Thursday, June 11, 2020
It is said that Experience is the best teacher. However, this experience doesnt necessarily have to be undergone personally, but can be learnt through others as well. Case study method vs books In a classroom, while textbooks and reference material serves the purpose of teaching concepts, definition and methods, case study trains you with the skills required to do the job. As a result, most higher education institutes swear by using this technique. Essentially, a case study is an analysis of an organisation, an event, a person, or a series of decisions resulting in a success or failure. If used correctly, it can be a very powerful teaching tool. I believe students benefit immensely from working through case studies if they use the experience and apply the lessons learnt., says Chris Kinsville-Heyne, professor of leadership and strategy, Hult International Business School. Professors at Hult are very fortunate in this respect as many of them are adjunct professors, who run their own consultancies or businesses on a day-to-day basis, and are able to bring current working practices into the lecture room. For my courses, International Negotiations, and Crisis Communications and Management, I like to use case studies to highlight certain points and practices. This can be to reinforce a particular strategy or possibly to expose weaknesses in a code of practice., adds Kinsville-Heyne. Many students are inductive learners who learn better from examples than from logical development. So it becomes a very effective classroom technique. A major advantage of teaching with case studies is that the students are actively engaged in identifying the principles and theories by abstracting them from the examples. Case study method as future of learning Speaking on the importance of using this method in class room, Rangana Maitra, convenor, International Case Study Conference, 2015, says, Class becomes interactive while faculty member plays the role of a facilitator. They become aware of real life challenges and incidents experienced by people working in corporate world. Case studies help students to explore how what they have learned applies to real world situations. Keeping this in mind, IES Management College and Research Centre, Mumbai is also organising a Two-day International Case Study Conference. It intends to provide a platform for case writers, academicians and industry experts to present case studies in the area of business and management. The aim is to highlight real life challenges and incidents experienced by people working in the corporate world. At IES, classroom learning is enriched through case studies of Harvard Business School, Richard IVY Business School, and ICFAI Business School. Hult on the other hand looks at current events or practices for analysis, which, personally, could be anything. Kinsville-Heynes favourite case study is the first two hours and 36 mins of the London Bombings, and the communication that took place during that time. It has everything I require in order to explain the confusion that dominates everything during the early stages of a crisis; lack of clarity, contradictory messages, several agencies wanting to say something, social media, human reactions, everything., he states. Companies require experienced employees As education institutes give a thumbs up to case study learning method, how do the corporate view this phenonmenon? Shalini Pillay, head, people, performance and culture, KPMG, India, opines, Case studies allow students to think about the application of theoretical concepts in actual business scenarios. Dealing with business scenarios helps them bridge the gap between theory and reality. This is a critical aspect of the way we work in consulting. [Tweet Dealing with real business scenarios helps bridge the gap between theory and reality.] In todays dynamic business environment, employees are expected to not only be the subject matter experts but also have the experience and skills to translate that expertise into a solution, which will work for the client. A case study based curriculum is known to work for the development of key skills such as problem solving, decision making, analytical abilities Ã¢â¬â quantitative and/or qualitative, coping with ambiguities, individual study, time management, presentation skills, group working, communication and soft skills., says Pillay. Companies launch case study based competitions to land talents KPMG is putting together a competition called the KPMG International Case Competition (KICC). It is a competition which brings this form of learning to the B-school student community in the form of an exciting and rewarding global challenge. The students who make an impact during the competition have the opportunity to become a part of KPMG, explains Pillay. Another corporate showing interest in case studies is Cairn India, one of the largest oil and gas exploration and production companies in the country. As a part of the preliminary round of their competition Amazing Champions of Energy (ACE), a case study competition on the theme Oil and Gas policy Framework in India was conducted at National Institute of Industrial Engineering (NITIE). The most impactful aspect of case study based learning is that it enables the person to not only apply his knowledge and experience, but also conduct research and analyze the problem, before arriving at a recommendation. As long as the recommendations are realistic and are supported with logic and analysis, there are no right or wrong answers, signs off Pillay. Case studies develop skills such as: Problem solving Analytical tools, quantitative and/or qualitative, depending on the case Decision making in complex situations Coping with ambiguities Public Speaking Skills Leadership potential History of case study learning method It is believed that the case study method was first introduced into social science by Frederic Le Play in 1829 as a handmaiden to statistics in his studies of family budgets. Later professors from Harvard Business School started teaching the case study method apprehending that there were no textbooks suitable to a graduate program in business. In some cases the study has been traced back to economics in 19th Century France. Learn more about how Hult integrates case studies into its curriculum This article was originally published by dnaindia.com A case in point. Make the most of what your career has to offer with a Masters in International Business from Hult. To learn more, take a look at our blog Matchmaking quiz: Find your perfect school, or give your employability a huge boost with an MBA in international business. Download a brochure or get in touch today to find out how Hult can help you to explore everything about the business world, the future, and yourself. Hult Rotation offers you a chance to study in a truly global way. Our rotation program allows you to study and be immersed in some of the finest cities in the world. Ã°Å¸â ¸: @jasminmanzano . Hult Rotation offers you a chance to study in a truly global way. Our rotation program allows you to study and be immersed in some of the finest cities in the world. Ã°Å¸â ¸: @jasminmanzano . Each year, Hult seeks to enroll a talented and ambitious incoming class from all over the world. We look for diverse students with a wide range of experiences, perspectives, and interestsÃ¢â¬âstudents who will thrive in our unique educational atmosphere. Are you ready for a truly global experience? Ã°Å¸â ¸: @iambrunadiniz . Each year, Hult seeks to enroll a talented and ambitious incoming class from all over the world. We look for diverse students with a wide range of experiences, perspectives, and interestsÃ¢â¬âstudents who will thrive in our unique educational atmosphere. Are you ready for a truly global experience? Ã°Å¸â ¸: @iambrunadiniz . WeÃ¢â¬â¢re excited to start 2020 on a ranking high! Hult is proud to have been placed #28 in Poets Quants 2020 rankings for Best Undergraduate Business Schools in the US. Taking a huge leap of 32 places from our 2019 position, weÃ¢â¬â¢re also very happy to have secured top positions in key categories like: life-changing experience, practicality of the degree, and global immersion. . With five global campuses, a student body of over 130 nationalities, and a learn-by-doing approachÃ¢â¬âHult offers a student experience like no other. . WeÃ¢â¬â¢re excited to start 2020 on a ranking high! Hult is proud to have been placed #28 in Poets Quants 2020 rankings for Best Undergraduate Business Schools in the US. Taking a huge leap of 32 places from our 2019 position, weÃ¢â¬â¢re also very happy to have secured top positions in key categories like: life-changing experience, practicality of the degree, and global immersion. . With five global campuses, a student body of over 130 nationalities, and a learn-by-doing approachÃ¢â¬âHult offers a student experience like no other. . Ã¢â¬Å"IÃ¢â¬â¢m from an engineering background and needed a whole new skill set for the industry I wanted to switch to. I learned a lot about myself and how I deal with being out of my comfort zone. I learned both soft and hard skills, from how to work in very diverse teams to key accounting metrics and strategy. I was surprised by how weak I was at certain tasks in English or how strong I actually was in other areas. Hult gave me opportunities to try new things and meet people from places I never thought I would have friends. . My internship experiences gave me the chance to broaden my view of different cultures and different companies. I had the opportunity to work and live with people whose values differed from people in my home country. I thought that this would be difficult, but it gave me the chance to reflect on my own values and assess if they were a result of my home country