Relation between Entrepreneur and New Venture Essay

Relation between Entrepreneur and New Venture - Essay Example The researcher states that there is no agreed definition of the entrepreneur, but entrepreneurship is related to new business ventures. An entrepreneur is an individual who establishes new business ventures for profit-making purposes. In the entrepreneurship sphere, a creation of a new venture is a separate and distinct phenomenon, which includes business formation, acquisition and mergers, and advancing the business. The creation of a new venture is a complex, crucial, and multidimensional process that involves interaction between an individual and his socio-economic environment. The process is critical because it designs the future ventures building blocks; principally, it comprises the activities, ideas, actions, and techniques displayed by entrepreneurs towards materializing their visions and concepts into an operating business. This clearly shows that in order for an entrepreneur to be successful, he or she must possess a high level of mental hardness to assist him or she persev ere and make operational strategic decisions. The stages of creating a new venture occur in the mind of entrepreneurs through interaction with the society and on the computer while the real venture activities have not been started. The major viewpoints introduced in the process of creating a new venture include the following: 1) recognition of a type of prospects; notions to be executed as future business. 2) Vision; different activities and strategies that are normally applied in the initial stages of the new venture. 3) Groundwork is an important factor that enables materialization of the concept into the real business. 4) The intention of financing the future ventures 5) The sense of planning and ensuing impacts on the entrepreneur and the venture 6) Quality of the entrepreneurial profile of persons showing a new business formation process 7) Environment, which is a major contributor to the process.

Examination of historical context Research Paper

Examination of historical context - Research Paper Example But above all these, the question of the status of Jerusalem is perhaps the most complex and intractable. Placing this modern problem in a historical context can help us to understand why this city is at the heart of any talk of Middle East peace. The establishment of Jerusalem as the capital of a united Jewish state is a great source of nationalistic pride for secular and religious Jews alike. David the King made it his seat of power and it remained as such for nearly 1,000 years. In addition to this national pride felt for this place, the sacred nature of Jerusalem binds the Jews to his place as well. Jerusalem was the site of the first temple built by Solomon. The remaining wall of the second, reconstructed temple still stands and is considered a sacred site for modern orthodox Jews. For reasons both nationalistic and religious, Jerusalem is a vital place for Jewish identity. This is clear from the sacred writing found in the Nev’im where it states, â€Å"Rejoice for Jerusalem and be glad for her, All you who love her! Join in her Jubilation, All you who mourned over her [for]†¦I will extend to her Prosperity like a stream, The wealth of nations like a wadi in flood.† (Isaiah 66:10,12). It may be this fe rvor for controlling Jerusalem that led the Israelis to declare Jerusalem as the capital of their new nation in 1949, just two years after agreeing that it should be a divided, internationally controlled heritage city. In 1980, Israel did away with any partitioning, declaring Jerusalem a unified city. Christians look with a religious attachment to Jerusalem because so much of the life of Jesus Christ occurred there. Sacred sites such as the hill of Golgotha and the Garden of Gethsemane have long attracted pilgrims from all over the world. The attachment to Jerusalem took a decidedly political turn for Christians after its annexation by Muslims. In 1095, at the urging of Pope Urban II, Christians took up arms to

