How To Create a Web Page essays

How To Create a Web Page essays In this day and age, its important to be Internet literate. Yet there are still some people who havent caught up with the times. The Internet is set up largely by web pages. This paper is designed to take you through the process of creating a simple web page on the Internet. The first step to making your very own web page is to get a computer with an adequate system. An up-to-date Windows or Macintosh program on your computer of choice is usually sufficient. Next is to get a modem. Whether its a cable or a dial-up phone connection a modem is essential. A modem connects you to the Internet so you can surf other pages, talk to your friends, or write an e-mail and send it instantly. Now that youve gotten your computer and your modem its time to start looking for a home for your web page. There are a lot of different places where you can get a web page. They vary in price, simplicity, and quality. Pick a home thats suitable to your skill and price range. For example, geocities.com has a very simple format and free access. Therefore if youve never made a web page before, its easy and cheap to try to make these. With your home now chosen, follow the instructions they give you to load the page maker or series of pages to create the base for your web page. Using geocities.com as an example again, there are several different options. Geocities offers to create the web page for you or you can do it yourself at the desired level. If you want a little more creativity than Geocities allows in generating your color preferences and text entries and youre not fully familiar with the html code that creates web pages then the option of Page Maker is for you. This gives you the creativity of putting whatever youd like on your web page but also the ease of click and drag options. Once the Page Maker has loaded its time to get the creative juices flowing. The Page M...