environment or if they were intrinsically mine. . Diederick ter Kulve (@diederick.terkulve) Netherlands Masters in International Business . Ã¢â¬Å"IÃ¢â¬â¢m from an engineering background and needed a whole new skill set for the industry I wanted to switch to. I learned a lot about myself and how I deal with being out of my comfort zone. I learned both soft and hard skills, from how to work in very diverse teams to key accounting metrics and strategy. I was surprised by how weak I was at certain tasks in English or how strong I actually was in other areas. Hult gave me opportunities to try new things and meet people from places I never thought I would have friends. . My internship experiences gave me the chance to broaden my view of different cultures and different companies. I had the opportunity to work and live with people whose values differed from people in my home country. I thought that this would be difficult, but it gave me the chance to reflect on my own values and assess if they were a result of my home country environment or if they were intrinsically mine. . Diederick ter Kulve (@diederick.terkulve) Netherlands Masters in International Business . Say a big hello to our Bachelor of Business Administration program cover star, Elisa Orus Plana Ã¢Å" ¨ . Ã¢â¬Å"IÃ¢â¬â¢m excited for the futureÃ¢â¬âespecially that I cant predict whats going to happen. Maybe Ill end up in Mexico working for a trading company or maybe in Africa, developing my own business. Everything is possible, and the options are constantly changing. I love the idea that Im never going to be stuck doing the same job until the end of my life if I dont want it to be like this. . Hult really supports me and my ambitions and truly believes that we deserve to be considered as professionals as well as students. Here, I get to express not just my opinions but all elements of myself. From my creative side with the Fashion Society to my finance and business sides in Trading Club and the Management Consulting Club. We get a different type of learning here. Not just essential knowledge and theory, but practical skills and mindset. The school is always evolving. WeÃ¢â¬â¢re encouraged to innovate and to always look for new ways of doing traditional things. We learn how to be more confident and become aware of how we can impact our environment. The school aims to help you become a better version of yourself and to stand out from the crowd.Ã¢â¬Å" . Elisa Orus Plana French Bachelor of Business Administration Class of 2021 Say a big hello to our Bachelor of Business Administration program cover star, Elisa Orus Plana Ã¢Å" ¨ . Ã¢â¬Å"IÃ¢â¬â¢m excited for the futureÃ¢â¬âespecially that I cant predict whats going to happen. Maybe Ill end up in Mexico working for a trading company or maybe in Africa, developing my own business. Everything is possible, and the options are constantly changing. I love the idea that Im never going to be stuck doing the same job until the end of my life if I dont want it to be like this. . Hult really supports me and my ambitions and truly believes that we deserve to be considered as professionals as well as students. Here, I get to express not just my opinions but all elements of myself. From my creative side with the Fashion Society to my finance and business sides in Trading Club and the Management Consulting Club. We get a different type of learning here. Not just essential knowledge and theory, but practical skills and mindset. The school is always evolving. WeÃ¢â¬â¢re encouraged to innovate and to always look for new ways of doing traditional things. We learn how to be more confident and become aware of how we can impact our environment. The school aims to help you become a better version of yourself and to stand out from the crowd.Ã¢â¬Å" . Elisa Orus Plana French Bachelor of Business Administration Class of 2021"> During the final days of 2019, you probably reflected on what youÃ¢â¬â¢ve accomplished this yearÃ¢â¬âand even this decadeÃ¢â¬âand what youÃ¢â¬â¢d like to achieve in 2020. Let us know in the comments below. During the final days of 2019, you probably reflected on what youÃ¢â¬â¢ve accomplished this yearÃ¢â¬âand even this decadeÃ¢â¬âand what youÃ¢â¬â¢d like to achieve in 2020. Let us know in the comments below. Ã¢â¬Å"The first time we did group work on the program, I went head-to-head with a colleague. It taught me a lot about how I see people, how people see me, and how conflict can be resolved in a kind and productive way. The best feedback you get, when delivered constructively, is the most critical because it really feeds into how you lead. IÃ¢â¬â¢ve completely reversed my leadership styleÃ¢â¬âthe result is so much richer and more powerful when you lead from behind and lead with strength. . Studying in tandem with working, whilst challenging, gave me the perfect platform to directly apply learning concepts into my business environment, the competitive landscape, and the real-estate industry as a whole. When I started the program, I was very happy in my corporate role. But my courage and aspirations grew to the point that I took on a whole new direction. Having my career coach, Joanna, as a sounding board allowed me to really be strategic and get to know myself. She coached me thro ugh all the interviews, the research, and the questions. It went in parallel with what I was doing academically and after six months everything just clicked. . I went into the EMBA knowing I had nothing to lose and IÃ¢â¬â¢ve come out with everything. Great strength, global friends, amazing learning, mentors from professors, a job I love, and the knowledge that I can set my mind to achieve anything and with the right support and resources IÃ¢â¬â¢ll get there.Ã¢â¬ . Kashani Wijetunga British, New Zealand Sri Lankan Associate Director Senior Strategy Consultant CBRE EMBA Class of 2019 . Ã¢â¬Å"The first time we did group work on the program, I went head-to-head with a colleague. It taught me a lot about how I see people, how people see me, and how conflict can be resolved in a kind and productive way. The best feedback you get, when delivered constructively, is the most critical because it really feeds into how you lead. IÃ¢â¬â¢ve completely reversed my leadership styleÃ¢â¬âthe result is so much richer and more powerful when you lead from behind and lead with strength. . Studying in tandem with working, whilst challenging, gave me the perfect platform to directly apply learning concepts into my business environment, the competitive landscape, and the real-estate industry as a whole. When I started the program, I was very happy in my corporate role. But my courage and aspirations grew to the point that I took on a whole new direction. Having my career coach, Joanna, as a sounding board allowed me to really be strategic and get to know myself. She coached me thro ugh all the interviews, the research, and the questions. It went in parallel with what I was doing academically and after six months everything just clicked. . I went into the EMBA knowing I had nothing to lose and IÃ¢â¬â¢ve come out with everything. Great strength, global friends, amazing learning, mentors from professors, a job I love, and the knowledge that I can set my mind to achieve anything and with the right support and resources IÃ¢â¬â¢ll get there.Ã¢â¬ . Kashani Wijetunga British, New Zealand Sri Lankan Associate Director Senior Strategy Consultant CBRE EMBA Class of 2019 . Ã¢â¬Å"It was now or never. I knew that IÃ¢â¬â¢d have likely stayed in my neighborhood for years to come if I didnÃ¢â¬â¢t take this opportunity. IÃ¢â¬â¢d not lived or studied outside of the U.S. before. So I left my job as a global strategist at an advertising agency and moved halfway around the world. IÃ¢â¬â¢ve come back a more culturally aware, well-versed person. IÃ¢â¬â¢ve realized that everything is a learning experience and an opportunity for growth. Ill definitely carry this mindset with me into the future. Technology and social media allow us to be different people in several places at once. Im excited to see how I can establish myself in whatever city Ill be lucky enough to call home and still maintain deep connections with people all over the world. IÃ¢â¬â¢m inspired by my classmates every day. Hearing some of their life stories and how getting this degree fits into their greater mission has been very humbling. My biggest challenge has been finding the Ã¢â¬ËrightÃ¢â¬â¢ path for me. There have been rooms Ive felt like I shouldnt be in, but now Im proud to feel as though I truly belong, wherever I am.Ã¢â¬ . Dwayne Logan, Jnr. American MBA Class of 2019 . Ã¢â¬Å"It was now or never. I knew that IÃ¢â¬â¢d have likely stayed in my neighborhood for years to come if I didnÃ¢â¬â¢t take this opportunity. IÃ¢â¬â¢d not lived or studied outside of the U.S. before. So I left my job as a global strategist at an advertising agency and moved halfway around the world. IÃ¢â¬â¢ve come back a more culturally aware, well-versed person. IÃ¢â¬â¢ve realized that everything is a learning experience and an opportunity for growth. Ill definitely carry this mindset with me into the future. Technology and social media allow us to be different people in several places at once. Im excited to see how I can establish myself in whatever city Ill be lucky enough to call home and still maintain deep connections with people all over the world. IÃ¢â¬â¢m inspired by my classmates every day. Hearing some of their life stories and how getting this degree fits into their greater mission has been very humbling. My biggest challenge has been finding the Ã¢â¬ËrightÃ¢â¬â¢ path for me. There have been rooms Ive felt like I shouldnt be in, but now Im proud to feel as though I truly belong, wherever I am.Ã¢â¬ . Dwayne Logan, Jnr. American MBA Class of 2019 . Happy New Year, Hultians! . Happy New Year, Hultians! .