Price Elasticity of Demand and Monopolistic Competition

Price Elasticity of Demand and Monopolistic Competition The Price Elasticity of demand is inversely related to excess capacity in the monopolistic competitive market – Discuss Before we even dwell and discuss on the abovementioned topic, it would vital for us to understand and define what Price Elasticity of Demand, Excess Capacity and Monopolistic Competitive Market are all about from the economic perspective. By understanding the aforementioned than only we would be able to discuss and deliberate the abovementioned topic in detail. Elasticity From the economics perspective based on journal and article in Wikipedia, elasticity can be defined as the measurement of how receptive or responsive an economic variable is, to a change of the other. For example: If we lower or reduce the price of our product, how much more will it be sold? If we raise or increase the price of one product, how will that affect sales of the other product? If we learn that a resource is becoming infrequent or limited, will people rush to acquire it? We can further elaborate that an elastic variable (or elasticity value greater than 1) is one which responds more than proportionately to changes in other variables. On the other hand, an inelastic variable (or elasticity value less than 1) is one which changes less than proportionately in response to changes in other variables. Elasticity can be measured as the ratio of the percentage change in one variable to the percentage change in another variable, when the latter variable has a fundamental influence on the former. It is a tool for measuring the responsiveness of a variable, or of the function that determines it, to changes in contributory variables. Frequently used elasticities include price elasticity of demand, price elasticity of supply, income elasticity of demand, elasticity of substitution between factors of production and elasticity of substitution. Elasticity is one of the most vital concepts in a traditional economic theory. It is valuable in understanding the rate of indirect taxation, marginal concepts as they relate to the company, and distribution of wealth and different types of goods as they relate to the theory of consumer choice. Elasticity is also crucially imperative in any discussion of welfare distribution, in particular consumer surplus, producer surplus, or government surplus. In a pragmatic work environment, an elasticity is the estimated coefficient in a linear regression equation where both the dependent variable and the independent variable are in natural logs. Elasticity is a common tool amongst observers because it is independent of units and thus simplifies data analysis. Price Elasticity of Demand On the other hand, according to Alfred Marshall, Price elasticity of demand (PED or Ed) is a measurement used in economics to illustrate the responsiveness or elasticity, of the quantity demanded of a good or service to a change in its price. More accurately, it gives the percentage change in quantity demanded in response to a one percent change in price (ceteris paribus, i.e. holding constant all the other determinants of demand, such as income). Price elasticities are almost always negative, although analysts tend to ignore the sign even though this can lead to uncertainty. Only goods which do not conform to the law of demand, have a positive PED. Generally, the demand for a good is said to be inelastic (or relatively inelastic) when the PED is less than one (in absolute value): that is, changes in price have a relatively small effect on the quantity of the good demanded. The demand for a good is said to be elastic (or relatively elastic) when its PED is greater than one (in absolute value): that is, changes in price have a relatively large effect on the quantity of a good demanded. Revenue is maximized when price is determined so that the PED is exactly one. The PED of a good can also be used to predict the rate of a tax on that good. Various research approaches are used to determine price elasticity, including test markets, analysis of historical sales data and conjoint analysis. Nevertheless, according to Professor Dominick Salvatore in its book, Managerial Economics – Principle and Worldwide Application, mentioned that â€Å"Sometimes, lowering the price of the commodity or products increases sales sufficiently to increase total revenues. At other times, lowering the commodity or products prices reduces the firm’s total revenues†. Thus, lowering the price of a particular products will not necessarily increase the total profitability of a company. This is due to the fact that it also have an impact on the production cost. Therefore, we can also say that the higher the price elasticity, the more sensitive consumers are to price changes. A very high price elasticity indicates that when the price of a good increase, consumers will buy less of the items and when the price of that good falls, consumers will buy more. A very low price elasticity suggests the opposite, that changes in price have slight influence on demand. As such, it is imperative for a company to really understand the economics and the concept of PED before any decision is made for a price review or for a pricing strategy. Excess Capacity Meanwhile, Excess Capacity, based on our reading, as defined in Wikipedia is a situation in which actual production is less than what is achievable or optimal for a company. This often means that the demand in the market for the product is below what the firm could potentially supply to the market. The amount of excess capacity within an industry is a signal of both the performance of that industry and the demand for the products it produces. Excess capacity is also seen as a good thing for consumers, as it is not likely to lead to the price inflation that would be seen in periods of near-full capacity. A company with sizable excess capacity can often lose a considerable amount of money if it is not able to meet the high fixed costs that are associated with producers. In other words, it could also be the case that in the long run, the production is operating not at the lowest of its long run average cost curve. Instead, it is operating on a gauge that is smaller and less efficient which the company has, in fact, a capacity to produce more at a lower average cost. , each firm is serving a market that is too small, and there are too many firms, so that the product group as a whole has the capacity to serve more customers than there are. Excess capacity exists when marginal cost is less than average cost and it is still possible to decrease average (unit) cost by producing more goods and services. Excess capacity may be measured as the increase in the current level of output that is required to reduce unit costs of production to a minimum. Excess capacity may also arise because as demand increases, firms have to invest and expand capacity in uneven or inseparable portions. Company may also choose to maintain excess capacity as a part of a deliberate strategy to deter or prevent entry of new firms. Monopolistic Competitive Market Monopolistic competition from economic perspective is a category of imperfect competition such that many producers sell products that are different from one another as goods but not perfect substitutes (such as from branding, quality, or price). In monopolistic competition, a firm takes the prices charged by its competitors as given and ignores the impact of its own prices on the prices of other company. In the presence of strong government, monopolistic competition will fall into government-granted