Corporate Financial Analysis Of Dee Valley Group Plc Finance Essay - Free Essay Example

Sample details Pages: 9 Words: 2598 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? INTRODUCTION This project is base on the corporate financial analysis of Dee Valley Group PLC at the end of the financial year which ends on the 13th June 2007. Dee valley group is a water company established in 1994 as a holding company for Wrexham water plc (formally Wrexham and East Denbighshire Water Company). In 1997, Chester waterworks was acquired by Dee valley group and the two companies combined to form Dee Valley water plc with head office established at Wrexham. Don’t waste time! Our writers will create an original "Corporate Financial Analysis Of Dee Valley Group Plc Finance Essay" essay for you Create order The company supply potable and non-potable water to 106,000 households and 8,250 commercial, industrial and business customers within North east Wales and Cheshire. Following disposal of non water operation in 2002, the group now comprises of Dee Valley group plc and its wholly subsidiary, Dee valley plc. Dee valley is an independent public company and is fully listed on the London stock exchange. Corporate governance analysis: At Dee valley group, there is separation between the management and the ownership of the company, with the evidence of the existence of 5 Board of Directors which comprises of the Graham Scott (Chairman) and 2 other non executive directors namely Andrew bird and David Weir .The executive directors are Bryn Bellis (Managing Director) and David Guest (Finance Director and Secretary). The Board is committed to high standard of corporate governance; the board is responsible for the overall management of the group and determining long term objectives and strategy. Though, the executive directors take active part in the running of the company, but the power resides on the stockholders, with the facts that the directors interest is about 0.53% of the total stock and the existence of a larger institutional stockholder, also the non executive directors are more than the executive directors. The management of the group business is delegated to the executive directors subject to formal schedule of matter specifically reserve to the board. The board attaches high importance to communicating with all shareholders by encouraging shareholders participation in annual general meetings. The policy of the board is to be available for meetings with institutional shareholders in order to explain the groups results, policies and future strategy. The meetings are normally attended by all directors where they make themselves available to answer question either formally or informally in respect of their responsibilities as a board member. Also shareholders receive the full annual and interim report of the company. Dee valley group provides estimates of companys earnings per share and future growth, with the substantial amount of information provided about its earnings report, though there were no clear analyst reports to show that the company is a well followed firm, so there is no information from external sources about the companys earnings report, expert that it is listed in the FTSE 100 index. This fact could lead us to bias in the information that is available about the firm. During the year the group contributed 1,895 to water Aid in the economy in which it operate and have the intention of doing more in the coming years. And the company aim is also to reduce, as far as possible, the negative effects of its operations on the environment. Water abstraction is kept to a minimum by ensuring that leakage levels are maintained at the lowest economic level and that water efficiency activities are proportionate to the supply position. Stockholder Analysis: Dee valley group as at the end of last year, has different stockholders, out of which are basically are mutual funds, other investors (pension funds), individual investors and very small insider interest. The analysis of the stockholders is presented in the bar chart and tables below. The substantial institutional holder is AXA Managers UK ltd. The framework of the shareholders holding is presented in a table format below. HOLDERS NUMBERS OF SHARES HELD % NUMBER OF SHARES HELD AXA INVESTMENT MANAGERS UK LTD 1.45 MILLIONS 35.14% GARTMORE INVESTMENTS LTD 125.00 THOUSANDS 3.02% RATHBONE INVESTMENT MANAGEMENT LTD 119.00 THOUSANDS 2.88% CHELVERTON ASSETS MANAGEMENT 85.00 THOUSANDS 2.05% EL ORO EXPLORATION CO. LTD (INVESTMENT MANAGEMENT) 80.00 THOUSANDS 1.93% DEE VALLEY DIRECTORS INTEREST 22.06 THOUSANDS 0.53% OTHERS 2.25 MILLIONS 54.45% Most of these are domestic investment management companies, though diversified into other markets. The highest institutional investor is an Axa investment manager UK LTD which owns about 35.1% of the total stock and other investors as presented above. The average institutional investor at Dee valley group is a domestic institutional investor which is an investment management firm, and also the company is the marginal investor as it owns the majority stock of the company. RISK AND RETURN: Analyzing the risk profile of the Dee valley water, I plot the monthly stock prices of the valley group between 2002 and 2007, which is a five year period. The stock prices show an upward trend over the last 5 years, though there is a considerable volatility in the prices. To analyze how much of this volatility can be attributed to market forces; we have to run a regression of Dee valley stock prices against the FTSE 100 index: In our regression result, I found out that Slope of the regression = 0.2184. This is the beta for Dee valley group, based on the monthly return from 2002 2007. Intercept of the regression = 0.0065%. This measures the performance of Dee valley group between these periods, when it is compared with RF (1-ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²). Since the regression result are based on monthly returns between the periods, which averaged 0.31%[1]. This will result in rate of performance for Dee valley group estimated below. RF (1-ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²) = 0.31% (1-0.22) = 0.2418 % Intercept RF (1-ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²) =0.0065% (0.2418%) = -0.2353% This analysis suggests that Dee valley group performance for this time period between 2002 and 2007 is performed -0.2353% worst than expected based on the CAPM. This result in an annualized excess loss of approximately -0.96 % Annualized excess return = (1 + monthly excess return) 12 -1 Since we have a negative return, it shows the company has a negative excess return for the year 2002 2007. We now have to calculate the Annualized excess return for Dee valley Group. Annualized excess return = (1 + monthly excess loss) 12 -1 = (1 + (-0.2353)) 12 1 = -0.96 % (negative annual excess return) (C) R squared of the regression: In our regression result, we found out that the value of our R2 is 0.0229 at 95% confidence level, which means or suggest that 2.29% of the risk (variance) in Dee valley water comes from market sources (interest rate risk, inflation and others), and the remaining 97.71% of the risk is comes from firm-specific components. I believe this was as a result of the kind of industry the firm is that makes the risk from the market so low, because of the utility service the company (water) produced. The firm specific risk can be diversified, and therefore be rewarded in the CAPM. Dee valley group is said to be very risky and has done worse than expected during the period