Tuesday, May 26, 2020
Capital market is like an investment funds such as bonds, equities and mortgages are traded in the market. Then, capital market can be defined as a market of securities or equities or debt, where a company as well as government can raise a long-term fund. The market of money is provided longer than a year. If it is the raising of short term funds, then it will be taking place on other markets that is money market. In this assignment, we are given the title of Asian Market Capital. There are many countries of Asian, so we have chosen few countries to further details on it. There countries include Japan, Indonesia as well as Hong Kong. Among the countries, we have gone further deeper on the country from Japan about their background as well as history. We would further search for the information on the market capital happen in Japan. Moreover, we going to compare the different investor will be having in market capital field. In addition, we will be discussing the advantages and disadvantages of going initial public offering for a firm. The example and details of cases will be further explained in this assignment. Background In this assignment, we will be discussing about the Asians capital market. Among the countries, we choose to go in deep about the capital market in Japan. In Japan, the Japanese venture capital funds managers always to select either direct managerial monitoring or portfolio diversification to manage their firms investment risks (Gorman and Sahlam, 1989). However, in recent years of 2004, JVCs have used a mix of different strategies, including direct managerial monitoring. This change in industry practice provides an opportunity to test the applicability of agency theory in the JVC industry. There will be some background history about market capital happened in Japan in the past years. The graph above shown that the increase of land in Japan has affected the stock price. The price of the land goes to the peak in the year of 1991. However, the peak area for the stocks price is in the year between 1989 and 1990. Moreover, the both prices started to fell when the year of 2000, an d it is affected to both prices of land as well as stocks. This shown that the total loan outstanding and real estate loans outstanding held by all Japanese banks in year 1980 to 2000. From the year 1980 to 1990, the both total of loans and real estate loans increased substantially. When the total loans levelled off in year 1990, the real estate loans is continued to increase until the year 1998. Furthermore, there were a happened that Japan faced problem in the year of 1998 that bank failure resulted from excessive real estate lending. For example, the company of Nippon Credit Bank, there were only 25% real estate loan comprised up of the total loans, and it was failed in 1998.( Kentaro Iwatsubo, 2005) Literature Review There are many countries in Asian, and in this assignment we have choose few countries as comparison. That is Japan, Indonesia, Hong Kong and Vietnam about their countrys capital market. JAPAN The business firms from Japan have relationships with commercial main banks. The main banks may hold the equity interests in their credit clients in turn, including investment banks. We study the impact of the relationships between firms, main banks as well as investment banks in Japans initial public offering (IPO) underwriting market. By issuing firms can choose whether to engage an investment bank that is related, by virtue of sharing the same main bank, or to engage a non-related investment bank. There are one of the literature concerns on the effects of banking relationships on access to credit and the cost of raising capital. First, the banking relationships and access to credit according to Stiglitz and Weiss (1981) observe that market frictions related information asymmetry can restrict the flow of the capital to investments. However, Petersen and Rajan (1994) hypothesize that by producing information about firms and using the information in their decisions can be partia lly solving the problem of market friction to the creditors. There are small effect on the cost of credit if ties with creditors, but the available of credits financing is more for firms with ties. Secondly, there are the concerns about commercial bank integration into investment banking. Based on Rajan (1992) models the borrowers choice between informed bank debt and arms length public debt as an aspect of the firms effort to offset the benefits of the related lenders ongoing monitoring against the lenders bargaining power. If banking relationships yield information advantages, then integration of commercial banking and investment banking may enhance a lenders bargaining power. In addition, a lender that is integrated is faced with a conflict of interest, in that the proceeds of capital market financing may be used inappropriately to extinguish risky bank debt. Thirdly, the concern about choice of organizational structure. It is given the tension between information cost savi ngs and conflict of interest, the structure of banking organizations can be expected to reflect efforts to realize information cost savings while lessen the conflicts. From Kroszner and Rajan (1997), he use pre-Glass-Steagall data to investigate that how integration affects issue of quality and pricing. They have concluded that market pressures induced commercial bank to address conflicts by choosing levels of integration into investment banking thats is separately incorporated affiliates versus integrated investment banking departments. Indonesia According to Fisman, (2001), the valuable resources for many firms are political connections, however, the connections impact firms strategies and their long-run financial performance are only a handful of studies that document (Faccio, 2002; Johnson and Mitton, 2003). The study shows that the consequences of political ties are a particular interest because these ties are often inconsistent with other value-creating business strategies. By taking the benefit at face value, it is difficult to understand why only a minority of companies access foreign capital markets. Domestic opportunities significantly reduce the net benefits of foreign securities for some firms are a core idea. For instance, the firm with political ties often receive low price loan from state-owned banks (Faccio, 2002; Wiwattanakantang et al., 2006), so they do not need to tap into foreign capital markets. It is also possible that global financing imposes extra costs on closely connected firms because the decision to cross-list shares on foreign exchanges often forces firms to adapt to the regulations that govern these markets (Coffee, 2002; Reese and Weisbach, 2002; Siegel, 2005). If only minority of shareholders are better protected abroad, then the foreign securities issue will becoming expensive for controlling owners accustomed to exploiting domestic investors. Equally, the international business press and foreign analysts will only pay attention on the firms with foreign securities (Baker et al., 2002; Lang et al., 2003). However, the political favours that often dubious legality is difficult to be reconciled by the high levels of public scrutiny. Hong Kong Steen, P. Carey (2006) said that the relationship between hot issues markets and under pricing is well documented in IPO literature. Hot issues markets are characterized by a large number of offerings, concentration of new issues in particular industries, preponderance of smaller issues, frequent over subscription and abnormally high initial returns, Ibbotson and Jaffe (1975). Steen, P. Carey (2006) wrote that Hong Kong IPO market given the size and importance of Hong Kong Stock Exchange (HKSE). That is Hong Kong Stock Exchange Market play an important role in the economy in Hong Kong. We can see Hong Kong economy by viewing it stock exchange market; by this we can also know the capital of the country. Several market conditions have been considered in the context of examining initial under pricing within the papers that have been written. Dawson and Hiraki (1985) in their research of the Hong Kong IPO market between 1979 and 1984 note that under pricing appeared to be superior d uring growing markets than declining markets. Steen. P. Carey (2006) state that their study predates the unification of the four Hong Kong stock exchanges in April 1986 into one central exchange (HKSE). McGuinness (1992), find out that the Hong Kong IPO market from year 1980 to 1986 that reports under pricing was completely linked with the state of market giving support to the suggestion of Beatty and Ritter (1986) that under pricing increases during the raising market period and decreases during the diminishing markets. In the stage of under assessment, Asian financial markets suffered one of the most