identity is linked to a tampered prefrontal cortex that causes him to act abnormallyRead MoreMental State Of A Social Environment1254 Words   |  6 Pagesself-awareness. Considering his varying behaviour and role reversal, Bates has dissociative identity disorder (DID), also known as multiple personality disorder. Contemporary studies suggest that DID comes from childhood trauma (Ellason, Ross, and Fuchs 255). H is identity confusion being deeply rooted to his past is made clear once he switches back and forth from himself and â€Å"Mother†. It is argued that his questioned identity is linked to a tampered prefrontal cortex that causes him to act abnormallyRead More The Controversy Surrounding Multiple Personality Disorder Essay2499 Words   |  10 PagesPersonality Disorder Multiple Personality Disorder is a condition that many people probably have not heard of. Among those who have heard of it, there are even less who actually know what it is. However, according to Piper (1997) there were about 6,000 cases diagnosed in North America alone in 1986. Some experts estimate that multiple personality disorder, or MPD, affects 5 to 10 percent of the population, or about 100 million people worldwide. For such a widespread disorder, the publicsRead MoreAcute Stress Disorder3168 Words   |  13 PagesAcute Stress Disorder Brett D. Klawitter Liberty University Abstract Acute Stress Disorder or ASD is a phenomenon that happens during or shortly after a traumatic event. It can affect people in many different ways but it is usually debilitating for up to one month. There has been controversy and stigma attached to the diagnosis of ASD since it was first added to the DSM-IV. This paper will illustrate the definition of ASD, the diagnostic guidelines, the difference between ASD and Acute StressRead MorePsychological Disorders Essay1876 Words   |  8 PagesThere are multiple criteria that come into play when determining a psychological disorder. One reason is because, it is hard to know for sure if an action is abnormal or not. Something could be abnormal in our country, but a custom in another. According to Psychology in Action, â€Å"[r]ather than being fixed categories, both â€Å"abnormal† and â€Å"normal† behaviors exist along a continuum, and no single criterion is adequate for [i]dentifying all forms of abnormal behavior† (Huffman). There are four criteriaRead MoreThe Impact Of Neuropsychology On The Christian Faith2470 Words   |  10 Pagesare the symptoms of her recurring seizures. Sister John has temporal-lobe epilepsy and her doctor explains that it, â€Å"tend[s] to be more psychological† (Salzman, 2000, p.68). Sister John’s spiritual episodes were presumably caused by her medical condition. So, were all of her spiritual encounters with God a lie? Was her faith a fabrication? The implication of these questions can be quite troubling for the Christian faith. Is God simply a manifestation created within our minds? Objects exist because Dissociative Identity Disorder A Condition Of Mystery Understanding Dissociative Identity Disorder Introduction Dissociative identity disorder is a condition of mystery that is not clearly understood because of its way of presenting in a patient. In this research article there will be in depth analysis of the condition that is so publically recognized by Hollywood but at times ignored by medical professionals. There will analysis of demographics and who is affected more; male or female will also be looked at closely. There will also be a review of what factors predispose individuals to Dissociative Identity Disorder, and how it is diagnosed. There will also be information of how the disorder is treated via therapy and medication. The usual signs and symptoms will also be discussed and†¦show more content†¦The idea behind this is that alters were developed during the trauma as form to escape it and they evolved into personalities that followed them later in life it is a form of dissociating with the trauma and coping mechanism. This can occur as early as three years old because that is when the human brain starts developing memories (Haddock, 2001). The most common signs and symptoms experienced by patients with Dissociative identity disorder are amnesia and depersonalization. The amnesia in patients with DID is typically manifests with gaps in their memory often gaps in memory in their past or even their entire childhood. The majority of patients with DID have memory gaps when a personality has taken over the host (primary personality). Some patients may describe as being outside their body and watching something take place in front of them that they cannot control, which is also known as depersonalization. According to Hart (2103), another sign is derealization, which is when the patient may not recognize people such as friends and family, which can lead to difficulties maintaining a healthy relationship. The most common sign is identity disturbances because the patient fears their person because they have no control over them when they take over. They fear them because they have no control their actions and even some times even the host may be female or male the alter may identify as that opposite sex. The alters also may disrupt dailyShow MoreRelatedDissociative Identity Disorder : A Condition Of Mystery2486 Words   |  10 PagesDissociative identity disorder is a condition of mystery that is not clearly understood because of its way of presenting in a patient. In this research article there will be in depth analysis of the condition that is so publically recognized by Hollywood but at times ignored by medical professionals. There will analysis of demographics and who is affected more; male or female will also be looked at closely. There will also be a review of what factors predispose individuals to Dissociative IdentityRead MoreShutter Island : Film Analysis Essay1721 Words   |  7 Pages2010 film directed by Martin Scorsese. Starring Leonardo DiCaprio and Mark Ruffalo, this film is 138 minutes of psychological thrills and hor ror. Shutter Island covers the field of psychopathology. More specifically, it covers psychotic disorders, dissociative disorders, and treatment. Shutter Island is set in 1954 on Shutter Island, Massachusetts at the Ashecliffe Hospital for the criminally insane. The opening scene of the film is U.S. Marshals Edward Daniels and Chuck Aule arriving on Shutter IslandRead MoreDissociative Identity Disorder : Multiple Personality Disorder Essay1859 Words   |  8 PagesIntroduction Dissociative Identity Disorder, also known as Multiple Personality Disorder has intrigued a wide variety of individuals from psychiatrists, Hollywood directors and even teenagers dreaming of treating the disorder such as myself. DID, as abbreviated, is sometimes thought of as fake, this disorder has been proven an actual disorder and is described in the DSM-5. This paper will include a description of Dissociative Identity Disorder or DID, an exploration into the typical course of theRead MoreThe Child That Lives From Within1681 Words   |  7 PagesNorman’s varying behaviour and role reversal, he has dissociative identity disorder (DID), also known as multiple personality disorder (Ellason, Ross, and Fuchs 255; Boysen 329). Contemporary studies suggest that DID comes from childhood trauma (Ellason, Ross, and Fuchs 255; Boysen 330). His identity confusion is rooted to his past and is made clear once he switches back and forth from himself and â€Å"Mother†. Some argue that questioned identity is linked to a tampered prefrontal cortex that causesRead MoreThe Child That Lives From Within1611 Words   |  7 Pagesself-awareness. Considering his varying behaviour and role reversal, Bates has dissociative identity disorder (DID), also known as multiple personality disorder. Contemporary studies suggest that DID comes from childhood trauma (Ellason, Ross, and Fuchs 255). His identity confusion being deeply rooted to his past is made clear once he switches back and forth from himself and â€Å"Mother†. It is