of this study. It also has a very small portion of its risk coming from the market, which is not diversifiable. Calculating Dee valley expected return: We use the levered beta, estimated market value of equity and debt Market value of equity = share price * No of shares, (10.05 * 1,454,407) = 14,616, 790 Using the share price for the company as at December 2007 = 10.05, no of shares = 1,454,407 Market value of debt: To get this we find Book value of debt = 45.12million, interest expenses = 1.624million, and assuming 3yrs maturity Cost of borrowings = risk free rate + default spread Where risk free rate=3.75(10yrs uk treasury bond rate), default spread=1.80%, Interest coverage ratio = EBIT/ interest expenses, where EBIT= (net income/1-t) + interest expenses EBIT= (4.27/1-0.30) + 1.624= 7.724, interest coverage ratio = 7.724/1.624 = 4.756 falls in the default spread of 1.80% Therefore cost of borrowings (pre tax cost of debt) = 3.75 + 1.80% = 5.55% Estimated value of debt = 1.624((1-1/ (1+0.0555)3))/0.0555) + 45.12m/ (1.0.055)3 Estimated value of debt = 57.434million Calculating cost of equity Expected return = rf + beta (risk premium), = 3.75% + 0.22(4.50) = 4.75% (return that potential investors will require as a rate for investing in Dee valley stock and also the cost for Dee valley) Where 4.75 is the UK risk premium gotten from the Damodaran A. website. Cost of Debt After tax cost of debt = (Riskfreerate + default spread)(1-t), = (3.75% + 1.80%)(1-0.30), = 3.885% Dee weight for debt and equity, using the market value of debt and equity Equity ratio= 14.62/72.05 = 20% Debt ratio= 57.43/72.05 = 80% Dee valley cost of capital Cost of equity = 4.75% After tax cost of debt = 3.89% Cost of capital = 4.75 %( 0.20) + 3.89(0.80), = 4.06% Capital Structure Choices: Dee valley group is financed with both mixture of equity and debt, with the company cost of equity the expected rate of return, there were are evidence from the companys report about the source of debt to include commercial papers, debentures and others. The firm uses banks overdraft of 7300, current borrowing under revolving credit facilities of 2500 and irredeemable debenture stock of 99(all in 000) and others totaling to 37772 as at March 2007. The company falls in the A rating and uses more of debt finance to equity finance. The earning of the company is volatile as they change from year to year. One would expect Dee valley to have a more tax benefit, though the company is finance more of debt finance. Optimal Capital Choices: Current cost of capital/financing mix Using the market value of equity (14.62million) and estimated market value of debt (57.43million) calculated earlier on hurdle rate. Cost of equity (4.75%) and after tax cost of borrowings of (3.89%). Cost of capital = 4.75 %( 0.20) + 3.89% (0.80), = 4.06% Then we have to unlevered our beta. Bu = Bcurrent / (1+ b/s (1-t)) = 0.22 / (1+ 4(0.7), = 0.06 DEBT RATIO D/E RATIO BETA COST OF EQUITY 0% 0% 0.06 4.02% 10% 11% 0.20 4.65% 20% 25% 0.19 4.61% 30% 43% 0.17 4.52% 40% 67% 0.15 4.43% 50% 100% 0.31 5.15% 60% 150% 0.11 4.25% 70% 233% 0.08 4.11% 80% 400% 0.06 4.02% 90% 900% 0.03 3.89% Based on the objectives of cost of capital minimization, the optimal debt ratio for Dee valley is 90% and the firms value at optimal in which Dee valley would have saved if the optimal cost of capital was used is at 3.89 than that of 4.06% used. Firm value before the change= 14,617 + 57,434 =72,051 WACCb = 4.06% Annual cost = 72,051 * 4.06% = 292,527 WACCa = 3.89% Annual cost = 72,051 * 3.89% = 280,278 Change in WACC = 0.17% change in Annual cost = 12,249 Optimal cost of debt. The below table shows the calculations of the after tax cost of debt at different levels, where the lowest depict the cost that will be inquired by Dee valley group if they take into consideration different financial mix. D/E 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% D/E 11.11% 25% 43% 66% 100% 150% 233% 400% 900% Debt 0 7205 14410 21615 28820 36025 43230 50436 57641 64846 Int.exp 0 404 562 824 890 844 1764 1911 2201 2342 Tax Y 7724 7718 7162 7134 6834 6880 6960 5813 5723 5382 Pt.intcov ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒâ€¦Ã‚ ¾ 19.12 13.7 9.3 8.7 9.15 4.3 4.0 3.5 3.2 Rating AAA AAA AAA AA AA AA A- BBB BB+ BB Aftertax cost of debt 2.77% 2.77% 3.0% 3.15% 3.35% 3.40% 3.68% 4.0% 5.1% 5.4% The table above shows that the optimal cost of debt in which Dee valley group should have used is that of 10% debt in the firms finance mix. I will recommend Dee valley group to increase its debt from the formal 20% debt to 80% equity to the 10% debt and 90% equity because by doing this the cost inquired reduces and this leads to cost saving and increase profit for Dee valley group. Relating Dee valley debt to the sector, Other firms in the water providing industries in the UK use more of debt in their finance mix, I think using more debt finance and little equity is common within the water producing industries in the country, but the debt /equity mix differs from one water firm to the other. The market analysis will involve using all firms listed on the UK market, to yield a regression of debt ratio against the variance in the market prices. The result from this result will help us to analyze Dee valley debt in relative to the market, but we dont have enough data to execute this. Dividend Policy: Dee valley has made profit available for distribution and resolved to be distributed by the company in respect of the financial year are distributed amongst the holder of ordinary shares and non-voting shares(parri pasu as if they constitute one class of shares) ratably according to the amount paid up for such share. The company has returned cash to its owner through dividend paid to stockholder every end of the financial year. The table below shows the companys dividend paid for the last 4 years Year 2004 2005 2006 2007 Dividend paid (000) 1897 1978 2103 2186 EPS 66.5 68.7 76.4 65.6 Dividend per share(ordinary and non voting ordinary share) 48.7p Based on dee valley decision of paying dividend at the end of all financial year, they can bought back more stock from the stock holder, this l believe will increase the finance through equity to the firm and possibly leads to higher profit even if they have enough cash. Dividend Analysis: In analyzing the dividend policy of the company, we have take into consideration the amount of earnings, retained profit and the dividend paid over the 5 years under consideration. We examine the capacity of the company to pay and how much was actually paid. 2003 2004 2005 2006 2007 Earnings 2677 3208 3295 3539 3029 Dividend paid 1897 1978 2103 2186 Retained earnings 1311 1317 1436 843 Capital expenditure 11.2m 5.42m Depreciation 2949 2887 The above table gives the earnings, dividend, retained earnings, capital expenditure and depreciation for Dee valley group, we used the formula below for calculating the FCFE to get the Dee valley capacity to pay dividend. FCFE = Net income (cap.ex Deprc) (1-DR) chg WC (1-DR) Where change in non working capital= 1.33m, depreciation =2887, capital expenditure= 5.42m, and Net income of 3029 for the year 2007. FCFE 2007 = 3029-(5.42-2887) (1-0.80)-1.33(1-0.80) = 3,606 The free cash flow for Dee valley group for the year 2007 is 3,606 and a dividend of 2186 was paid and the balance remains as reserves for the company. The FCFE was composing using the debt ratio of Dee valley group. Given the dividend policy of Dee valley, in which they pay some of the return in terms of dividend and some others bought as stock, I will advice Dee valley should