monopoly. Unlike perfect competition, the firm maintains spare capacity. Models of monopolistic competition are often used to model industries. Examples of industries with market structures similar to monopolistic competition include restaurants, cereal, clothing, shoes, and service industries in large cities. The founding father of the theory of monopolistic competition is Edward Hastings Chamberlin, who wrote a pioneering book on the subject, Theory of Monopolistic Competition. Joan Rob inson published a book The Economics of Imperfect Competition with a comparable theme of distinguishing perfect from imperfect competition. The characteristic of a monopolistic competitive markets are as follow: There are many producers and many consumers in the market, and no business has total control over the market price. Consumers perceive that there are non-price differences among the competitors products. There are few barriers to entry and exit. Producers have a degree of control over price. In the long-run characteristics of a monopolistically competitive market are almost the same as a perfectly competitive market. Two differences between the two are that monopolistic competition produces diverse products and that monopolistic competition involves a great deal of non-price competition, which is based on subtle product differentiation. A firm making profits in the short run will nonetheless only break even in the long run because demand will decrease and average total cost will increase. This means in the long run, a monopolistically competitive firm will make zero economic profit. This illustrates the amount of influence the firm has over the market; because of brand loyalty, it can raise its prices without losing all of its customers. This means that an individual firms demand curve is downward sloping, in contrast to perfect competition, which has a perfectly elastic demand schedule. Differences between Perfect and Monopolistic Competition To show that the PED is inversely related to excess capacity in the monopolistic competitive market, in this discussion, we will be comparing mostly between perfect competitive market and monopolistic competitive market which is also an imperfect market. There are two main differences between perfect competition and monopolistic competition. First is excess capacity; in perfect competition, firms usually will produce a product up to the maximum capacity of its production to get the lowest average total cost, ATC. Meanwhile in monopolistic competition, the firms will have an excess capacity if they produce less than the quantity at which average total cost is at minimum; which if they lower the price, they could sell more but they might producing at a point where their cost will exceed their revenue. The second differences are mark-up. In perfect competition, P=MC, but in monopolistic competition, P > MC because of its marked up. The marked up is because of the price discrimination which use by the firms in monopolistic market. Price and Output in Monopolistic Competition First of all, let us look at the factors affecting the PED. As we can see, in monopolistic competition market, there are high numbers of substitutes available for the products that produce by the firms. This is because each of the firms produce similar product but not identical. Because of this, the market has a greater PED. Any changes in price will make a possibility of consumer to change their demand for other substitute products. This is why, monopolistic market are also called price searcher market, as they are actually looking for the best price for their product. Since the firms produce similar product, they cannot fight their price using the ATC, where they cannot produce more than they can sell. They can only produce the quantity at which the marginal revenue is equal to the marginal cost. Can we say that monopolistic competition is inefficient? Yes, because in monopolistic competition P > MC, marginal benefits is larger than marginal cost. In order to reach the highest possible profit, firms competing in three important area of product differentiation, which is the quality, price and marketing. The quality of the product is just not only about the reliability of the product, but also about the design and the services, more on the after sales services. Using this quality aspect, firms can do the price discrimination, which differentiated their product with other product. However there is a trade off between prices and quality. The lower the price, the lower the product quality can be. As to further increase the sales, firms have to do a good product packaging and advertising. Since consumer value a variety, and variety is a cost, it is reasonable for the firms to price discriminate other products. However in monopolistic market, since no barrier to entry and exit from the market, firms have to be careful not to gain high profit in the long run as it can attract new competitors into the market. Product Development and Marketing Since monopolistic firms need to maintain their economic profit, in the condition of high ATC, there are needs to keep and sustain a continuous product development. In the market where the competitors are always looking for new innovation, new technology and attractable product, they need to be in line with the up to date trend of consumers. New product development would allow a firm to gain a competitive advantage, even sometimes temporarily before competitors imitate the innovation. Looking at the scenario where competitors usually keep imitate the new innovation produce, it might cross our mind why firms need to be the innovation leaders since after that the competitors will had it imitate. The innovation cost are high compare to imitate cost, but the benefit as innovation leaders have a value to consumer and also would increases total revenue. Firms usually will pursue product development until their marginal revenue from innovation equals to the marginal cost of innovation. As a human, consumer have a natural willing feeling to pay higher for the products that have a high value to them, even sometimes the price is ridiculous. The marginal social benefit of an innovation is the increase of price to the product and also a marginal social cost to the firms for the cost of innovation. Basically, the profit is maximized when MR=MC, but in monopolistic competition P>MR. Because of that, amount of innovation is less than efficient. Compare to the perfect competition market, monopolistic market have a higher selling cost since they need to spend a lot on promoting the uniqueness of their product compare to other substitutes product. The increase in selling cost will increase ATC at any level of output, but would not affect the MC of production. If their effort in promotion and advertising increases the demand of the product, then they are considered success. This is the cost that the monopolistic firms have to pay, to reduce their excess capacity, by increasing the demand of the products. But advertising is not only use to promote the variety and the uniqueness of the product, but also sometimes use to remind the market of their high quality product. Conclusion From the comparison that we highlight between perfect competition market and monopolistic competitive market, we can see the relation between the increasing of selling cost, increase of demand and reduced in excess capacity. When the firm concentrate in having a continuous product development with greater advertising and promotion effort, they can increase the demand of the product which in turn inversely reduce the excess capacity of the firms.