argued that his questioned identity is linked to a tampered prefrontal cortex that causes him to act abnormallyRead MoreMental State Of A Social Environment1254 Words   |  6 Pagesself-awareness. Considering his varying behaviour and role reversal, Bates has dissociative identity disorder (DID), also known as multiple personality disorder. Contemporary studies suggest that DID comes from childhood trauma (Ellason, Ross, and Fuchs 255). H is identity confusion being deeply rooted to his past is made clear once he switches back and forth from himself and â€Å"Mother†. It is argued that his questioned identity is linked to a tampered prefrontal cortex that causes him to act abnormallyRead More The Controversy Surrounding Multiple Personality Disorder Essay2499 Words   |  10 PagesPersonality Disorder Multiple Personality Disorder is a condition that many people probably have not heard of. Among those who have heard of it, there are even less who actually know what it is. However, according to Piper (1997) there were about 6,000 cases diagnosed in North America alone in 1986. Some experts estimate that multiple personality disorder, or MPD, affects 5 to 10 percent of the population, or about 100 million people worldwide. For such a widespread disorder, the publicsRead MoreAcute Stress Disorder3168 Words   |  13 PagesAcute Stress Disorder Brett D. Klawitter Liberty University Abstract Acute Stress Disorder or ASD is a phenomenon that happens during or shortly after a traumatic event. It can affect people in many different ways but it is usually debilitating for up to one month. There has been controversy and stigma attached to the diagnosis of ASD since it was first added to the DSM-IV. This paper will illustrate the definition of ASD, the diagnostic guidelines, the difference between ASD and Acute StressRead MorePsychological Disorders Essay1876 Words   |  8 PagesThere are multiple criteria that come into play when determining a psychological disorder. One reason is because, it is hard to know for sure if an action is abnormal or not. Something could be abnormal in our country, but a custom in another. According to Psychology in Action, â€Å"[r]ather than being fixed categories, both â€Å"abnormal† and â€Å"normal† behaviors exist along a continuum, and no single criterion is adequate for [i]dentifying all forms of abnormal behavior† (Huffman). There are four criteriaRead MoreThe Impact Of Neuropsychology On The Christian Faith2470 Words   |  10 Pagesare the symptoms of her recurring seizures. Sister John has temporal-lobe epilepsy and her doctor explains that it, â€Å"tend[s] to be more psychological† (Salzman, 2000, p.68). Sister John’s spiritual episodes were presumably caused by her medical condition. So, were all of her spiritual encounters with God a lie? Was her faith a fabrication? The implication of these questions can be quite troubling for the Christian faith. Is God simply a manifestation created within our minds? Objects exist because

Wednesday, May 6, 2020

COMPUTERS EXAM BANK 1 - 8589 Words

ccccc Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. A computer is a device that ____. a. accepts data b. stores data c. produces output d. All of the above ____ 2. ____ is an area of a computer that temporarily holds data that is waiting to be processed, stored, or output. a. Memory b. Storage c. Input d. Output ____ 3. A computer ____ is two or more computers or other devices that are connected for the purpose of sharing data and programs. a. Panel b. PDA (Personal Digital Assistant) c. Matrix d.network ____ 4. A ____ is simply a computer network that is located within a limited geographical area. a. Console b. LAN (Local Area Network) c. WAN (Wide Area†¦show more content†¦a. parallel processing b. Pipelining c. serial processing d. both a and b ____ 23. I’m part of the operating system, stored in ROM and I supply the instructions needed to load the operating system’s core into memory when the system initializes. What am I? a. bootstrap program b. device driver c. launch program d. utility program ____ 24. The best-selling operating system is _____. a. Linux b. Mac OS c. Microsoft Windows d. UNIX ____ 25. A(n) _____ is a legal contract that defines the ways in which you use a computer program. a. copyright b. installation agreement c. software license d. all of the above ____ 26. Which type of computer game provides a realistic setting as its main feature? a. Simulation games b. Puzzle games c. Strategy games d. all of the above ____ 27. A network traffic jam results in service deteriorating as __________. a. download times increase b. you computer no longer saves files c. your keyboard no longer works d. unreadable code appears ____ 28. You want the least expensive backup device for a file under 1MB. Which of the following should you choose? a. CD-RW b. external hard disk c. floppy disk d. Writable DVD ____ 29. Which of the following was the fastest spreading mass-mailing worms of all time? a. Sasser b. Love Letter c. Blaster d. Cloner ____ 30. Which operating system uses case-sensitive filenames? a. UNIX/Linux b. DOS c. Mac OS d.Show MoreRelatedEntrance Examination System4065 Words   |  17 PagesThe Faculty of Information Technology Department Informatics College, Northgate Campus In Partial Fulfillment of the Requirements for the Degree Bachelor of Science in Information Technology/ Bachelor of Science in Computer Science Justine Paul D. De Villa Joyce L. Galang CHAPTER 1 The Problem: Rationale and Background Introduction Nowadays the number of school population is usually rising because of the rapid increase of students in our country. The Philippines is one of the countries withRead MoreEssay on Exam3Scenarios1596 Words   |  7 Pagesï » ¿Exam 3 Scenarios Sample Exam 3 Scenario 1 The Friendly Market is a large supermarket located in a city in the Southwest. Friendlys, as it is popularly known, has more sales per square foot than any of its competitors because it lives up to its name. The personnel go out of their way to be friendly and helpful. If someone asks for a particular brand-name item and the store does not carry it, the product will be ordered. If enough customers want a particular product, it is added to the regularRead MoreComputer Science As A Computer Programmer1645 Words   |  7 Pages For many years, I have been interested in studying computer science to become a computer programmer. Since I moved to the United States, my passion for computing developed while I was trying to find something to do keep myself busy after losing the freedom I had in my country as a child. My parents always said that I m addicted to my computer but what they never understood was why my computer was my best friend. Curiosity is the main reason. I ve always wondered how the internet is operatedRead MoreExam 3 Practice Questions995 Words   |  4 Pagesï » ¿Exam #3 Practice Questions (Answers at the end) 1. Which of the following is true of liabilities of LLCs? A) Members of the LLC are liable to the extent of their capital contribution. B) Managers of LLCs are personally liable for the debts, obligations, and liabilities of the LLC. C) LLCs are not liable for any loss or injury caused by their employees. D) LLCs are not liable for losses caused due to negligence of their managers during the ordinary 3. A(n) ________ refers to an agreement enteredRead MoreFlash Memory764 Words   |  4 PagesThe CFO of Flash Memory, Inc. prepares the companys investing and financing plans for the next three years. Flash Memory is a small firm that specializes in the design and manufacture of solid state drives (SSDs) and memory modules for the computer and electronics industries. The company invests aggressively in research and development of new products to stay ahead of the competition. Increased working capital requirements force the CFO to consider alternatives for additional financing. In additionRead MoreExam 2 Essay785 Words   |  4 PagesAcct 328  ® Exam 2 Part 1 – 60% Name of Company – Each student can make up a company