more cash to the owner because Dee is a utility service provider firm and more of their capital comes from debt. Valuation: Here, we get the type of cash flow Dee valley would use to discount. Using the FCFF for Dee valley to discount the cash flow, we use the formula below. FCFF 2007 = EBIT (1-t) (cap.Exp. Depr) chgWC Where EBIT = 7.724, t= 30%, capital expenditure = 5.420m, depreciation = 2.887, change in working = 1.33. FCFF= 7.724 (1-.30) (5.420 2.887) 1.330 = 1.544 The free cash flow for Dee valley is 1.544m for the year 2007; we used the FCFF to discount for Dee because the leverage at Dee valley is expected to change. Total reinvestment = Net capital exp. + change in working cap. Where Net capital exp. = cap. Exp. Depreciation, = 5.420 2.887= 2.533 and change in working cap. = 1.33 Total reinvestment =2.533 + 1.33, = 3.863 Reinvestment rate = Total reinvestment/EBIT (1-t), = 3.863/7.724 (0.70) = 45.86% Calculating the Growth rate using the operating income g = reinvestment rate * return on capital g = (net cap exp + chg in WC/EBIT (1-t)) * (EBIT (1-t)/ BV of capital) g = 458.86 * (7.724(0.70)/54.49), = 4.59% To calculate the firms value = FCFF (1-g)/ cost of capital -g Where the cost of capital is 4.06%, g = 4.59% and FCFF is 1.544 Firm value = 1.544(1-4.59)/ (4.06 4.59) = 10.452 The key variable driving the value of Dee valley group is the leverage, Dee valley group has a substantial fund gotten from the bank in terms of long term debt this shows in their capital structure and the finance mix for the firm. This fund has added value to the firm and remain a key competing firm in the water industries that operates in Wales. If hired as to help enhance the value of the firm, I will implement an appropriate finance mix that will leads to a reduced cost of capital used in the investment. If more debt leads to increase in the firms profits compared to that of equity and enhance the value then debt finance will be considered more. Conclusion: The essay gives an analytical report of Dee valley group, a water producing firm in Wales based on the data gotten from its annual report of 2007 in calcuting key corporate financial analysis of the company. The accuracy of this report may not be the actual figure as they are lack of data to give accurate report and assumptions were made too in the analysis of this report.

Recidivism of Sex Offenders Essay example - 2488 Words

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During the carnival season, Montresor meets with Fortunato and decides to implement his plan carefully through irony. Poe s story describes the murderer s mind which has lived as a memory of Fortunato s death for fifty years. Poe uses different types of irony and symbolismRead MoreThe Cask Of Amontillado By Edgar Allan Poe985 Words   |  4 PagesEdgar Allen Poe is a well known author of short stories and poetry from the 19th century. He is known especially for his stories of horror and suspense. The Cask of Amontillado is one of his more famous pieces. The story follows the narrator, Montresor, as he exacts revenge on Fortunato. Montressor draws Fortunato into the wine cellar where eventually he chains Fortunato to the wall and encloses him inside it. Throughout the story the narrator continually proves that he is not the most reliable source

The Awakening by Kate Chopin Essay - 514 Words

Kate Chopin novel The Awakening is set in the late nineteenth century on the Grand Isle. The novel centers on Edna Pontellier a woman who is becoming sexually aware of herself and trying to gain her independence. Throughout the novel, she drives to meet her views on motherhood and femininity from the social attitudes of the South towards women; women were nothing but property. In the novel, Edna tries to seek her individuality from the constraints of society, but finds her journey impeded by her inability to transcend society; this delineated by her search for self, her choices, and her consequences. In The Awakening, Edna experiences a â€Å". . . spiritual and physical awakening [that] heralds her search for self† (â€Å"Themes†); she tries†¦show more content†¦Some aspects of her relationships awaken her â€Å"sensual self† which developed when she â€Å"allowed herself to feel and act upon her own desires† (â€Å"Themes†) as she did wi th Robert and Alcee. However, Edna’s accomplishment in discovering her own identity takes a turn as society’s outlook makes her take a different path. Edna’s choices supplemented her search for self. The awakening, spurred by her experiences at the Grand Isle, had spiked her journey for â€Å"personal freedom† (â€Å"Themes†). She realizes she wanted more in life than just being what society would prefer her to be, which was a mother-woman. She â€Å"rejects the domestic empire of the mother and the sororal world of women’s culture. Seemingly beyond the bonds of womanhood, she has neither mother nor daughter, and even refuses to go to her sister’s wedding† (Showalter 211). She chooses â€Å"to own herself by owning her value.† This was â€Å"a form of voluntary motherhood: ‘. . . she would never sacrifice herself for her children, or for any one . . . [she] would give [her] life for [her] children, but [she] woul dn’t give [herself]’† (as qtd. in Stange 281). â€Å"When she returns to New Orleans, she refuses to sleep with her husband and gradually withdraws from meeting social obligations with people who [were] important only to her husband and his social status† (â€Å"Themes†). She discontinues her attendance in the traditionalShow MoreRelatedThe Awakening By Kate Chopin1479 Words   |  6 PagesKate Chopin’s controversial novel, The Awakening, ignited turmoil because of her blatant disregard of the established 19th century perspective of women upholding strictly maternal and matrimonial responsibilities. Edna’s candid exploration of the restrictions on women through her liberal behavior in a conservative Victorian society makes her a literary symbol for feminist ideals. Despite denunciation from other people, Edna chooses individuality over conformity through her veering from traditionalRead MoreThe Awakening by Kate Chopin1102 Words   |   5 Pagesveracity of this quote as both find their independence by boldly exceeding the norm. Their stories were fashioned during a period of great change and both characters are hallmarks of the hope and power women were unearthing at the time. The Awakening by Kate Chopin and Tess of the D’Urbervilles by Thomas Hardy are novels concerned with the transformation of women’s roles in society. Their protagonists, Tess and Edna, are not outright feminists, but they are acutely aware of the limitations imposed uponRead MoreThe Awakening By Kate Chopin1919 Words   |  8 PagesIn the novel, The Awakening, by Kate Chopin, we see how much of an importance the men in Edna’s life serve as a purpose to her awakening. Chopin is known to write stories about women who are unsatisfied with their lives while living in a life that is dominated by men. Other than Edna, the main men characters are typical men of the late 19th century era. Chopin shows how these three men are d iverse from one another. The Creole men are Là ©once Pontellier, Edna’s husband, Robert, Edna’s mystery man numberRead MoreThe Awakening By Kate Chopin901 Words   |  4 Pagescandidly. Kate Chopin is honorably amongst this group of authors. Her works divinely portrayed the culture of New Orleans and the lives of Louisiana s Creole and Cajun residents. Chopin openly express her views on sex, marriage, and the injustices of women during the time. Kate Chopin’s novel, The Awakening, best