Essay --

Muchas personas en los Estados Unidos està ¡n experimentando problemas de salud y mueren de enfermedades que posiblemente pueden evitarse con la adecuada atencià ³n de la salud y la educacià ³n. Desafortunadamente, debido a la falta de recursos y educacià ³n son las disparidades de salud entre diferentes grupos à ©tnicos y minorà ­as. Ha habido muchos estudios que muestran que las minorà ­as està ¡n en peor estado de salud, tienen problemas para acceder a la atencià ³n de la salud por ser asegurado y recibir menor calidad en la atencià ³n sanitaria. Estas diferencias pueden ser basado en el hecho de que muchas personas no pueden tener los ingresos adecuados, la educacià ³n o la cobertura necesaria para mantener un estilo de vida saludable. A pesar de que tales disparidades, no podemos eliminar totalmente los que podemos encontrar soluciones para reducir la brecha. Teniendo en cuenta esta informacià ³n, en comparacià ³n con otros grupos à ©tnicos, los hispanos tienen mayores tasas de seguro que los blancos no hispanos y los isleà ±os de Asia / pacà ­ficas (Mead, Smith, Jones, Ramos & Siegel, 2008). Hispanos tambià ©n tienen un nà ºmero desproporcionado cuando se habla de diagnà ³stico de VIH; los estudios han demostrado que son menos propensos a hacerse la prueba del VIH y tienen una mayor probabilidad de obtener un diagnà ³stico mà ¡s adelante con la oportunidad para ser bajo terapia (Palfrey, Rosen, Ogilus & Foley, 2013). Con los hispanos, siendo el grupo à ©tnico de mà ¡s rà ¡pido crecimiento y continà ºa creciendo a este ritmo debe ser abordado el tema del cuidado de la salud. Una de las principales razones de por quà © hay un problema de salud es debido a que hay un problema de interpretacià ³n y traduccià ³n de lenguaje. 21% de la poblacià ³n de Estados Unidos habla otro idioma que ... ...unas familias pueden tener mucho firmar para arriba para la cobertura y una vez que pasen este proceso, las inscripciones constantes que toma lugar causas aspirantes a ser asignado a diferentes mà ©dicos, causando un problema de confianza. Tambià ©n, a veces los solicitantes no recibe los formularios para llenar o no entiende la informacià ³n solicitada, causando que pierden sus beneficios. En cuanto a cobertura de seguro, cuidado Obama ayudarà ¡ a financiar nuevas clà ­nicas y los centros de las ciudades con una alta poblacià ³n hispana que permite a los pacientes a tener cuidado de la salud disponible con poco o ningà ºn costo en absoluto. En realidad, el cambio no puede suceder con el chasquido de dedos de alguien. El cambio tiene que empezar con la educacià ³n, hispano educar y motivar a utilizar el sistema de salud es clave para posiblemente resolver la disparidad en la salud.