name Type of business – service company †¢sole proprietorship Chart of Accounts – see below. The numbers correspond to dates in the month of February (Use journal entries only) 1. Initial capital of $100,000 2. Prepaid rent - $19,200 for 2 years 3. Prepaid insurance - $24,000 for 2 years 4. Purchased a desk on account for $500 5. Purchased office supplies for $950 6. Sold 20 bicyclesRead More246019916 Flash Memory Inc 1 1 1 Essay749 Words   |  3 Pagesï » ¿The CFO of Flash Memory, Inc. prepares the companys investing and financing plans for the next three years. Flash Memory is a small firm that specializes in the design and manufacture of solid state drives (SSDs) and memory modules for the computer and electronics industries. The company invests aggressively in research and development of new products to stay ahead of the competition. Increased working capital requirements force the CFO to consider alternatives for additional financing. In additionRead MoreFinal Exam Essay790 Words   |  4 PagesFinal Exam ACC/340 Accounting Information Systems I Week 5 The point value for the Multiple Choice is 1 point per question each for a grand total of 20 points. If you have any questions please let me know. Thank you and good luck. 1. The â€Å"S† in the acronym â€Å"AIS† stands for: a) Standard b) System (X) c) Symbol d) none of these 2. Which of the following is true? a) An AIS must be computerized to be useful b) An AIS always produces useful informationRead MoreMkt 571 Final Exams 51178 Words   |  5 PagesMKT 571 Final Exam http://www.finalexamguideline.com/MKT-571-FINAL-EXAM-5-58.htm 1) Small companies can engage is marketing research in a number of creative and inexpensive ways, including _______________. 2) A marketing information system (MIS) consists of ___________. 3) When Molly’s parents retired, they decided they wanted to travel.They found an ideal job that allows them to travel for free, but the only catch is they have to stay at Holiday Inns. During each stay, they test allRead Moreproject management case studies 4th edi1056 Words   |  5 Pagespreparation for the Project Management Professional (PMP ®) Certification Exam Project Management Case Studies, Fourth Edition is a valuable resource for students, as well as practicing engineers and managers, and can be used on its own or with the new Eleventh Edition of Harold Kerzners landmark reference, Project Management: A Systems Approach to Planning, Scheduling, and Controlling. Contents: Preface xi 1 PROJECT MANAGEMENT METHODOLOGIES 1 Lakes Automotive 3 Ferris HealthCare, Inc. 5 Clark Faucet Company

Tuesday, May 5, 2020

Fahrenheit 451 Analysis Essay Example For Students

Fahrenheit 451 Analysis Essay Imagine a society where books are prohibited, where the basic rights made clear in the First Amendment hold no weight and society is merely a brainwashed, mechanical population. According to Ray Bradbury, the author of Fahrenheit 451, this depiction is actually an exaggerated forecast for the American future, and in effect is happening around us every day. Simply reading his words can incite arguments pertaining not only to the banning of books but to our government structure itself. Age-old debates about Communism are stirred by the trials of characters in Bradburys unique world. By studying the protagonist and main character, Guy Montag, and his personal challenges we can, in a sense, evaluate our own lives to insure that we dont make similar mistakes. Fahrenheit 451 was written during the fifties, a period of mass paranoia, war, and technological advancement. The paranoia in the fifties was due the fear of Communism at home. People were afraid that their best friends might be Communists. This is also portrayed in the book; you are not sure until the very end if some of the characters are friend or foe. Many inventions of the fifties have advanced mirrors in the book. One might think that the author was trying to express how those inventions would ultimately resulting in the dumbing down of society. The television was coming about in the fifties and the four screen TVs in the book hampered the thought process so people would not think. While the book is definitely critiquing society and the government, readers are given many dominant themes to follow, and to find all of them requires several readings. The main plot, following Montag, illustrates the importance of making mistakes in order to grow. For example, at the very end of the book Granger an outspoken rebel to the book-banning laws compares mankind to a phoenix that burns itself up and then rises out of its ashes over and over again. Mans advantage is his ability to recognize when he has made an error, so that eventually he will learn not to make that mistake anymore. Remembering the faults of the past is the task Granger and his group have set for themselves. They believe that individuals are not as important as the collective mass. The symbol of the phoenixs rebirth refers not only to the cyclical nature of history and the collective rebirth of society but also to Montags own resurrection as a new person. Appropriately named, Guy is just a regular person who started out as a drone. However, he began to realize that while reflecting the morals of equality in that no one was above the law, his society also takes away the power of an individual to make a difference. He starts out rash, inarticulate, self-obsessed, and too easily swayed. At times he is not even aware of why he does things, feeling that his hands are acting by themselves. These subconscious actions can be quite horrific, such as when he finds himself setting his supervisor on fire, but they also represent his deepest desires to rebel against the status quo and find a meaningful way to live. When he comes into contact with Professor Faber, a retired professor who still has a few precious books hidden away, the two devise a plan to outsmart the system and bring the Dark Age to an end. Faber readily admits that the current state of society is due to the cowardice of people like himself, who would not speak out against book burning when they still could have stopped it, and his newly found courage contributes greatly to the phoenix theme of the book. Fabers comments reminded me of one of the most horrible passages in human history, Fahrenheit 451 analysis. When German citizens did not speak out against the growing horrors brought about by the Nazzi regime. In a brief summary of Bradburys piece it must be noted exactly how this civilization developed as it did. Montags boss, Captain Beatty, describes the problem by explaining that long ago, special-interest groups and other minorities began to object to books and literary works that offended them. This led to a sudden monotony in new stories, as writers tried to avoid offending anybody and were afraid to voice strong opinions. .ucfe1259a541e9424b29eee91786bf376 , .ucfe1259a541e9424b29eee91786bf376 .postImageUrl , .ucfe1259a541e9424b29eee91786bf376 .centered-text-area { min-height: 80px; position: relative; } .ucfe1259a541e9424b29eee91786bf376 , .ucfe1259a541e9424b29eee91786bf376:hover , .ucfe1259a541e9424b29eee91786bf376:visited , .ucfe1259a541e9424b29eee91786bf376:active { border:0!important; } .ucfe1259a541e9424b29eee91786bf376 .clearfix:after { content: ""; display: table; clear: both; } .ucfe1259a541e9424b29eee91786bf376 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ucfe1259a541e9424b29eee91786bf376:active , .ucfe1259a541e9424b29eee91786bf376:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ucfe1259a541e9424b29eee91786bf376 .centered-text-area { width: 100%; position: relative ; } .ucfe1259a541e9424b29eee91786bf376 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ucfe1259a541e9424b29eee91786bf376 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ucfe1259a541e9424b29eee91786bf376 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ucfe1259a541e9424b29eee91786bf376:hover .ctaButton { background-color: #34495E!important; } .ucfe1259a541e9424b29eee91786bf376 