exemplifies the contextual achievement of realism through the rejection of conformity, the exploration of love, and the weight of social opinion on individual choices. The Awakening is publishedRead MoreThe Awakening By Kate Chopin1222 Words   |  5 Pages The Awakening By: Kate Chopin Emely Maldonado AP LIT Period 3 Topic 3 Maldonado 1 Displacement The late 1800s and the 1900s was a prison for woman’s individuality. During this time period, stereotypical views of women were commenced by society and men. In the era that the novel, The Awakening by Kate Chopin was published, the gender roles were graved in stone, men would work to maintain their family and women would adhere to the house-hold duties. Dissatisfaction with theRead MoreThe Awakening By Kate Chopin1193 Words   |  5 PagesDavian Hart The Awakening By: Kate Chopin AP Literature Topic 3 Hart 1 Over the course of time the male species has always been the gender to attain the more favorable conditions. Numerous cultures heed to the belief that the man is the provider and head of his family. This machismo nature can condition the mind to believe that a man should feel superior to a woman. The continuous cycle of male superiority flows down from father to son subconsciously. Do to this unceasingRead MoreThe Awakening, By Kate Chopin887 Words   |  4 Pages Feminism has been a term used by many authors and writers for centuries, symbolizing women being able to use freedom the way they want to, not the way others want them to use it. Edna Pontellier, the main character in Kate Chopin’s novel The Awakening, experiences an â€Å"awakening† in her life, where she discovers her position in the universe and goes in this direction instead of what others like her husband Leonce tell her to take, similar to the style of feminism. â€Å"In short, Mrs. Pontellier was beg inningRead MoreThe Awakening By Kate Chopin1427 Words   |  6 Pagessuffering an imposition (Moderata). Throughout history, the inherent inferiority of women to men has often been cited as a way to deter women from becoming an individual and pursuing more in life. This notion is a prevalent issue in The Awakening by Kate Chopin; in which Edna fights to live her own way and is ultimately unable to survive in the cage of society. Not only has this supposed inferiority effected women for generations, but it has created inequality in our society today; especially inRead MoreThe Awakening By Kate Chopin1633 Words   |  7 Pages1. Title of text (underline novels/plays) author’s name The Awakening by Kate Chopin 2. Characterization Character Development (a) 1.Edna Pontellier- Edna is the main character of the novel who is married to a businessman. Edna is a dynamic character because at the beginning of the novel, she conforms to society by being the â€Å"perfect† mother and wife; however, Edna suddenly realizes that she is no longer happy with the way she was living her life and began to become independent only for herRead MoreThe Awakening By Kate Chopin915 Words   |  4 PagesMany of Kate Chopin’s writings are trademarked by her unique, deliberate word choices. Chopin uses phrases that do not make sense and seem to contradict themselves to get across a point. In two of her stories, â€Å"The Story of an Hour† and â€Å"The Awakening,† Chopin’s word usage highlights the idea of self-discovery. â€Å"The Awakening† and â€Å"The Story of an Hour† share similar themes. â€Å"The Awakening† is the story of a woman in the late 1800s discovering her apathy for her traditional female role as a wife

Entrepreneurial Leadership Free Essays

Not unlike its sister field of leadership, entrepreneurship has long struggled to identify a coherent theoretical and conceptual framework capable of explaining the phenomenon known as â€Å"entrepreneurship† and more importantly the role of the â€Å"entrepreneur. † The focus of this paper is to examine similarities and differences between the fields of leadership and entrepreneurship and create a working definition of the â€Å"entrepreneurial leader. † The field of entrepreneurship has long held that there is a symbiotic bond between the creation of the new venture and the role of the entrepreneurial leader-founder. We will write a custom essay sample on Entrepreneurial Leadership or any similar topic only for you Order Now The entrepreneurship leader lends his/her vision, leadership style and strategy to the very essence or the core of the business. The individual is a major independent variable influencing the outcome and success of the business. Introduction The function of leadership and the role of the leader is a constant point of debate among scholars, researchers, and practitioners. Issues abound regarding whether leaders are â€Å"born† or â€Å"made. † The early literature on entrepreneurship focused on trait theory and the role of the individual. More recent studies have examined the characteristics and intentions between those entrepreneurs who start â€Å"lifestyle† business versus growth or â€Å"gazelle† entrepreneurs. The concept of â€Å"entrepreneurship leadership† is raising the intellectual debate to a new plane. This paper seeks to rise to the challenge be presenting arguments supporting the â€Å"entrepreneurial leadership† concept. Entrepreneurial Leadership 1. Discuss the common elements described in the theories/philosophies or Case, Kouzes, and Drucker including how their principles/strategies relate to the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in today’s Dynamic Markets. After listening to the podcasts of Steve Case, former Leadership Challenge the reading the article written by Peter Drucker of entitled, Entrepreneurial Strategies and the conference proceeding from the Association of Small Business and Entrepreneurial. Former AOL CEO and Chairman Steve Case describe people, passion, and perseverance as the three words that are the bedrock of a successful entrepreneurial. Heading into what may be a â€Å"golden era of entrepreneurship. † Entrepreneurship is a very important to the underlining success of our country in the future. But, â€Å"he says that we must rely on the ‘’three p’s† as an assessment to help guide us with our direction and goals. When all of these three parts are in balance almost everything is possible, but if not nothing is possible. And an entrepreneur can achieve success like that of AOL; when they aren’t, you get the failure of the AOL-Time Warner merger. Next, James Kouzes talks about five key areas in order to rise to the leadership challenge. He says that modeling the way is the foundation of creditability. Managers and front-line supervisors must always set a good example and doing what they say by personally modeling that way. And, because they have the most influential on a day-to-day behavior they must have a forward looking vision for the organization. They must also challenge the process by focusing on improvements by trying something new and different.  