severe and protected reversals of the post war period. Steen, P. Carey (2006). The collision of market situation on IPO under pricing was likely moderated in Hong Kong by the fundamental stability and formation of financial system. Miller (1998 p.277) said that Hong Kong was able to avoid devaluation because it has a monetary and foreign exchange system that is fundamentally differ ent from that of the rest of Southeast Asia. Hong Kong has a exchange board but no central bank, and as Miller show that the resident of Hong Kong have the confidence in the exchange board. An additional resource of potency is that the financial stability and transparency of Hong Kong companies had extensively privileged interest coverage and return on equity than those in other Asian countries. Jaggi (1997) also found out that the performance and strength of Hong Kong companies is consistent because the company used the company information to monitor it. In year 1997 there is a financial crisis occurred in Hong Kong when Hong Kong is beyond dispute. Chowdry and Goyal (2000) propose that the characteristic to define a country that experiences financial crisis will face a huge falling in its traded equity prices. In general, research investigating the impact of market condition on IPO underpricing has a well defined event which is recognized with the conversion from hot to cold. S teen, P. Carey (2006), found out that the year 1997 provides a unique measurement challenge as two significant events affected Hong Kong in that year; the 27 October stock market correction and the political return of Hong Kong to Chinese rule on June 30. When the Hong Kong is tender to Chinese, this historical event has a huge impact on Hong Kong Stock Exchange. The political handover was an exclusive event and many people celebrate for it, it was connected with a period of hesitation and was followed soon after by the October 27 stock market correction. This uncertainty happens because the investor is unsure about the post handover economic and monetary performance of Hong Kong. Sub theory In capital market, there will be variety of investors for a company or firms who are wanted to expand their business. Moreover, there are some of the firms who need the investors not because to expand their business, but also to support their businesses start up. Angel Investor Individual investors who buy equity in small private firms are called angel investors. Mostly, the first round of outside private equity financing is often obtained from angels. These investors included friends or acquaintances of the entrepreneur. The business receives a sizeable equity share for their funds because their capital investment is often large relative to the amount of capital already in place at the firm. Thus, these investors may have substantial influence in the business decisions of the firm. Besides that, angels may also bring expertise to firm that the entrepreneur lacks. There is a difficulty on finding angels since it is a function how well a firm connected the entrepreneur is in the local community. Venture Capital Firms Venture capital is a limited partnership specializes in raising money to invest in the private equity of young firms. Moreover, venture capitalist is defined as a person or investment firms that makes venture investment. Besides that, they are also expected to bring managerial and technical expertise and capital to their investment. Furthermore, venture capital is fascinated to the fresh company with the limited operating history which is too small to raise capital to the public market. This is because they are yet to reach the levels that are able to secure a bank loan as well as debt offering. The differentiation between Angel Investor and Venture Capital There are different between angel investor and venture capital. Angel investors are always the provider of risk capital to the small or private firms. In addition, the providers are not from the intermediary of other company, but they are wealth people. Moreover, angels are always as the second round of financing start-up goes through, before the firm looks for venture capital partnership, but it is after they has exhausted of all their family and friends money. On the other hand, venture capital is the investors who invest their capital to a firm as part of the companys partners. So, the company will be the part of the partnership, and they are allowed to vote and make decision. Then, angels investors are only waiting for the return earns from company to them, and they are never go learn deeper to the company. Furthermore, they are not vote or make decision as part of the firm they had invested. However, the venture investors will be planning and finding the way on how much their investment will earn them the amount of returns. Initial Public Offering (IPO) IPOÃâÃ is an acronym for InitialÃâÃ Public Offering. An IPO is the first sale of shares in a company to the public. When IPO occurs, a company will be listed in Bursa Malaysia, and shares will begin to trade immediately. The IPO market goes in cycles depending upon the appetite of investors for new issues. Often the share price will increase quickly after an IPO, so purchasing shares at the IPO price may be a covetedÃâÃ investmentÃâÃ opportunity. When management says it plans to take a company public, it means that an eventual IPO is planned. A successful IPO can raiseÃâÃ a large amount of capital for the newlyÃâÃ public companyÃâÃ and create substantial wealth for insiders who owned shares prior to the IPO. The differences between public and private is that public company can offer its stock to the public in huge amount, while private company is restricted to only friends and family members. Going public is important for those company which wa nt to raise their capital. There are some pro and cons for going public. The Advantages of an Initial Public Offering (IPO) The public offering increased the company stock and value this is so call increased in capitalization of the business. The stock can be used for various activities for instance: currency for mergers and acquisitions, as stock option to help maintain key personnel, they may also sell their shares in the open market. The company will have the better access to the stock markets for future capital inflow. In general terms, the companys valuation and debt to equity ratio will perk up after going public. Company is able to receive much better terms from lenders. The company which going public is easier to promote compare to the company that are private. We can view the achievement of the public company in Bursa Malaysia and thus it had a higher recognition than private company. This benefit raises the public relation images and identifies the stability of a public company. IPO can provide the company with a chance to implement share options schemes for its workforce. This scheme is competent to enhance employee morale, maintain the loyalty of staff to company, and catch the attention of first rate employees. In long term, this can raise the employees productivity and increase the profitability of a company. The Disadvantages of an Initial Public Offering (IPO) For a company which going public need higher reporting requirements, it means further obligations and reporting requirements as public companies have to fulfill the range of regulatory necessities and meet accepted standards of corporate governance. For example, listed companies need an auditor to audit their account and report the financial statement and publish the annual report in the Bursa Malaysia. As the annual report is going to publish in the Bursa Malaysia annually, the company is said to be losing it privacy. The company needs to disclose the report honestly to the public. They cannot hide any details regarding stock option plans, details of lease agreements, gross profit, net income and its borrowing. The others disadvantages is when a company go public, they have to offer the shares to the public or in other word which means that the business owners will have to share it ownership with other investor, and shareholders can affect the company operations; they can vo ice out their opinion and decisions. Conclusion As a conclusion, each country has different experience about the economic growth and the capital markets. Every country applies different style, for Hong Kong they do not have central bank and for Japan they have many commercial banks that they call as main bank. The capital market of the country can be view by the venture capital in the market or the listed company in the stock exchange market. The listed company in the stock exchange market show that the investment of the public to the achievement of the capital market in the country. It reveals how much wealth the country has and how good was the economics of the country.