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ucfe1259a541e9424b29eee91786bf376 .ucfe1259a541e9424b29eee91786bf376-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ucfe1259a541e9424b29eee91786bf376:after { content: ""; display: block; clear: both; } READ: The Time Machine by HG Well EssayThe eerie fact about Bradburys work is that it hits a little too close to home: schools worldwide are banning more and more books from their libraries and limiting the information to which children have access. This is a very evident form of brainwashing in that students only learn what teachers feel is suitable, a truth that is leaving growing amounts of people unprepared for their own futures and unable to cope with life when it hits them. Fahrenheit 451 shows one possible place for this prohibition to lead: eventual disregard for the written word and an uneducated society. Our world today is closer than you may think to the world depicted in Fahrenheit 451. If you look closely you can find censorship in everything. Take school for example. In our textbooks women arent allowed to be depicted doing housework, men cant be show with tools, African-American cannot be athletes, and Koreans cannot own fruit stores. All this is to make a few people happy. If we dont stop now, Bradburys assumption of the future may come true.

Friday, April 10, 2020

Issues in Sme Development in Ghana and South Africa free essay sample

International Research Journal of Finance and Economics ISSN 1450-2887 Issue 39 (2010)  © EuroJournals Publishing, Inc. 2010 http://www. eurojournals. com/finance. htm Issues in SME Development in Ghana and South Africa Joshua Abor Department of Finance University of Ghana Business School, Legon Peter Quartey Institute of Statistical, Social and Economic Research University of Ghana, Legon Abstract This paper discusses the characteristics, contributions of SMEs to economic development, and the constraints to SME development in developing countries with particular reference to Ghana and South Africa. SMEs in Ghana have been noted to provide about 85% of manufacturing employment of Ghana. They are also believed to contribute about 70% to Ghana’s GDP and account for about 92% of businesses in Ghana. In the Republic of South Africa, it is estimated that 91% of the formal business entities are SMEs. They also contribute between 52 to 57% to GDP and provide about 61% to employment. Notwithstanding the recognition of the important roles SMEs play in these countries, their development is largely constrained by a number of factors, such as lack of access to appropriate technology; limited access to international markets, the existence of laws, regulations and rules that impede the development of the sector; weak institutional capacity, lack of management skills and training, and most importantly finance. We will write a custom essay sample on Issues in Sme Development in Ghana and South Africa or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The paper provides some relevant recommendations to policy makers, development agencies, entrepreneurs, and SME managers to ascertain the appropriate strategy to improve the SME sector in these countries. Keywords: SME Development, Ghana, South Africa 1. 0. Introduction There is growing recognition of the important role small and medium enterprises (SMEs) play in economic development. They are often described as efficient and prolific job creators, the seeds of big businesses and the fuel of national economic engines. Even in the developed industrial economies, it is the SME sector rather than the multinationals that is the largest employer of workers (Mullineux, 1997). Interest in the role of SMEs n the development process continues to be in the forefront of policy debates in most countries. Governments at all levels have undertaken initiatives to promote the growth of SMEs (Feeney and Riding, 1997). SME development can encourage the process of both inter and intra-regional decentralization; and, they may well become a countervailing force against the economic power of larger enterprises. More generally, the development of SMEs is seen as accelerating the achievement of wider economi c and socio-economic objectives, including poverty alleviation (Cook and Nixson, 2000). According to an OECD report, SMEs produce about 25% of OECD exports and 35% of Asia’s exports (OECD, 1997). International Research Journal of Finance and Economics Issue 39 (2010) 219 SMEs represent over 90% of private business and contribute to more than 50% of employment and of GDP in most African countries (UNIDO, 1999). Small enterprises in Ghana are said to be a characteristic feature of the production landscape and have been noted to provide about 85% of manufacturing employment of Ghana (Steel and Webster, 1991; Aryeetey, 2001). SMEs are also believed to contribute about 70% to Ghana’s GDP and account for about 92% of businesses in Ghana. Similarly, in the Republic of South Africa, it is estimated that 91% of the formal business entities are Small, Medium and Micro Enterprises (SMMEs) (Hassbroeck, 1996; Berry et al. , 2002). They also contribute between 52 and 57% to GDP and provide about 61% of employment (CSS, 1998; Ntsika, 1999; Gumede, 2000; Berry et al. , 2002). SMEs therefore have a crucial role to play in stimulating growth, generating employment and contributing to poverty alleviation, given their economic weight in African countries. How do SMEs in Ghana compare with their counterparts in South Africa and what policy lessons can be drawn for both countries to enhance the contribution of the sector remains the focus of this paper. The rest of the paper is organized as follows: Section two reviews the various definitions of SMEs. Section three discusses the characteristics of SMEs in developing countries. Sections four and five examine the contributions of SMEs to economic development and the constraints to SME developments. The paper concludes in section six. 2. 0. What is an SME? The issue of what constitutes a small or medium enterprise is a major concern in the literature. Different authors have usually given different definitions to this category of business. SMEs have indeed not been spared with the definition problem that is usually associated with concepts which have many components. The definition of firms by size varies among researchers. Some attempt to use the capital assets while others use skill of labour and turnover level. Others define SMEs in terms of their legal status and method of production. Storey (1994) tries to sum up the danger of using size to define the status of a firm by stating that in some sectors all firms may be regarded as small, whilst in other sectors there are possibly no firms which are small. The Bolton Committee (1971) first formulated an â€Å"economic† and â€Å"statistical† definition of a small firm. Under the â€Å"economic† definition, a firm is said to be small if it meets the following three criteria: †¢ It has a relatively small share of their market place; †¢ It is managed by owners or part owners in a personalized way, and not through the medium of a formalized management structure; †¢ It is independent, in the sense of not forming part of a large enterprise. Under the â€Å"statistical† definition, the Committee proposed the following criteria:: †¢ The size of the small firm sector and its contribution to GDP, employment, exports, etc. †¢ The extent to which the small firm sector’s economic contribution has changed over time; †¢ Applying the statistical definition in a cross-country comparison of the small firms’ economic contribution. The Bolton Committee applied different definitions of the small firm to different sectors. Whereas firms in manufacturing, construction and mining were defined in terms of number of employees (in which case, 200 or less qualified the firm to be a small firm), those in the retail, services, wholesale, etc. were defined in terms of monetary turnover (in which case the range is 50,000-200,000 British