Francis Bacon and Plato Essay

The arguments presented by both Francis Bacon and Plato both call for different approaches in pursuing knowledge. In doing this, one must be accurately point out the important facets present in each argument and deduce what style is appropriate for an individual’s use. Looking at Francis Bacon’s arguments, it can be said that he is focused on the progression of ideas that will lead to the acquisition of knowledge. However, the ‘form’ that Bacon advocates differs to the original meaning proposed by Plato. He further advocates that the ‘form’ must be attained to gain knowledge. As long as man continues to strive for the form, knowledge will soon follow. On the other hand, Plato’s dialogue focuses on the way knowledge is achieved through the process of remembering the past. Socrates used this analysis in checking the validity of such argument. He makes a philosophical connection between knowledge and virtue. Thus, it has been contended that knowledge is virtue – creating the possibility of teaching. Seeing the two approaches in a nutshell, I believe that there must be a collaborative consensus between the two theories. It may be true that we must constantly strive for the form that Bacon advocates and at the same time use natural forces and mechanisms that can help achieve knowledge. However, Plato’s arguments can also shed some important light in the analysis of obtaining knowledge. But seeing that I must choose between the two, the argument presented by Francis Bacon I believe presents a more valid approach. I believe my answer is correct since believe that man continues to struggle for existence. Man continuous life depends on each one’s ability to grasp knowledge through mechanisms and processes that will help each one to survive. The different laws that govern us remain to be manifested and shown. The tendency of man to move forward and accept challenges should be the case. This is contrary to the view of Plato that one must look back to gain knowledge. In conceiving a central purpose in human life, there must be a conscious effort by an individual for continuous development to cope with the changing times. In my own perspective, I feel that the central purpose of living a life is continuous learning by acquiring knowledge and experiences that will benefit my individual growth as time passes. This event can only take place if the individual is continuously aware that he/she has the capability of shaping his/her personality. Looking at this, it can be argued that there are several characteristics of a well-lived, fulfilling life. In my own opinion, a well-lived fulfilling life must create opportunities for each individual to constantly struggle and be victorious. This is because for every success and failure in a struggle, certain inputs are obtained by an individual. These are experiences distinct only to individuals which foster the creation of knowledge. Another characteristic is that individuals must constantly strive for their betterment. We do not become stagnant and a waste in the society and community. Another characteristic of knowledge is that it can create a degree of completeness to an individual. By gaining knowledge, the questions that men aspire can be answered or attained. The pursuit of knowledge is attaining these purposes because of knowledge capability to raise and increase the quality of thinking by individuals. Continuity is thus necessary in creating the environment for knowledge for individuals. In addition, by gaining knowledge, we expand our purpose and existence. It may be known that during our conception, the only thing we cater is our own. But as we continually grow in age and maturity, the levels of understanding and knowledge extend not only in scope but also each one’s abilities. In the end, knowledge gives individuals the opportunity to explore more what life has to offer.