They must enable other to act by focusing on the team in-order see what motivate them to do their best and last they must encourage the heart by simply saying â€Å"thank you† for a job well done. Entrepreneurial Leadership 2. Discuss your leadership style or the style you aspire to be and how it compares to transactional, transformation, visionary, charismatic, principled, and entrepreneurial leadership. In today’s connective global environment, it is very clear that a new type of principled leader is needed who can operate in this highly changing dynamic market. This complex and volatile environments, calls for an entrepreneurial approach of having the right people are doing the right things, for the right people, in the right way, in the right place, at the right cost, and for the right reasons. This along visionary leadership increases efficiency by moving decision-making responsibility to the frontline. This efficiency is achieved with limited supervision to make the frontline responsibility effective; leadership must give workers opportunity to develop quality decision-making skills and learn to trust them. Wal-Mart stores use visionary leadership). This will enhance the firm’s performance, its capacity for adaptation, and its chances to long term survival. We must now operate under the assumption that the landscape of business is not isolated by city, state, and US borders, so entrepreneurial leaders can gain strategic advantage by developing global strategies. 3. As new entrepreneur, discuss how you would use resources and tools available through the Small Business Administration and score.  Starting a business involves planning, making key financial decisions and completing a series of legal activities. But, the U. S. Small Business Administration has several easy steps to help new entrepreneurs plan, prepare and manage their business. Such as, templates for writing a business plan, choosing a business location and determine the legal structure of your business just to name a few. Although, the federal and state government agencies do not provide grants to veterans like myself for starting a business.  However, there are a number of low-interest loans programs that’s available to help us obtain start-up financing. 4. If you were to create your personal principles of leadership, what would they be and explain why you would chose them. Personal leadership helps in realizing one’s right traits, skills, and motives to produce positive and constructive results. Leadership is not easy and it is often linked to walking in a minefield. The people who become leaders with the consent of others are the ones that succeed, rather than the self-proclaimed leaders. In order to be successful, a leader should abide by one’s own principles first and then tell others to follow. For instant, higher productivity from everyone, increased operational efficiency and effectiveness, improved motivation and morale from team members, and great job satisfaction in getting the best from the staff. Because, if an individual has a right vision to achieve the goals, he/she can never fail. Moreover, failures make one realizes their hidden strengthens and provide an opportunity to work better. How to cite Entrepreneurial Leadership, Essay examples Entrepreneurial Leadership Free Essays Using the WileyPlus resources, go to the Interactive Case Study â€Å"Five Guys Burgers and Fries: Ingredients for Success† example located in Chapter 3. To access the entire textbook, use the WileyPLUS Read, Study Practice link located in the Student Center. Write a three to four (3-4) page paper in which you: 1. We will write a custom essay sample on Entrepreneurial Leadership or any similar topic only for you Order Now Determine how Five Guys’ philosophy sets it apart from other fast-food chains. 2. Analyze the original values for the start-up company and how it remains strong today. . Enumerate three (3) factors that contributed to Five Guys’ success in such a short time and what effect, if any, external markets had on these factors. 4. Assess how ethical and social practices are part of the Five Guys’ culture and provide examples to support your choices. 5. Use at least five (5) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources. Your assignment must follow these formatting requirements: Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. †¢Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are: Examine the private enterprise systems, drivers of change on the system, ethical and social responsibilities of business, and the requirements for success in today’s business environment. †¢Analyze the factors that drive supply and demand, different types of market structures in a free enterprise system, and factors of stability in a nation’s economy. †¢Use technology and information resources to research issues in contemporary business. †¢Write clearly and concisely about contemporary business using proper writing mechanics. How to cite Entrepreneurial Leadership, Papers

Sir Syed Ahmed Khan free essay sample

Notwithstanding his dismissal by some conservative Muslims as an atheist, a traitor and a British agent, Ahmad Khan strongly advocated that Islam is not a religion of violence but of peace that respects other religions. He concentrated on the educational field, which he rightly saw as the best means to raise the Muslims from their backwardness and ignorance vis-a-vis the dominant Hindus. Today the highly respected Aligarh Muslim University in India is a visible monument of his great foresight and outstanding work for Muslims world wide. BIOGRAPHICAL DETAILS Sir Syed Ahmad Khan was born in 1817 in Delhi. He came from a wealthy family which was well known and respected in the area. Great care was taken by Sir Syed’s father to ensure that he received a high-quality education. By the age of 18 he was skilled in Arabic, Persian, Ahmed Khan Mathematics and Medicine. He had also been introduced to some of India’s most able writers and had developed a love for literature. In 1838 Sir Syed’s father died and he was forced to seek employment. He quickly rose from a lowly position in the legal system to become a judge in Delhi in 1846 . That year he wrote his well-known book on archaeology called Athar-al-Sanadeed. When the War of broke out in 1857 Sir Syed was working as chief judge in Bijnaur and is said to have saved the lives of many women and children during the fighting. In return for his loyalty the British offered him an estate with a large income , but he refused the offer. His belief that armed uprising against the British was pointless him unpopular with some Muslims, but it did not stop him working towards reconciliation between British and the Muslim community after the war . He appointed Chief Justice in Muradabad and later was transferred to Ghazipore. In 1864 he was transferred to Aligarh where he played an important part in establishing a new college. In 1876 he retired cork in the law to concentrate on running the college and to devote himself to improving the positions of Muslims in the sub-continent through education. Aligarh became the centre of a ‘Muslim renaissance’. He died in 27 March 1898, having served his fellow Muslims in a way which few had rivaled. BELIEFS Sir Syed was extremely unhappy about the position of the Muslims in the subcontinent. Since the days of the Mughal empire their social and economic status had declined sharply. The role of Muslims in the War of Independence had led to a further decline in their fortunes as the British took measures to ensure that their control would not be subject to further challenge. Sir Syed felt that the poor status of the Muslims was due to the way they were treated as second-class citizens by the British and the Hindus, but that they also had to take some of the responsibility themselves. Many Muslims considered the British to be little more than invaders in India and wanted nothing to do with them. Sir Syed believed that the Muslim community had to accept that the British were rulers who intended to stay for many years. The Muslim position could only be improved if they adopted a more positive approach to the British. They needed to accept more British ideas and to take advantage of British