Pounds to be classified as small firm). Firms in the road transport industry are classified as small if they have 5 or fewer vehicles. There have been criticisms of the Bolton definitions. These centre mainly on the apparent inconsistencies between defining characteristics based on number of employees and those based on managerial approach. The European Commission (EC) defined SMEs largely in term of the number of employees as follows: †¢ firms with 0 to 9 employees micro enterprises; 220 International Research Journal of Finance and Economics Issue 39 (2010) †¢ 10 to 99 employees small enterprises; †¢ 100 to 499 employees medium enterprises. Thus, the SME sector is comprised of enterprises (except agriculture, hunting, forestry and fishing) which employ less than 500 workers. In effect, the EC definitions are based solely on employment rather than a multiplicity of criteria. Secondly, the use of 100 employees as the small firm’s upper limit is more appropriate, given the increase in productivity over the last two decades (Storey, 1994). Finally, the EC definition did not assume the SME group is homogenous; that is, the definition makes a distinction between micro, small, and medium-sized enterprises. However, the EC definition is too all-embracing to be applied to a number of countries. Researchers would have to use definitions for small firms which are more appropriate to their particular â€Å"target† group (an operational definition). It must be emphasized that debates on definitions turn out to be sterile, unless size is a factor which influences performance. For instance, the relationship between size and performance matters when assessing the impact of a credit programme on a target group (Storey, 1994). Weston and Copeland (1998) hold that definitions of size of enterprises suffer from a lack of universal applicability. In their view, this is because enterprises may be conceived of in varying terms. Size has been defined in different contexts, in terms of the number of employees, annual turnover, industry of enterprise, ownership of enterprise, and value of fixed assets. Van der Wijst (1989) considers small and medium businesses as privately held firms with 1 – 9 and 10 – 99 people employed, respectively. Jordan et al (1998) define SMEs as firms with fewer than 100 employees and less than â‚ ¬15 million turnover. Michaelas et al (1999) consider small independent private limited companies with fewer than 200 employees and Lopez and Aybar (2000) considered companies with sales below â‚ ¬15 million as small. According to the British Department of Trade and Industry, the best description of a small firm remains that used by the Bolton Committee in its 1971 Report on Small Firms. This stated that a small firm is an independent business, managed by its owner or part-owners and having a small market share (Department of Trade and Industry, 2001). The UNIDO also defines SMEs in terms of number of employees by giving different classifications for industrialized and developing countries (see Elaian, 1996). The definition for industrialized countries is given as follows: †¢ Large firms with 500 or more workers; †¢ Medium firms with 100-499 workers; †¢ Small firms with 99 or less workers. The classification given for developing countries is as follows: †¢ Large firms with 100 or more workers; †¢ Medium firms with 20-99 workers; †¢ Small firms with 5-19 workers; †¢ Micro firms with less than 5 workers. It is clear from the various definitions that there is not a general consensus over what constitutes an SME. Definitions vary across industries and also across countries. It is important now to examine definitions of SMEs given in the context of Ghana and South Africa. 2. 1. The Ghanaian Situation There have been various definitions given for small-scale enterprises in Ghana but the most commonly used criterion is the number of employees of the enterprise (Kayanula and Quartey, 2000). In applying this definition, confusion often arises in respect of the arbitrariness and cut off points used by the various official sources. In its Industrial Statistics, the Ghana Statistical Service (GSS) considers firms with fewer than 10 employees as small-scale enterprises and their counterparts with more than 10 employees as medium and large-sized enterprises. Ironically, the GSS in its national accounts considered companies with up to 9 employees as SMEs (Kayanula and Quartey, 2000). The value of fixed assets in the firm has also been used as an alternative criterion for defining SMEs. However, the National Board for Small Scale Industries (NBSSI) in Ghana applies both the International Research Journal of Finance and Economics Issue 39 (2010) 221 â€Å"fixed asset and number of employees† criteria. It defines a small-scale enterprise as a firm with not more than 9 workers, and has plant and machinery (excluding land, buildings and vehicles) not exceeding 10 million Ghanaian cedis. The Ghana Enterprise Development Commission (GEDC), on the other hand, uses a 10 million Ghanaian cedis upper limit definition for plant and machinery. It is important to caution that the process of valuing fixed assets poses a problem. Secondly, the continuous depreciation of the local currency as against major trading currencies often makes such definitions outdated (Kayanula and Quartey, 2000). In defining small-scale enterprises in Ghana, Steel and Webster (1991), and Osei et al (1993) used an employment cut-off point of 30 employees. Osei et al (1993), however, classified small-scale enterprises into three categories. These are: (i) micro employing less than 6 people; (ii) very small employing 6-9 people; (iii) small between 10 and 29 employees. A more recent definition is the one given by the Regional Project on Enterprise Development Ghana manufacturing survey paper. The survey report classified firms into: (i) micro enterprise, less than 5 employees; (ii) small enterprise, 5 29 employees; (iii) medium enterprise, 30 – 99 employees; (iv) large enterprise, 100 and more employees (see Teal, 2002). 2. 2. The South African Situation The most widely used framework in South Africa is the definition of the National Small Business Act 102 of 1996, which defines five categories of businesses in South Africa. The definition uses the number of employees (the most common mode of definition) per enterprise size category combined with the annual turnover categories, the gross assets excluding fixed property. The definitions for the various enterprise categories are given as follows: †¢ Survivalist enterprise: The income generated is less than the minimum income standard or the poverty line. This category is considered pre-entrepreneurial, and includes hawkers, vendors and subsistence farmers. (In practice, survivalist enterprises are often categorised as part of the micro-enterprise sector). Micro enterprise: The turnover is less than the VAT registration limit (that is, R150 000 per year). These enterprises usually lack formality in terms of registration. They include, for example, spaza shops, minibus taxis and household industries. They employ no more than 5 people. †¢ Very small enterprise: These are enterprises employing fewer than 10 paid employees, except mining, electricity, manufacturing and construction sectors, in which the figure is 20 employees. These enterprises operate in the formal market and have access to technology. Small enterprise: The upper limit is 50 employees. Small enterprises are generally more established than very small enterprises and exhibit more complex business practices. †¢ Medium enterprise: The maximum number of employees is 100, or 200 for the mining, electricity, manufacturing and construction sectors. These enterprises are often characterised by the decentralisation of power to an additional management layer. The National Small Business Act’s definitions of the different categories of business may be summarised as set out in Table 1 below. 