How to Create Your Elevator Pitch and Get Hired

How to Create Your Elevator Pitch and Get Hired Okay, hotshot. You’ve got 30 seconds to make the impression that’s going to get you the job. And†¦go! What, you stopped to think about it? Bzzzzzt. The moment is gone, and you can sense your opportunity window closing while the interviewer awkwardly shifts and looks at the clock. If only you’d had an elevator pitch ready to go.What is an Elevator Pitch?The â€Å"elevator pitch† is just a buzzword-y way of saying â€Å"snapshot of important points, stated briefly and to the point.† An elevator ride is typically short, so that’s why it makes a good namesake. In a career context, it means a quick overview your best points and your goals. But in general, it can really be about anything you’re trying to sell to the listener. For example, here are elevator pitches you could use to convince someone to watch a TV show:Game of Thrones is a fantasy-sci-fi drama that follows several different political factions jockeying for power in the kin gdom of Westeros. In addition to the political machinations, there are ice zombies threatening from the North. Oh, and there are dragons! It has something for everybody.Basically, the elevator pitch is a brief, snappy couple of sentences that tell the listener what they need to know- or, more specifically, what you want them to know. The goal isn’t to be a dry source of facts, but rather offer a few curated points that show the highlights.When Will You Need an Elevator Pitch?Although the elevator pitch is a perfect fit for our 140-characters-or-fewer society, you may not be asked to give your spiel in every job interview. However, it’s a great resource to have when you’re unexpectedly on the spot- like at a job fair, a networking event, or a social event where you just happen to be making small talk with a hiring manager at a company where you’d love to get your foot in the door. Though if you are at a social event, pick your timing wisely. Your new acqua intance may just want to talk about last night’s game or that hilarious viral video making the rounds, instead of talking shop.The elevator pitch is also an excellent answer to have on hand for the dreaded â€Å"tell me a little about yourself† question in an interview. Because you’ll already have some of your brightest talking points ready to go (more on that in a bit), you won’t have to spend precious interview time thinking about how to distill your professional self down to the essence. That question often comes at the beginning of the interview, so having your elevator pitch at the ready can help set a smooth, prepared, and confident tone for the rest of the interview.10 Tips for Your Elevator PitchIf you don’t know where to start, we have you covered- use the following 10 tips as a guide on crafting an ideal pitch that gets results.1. Keep it short.Remember, the elevator pitch is so named because it’s meant to last about as long as an elevator ride- about 30 seconds, and definitely less than 60 seconds. (We’re not talking about the Empire State Building elevator here.) That means you should have a few go-to sentences you can use. And while you’re writing, time yourself. If you find yourself creeping up on the minute mark, it’s time to revise and simplify.2. Be persuasive.That means being direct about your accomplishments and qualities, and leaving out qualifiers like â€Å"I guess,† â€Å"I think.† No time for modesty- make bold, declarative statements.3. Be concise.There are times when you will have a chance to expound on your resume, your experience, or your point of view. When asked for an elevator pitch, make sure you’re including only a few main points, and keep the sentences short and straightforward.4. Know your audience.It really depends on who you’re talking to, and what the context is. If you’re at a professional mixer with people who know your ind ustry inside and out, feel free to use a little jargon. If you’re talking to a recruiter or someone who may not know your professional world as well, keep your wording more general.5. Keep the tone professional.An elevator pitch is a confidence thing- you’re making a straightforward statement about yourself. However, it’s important not to be overconfident or too braggy. You want your accomplishments and goals to speak for themselves. You don’t want to turn off your listener just as you’re getting started. Similarly, using wit and humor is fine too- but always keep jokes fairly mild and professional.6. Mention your top skills.Your resume is where you can really break down your skill set, but in your elevator pitch, that is the time to mention that you’re a great communicator, or that you’ve got amazing organizational skills. Focus on the kinds of skills that add value to an organization, like leadership, teamwork, or attention to detai l. Here’s your chance to brag a little about your top skills, but again, be careful of using a boastful tone.7. Include (some of) your goals.This doesn’t need to be a detailed life plan, or your five-year professional plan. Remember, this is a highlight reel, so you’ll want to focus on your main professional goal, or what you’re seeking in this interview/conversation/etc. If you’re talking to an interviewer or recruiter, you don’t need to say something like â€Å"seeking a job as an accountant†Ã¢â‚¬ ¦they already know that. Instead, go with something like, â€Å"looking to take my financial skills and experience to the next level.†8. Answer big questions.When writing your elevator pitch, think about some overarching questions like:What’s the most important aspect of my background?What accomplishments do I have?What are my best skills?What do I want to get out of this pitch?What’s my biggest strength?What drives me the most?What would I like to achieve?Why did I choose my career?What do I like best about my job/career?What do I value the most?You don’t need to cram all of those Big Ideas into your elevator pitch, but you can mix and match them depending on the setting, and to whom you’re speaking.9. Be ready to follow up.If you’re giving your pitch to someone you’ve never met before and may not be talking to five minutes from now, have a business card on hand that you can pass along. If you’re in an interview, be ready to answer follow-up questions about anything you just said- examples that show your skills, or anecdotes about why you love your career.10. Practice like crazy.Do this in front of the mirror, your cat, or a trusted loved one. In the moment, you don’t want to appear stumbling or unprepared, but you also don’t want it to come off like a bored, rehearsed monologue. You want your elevator pitch to sound smooth and confident. This can help you modify things like speed (many of us talk too fast, especially when we’re trying to get through a set of lines), eye contact, and timing.Example Elevator PitchesLet’s look at some samples you can use while thinking about your own elevator pitch.I’m a graduate student in Communications, with a passion for working with special needs students. After completing my thesis in advanced language strategies for children with cognitive impairments, my goal is to work for an agency that specializes in implementing everyday educational programs that help students improve their reading and writing outcomes.After five years of working in corporate marketing and social media, I’ve decided to embrace my inner entrepreneur and start my own company. My company’s mission is providing no-nonsense, data-driven metrics that our clients can take and use right away in their day-to-day business. I want to provide big company expertise for small business owners. M y passion is â€Å"design with a conscience.† I design products that have a minimal impact on the environment, while maximizing sustainability. My background is in both design and environmental science, and I believe that we can make consumer products that combine convenience and responsibility.I’m the data guy. I look at complex metrics, and turn them into a big picture plan. And I love working as part of a team, where diverse ideas and perspectives can lead to better ways of doing things. I firmly believe that the status quo can always be improved.I’m a nurse-practitioner with more than 15 years of experience in patient care. With the challenges of working in healthcare, I know that patients often feel ignored or hustled through, so I’ve made it a priority in my career to make sure that every patient is heard, and gets the highest standards of care. I’m a recent grad, and although I don’t yet have years of experience in the field, I do hav e the organizational and people skills to take my career to the next level. I was just named the Volunteer of the Year, and I bring a high level of care and focus to everything I do.So what do you think? Are you ready to go forth and make a bold statement about who you are, in 30 seconds or less?

The North American Free Trade Agreement Essay Example | Topics and Well Written Essays - 500 words

The North American Free Trade Agreement - Essay Example This means that at optimal labor utilization it can either produce, say 600 pounds of corn or 300 pounds of nuts. Meanwhile, Mexico is able to substitute the production of same products at the exchange ratio of . As such, it may choose to produce either 200 pounds of corn or 150 pounds of nuts. (Samuelson & Nordhaus, 2000) Upon opening up or liberalizing trade between the two nations, their initial production possibility curves, represented by the solid line, pivot. In case of the US, it could still produce 600 pounds of corn. However, with trading with Mexico, it may now end up with relatively more nuts using Mexico's price ratio. Similarly, Mexico ends up with the same quantity of nuts but this time it may end up with more corn as it traded with Mexico at the latter's price ratio. The above example exhibits the benefits derived by countries, particularly exporters and consumers, when countries open up to trade or undergo trade liberalization. According to the Foreign Agricultural Service (2005), sales of corn to Mexico and Canada increased by 175% with exponential increase in export value between 1993 and 2004. In this case, farmers are able to find overseas markets for their harvest, thus, enhancing their earnings potential.