Sunday, May 17, 2020
Epic Hero in Homers The Odyssey With its larger-than-life plot twists, The Odyssey is a classic representation of an epic in literature. With that understood, it is no surprise that the main character of the story helps to define an epic hero. A character must express certain virtues to be considered such. Strength, courage, and nobility are almost prerequisites. Cleverness is an added bonus. Odysseus possesses many characteristics and virtues that make him a true representation of an epic hero. Strength is one characteristic that Odysseus exhibits. One scene that displays this is when Odysseus, disguised as a poor man, bends his old bow. He bent the bow with little difficulty. With his right hand he grasped the string and let itÃ¢â¬ ¦show more contentÃ¢â¬ ¦Odysseus spoke to his men before they left to face the deceased prophet, Tiresias. When the men had assembled, I addressed them. Youre probably thinking that were off for our dear native land. Circe, though, has shown us another way Ãâ"we must first go to th e land of the dead to consult the soul of Tiresias, the blind prophet. Poor fellows, they began to weep. 63. Odysseus never wept himself, and felt pity for the others. Oftentimes Odysseus is set with other men who are not half so courageous, such as his crew, to make him stand out. This constant interaction with more inferior beings thrusts Odysseus into the otherworldly epic light. Nobility is yet another characteristic of Odysseus, though it is due more to birth than personal development. His fortune is so great that men come from near and far to court his wife, Penelope, in his absence. Odysseuss nobility is a trait that earns him much of his respect throughout the lands. This is revealed while he is disguised as a pauper in his own house, and thus treated like dirt. In unjustly consuming Odysseuss wealth, the suitors illuminate themselves in a negative light, while Odysseus becomes a victim. As the swineherd said, They are certain the master is dead and are consuming all his wea lth, not just one or two beasts a day! 104. His wealth is the center of the conflict surrounding the suitors, and therefore a central part of the plot. Perhaps Odysseuss most important and evident trait isShow MoreRelatedOdysseus As The Epic Hero In Homers Odyssey1019 Words Ã |Ã 5 PagesOdysseus as the Epic Hero in HomerÃ¢â¬â¢s The Odyssey A style of work often explored in Greek literature is that of the epic. An expansive poem of a wide scope centered on and regarding the wondrous deeds of the main, heroic figure, on whose actions depend the fate of a nation. The definition of an epic can be used to describe The Odyssey by Homer. In The Odyssey we are introduced to our main character, Odysseus, the former king of Ithaca and a Trojan war hero who has been trapped on an Island by theRead MoreThe Impacts Of The Odyssey In Homers The Odyssey1166 Words Ã |Ã 5 PagesHomerÃ¢â¬â¢s epic poem The Odyssey follows Odysseus on his long journey home. The Epic also includes the stories of OdysseusÃ¢â¬â¢ family left behind: the travels of his son, Telemachus, and how plenty, of what we would now call Ã¢â¬Å"home wreckersÃ¢â¬ , suitors pressured his wife, Penelope, into marrying one of them. The characters are beautifully crafted and the story is truly epic. All the elements presented can bring in any reader from any centur y, the Cyclops, the Gods, the trickery of Penelope, and the disguisesRead MoreSimilarities Between Achilles And Odysseus1110 Words Ã |Ã 5 PagesOdysseus in HomerÃ¢â¬â¢s, Iliad and Odyssey) Humanity has always strived for greatness, and is destined to continue this attempt till the world stops spinning. Through the art of storytelling, and literature, we have weaved images of what the ideal human should be. Countless works of literature depict such humans as Ã¢â¬Å"heroesÃ¢â¬ , due to the inspiration they stir within our imperfect souls. Truly epic heroes shape future stories, and remain influential despite the weathering of time. Two heroes of epic proportionsRead MoreThe Odyssey, By Homer, And The Inferno1005 Words Ã |Ã 5 Pagesin Hell The two epics The Odyssey, by Homer, and The Inferno, by Dante, both works have two different perspectives of the character Ulysses. The Odyssey is told from the ancient Greek perspective around 700BC, and The Inferno is told from a Christian point of view in 1300AD. Both epics are written nearly 2000 years apart from each other. What set apart the ideals of both epics are the Pagan warrior perspective in HomerÃ¢â¬â¢s epic and the Christian Europe perspective in DanteÃ¢â¬â¢s epic. The controversialRead MoreBeowulf : A Man Of Great Power Essay1567 Words Ã |Ã 7 PagesLiterary epics tend to follow the basic path in their plotlines of a hero who undergoes a quest, and Beowulf is no different. Beowulf is unique in that his tale is split into two stories taking place decades apart, one when he is a young warrior and the other when he is an old and wise king. Both stories follow the basic structure for a literary epic, a talented hero is charged with a quest, proves himself with a s maller feat, is aided by supplementary characters, enters a foreign and often supernaturalRead MoreThe Odyssey Heros Journey Essay1322 Words Ã |Ã 6 PagesThe timeless story, The Odyssey, has left itÃ¢â¬â¢s mark in literature as one of the first narratives depicting the heroÃ¢â¬â¢s journey cycle. This work of creative writing has laid the foundation of storytelling that would later inspire other popular writings like, The Hunger Games, The Lord of The Rings, and Harry Potter. How has this ancient novel withstand the sands of time and remain relevant and appealing even to modern day readers? The Odyssey touches upon many topics that appear attractive to evenRead MoreThe Odyssey : The Aeneid And The Odyssey1075 Words Ã |Ã 5 PagesThe Aeneid and the Odyssey are perhaps two of the most famous epic poems to come out of the ancient world. Both stories involve acts of heroism, divine intervention, and ultimately, victory. They both offer insights into the cultures of Rome and Gree ce at the time of their writings. Additionally, both works stem from the same event (the Trojan War) but follow different characters, touching on different aspects of the idealized hero in Roman and Greek culture. We must first start by discussing whoRead MoreOdyssey Archetype Analysis850 Words Ã |Ã 4 PagesArchetypes in Ã¢â¬Å"The OdysseyÃ¢â¬ and Greek culture HomerÃ¢â¬â¢s epic poem is one of the most prolific, intriguing adventure stories ever written. His exceptional use of archetypes adds anticipation and excitement throughout the entire poem. This story has a mix of adventure, suspense, love, and loss. All of these features are archetypes that are shown in HomerÃ¢â¬â¢s epic poem. Greek culture is also a big part of the archetypes in this poem as well. The 3 archetypes that I chose are some of the most frequently seenRead MoreOdysseus Is A Hero?950 Words Ã |Ã 4 PagesOdysseus is believed as a hero. A hero is a person who is admired or idealized for courage, achievements, and noble qualities. In one of HomerÃ¢â¬â¢s classic epics, The Odyssey, Odysseus is admired by many people as a man who has intelligence, nobility, and confidence. However, women who both loved and knew Odysseus than anyone, thought of him differently and knew him in depth. Through The Meadowlands and The Penelopiad, Circe and Penelope showed their strong opini ons of this Ã¢â¬Å"heroÃ¢â¬ through their own perspectivesRead MoreHistory, Symbolism, and Characters in HomerÃ¢â¬â¢s The Odyssey 1118 Words Ã |Ã 5 Pages In The Odyssey, it takes Odysseus twenty years to make it home from the Trojan War. On his journey home, he runs into many obstacles and creatures that he must overcome. He encounters the sirens, the Cyclops, and others. Each event in this epic poem has a symbolic meaning behind it. Homer writes about the history, symbolism, and the characters in The Odyssey. The Odyssey is about the Greek gods and heroes and their adventures (Makman). Odysseus is the main character, and he is going on a quest
Saturday, May 16, 2020
Describe the development and assessment of a proposed intervention for a major public health problem, including how best to evaluate its effectiveness. Addiction is the term used when a person takes part in an activity, or ingests a substance that gives them pleasure, but then the continuous use of it becomes compulsive and starts interfering with their everyday life. The behaviour of an addict can easily be recognised as it represents confusing human activity. (Shaffer, 1996). These behaviours can include gambling, excessive sexual behaviours, smoking and drug and alcohol abuse. Although it is mainly used to treat depression, Cognitive Behavioural Therapy (CBT) can be used to successfully treat various types of addictions. CBT is aÃ¢â¬ ¦show more contentÃ¢â¬ ¦Cognitive therapies generally assume that psychological problems are a result of a faulty thinking process. (Black Bruce, 1989). Emperical evidence has shown CBT as being very effective in treating all types of problems such as depression and anxiety, psychotic disorders and addiction. (McCusker, 2001; Butler et al, 2006; Tolin, 2010). When applied to addiction Ã¢â¬â and more specifically alcohol and drug addiction Ã¢â¬â therapists use CBT to help the patient recognise high risk situations and how they can avoid getting themselves into times when they have the urge to drink or take drugs. The therapist then expects the patent to be willing to put in more effort and move towards better health. A major reason for the success of CBT is due to its recovery-orientated, individual-centred attitude which is mainly executed in the context of acute care. CBT is made up of a variety of different approaches such as rational emotive therapy/rational behaviour therapy and dialectic behaviour therapy (Hollon, 1994). These therapies focus on resolving
Wednesday, May 6, 2020