222 Table 1: International Research Journal of Finance and Economics Issue 39 (2010) Definitions of SMMEs given in the National Small Business Act Number of Employees Fewer than 100 to 200, depending on industry Fewer than 50 Annual Turnover (in South African rand) Less than R4 million to R50 million, depending upon industry Less than R2 million to R25 million, depending on industry Less than R200 000 to R500 000, depending on industry Less than R150 000 Gross Assets, Excluding Fixed Property Less than R2 million to R18 million, depending on industry Less than R2 million to R4. million, depending on industry Less than R150 000 to R500 000, depending on Industry Less than R100 000 Enterprise Size Medium Small Fewer than 10 to 20, depending on industry Micro Fewer than 5 Source: Falkena et al. (2001) Very Small From the above, two key contrast can be drawn between the definitions of SMEs in Ghana and their counterparts in South Africa. First, Act 102 of 1996 defines SMEs in South Africa whereas th ere is no such legislation in Ghana. Secondly, the cut off points for the various SME size categories in South Africa are much higher than that of Ghana. This may be a result of the fact that South Africa has a much higher income levels than Ghana. 3. 0. Characteristics of SMEs in Developing Countries Fisher and Reuber (2000) enumerate a number of characteristics of SMEs in developing countries under the broad headings: labour characteristics, sectors of activity, gender of owner and efficiency. Given that most SMEs are one-person businesses, the largest employment category is working proprietors. This group makes up more than half the SME workforce in most developing countries; their families, who tend to be unpaid but active in the enterprise, make up roughly another quarter. The remaining portion of the workforce is split between hired workers and trainees or apprentices. SMEs are more labour intensive than larger firms and therefore have lower capital costs associated with job creation (Anheier and Seibel, 1987; Liedholm and Mead, 1987; Schmitz, 1995). In terms of activity, they are mostly engaged in retailing, trading, or manufacturing (Fisher and Reuber, 2000). While it is a common perception that the majority of SMEs will fall into the first category, the proportion of SME activity that takes place in the retail sector varies considerably between countries, and between rural and urban regions within countries. Retailing is mostly found in urban regions, while manufacturing can be found in either rural or urban centres. However, the extent of involvement of a country in manufacturing will depend on a number of factors, including, availability of raw materials, taste and consumption patterns of domestic consumers, and the level of development of the export markets. In Ghana, SMEs can be categorized into urban and rural enterprises. The former can be subdivided into â€Å"organized† and â€Å"unorganized† enterprises. The organized ones mostly have paid employees with a registered office, whereas the unorganized category is mainly made up of artisans who work in open spaces, temporary wooden structures, or at home, and employ few or in some cases no salaried workers (Kayanula and Quartey, 2000). They rely mostly on family members or apprentices. Rural enterprises are largely made up of family groups, individual artisans, women engaged in food production from local crops. The major activities within this sector include:- soap and detergents, fabrics, clothing and tailoring, textile and leather, village blacksmiths, tin-smithing, ceramics, timber and mining, bricks and cement, beverages, food processing, bakeries, wood furniture, electronic assembly, agro processing, chemical-based products and mechanics (Osei et al. , 1993; Kayanula and Quartey, 2000). Majority of SMEs are female-owned businesses, which more often than not are home-based compared to those owned by males; they are operated from home and are mostly not considered in official statistics. This clearly affects their chances of gaining access to financing schemes, since such International Research Journal of Finance and Economics Issue 39 (2010) 223 programmes are designed without sufficient consideration of the needs of businesses owned by females. These female entrepreneurs often get the impression that they are not capable of taking advantage of these credit schemes, because the administrative costs associated with the schemes often outweigh the benefits. Prior empirical studies in Ghana have shown that female-owned SMEs often have difficulty accessing finance. Females are mostly involved in sole-proprietorship businesses which are mainly microenterprises and as such may lack the necessary collateral to qualify for loans (Aryeetey et al, 1994; Abor and Biekpe, 2006). Measures of enterprise efficiency (e. g. labour productivity or total factor productivity) vary greatly both within and across industries. Firm size may be associated with some other factors that are correlated with efficiency, such as managerial skill and technology, and the effects of the policy environment. Most studies in developing countries indicate that the smallest firms are the least efficient, and there is some evidence that both small and large firms are relatively inefficient compared to medium-scale enterprises (Little et al. , 1987). It is often argued that SMEs are more innovative than larger firms. Many small firms bring innovations to the market place, but the contribution of innovations to productivity often takes time, and larger firms may have more resources to adopt and implement them (Acs et al. , 1999). 4. 0. Contributions of SMEs to Economic Development There is a general consensus that the performance of SMEs is important for both economic and social development of developing countries. From the economic perspective, SMEs provide a number of benefits (Advani, 1997). SMEs have been noted to be one of the major areas of concern to many policy makers in an attempt to accelerate the rate of growth in low-income countries. These enterprises have been recognized as the engines through which the growth objectives of developing countries can be achieved. They are potential sources of employment and income in many developing countries. SMEs seem to have advantages over their large-scale competitors in that they are able to adapt more easily to market conditions, given their broadly skilled technologies. They are able to withstand adverse economic conditions because of their flexible nature (Kayanula and Quartey, 2000). SMEs are more labour intensive than larger firms and therefore have lower capital costs associated with job creation (Anheier and Seibel, 1987; Liedholm and Mead, 1987; Schmitz, 1995). They perform useful roles in ensuring income stability, growth and employment. Since SMEs are labour intensive, they are more likely to succeed in smaller urban centres and rural areas, where they can contribute to a more even distribution of economic activity in a region and can help to slow the flow of migration to large cities. Due to their regional dispersion and their labour intensity, it is argued, small-scale production units can promote a more equitable distribution of income than large firms. They also improve the efficiency of domestic markets and make productive use of scarce resources, thus facilitating long-term economic growth (Kayanula and Quartey, 2000). SMEs contribute to a country’s national product by either manufacturing goods of value, or through the provision of services to both consumers and/or other enterprises. This encompasses the provision of products and, to a lesser extent, services to foreign clients, thereby contributing to overall export performance. In Ghana and South Africa, SMEs represent a vast portion of businesses. They represent about 92% of Ghanaian businesses and contribute about 70% to Ghana’s GDP and over 80% to employment. SMEs also account for about 91% of the formal business entities in South Africa, contributing between 52% and 57% of GDP and providing about 61% of employment (CSS, 1998; Ntsika, 1999; Gumede, 2000; Berry et al. , 2002). From an economic perspective, however, enterprises are not just suppliers, but also consumers; this plays an important role if they are able to position themselves in a market with purchasing power: their demand for industrial or consumer goods will stimulate the activity of their suppliers, just as their own activity is stimulated by the demands of their clients. Demand in the form of investment plays a dual role, both from a demand-side (with regard to the suppliers of industrial goods) and on the supplyside (through the potential for new production arising from upgraded equipment). In addition, demand 224 International Research Journal of Finance and Economics Issue 39 (2010) is important to the income-generation potential of SMEs and their ability to stimulate the demand for both consumer and capital goods (Berry et al. , 2002). 