education. If they did not, then the Hindus would continue to prosper because of their more cooperative approach. Sir Syed wanted to see the Muslims united and prospering. He also wanted to see an improvement in their economic, social, political and religious fortunes. He made this ambition his life’s work and, because so much of his effort revolved around a ‘Muslim renaissance’ taking place in Aligarh, he is said to have founded ‘The Aligarh Movement’. The central aims of the Aligarh Movement were to: -Improve relations between the British and Muslim communities by removing British doubts about Muslim loyalty and Muslim doubts about British intentions, -Improve the social and economic position of Muslims by encouraging them to receive Western education and take up posts in the civil ervice and army, -Increase the political awareness of the Muslim community in order to make them aware of the threat to their position from the Hindus policy of co-operation with the British. WORK 1. Improving Relations between the British and Muslim Communities Sir Syed believed that the position of the Muslims in the subcontinent could only be improved if relations with the British were improved and Muslims gained higher-quality educa tion. There were two major obstacles to good relations. A . The British had put the entire responsibility for the War of Independence in 1857 on the Muslims. As a result they carried out policies of repression against the Muslims after 1857. The Hindus and other religious groups were considered to be loyal and prepared to assist in governing India, but the Muslims were seen as rebellious and unhelpful. Even as early as 1843 the British Governor-General had stated: I cannot close my eyes to the belief that the Muslim race is fundamentally hostile to us. Our true policy is to reconcile the Hindus’. Sir Syed wanted to ensure that this false view was corrected. B. There was a deep-seated resentment of the British among many in the Muslim community. This was sometimes based on the fact that the British were seen as ‘foreign invaders’ and sometimes because they were thought to be trying to replace Islam with Christianity. Other Muslims rejected all Western ideas because they were often not in line with Islamic beliefs. Sir Syed wanted to ensure that the benefits and advantages of British rule, in particular in the areas of science and technology were embraced by the Muslim community to improve the lives of the masses. Convincing the British In 1860 Sir Syed wrote The Loyal Mohammadens of india. In this work he defended the Muslims from the British accusation that they were disloyal. He gave a detailed account of the loyal service which Muslims had given and named various Muslims who had shown particular loyalty to the British. At the same time he called on the British to end their hostility towards the Muslim community. In order to convince the British that they were wrong to put the full blame for the events of 1857 on the Muslims, Sir Syed wrote a pamphlet called ‘Essay on the causes of the Indian Revolt In his writing he pointed out the main reasons for the uprising were: 1. The lack of representation for Indian government of the country. 2. The forcible conversion of Muslims to Christianity 3. The poor management of the Indian army He also listed many other measures taken by the British which created dissatisfaction and led to resentment among the Muslim community. This pamphlet was circulated free amongst the British officials in India and was also sent to members of Parliament in England. Even members of the Royal family received copies. Some British officials were angered by what Sir Syed wrote as he seemed to be blaming them for the uprising. Others read what he wrote with sympathy and accepted that there was truth in his words . Sir Syed also tried to clear up a misunderstanding amongst the British who resented being called ‘Nadarath’ by the Muslims. The British thought that this was an insult , but Sir Syed pointed out that the word came from ‘Nasir’ , an Arabic word meaning helper. So the term was a reflection of the positive image Muslims had of British , not an insult. Convincing the Muslims Sir Syed was aware that the British knew very little about Islam. Indeed, on a visit to England he was so offended by an English book on (P. B. U. H) that he immediately wrote his own work correcting the many errors. It was also true, however, that the Muslims in India knew very little about Christianity. He tried to overcome this was by writing Tabyin-ul-Kalam, in which he pointed out the similarities between Islam Christianity. Due to lack of resources the work was not finished, but it showed Sir Syed’s commitment to improving relations. Another example of this was the British Indian Association which Sir Syed established to try to increase co-operation between the two peoples. Many Muslims, however, were very suspicious of any British influence because they believed it corrupted Islamic learning . Sir Sved realized that he needed to increase awareness of the benefits of western technological advances. He did not accept the arguments of British Christian missionaries that the technological advances that had been made in Europe were a result of the teachings of Christianity. He believed that they had to do with greater political development and a higher standard of education, particularly in science. He therefore laid great emphasis on the need to bring about improved education for Muslims. 2. Encouraging the growth of Western education As we have seen after 1857 the Muslim community discrimination at the hands of the other British , whilst the other groups were supported. The Hindus for example, had decided that they should work with the British. This helped the British to see them as a counter to the supposedly ‘disloyal Muslims’, So Hindus were keen to learn the English language and to acquire a British education in the subcontinent. This helped them to gain employment and to make progress in society. By 1871 there were 711 Hindus in government employment compared with only 92 Muslims. The ‘Hindu Movement’ gained strength as more and more Hindus received education in the new schools ,colleges and universities which were springing up. This increased confidence among Hindus also led to them viewing Muslims with an increasing lack of respect. Sir Syed took steps to change Muslim attitudes to receiving British education. In this he came into conflict with ulema. They believed that acceptance of scientific and technological ideas might undermine Islamic beliefs. Sir Syed believed that the Holy Quran emphasized the need to study and that an understanding of modern scientific beliefs actually helped reveal the full majesty of God. -To gain support for his views Sir Syed set up an Urdu journal called Tahdhih-ul-Akhlaq. This journal contained articles from influential Muslims who agreed with Sir Syed that there was a need for a new approach to education. Although some ulema attacked the journal, it played a major part in bringing about an intellectual revolution amongst Muslim thinkers. -In 1863 Sir Syed founded the Scientific Society at Ghazipore. Its main purpose was to make scientific writings available to a wider market by translating them from English, Persian or Arabic into Urdu. When he was transferred to Aligarh in 1864 he continued his work and in 1866 began issuing a journal called the ‘Aligarh Institute Gazette’. -He had already shown his commitment to expanding educational opportunities when, in 1859, he opened a school in Muradabad. In 1864 he opened another school