Introduction to Music GEN1621 Major Writing Assignment The Influence of Music Almaty, 2011 Music gives a soul to the universe, wings to the mind, flight to the imagination, and life to everything. (Plato, 428-348 BC ) Music is inseparable part of our everyday life; we can face it in every corner of our town, on TV commercial, films, radio etc. Music can be understood everywhere, even if you cannot speak the language of other countries, but you move, dance, sing and enjoy the music while listening to it. We may not understand the words of a musical selection but we do understand the beauty of songs. We cannot avoid it and we cannot disclaim that music has an impact on humanÃ¢â¬â¢s behavior, mood and attitudes. Music can affect us in waysÃ¢â¬ ¦show more contentÃ¢â¬ ¦So, the second question of the chart would be: How does music affect consumer behavior? It is a simple fact that most music of today is composed, distributed, sold and bought, performed and listened to for some commercial purposes. One of the main purposes is selling. Nowadays the main concept of this modern world is to make more money, as everybody knows; customers are the main source of the companiesÃ¢â¬â¢ income, whether you mak e products, goods or service. Moreover, managers and marketers try to attract more consumers by using different tricks. One of them is to influence customersÃ¢â¬â¢ behavior by music and sounds. First of all, on an average day, the average person watches an hour and a half of the commercial television stations, of which fifteen minutes will be made up solely of advertisements. Approximately half of all advertisements will have music (Fellows, 1998, para.1). Good music can contribute to the effectiveness of an advertisement by making it more attractive. A good music engages the attention of an audience, evoke emotions and sometimes make audience to dance and sing. Music plays an important role in marketing business, by appealing customers through their emotions, as it was mentioned before. In this case, music should send messages about productsÃ¢â¬â¢ brand name, shape, and even taste etc. For example, according to Michael Morrison (2009),Show MoreRelatedMusic Influences On The Mus ic1508 Words Ã |Ã 7 PagesIntroduction Nowadays listening to music is a widespread phenomenon all over the world. People tend to listen to it on a daily basis wherever they are: in a public transport, gym, shop and etc. As well as bringing the relaxation effect, music can help to concentrate better while studying or working or even bring an inspiration. Moreover, according to scientists, our brain tends to react on our favourite music in the same way as it would react on some delicious food or a psychoactive drugRead MoreMusic And Its Influence On Music1590 Words Ã |Ã 7 PagesIntroduction: Music is a very telling form of expression. Whether it is the lyrics themselves, the tone in which theyÃ¢â¬â¢re said or the rhythm of the music, there are many methods in which music expresses the artistÃ¢â¬â¢s opinion to his audience. The introduction of new methods of expression in music by tinkering with old methods are how new musical ideas are discovered. In the past, Miles DavisÃ¢â¬â¢ explorations into jazz fusion and modal jazz music pushed the envelope. Now, Kanye WestÃ¢â¬â¢s explorationsRead MoreMusic And Its Influence On Music Essay854 Words Ã |Ã 4 Pagesquestion? Music, the idea of using sounds for thoughts. Cultivated music can be defined in many different ways, although it is defines as being music that comes from another country, it is also defined as music that is consciously well put together. The word culture is almost visible. However, the term Ã¢â¬Å"cultivatedÃ¢â¬ brings a deep contrast to that of Ã¢â¬Å"vernacularÃ¢â¬ . Vernacular can be defin ed as music of the present place. It will be safe to say that cultivated music carries over into Vernacular music. CultivatedRead MorePopular Music And Its Influence On Music1293 Words Ã |Ã 6 PagesLastly, I would like to address how popular music controls us to favor popular music. Rather than allowing us to listen to different types of music, such as country music or punk music, popular music conforms us to only listen to the music that is only composed by well-known artists. Popular music restricts us from listening to other songs that are not popular, thus determining what popular music is. First off, what makes popular music popular? The reason to bring this question up is to remind allRead MoreJazz Music And Its Influence On The Music3105 Words Ã |Ã 13 Pages Jazz music as we know it today has evolved since the early twentieth century. ItsÃ¢â¬â¢ evolution is due to the influence of many different players who have added their own styles, interpretations and techniques. Two masters of Jazz who have been a big influence on the music are cornet and trumpet player, Louis Armstrong, and piano player, band leader and arranger, Duke Ellington. Each came from different socio-economic and geographical backgrounds, but both became masters of their trade, reached worldwideRead MoreRap Music And Its Influence On Music903 Words Ã |Ã 4 Pagesworld that is music there are many genres of music that fall under different categories. One of the more popular genres of music is Rap. Rap music evolved overtime and become more relevant as the years go on, accordingly the culture and other parts of rap changed as well. There a various differences between what rap music is now and what it had been in the past, and it all comes with the changes of the world. Some of the bigger changes in music is the culture that comes with the music, the lyricsRead MoreMusic Literacy And Its Influence On Music1208 Words Ã |Ã 5 Pagesnatural talent are big factors in music performing, it is suggested that a major skill needed for a developing music performer is the ability to sight-read (Paul), which is an important factor in acquiring and expanding music literacy (Gromko). However, music literacy is a compositional ability that requires many different abilities (Gromko, Lehmann and Ericson). In relation to studies on English literacy acquisition techniques, little research has been conducted on music literacy. In what research hasRead MoreMusic s Influence On Music1420 Words Ã |Ã 6 PagesMusic has changed the way people have looked at others, have acted, and how they see the world today. The beginning of music started when someone discovered that banning on something made a sound. Music became a hideout for people when they needed a place to send their mind. Musicians are the biggest part of the music and making it the way it is. Certain musicians changed the way people started to look at music in the 60s. The 60s were a time for standing up for what the country believed it, a timeRead MoreHandelian Influence on Music888 Words Ã |Ã 4 PagesOver time, the world has seen many outstanding musicians, and so much fantastic music. Each highly remembered composer or musician changed the way we think and see the world. They give us new ideas, and music is a wonderful way t o convey moods and emotions. Each also slightly changed music itself. Handel was one of the greatest of these people. He was a superior composer who largely influenced and expanded music. Background George Frideric Handel was born in Germany, but found his future in EnglandRead MoreMusic Influences On The Brain1541 Words Ã |Ã 7 PagesThe power of music is inevitable. It is a driving force that fuels society and can affect the emotions and thought processes of its listeners. The tones, rhythms, beats, and melodies of various musical genres has harvested Earth for years. From the Medieval Era to the Romantic Era and the 21th century, musical genres continue to evolve with time and leave everlasting impacts. Music possesses the ability to create a strong emotional and developmental influence on people, which in turn causes their
The origins of slavery was not caused because of racism. As rice cultivation expanded in the South, finding white laborers willing to do the arduous work became more difficult. Moreover, white landowners began to feel uneasy about their dependence on a large group of dependent white workers since such workers were difficult to recruit and control. The forcible importation of African workers, and the creation of a system of permanent bonding, was a response to a growing demand for labor. Thus slavery was less a result of racism than of the desire for white landowners to find a reliable and stable workforce. Racism was a result of slavery and was created to justify the treatment of Africans in America and the nature of the slave labor system. 2. The witchcraft controversies were a reflection of the highly religious character of Puritan societies. Belief in witchcraft was not a marginal superstition, rejected by the mainstream. However, it was not engendered from the widespread hysteria. It was actually provoked by a symptom of a persistent set of social and psychological tensions between the poor and the rich. The rich people, including local officials, tried to end the social tensions within a society by charging turbulent poor people who were angry about social and economic grievances. Since Puritan society had little tolerance for independent women, many Ã¢â¬Å"witchesÃ¢â¬ were middle-aged, low- class women who were not securely lodged within a male-dominated family structure.Show MoreRelatedThe American Abolitionists Book Review Essay1214 Words Ã |Ã 5 Pages Written by Harrold Stanley, American Abolitionists is a book that scrutinizes the movement of abolishing slavery in the United States. It examines the movement from its origin in the 18century in the course of the Civil War and the elimination of slavery in 1856. American Abolitionists book focuses on the American Abolitionists who struggled to end slavery and advocated for equal rights for all African Americans in the United States. Harrold mainly focuses his book on the abolitionist movementRead MoreSlavery And The Civil War958 Words Ã |Ã 4 Pagesblood in slavery so that many parts of America could become prosperous and recognized in the worldÃ¢â¬ , this is quote from Josephine Baker, one of AmericaÃ¢â¬â¢s early prominent black performers. Slavery, which will be discussed in greater detail, affected Africans kidnapped from