5. 0. General Constraints to SME Development Despite the potential role of SMEs to accelerated growth and job creation in developing countries, a number of bottlenecks affect their ability to realize their full potential. SME development is hampered by a number of factors, including finance, lack of managerial skills, equipment and technology, regulatory issues, and access to international markets (Anheier and Seibel, 1987; Steel and Webster, 1991; Aryeetey et al, 1994; Gockel and Akoena, 2002). The lack of managerial know-how places significant constraints on SME development. Even though SMEs tend to attract motivated managers, they can hardly compete with larger firms. The scarcity of management talent, prevalent in most countries in the region, has a magnified impact on SMEs. The lack of support services or their relatively higher unit cost can hamper SMEs’ efforts to improve their management, because consulting firms are often not equipped with appropriate cost-effective management solutions for SMEs. Besides, despite the numerous institutions providing training and advisory services, there is still a skills gap in the SME sector as a whole (Kayanula and Quartey, 2000). This is because entrepreneurs cannot afford the high cost of training and advisory services while others do not see the need to upgrade their skills due to complacency. In terms of technology, SMEs often have difficulties in gaining access to appropriate technologies and information on available techniques (Aryeetey et al. , 1994). In most cases, SMEs utilize foreign technology with a scarce percentage of shared ownership or leasing. They usually acquire foreign licenses, because local patents are difficult to obtain. Regulatory constraints also pose serious challenges to SME development and although wideranging structural reforms have led to some improvements, prospects for enterprise development remain to be addressed at the firm-level. The high start-up costs for firms, including licensing and registration requirements, can impose excessive and unnecessary burdens on SMEs. The high cost of settling legal claims, and excessive delays in court proceedings adversely affect SME operations. In the case of Ghana, the cumbersome procedure for registering and commencing business are key issues often cited. The World Bank Doing Business Report (2006) indicated that it takes 127 days to deal with licensing issues and there are 16 procedures involved in licensing a business in Ghana. It takes longer (176 days) in South Africa and there were 18 procedures involved in dealing with licensing issues. Meanwhile, the absence of antitrust legislation favours larger firms, while the lack of protection for property rights limits SMEs’ access to foreign technologies (Kayanula and Quartey, 2000). Previously insulated from international competition, many SMEs are now faced with greater external competition and the need to expand market share. However, their limited international marketing experience, poor quality control and product standardisation, and little access to international partners, continue to impede SMEs’ expansion into international markets (Aryeetey et al. , 1994). They also lack the necessary information about foreign markets. One important problem that SMEs often face is access to capital (Lader, 1996). Lack of adequate financial resources places significant constraints on SME development. Cook and Nixson (2000) observe that, notwithstanding the recognition of the role of SMEs in the development process in many developing countries, SMEs development is always constrained by the limited availability of financial resources to meet a variety of operational and investment needs. A World Bank study found that about 90% of small enterprises surveyed stated that credit was a major constraint to new investment (Parker et al. , 1995). Levy (1993) also found that there is limited access to financial resources available to smaller enterprises compared to larger organisations and the consequences for their growth and development. The role of finance has been viewed as a critical element for the development of SMEs (Cook and Nixson, 2000). A large portion of the SME sector does not have access to adequate and appropriate forms of credit and equity, or indeed to financial services more generally (Parker et al. , 1995). In competing for the corporate market, formal financial institutions have structured their products to serve the needs of large corporates. International Research Journal of Finance and Economics Issue 39 (2010) 225 A cursory analysis of survey and research results of SMEs in South Africa, for instance, reveals common reactions from SME owners interviewed. When asked what they perceive as constraints in their businesses and especially in establishing or expanding their businesses, they answered that access to funds is a major constraint. This is reflected in perception questions answered by SME owners in many surveys (see BEES, 1995; Graham and Quattara, 1996; Rwingema and Karungu, 1999). This situation is not different in the case of Ghana (see Sowa et al. , 1992; Aryeetey, 1998; Bigsten et al. , 2000, Abor and Biekpe 2006, 2007; Quartey, 2002). A priori, it might seem surprising that finance should be so important. Requirements such as identifying a product and a market, acquiring any necessary property rights or licenses, and keeping proper records are all in some sense more fundamental to running a small enterprise than is finance (Green et al. , 2002). Some studies have consequently shown that a large number of small enterprises fail because of non-financial reasons. Other constraints SMEs face include: lack of access to appropriate technology; the existence of laws, regulations and rules that impede the development of the sector; weak institutional capacity and lack of management skills and training (see Sowa et al. , 1992; Aryeetey et al. , 1994; Parker et al. , 1995; Kayanula and Quartey, 2000). However, potential providers of finance, whether formal or informal, are unlikely to commit funds to a business which they view as not being on a sound footing, irrespective of the exact nature of the unsoundness. Lack of funds may be the immediate reason for a business failing to start or to progress, even when the more fundamental reason lies elsewhere. Finance is said to be the â€Å"glue† that holds together all the diverse aspects involved in small business start-up and development (Green et al. , 2002). 6. 