in Ghazipore. -In 1869 Sir Syed travelled to England to study the university system there. He dreamed of setting up a university for Muslims in the sub-continent . He was very impressed by the universities of Oxford and Cambridge and hoped to set up an educational institution based on their model. However, on returning home, he found that his plans were often met with suspicion. He could not start with a university straight away. So instead he decided to begin with a school. -A committee was set up, which toured the country raising funds for anew Muslim school. On 24 May 1875, the Mohammaden Anglo-Oriental School was set up in Aligarh on the pattern of English public school system. Sir Syed worked hard to have the school upgraded to a college. In 1876 he retired from his employment and devoted himself full-time to the school. In 1877 the school was raised to college level, but as part of the University of Calcutta. The British would not allow it to be affiliated with a Muslim university outside British territory so, for the moment it could not become the Muslim University that Sir Syed wanted. -The college offered both Western and Indian education, though Islamic education was also provided. It became much more than an educational institution. In the days before the Muslim League, it became a symbol of Muslim unity. Many of the future leaders of Pakistan, such as Liaquat All Khan and Ayub Khan, were educated there and some historians have commented that the college was the institution which contributed more than any other to the formation of Pakistan. -In 1920, some years after the death of Sir Syed, the college became the University of Aligarh. -However, Sir Syed’s work in education did not end with the formation of the college. He wanted to publicize the new educational methods being used at Aligarh. So in 1886 he set up the Mohammaden Educational Conference. Its aim was to raise educational standards among Muslims. It held meetings at a number of cities across the subcontinent and sub-committees were formed in many places. The Conference attracted famous orators and writers and also played a major role in establishing a political platform for Muslims, in the days before the formation of the Muslim League. 3. Increasing Political Awareness Sir Syed was determined to improve the status of the Muslim community. By writing his Essay on the Causes of the Indian Revolt and The Loyal Mohammadens of India he had shown a desire to re-establish good relationships with the British, as he hoped this would lead to greater opportunities for Muslims. This earned him a reputation of being too moderate and too British. But, in fact, Sir Syed realised that the British were too powerful to overthrow and that Muslims would gain more by cooperating with them. He also believed that Muslims should have good relations with Hindus, as they had a common long-term aim — to restore the authority of the local people in their own country. In a speech to the Indian Association he said: ‘We Hindus and Muslims live together same soil under the same govern interests and problems are common and, therefore I consider the two factions as one nation. However, Sir Syed soon realised that the not so keen on working with Muslims and this led him to the conclusion that the two groups could not work together. In time he came to believe that Hindus and Muslims were different enough to be considered as two separate groups within the subcontinent. INDIAN NATIONAL CONGRESS -In 1885 the Indian National Congress was formed. The British saw this body as a means by which they could hear the views of the educated elite in Indian society. The Congress said that it would represent the views of all the communities regardless of their religion. However, it soon became apparent that the Congress dominated body which was working to establish Hindu supremacy over the Muslims. POLITICAL REPRESENTATION -A good example of this was the call by Congress for the introduction of a democratic system of political representation similar to that practiced in Britain. This sounded fair, but since they were four times as many Hindus as Muslims, they would win every election. Democracy would leave the Muslims with no representation at all. Sir Syed spoke angrily against any such plans saying: ‘I am convinced that the introduction of the principle of election would be attended with evils of greater significance . The larger community would totally override of the smaller community’ COMPETITIVE EXAMINATIONS -Congress also suggested that appointments in the government service should be by competitive examination. Since Muslims were not receiving education of a standard similar to that received by Hindus, this would greatly disadva ntage them. Sir Syed commented that only when equal educational opportunities were provided could such an idea work. LANGUAGE -A further cause of concern of Sir Syed was the Hindu-Urdu Controversy’. In 1867 the Hindus demanded that Hindi should be made the next official language in place of Urdu (which had become the official language in 1825). It was not until after his death that Hindi became the second language, but the Hindu opposition to Urdu was another factor guiding Sir Syed towards his ‘Two ion Theory’. -Sir Syed was bitterly opposed to this attack on Urdu and particularly shocked to find that the Hindu members of his Scientific Society wanted the society’s journal to be published in Hindi. Sir Syed’s belief that Congress was working in the interests of Hindus, and in a way which was harmful to Muslim community, led him to refuse to attend its meetings. Instead he organised an alternative body Called the United Patriotic Alliance. In 1893 this became the Mohammaden Defence Alliance . By this time rivalry between the Hindu and Muslim communities was increasing and there were several examples of Hindus showing disrespect for the Muslim religion. In Bombay some Hindu extremists began playing loud music mosques. It seemed that in some areas it was becoming increasingly difficult for Muslims and Hindus to live in peaceful co-existence. LITERARY WORKS Sir Syed was a government civil servant and s scholar. The 1857 revolt was a turning point in his life. The following are his important works: 1. ‘’ASARUS SANADEED’’: It is an archaeological masterpiece providing a wealth of information on countless historical monuments in Delhi from the eight hundred long Muslim rule. This book was published in 1847. 2. ‘ASBAB-E-BAGHAWAT-E-HIND’’- (The causes of Indian Revolt) This book was published in 1859 after the 1857 revolt after witnessing the atrocities committed by the British on the inhabitants of Delhi. He saw an uncle, a cousin and an aunt dying before his eyes. He saved his mother but she died due to privations she had experienced. Muslims were the main targets of the government’s wrath. 3. THE ALIGARH INSTITUTE GAZETTE It was an organ of the Sc ientific Society started in 1866. It made the people think and use their wisdom. 4. ‘’TEHZIB-UL-AKHLAQ’’ – It succeeded in making people realise the value of modern knowledge. It also gave new directions to Muslim social and political thoughts. IMPORTANCE Sir Syed Ahmed Khan played a vital role in improving the status of the Muslim community in subcontinent . -He worked tirelessly to restore relations with the British, particularly after the War of Independence. When many British were of the opinion that the Muslims were disloyal and untrustworthy. His, his writings, his tireless work and the example he set was to convince the British to see the Muslims in a new light. -Sir Syed played a major part in bringing about a Muslim revival, largely through the work of the Aligarh Movement . Muslims came to value education as a means of self-improvement and of obtaining better employment. From this came greater feeling of self-worth. -Linked to the Muslim revival was a greater political awareness. As Hindus sought to take advantage of the poor relations between the Muslims and the British, Sir Syed emphasised the threat to Muslims and developed his ‘Two Nation Theory’. Once Muslims came to accept the wisdom of this theory, it was only a small step to call for partition. For this reason Sir Syed Ahmed Khan can rightly be called ‘The Father of the Pakistan Movement’. JAWAD AHMAD