their homeland and brought to the Americas to be sold and forced to work in horrible, vile, disgusting conditions. Slavery was also a great economic boo sts for the United States due to cotton, however, overtime slavery began toRead MoreEvery Day People In The World Deal With Racism And Discrimination,1608 Words Ã |Ã 7 Pagesworld deal with racism and discrimination, whether it is in the workplace, at a college campus, or on a school s playground. People need to be informed on how it affects others, and how we could possibly stop discrimination all around. Children, teens, and even adults should not have to deal with such a matter of disrespect towards their race. This behavior is not how the United States should present themselves. According to Merriam-Webster, the definition of discrimination is the act of making orRead MoreReligious and Ethnic Diversity863 Words Ã |Ã 4 PagesChurch Of Jesus Christ Of Latter-Day Saints,Ã 2013). Mormonism originated in the 1820s, as described by the ChurchÃ¢â¬â¢s website, when Joseph Smith Jr. was confused and frustrated by the various Christian religions and was unable to choose one to follow. He turned to the Bible, which told him to ask God when he lacked wisdom. So he prayed to God, and was visited by the Heavenly Father and his Son, Jesus Christ. According to one of the members of the governing body of The Church of Jesus Christ of Latter-DayRead MoreOrigins of American Slavery1644 Words Ã |Ã 7 PagesRobert Marra Section 103 The Origins of Slavery in America The institution of slavery is a black mark on the history of America. The atrocities that were allowed to occur for hundreds of year are revolting to think about. History books and classes often detail the horrors of slavery, and the effects it had on our agricultural economy. However, they do not really explain why the practice of slavery was allowed to flourish in the colonies. They just present the facts of its occurrence. TheyRead MoreRacial Discrimination, a Long History1590 Words Ã |Ã 7 PagesThroughout history, discrimination has been one of the most discussed topics. Discrimination can be understood as a negative attitude toward individuals based on their beliefs in religious, racial, ethnic, political, or other domains. Our world has always faced the problem of discrimination. Discrimination does not just happen in one place or country; it happens everywhere in the world and affects different types or groups of people. Just as we live in a culturally diverse society, myri ad countriesRead MoreThe Importance of the Thirteenth, Fourteenth, and Fifthteenth Amendendments1493 Words Ã |Ã 6 Pagesof slavery and inequality during the time periods in which these Amendments were ratified. These amendments changed the way America operated as a country from politics to human rights and equality by granting freedom to sformer slaves and the prevention of discrimination from all citizens of the United States. The Thirteenth Amendment to United States Constitution was passed by congress on January 31, 1865 and was ratified by the states on December 6, 1865 it declared that Ã¢â¬Å"Neither slavery norRead MoreColonization Of The United States1097 Words Ã |Ã 5 Pageschattel slavery, and globalization are the things that have truly shaped the United States. The first 13 colonies were founded upon the basis of settler colonialism, the growth of the nation was enabled by chattel slavery, and the rise of the country as a world power was brought about by Globalization. Despite all of this, one must take into consideration the repercussions of such rapid development. Globalization connected the US to other nations and allowed Settler Colonialism and Chattel Slavery toRead MoreThe Civil Rights Movement Of The United States1668 Words Ã |Ã 7 Pagesas a democratic movement. The basic reason behind this was the discrimination of the African-Americans that were enslaved and did not have citizen ri ghts. The African-Americans protested greatly against their injustice. The birth of the civil rights movement was before the 1954 Supreme CourtÃ¢â¬â¢s decision on Brown versus Board of Education (Topeka) which stated that separate but equal schools was against the Constitution. From the discrimination that started 400 years ago, African Americans failed toRead MoreAnalysis Of Edward J. Larson s The Crucible 1383 Words Ã |Ã 6 Pagescandidates; Thomas Jefferson, John Adams, Alexander Hamilton and Aaron Burr. However, the authorÃ¢â¬â¢s main focus is on Jefferson and Adams due to their salient bout. As the former supported the Republican Party and the latter supported the Federal Party, there was a prevalent rivalry between the two candidates (Larson, 2007). With the negative and positive aspects, LarsonÃ¢â¬â¢s book offers insight into the American system of politics and elections. The authorÃ¢â¬â¢s begins by observing that political parties were speculated
The Office of Tomorrow Essay In an increasing number of companies, traditional office space is givingway to community areas and empty chairs as employees work from home, from theircars or from virtually anywhere. Advanced technologies and progressive HRstrategies make these alternative offices possible. Imagine its 2 oclock on a Wednesday afternoon. Inside the dining roomof many nationwide offices, Joe Smith, manager of HR, is downing a sandwich andsoda while wading through phone and E-mail messages. In front of him is acomputerequipped with a fax-modemis plugged into a special port on the diningtable. The contents of his briefcase are spread on the table. As he siftsthrough a stack of paperwork and types responses into the computer, heperiodically picks up a cordless phone and places a call to a colleague orassociate. As he talks, he sometimes wanders across the room. To be sure, this isnt your ordinary corporate environment. Smithdoesnt have a permanent desk or workspace, nor his own telephone. When heenters the ad agencys building, he checks out a portable Macintosh computer anda cordless phone and heads off to whatever nook or cranny he chooses. It mightbe the company library, or a common area under a bright window. It could even bethe dining room or Student Union, which houses punching bags, televisions and apool table. Wherever he goes, a network forwards mail and phone pages to him anda computer routes calls, faxes and E-mail messages to his assigned extension. Hesimply logs onto the firms computer system and accesses his security-protectedfiles. He is not tethered to a specific work area nor forced to function in anypredefined way. Joe Smith spends mornings, and even sometimes an entire day,connected from home via sophisticated voicemail and E-mail systems, as well as apager. His work is process and task-oriented. As long as he gets everything done,thats what counts. Ultimately, his productivity is greater and his job-satisfaction level is higher. And for somebody trying to get in touch with him,its easy. Nobody can tell that Joe might be in his car or sitting at homereading a stack of resumes in his pajamas. The call gets forwarded to himwherever hes working. Youve just entered the vast frontier of the virtual officea universein which leading-edge technology and new concepts redefine work and jobfunctions by enabling employees to work from virtually anywhere. The conceptallows a growing number of companies to change their workplaces in ways neverconsidered just a few years ago. Theyre scrapping assigned desks andconventional office space to create a bold new world where employees telecommute,function on a mobile basis or use satellite offices or communal work areas thatare free of assigned spaces with personal nick nacks. IBM, AT;T, Travelers Corporation, Pacific Bell, Panasonic, AppleComputer and J.C. Penney are among the firms recognizing the virtual-officeconcept. But theyre just a few. The percentage of U.S. companies that havework-at-home programs alone has more than doubled in the past five years, from7% in 1988 to 18% today. In fact, New York-based Link Resources, which trackstelecommuting and virtual-office trends, has found that 7.6 million Americansnow telecommutea figure thats expected to swell to 25 million by the year 2000. And if you add mobile workersthose who use their cars, client offices, hotelsand satellite work areas to get the job donetheres an estimated 1 million morevirtual workers. Both companies and employees are discovering the benefits of virtualarrangements. Businesses that successfully incorporate them are able to slashreal-estate costs and adhere to stringent air-quality regulations by curtailingtraffic and commuters. Theyre also finding that by being flexible, theyre moreresponsive to customers, while retaining key personnel who otherwise might belost to a cross-country move or a newborn baby. And employees who successfullyembrace the concept are better able to manage their work and personal lives. Left for the most part to work on their own terms, theyre often happier, aswell as more creative and productive. Of course, the basic idea of working away from the office is nothing new. But today, high-speed notebook computers, lightning-fast data modems, telephonelines that provide advanced data-transmission capabilities, portable printersand wireless communication are starting a quiet revolution. As a society, weretransforming the way we work and whats possible. Its creating tremendousopportunities, but it also is generating a great deal of stress and difficulty. There are tremendous organizational changes required to make it work. Asmarkets have changedas companies have downsized, streamlined and restructuredmany have been forced to explore new ways to support the work effort. Thevirtual office, or alternative office, is one of the most effective strategiesfor dealing with these changes. Of course, the effect of alternative officing on the HR function isgreat. HR must change the way it hires, evaluates employees and terminates them. It must train an existing work force to fit into a new corporate model. Thereare issues involving benefits, compensation and liability. And, perhaps mostimportantly, theres