0. Conclusion This paper has reviewed various definitions of SMEs and also discussed the characteristics, contributions of SMEs to economic development, and the constraints to SME development. In reviewing the definitions of SMEs, it was concluded that there is no single, universal, uniformly acceptable definition of SMEs. Several measures or indicators have been used to define the SME sector. The most commonly used is the number of employees of the enterprise. However, in applying this definition, confusion often arises in respect of the arbitrariness and cut-off points used by various official sources. The definitions of SMEs within the context of Ghana and South Africa were also examined, given that this paper focuses on these two countries. SMEs often fall into two categories, that is, urban and rural enterprises. The former can be sub-divided into â€Å"organized† and â€Å"unorganized† enterprises. The organized groups have registered offices and paid workers, whilst the unorganized ones are mainly made up of artisans. Rural enterprises are largely made up of family groups and individual artisans. The activities in the SME sector range from pottery and ceramics to manufacturing of spare parts and electronic assembly. SMEs in Ghana and South Africa have a lot of similarities in terms of their characteristics as well as the vital role they play in the two economies. However, they differ in terms of size and regulation. For instance, the cut off point for the various categories of SMEs in Ghana are much lower than they pertain in South Africa. Secondly, whereas a national legislation defines an SME in South Africa, no such Act exist in Ghana. The study also observed that SMEs constitute a vital element of the development process, and their contributions in terms of production, employment and income in developing countries is widely recognized. Hence, interest in the role of SMEs in the development process continues to be high on the agenda of policy makers in the two countries. Notwithstanding the recognition, the development of SMEs is always constrained by a number of factors such as, lack of access to appropriate technology, limited access to international markets, the existence of laws, regulations and rules that impede the development of the sector; weak institutional capacity and lack of management skills and training. However, access to finance remains the greatest concern for the majority of SMEs. This study suggests that, to improve access to credit to SMEs, entrepreneurs should be encouraged to form cooperatives since financial institutions believe peer pressure often reduces the risk 26 International Research Journal of Finance and Economics Issue 39 (2010) of default, Secondly, the government through tax incentives can encourage certain training institutions and NGOs to provide training to entrepreneurs on simple record keeping and managerial know-how. Also, a national legislation in Ghana to define what constitutes an SME and their legal as we ll as tax obligations will help to integrate a number of informal enterprises into the formal framework. This should be complemented with steps to minimize the legal procedures involved in doing business in both countries. It is also suggested that technology transfer through simple, inexpensive and adaptable technology should be promoted to enhance the productivity of SMEs. References [1] [2] Abor, J. and N. 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Monday, March 9, 2020

Writing Nonfiction for Children

Writing Nonfiction for Children If you can write engaging, informative and fun features for younger readers aged 9 to 12, then children’s nonfiction could be your market. Over several years, I wrote many pieces for publications including Hoezit!, MiniMag and others. Here’s what I learned†¦ Market Guides for Nonfiction Resources for finding places to publish include the Children’s Writers Illustrators Market (published annually) and their website listings, the Society of Childrens Book Writers and Illustrators, Educational Markets for Children’s Writers Pitches that Work Many pitches are seasonal: Things to do for the holidays, movies to watch in winter. Other times, articles discuss fascinating facts related to school subjects like math, science and

Saturday, February 22, 2020

Burke's arguments against the French Revolution Essay

Burke's arguments against the French Revolution - Essay Example Burke’s work concerns two important consequences of the French Revolution. First, is his focus on aspects connected with the ‘terror’, and second, are those aspects of French thought which had gone into informing the general tenets of individual liberty and democracyBurke’s work concerns two important consequences of the French Revolution with respect to the present discussion. First, is his focus on aspects connected with the ‘terror’, and second, are those aspects of French thought which had gone into informing the general tenets of individual liberty and democracy. In both senses, and to the extent that these are examined mostly from a historical standpoint, he is deeply concerned with the consequences of various forms of change. That is, and in his own words, he is not interested in problems in the â€Å"abstract principles† [Burke, 1987: 109] . The terror is a period of history marking the French Revolution, and it is characterized as the term suggests, with extreme acts of depravity. During the reign of the French terror, priests, aristocrat's and various sympathizers were often indiscriminately burned or hanged – and, private property suffered a similar fate: â€Å"frauds, impostures, violences, rapines, burnings, murders, confiscations, compulsory paper currencies, and every description of tyranny and cruelty employed to bring about and to uphold this Revolution have their nature effect, that is, to shock the moral sentiments of all virtuous and sober minds, the abettors of this philosophic system immediately strain their throats in a declamation against the old monarchical government of France† [Burke, 1987: 108]. The ‘terror’ poses a number of problems for Burke. It was a period of history – contemporary as he writes this work, where freedom was equated with a complete disregard for â€Å"moral sentiments of all virtuous and sober minds†. For Burke, the lack of hie rarchy and political authority, results in barbarous extremes or indeed, chaos. He does equivocate in his condemnation of this situation, but what is important, is that it informs his judgment of what ‘the state of nature’ or a ‘state without authority’ is characteristic of. As a subject of Britain, he raises much concerning the Revolution of 1688, but sees a far more positive outcome. The ‘Glorious Revolution’ in Britain, brought about the institution of Parliament, and for Burke the English predilection to constitutional authority, is much preferred to the terror in this respect. Aside from the extremes of the ‘terror’, he views greater autonomy and freedom with cultural and not simply political repercussions. In this sense, he might be regarded as a Platonist or an elitist. That is, a hierarchy must be maintained not simply to exert direct political control or authority, but also to convey a moral standard or what might be descr ibed as a standard of ‘taste’, so to speak. By this, it is implied to the extent that he is critical of the ‘decadence’ that greater freedom and autonomy (especially in Britain) has brought about. One could describe this social criticism as essentially a critique of the ‘nouveau riche’, over and against the preferred sentiments of aristocratic values. Concerning the nouveau riche, for example, he asserts: â€Å"Why should the expenditure of a great landed property, which is a dispersion of the surplus product of the soil, appear intolerable to you or to me when it takes its course through the accumulation of vast libraries [Burke, 1987: 142]. The freedom of the many – or, even a ‘select’ many (e.g. the Bourgeoisie) is a condition which Burke is deeply critical of.. The above passage suggests that ‘wealth’ or â€Å"surplus† is better spent on the preservation of libraries than on the forms of entertainmen t that appealed to the growing middle classes. The status quo for Burke, is a hierarchy which is not merely constitutional, but also social. His criticism of freedom is thus political and social. Thus, the undermining of authority for Burke, can be understood as extending from both direct (the terror) and indirect forms (cultural, e.g. the ‘nouveau riche’), and in both senses, he regards the consequences as central with respect to what he does regard as the proper political authorit