Summary of 1847 Medical Code of Ethics free essay sample

The code of medical ethics was written with the intention of standardizing the expectation for ethical behavior throughout every professional medical setting within the United States. This collection of ethical principles was intended for physician and patient alike, so that there would be a thorough understanding of the expectations of both parties within the medical setting. Rules concerning the subject matter should be shaped according to the recommendation of experienced physicians, past and present, including Hippocrates. Importance is placed on medical case history which has, and will continue to, shape the ethical code, given that the knowledge acquired is passed down to current practicing medical professionals. If questions arise concerning the expectations between physicians and patients, between medical co-workers, or between the medical profession and the general public, the medical code of ethics should serve as a guideline as to how behavior should be conducted. Physicians are expected to serve their patients in a variety of different ways. The first way is to apply their talents to respectfully assist the sick. Physicians are to treat cases with great detail and to keep records of that detail. However, they are not to share that information unless required to do so, complete confidentiality should be upheld. When meeting with a patient, the medical provider is to defend the patient’s spirit by only revealing necessary information, yet providing timely notice of danger when it is confirmed. Sometimes, visits and advice should be denied. For if they are unnecessary, yet still provided, anxiety could be created within the patient and the physician could be accused of having ulterior motives. Visits to patients who seem to be incurable should not be considered unnecessary, though. Physicians should continue to treat these patients, to at least strive to provide a comfortable from pain. Throughout all of their services, medical providers should aim to inspire, especially in the most difficult of circumstances. In doing this, the physician earns the respect and obligation of their patients. The ethical code cannot place all moral obligations on the physicians alone. Patients, too, have a moral responsibility within the scope of medical care. That responsibility begins by finding a physician with a legitimate education, and allowing that physician to provide as much health care to the patient and his/her family as possible. Once a trustworthy physician is located, the patient should understand that physicians risk their own health while providing their best medical advice to the sick, acknowledge the sacrificial efforts and properly compensate those services. Patients are not to withhold information concerning the potential cause of the disease, yet are to refrain from providing unnecessary details or information. Once the professional has provided his medical advice concerning medication, diet, or exercise, it is the duty of the patient to follow those orders. In addition to that, patients are to respect the time of their physician by scheduling appointments at appropriate times, along with refraining from seeking a consultation without the previous consent of the physician. Finally, if a patient intends to change their primary physician, it is the responsibility of that patient to provide reasoning behind that decision. Informing the physician is courteous, and professional. Physicians are also required to maintain a specific level of professional character. When physicians enter the medical profession, they are to strive to make further advancements in it, but should never forget to respect those who have made the advancements before them. Physicians are to hold not only themselves, but their peers to the higher standard of moral excellence required by medical professionals. Publically advertising medical services, boasting of personal medical successes, or patenting any medical instruments or medicines would fall short of that standard. These acts would not promote a medical environment where all physicians worked together for the good of the public. Proper inter-physician behavior is necessary to serve using proper methods and cures. No rivalries are to be present between practicing physicians. In fact, a physician should be ready and willing to serve another physician if called to, especially if it concerns that physician’s family, as an unbiased opinion is preferred. Even if the patient is not a relative, a requested physician or medical professional should always be allowed to sit in on a consultation. When a meeting is scheduled, punctuality is important. If in those meetings differences occur, they are to be deliberated privately, and theoretical situations are not to be discussed. All decisions must be made before delivering information to the patient. At that time, all responsibility is shared equally among deciding physicians, and differences in opinion should remain confidential. If at any time an agreement cannot be made, an additional professional should be consulted, majority rules. The assisting physician is to never say or do anything in front of the attending physician’s patient that would cause that patient to lose faith in their practitioner. There may be times where a physician is not present to properly serve his community. In that situation, substitutes are to be put in place to care for the patients of that physician. The substitute should only work according to the medical qualifications acquired. Even if the substitute is qualified to, writing new prescriptions or making any major medical decisions for the patient is not recommended without previous consent from the attending physician, except in emergency situations. When the attending physician returns, the substitute is to immediately surrender the cases back over, never causing the patient to lose trust in the original physician. Whatever services the substitute provided, he should be properly compensated for. However, specific rules about payment should be set up by the faculty in every community, because the physician and community serve each other. Even if it means risking their lives, a physician is to serve, use knowledge and skill to avoid unproven medicine, and provide testimony if called on by legal authorities. Although every situation is not described, the code of ethics should be used as a guide for behavior expected of physicians to patients, medical co-workers to each other, and physicians to the public. Medical professionals are held to a higher standard and have to maintain their knowledge in order to optimally serve. There are duties shared by all parties involved in the health care field, but all should conduct themselves according to this moral code and continue to provide respect and appreciation to those who serve.