the enormous challenge of holding the corporate culturetogethereven if employees no longer spend time socializing over the watercooleror in face-to-face meetings. When a company makes a commitment to adopt avirtual-office environmentwhether its shared work-space or basic telecommutingit takes time for people to acclimate and adjust. If HR cant meet the challenge,and employees dont buy in, then the program is destined to fail. Virtual offices break down traditional office walls. Step inside oneand you quickly see how different an environment the concept has created. Goneare the cubicles in which employees used to work. In their place are informalwork carrels and open areas where any employeewhether its the CEO or anadministrative assistantcan set up shop. Teams may assemble and disperse at anygiven spot, and meetings and conferences happen informally wherever itsconvenient. Only a handful of maintenance workers, phone operators and food-services personnel, whose flexibility is limited by their particular jobs,retain any appearance of a private workspace. Equally significant is the fact that on any given hour of any day, asmany as one-third of the salaried work force arent in the office. Some arelikely working at a clients site, others at home or in a hotel room on the road. The feeling is that the employees of Virtual Offices are self-starters. The workenvironment is designed around the concept that ones best thinking isntnecessarily done at a desk or in an office. Sometimes, its done in a conferenceroom with several people. Other times its done on a ski slope or driving to aclients office. Fonders of the concept wanted to eliminate the boundaries aboutwhere people are supposed to think. They wanted to create an environment thatwas stimulating and rich in resources. Employees decide on their own where theywill work each day, and are judged on work produced rather than on hours put inat the office. One company that has jumped headfirst into the virtual-office concept isArmonk, New York-based International Business Machines Midwest division. Theregional business launched a virtual-office work model in the spring of 1993 andexpects 2,500 of its 4,000 employeessalaried staff from sales, marketing,technical and customer service, including managersto be mobile by the beginningof 1995. Its road workers, equipped with IBM Think Pad computers, fax-modems, E-mail, cellular phones and a combination of proprietary and off-the-shelfsoftware, use their cars, client offices and homes as work stations. When theydo need to come into an officeusually once or twice a weekthey log onto acomputer that automatically routes calls and faxes to the desk at which theychoose to sit. Teen sex EssayOther companies have adopted similar checks and balances. They aretraining HR advisers to make accommodations for the individual, but to not makeaccommodations for the persons job responsibilities. IBM provides counseling from behavioral scientists and offers ongoingassistance to those having trouble adapting to the new work model. By closelymonitoring preestablished sales and productivity benchmarks, managers quicklycan determine if theres a problem. So far, only approximately 10% to 15% of itsmobile work force has required counseling, and only a handful of employees havehad to be reassigned. Virtual workers need guidance from HR. Not everyone is suited toworking in a virtual-office environment. Not only must workers who go mobile orwork at home learn to use the technology effectively, but they also must adjusttheir workstyle and lifestyle. The more you get connected, the harder it is todisconnect. At some point, the boundaries between work and personal life blur. Without a good deal of discipline, the situation can create a lot of stress. Managers often fear that employees will not get enough work done if theycant see them. Most veterans of the virtual office, however, maintain that theexact opposite is true. All too often, employees wind up fielding phone calls inthe evening or stacking an extra hour or two on top of an eight-hour day. Notsurprisingly, that can create an array of problems, including burnout, errorsand marital conflict. IBM learned early on that it has to teach employees to remain in controlof the technology and not let it overrun their lives. One of the ways itachieves the goal is to provide its mobile work force with two-line telephones. That way, employees can recognize calls from work, switch the ringer off at theend of the workday and let the voicemail system pick up calls. Another potential problem with which virtual employees must deal ishandling all the distractions that can occur at home. As a result, many firmsprovide workers with specific guidelines for handling work at home. It isexpected that those who work at home will arrange child care or elder care. Andalthough management recognizes there are times when a babysitter falls throughor a problem occurs, if someones surrounded by noisy children, it creates animpression that the individual isnt working or is distracted. Still, most say that problems arent common. The majority of workersadjust and become highly productive in an alternative office environment. Themost important thing for a company to do is lay out guidelines and suggestionsthat help workers adapt. At many firms, including IBM, HR now is providing booklets that cover arange of topics, including time management and family issues. Many companiesalso send out regular mailings that not only provide tips and work strategiesbut also keep employees informed of company events and keep them ingrained inthe corporate culture. This type of correspondence also helps alleviate workers fears ofisolation. IBM goes one step further by providing voluntary outings, such as tothe Indianapolis 500, for its mobile work force. Even without these events,virtual workers isolation fears often are unproven. The level of interaction ina virtual office actually can be heightened and intensified. Because workersarent in the same place every day, they may be exposed to a wider range ofpeople and situations. And that can open their eyes and minds to new ideas andconcepts. However, dismantling the traditional office structure can present otherHR challenges. One of the most serious can be dealing with issues of identityand status. Workers whove toiled for years to earn a corner office suddenly canfind themselves thrown into a universal work pod. Likewise, photographs andother personal items often must disappear as workspace is shared. But solutionsdo exist. For instance, when IBM went mobile, top executives led by example. They immediately cleared out their desks and began plugging in at common workpods. Not surprisingly, one of the most difficult elements in creating avirtual office is dealing with this human side of the equation. The human factorcan send shock waves reverberating through even the most sober organization. This challenge requires HR to become a active business partner. Thatmeans working with other departments, such as real estate, finance andinformation technology. It means creating the tools to make a virtual officework. In some cases, that may require HR to completely rewrite a benefitspackage to include a $500 or $1,000-a-month pay for those working at home. Thatway, the company saves money on real-estate and relocation costs, while theemployee receives an incentive that can be used to furnish a home office. Management also must change the way supervisors evaluate their workers. Managers easily can fall into the trap of thinking that only face-to-faceinteraction is meaningful and may pass over mobile workers for promotions. GreatPlains has gone to great lengths to ensure that its performance-evaluationsystem functions in a virtual environment. The company asks its managers toconduct informal reviews quarterly with telecommuting employees, and formalreviews every six months. By increasing the interaction and discussion, thecompany has eliminated much of the anxiety for employeesand their managerswhile providing a better gauge of performance. In the final analysis, the systemno longer measures good citizenship and attendance, but how much work peopleactually get done and how well they do it. Still, many experts point out that too much reliance on voicemail and E-mail can present problems. Although instantaneous messaging is convenient andefficient, it can overload virtual workers with too much information and notenough substance. Without some human interaction its impossible to buildrelationships and a sense of trust within an organization. Sending workersoffsite can boost productivity, while saving costs. Those who have embraced the virtual office say that its a concept thatworks. At Pacific Bell, which began experimenting with telecommuting during the1984 Summer Olympics in Los Angeles, employees routinely have reported 100%increases in productivity. Equally important: this fits into family andflexibility issues and that they enjoy working for the company more than everbefore. Although the final results arent yet in, IBMs mobile work forcereports a 10% boost in morale and appears to be processing more work, moreefficiently. Whats more, its customers have so far reported highly favorableresults. People are happier and more productive because they can have breakfastwith their family before they go off to client meetings. They can go home andwatch their childs soccer game and then do work in the evening. They no longerare bound by a nine-to-five schedule. The only criterion is that they meetresults. Society is on the frontier of a fundamental change in the way theworkplace is viewed and how work is handled. In the future, it will becomeincreasingly difficult for traditional companies to compete against thoseembracing the virtual office. Companies that embrace the concept are sendingout a loud message. Theyre making it clear that theyre interested in theiremployees welfare, that theyre seeking a competitive edge, and that theyarent afraid to rethink their work force for changing conditions. Those are theingredients for future success. Category: Technology