Many researches Essay

Many researches have been conducted with regards to the effect of a particular plant or animal in the environment. These organisms are also called invasive species and are considered as one major factor of ecological imbalance and the increased deterioration of the balance in natural resources. This variety of animals poses harm on other species which can lead to a gradual decrease in population and even extinction if the problem will not be addressed properly. As a response by scientists specializing in the field of biology and ecosystem, they have made in-depth studies to be able to come up with the possible solution for the problem. One clear example of this situation is the effect of a particular freshwater fish known as the black bullhead and its adverse effect in the biodiversity and ecological harmony in European freshwaters. Having a scientific name Ameiurus melas, this fish was not native in Europe but from North America. Previous studies were conducted and claimed considered the increase in population of this fish specie as an imminent threat against the local fish species in the said region. Moreover, further proliferation of this non-local fish can lead to imbalance in the ecological harmony among preys and local predators that can be found in European waters. The study was conducted to evaluate the effect of black bullhead to the predatory performance of the local predator pike with a scientific name Esox Lucius L. The study was made in the year 2006 where the researchers set up individual containers with different experimental treatments. The study was made during the autumn season where the researchers chose equal weights and sizes of black bullheads and pikes. They prepared containers containing equal amounts of water and other parameters needed in setting up an artificial ecosystem. The researchers then acquired enough amounts of roach for each basin which is the prey of both the black bullhead and the pike and systematically treated each container. One container was placed with roach but no predators while another container was filled with the roach and black bullhead only. Another container was filled with roach and pike only and another basin was filled with the prey and both predators. Turbidity was also varied in each container, one with low and another basin with high turbidity. Afterwards, careful and thorough observations were made concerning the entire experimental set up. With the use of statistical and mathematical tools in analyzing the results of the experiments, the researchers prepared and came up with the result of the study. One of the results of the study is that the prey consumption on the containers with pike alone and both bullhead and pike has little discrepancies. This result suggests that pike’s consumption was less when mixed with bullhead compared when there is only pike in the area. Many factors were accounted with regards to the research output like the direct struggle between the two distinct predators and even behavioral intrusions of the bullhead on the pike predator. Another research finding is that turbidity has no significant effect on the efficiency of the pike, disproving the claims that water transparency has a major effect on the performance of the local predators. The study was conducted with finesse and used appropriate mathematical tools in interpreting data. However, more researches should still follow in a large-scale setting and in a natural habitat location to be able to come up with a more reliable research output. Though the research presented good and unbiased results, further study should pursue in the same objective to be able to support the claims of the study made with more research parameters to consider. References Kreutzenberger, K. , Leprieur, F. & Brosse, S. †The Influence of the invasive black bullhead Ameiurus melas on the predatory efficiency of pike Esox Lucius L. † Journal of Fish Biology (2008) 73, 196–205. Retrieved on April 22, 2009. Retrieved from http://fabienlep. free. fr/leprieur/Leprieur_JFishBiol_2008. pdf

General George S. Patton essays

General George S. Patton essays On November 11, 1885 in San Gabriel, California a true American hero was born. This heros name was George Smith Patton, Jr. George Patton would play a giant role of the formation of The United States of America during the twentieth century. Ever since George was young he knew he wanted to be in the army. When his dads war friends would come over, he would always beg them to tell him their war stories. George especially looked up to John Singleton Ranger Mosby. Singleton would tell his stories of fighting during the civil war and George absolutely loved the stories. From the age of seven he was able to read military topographical maps. He learned all of this from his father who was very military involved. Georges interest in the military took away time from his formal study habits. This was especially obvious when George could not read at the age of twelve, which was partly due to his dyslexia. Georges father finally realized that this was an important matter, and decided to put George in what was known as the Beast Barracks. Although he excelled athletically, he had to stay an extra year due to his problems with mathematics. He did become an expert fencer and a master swordsman. From there he went on to Wes t Point where he became an expert polo player. This was not of much surprise, due to his love of animals. George chose his major of cavalry at West Point. In 1909, George graduated from West Point, 46th out of 103. In 1912, George made himself known to the world by competing in the pentathlon of the1912 Olympic Games in Stockholm, Sweden. Patton was still a young officer in 1916 when he tasted his first battle. Patton joined General John J. Pershing in his fight to overthrow Poncho Villa of Mexico. The fight was a light one, but it gave Patton a good feel for live battle. Once again George made national headlines when he shot and killed General Cardenas, Poncho...