Entrepreneurship choose one of two questions to write ) Essay

Entrepreneurship choose one of two questions to write ) - Essay Example They also take risks and engage other individuals in implementing ideas. The individuals who develop such ideas posses appropriate characteristics and behaviours for the development and success of a business. These qualities range from creativity, persistent, risk-taking, influence, time management and leadership qualities. An entrepreneur is responsible for the success of the business and any failures result to business closure or a reduction in profits. Various theories and laws define entrepreneurship in the economic world (Bygrave and Zacharakis, 2010). The resonant alternative entrepreneurship theories explain its various aspects including uniqueness, personality, and creativity. The alternative theories are also useful in explaining various elements that facilitate effective business development. The alternate arguments for entrepreneurship describe entrepreneurs and their involvement in business development. The theories focus on either individual entrepreneurs or recognition of opportunities. Most of the alternative assumptions reflect essential entrepreneurial phenomena such as the entrepreneur, the decision-making process and the nature of business opportunities (Alvarez, 2005). The alternative approach to entrepreneurship is an excellent avenue to establishing various elements regarding innovation and contemporary entrepreneurship. They are further useful in explaining the development of successful entrepreneurship characteristics. The alternative theories explain how the uniqueness of entrepreneurs influences their success in implementing business ideas. The applications and the impact of these theories reflect on the individual characteristics of entrepreneurs. The entrepreneurship alternative theories include the discovery and the creative theories (Bygrave and Zacharakis, 2010). The discovery theory entails discovery, existence and exploitation of opportunities, and individual influence. The theory comprises of three different

Bakhresa Group Organisational Structure and Innovation

Bakhresa Group Organisational Structure and Innovation Identify the strand of organisation structure and innovation approach used by the Bakhresa group. Is it organic or mechanistic structure followed by the Bakhresa group? Among the two which one is more suitable to innovation and why? How can Bakhresa group manage the tension between the need for creativity and efficiency? Discuss the main organisational characteristics that facilitate the innovation process in the Bakhresa group. Explain the key individual roles within the innovation process and the activities they perform in the Bakhresa group. How did Bakhresa group establish innovative environment that propagates the virtuous circle of innovation? Explain its features. BACKGROUND BAKHRESA GROUP OF COMPANIES TANZANIA Bakhresa Group is one of the leading Industrial Houses in Tanzania, East Africa. Started in a humble manner with a small restaurant in the Port City of Dar Es Salaam, Tanzania, in mid seventies, it has now emerged as a respected business group in the Region. The Group has its operations spread in Tanzania, Zanzibar, Uganda, Kenya, Malawi, and Zambia and most recently in Mozambique. Plans are in place to spread its wings to other countries. The group now boastsÂÂ  of a turnover of more than Three Hundred Million United Sates Dollars and is a proud employer of more than two thousand employees associated directly. There are several companies under its umbrella and have investments mainly in Food and Beverage Sector, Packaging, Logistics and Real Estate. The Bakhresa group of companies offers two groups of product and services that is food and beverage, and services. Examples of food and beverage companies owned by Bakhresa includes; Bakhresa Grain Milling (Malawi) Ltd, Salim Bakhresa Co Ltd, Bakhresa Grain Milling (U) Ltd, Bakhresa Grain Milling (Mozambique) Lda, Zanzibar Milling Corporation Ltd, Bakhresa Food Products Ltd, Azam Bakeries Company Ltd, Salim Bakhresa Co Ltd and those of services includes; Omar Packaging Industries Ltd, Said Salim Bakhresa Co Ltd, Paper Kraft International Ltd, Bakhresa Food Products Ltd, etc ORGANISATION STRUCTURE AND INNOVATION Identify the strand of organisation structure and innovation approach used by the Bakhresa group. Is it organic or mechanistic structure, among the two which one is more suitable to innovation and why? The structure of an organization is defined by Mintzberg (1978) as the sum total of ways in which it divides its labor into distinct tasks and then achieves coordination among them. One of the problems is recognizing that different groups within an organization behave differently and interact with different parts of the wider external environment. None the less, there have been numerous useful studies exploring the link between the organizational structure and innovative performance. Trott (2005) described the two organizational structures such as Organic and Mechanistic structure as follows:- Mechanistic organization tends to offer a less suitable environment for managing the creativity and the innovation process. From Bakhresa group of companies case study analysis the following facts were deduced The channel of communication is highly structured, there is restricted information flow, and operating styles are uniform and restricted. Authority for decision is based on formal line management position and the management is reluctant to adapt changing circumstances. Therefore Bakhresa group of companies use the mechanistic organization structure which offer less suitable environment for innovation and creativity. The seminal work by Burns and Stalker (1961) on Scottish electronic organisation looked at the impact of technical change on organisational structures and on a system of social relationships. It suggests that organic, flexible structures, characterized by the absence of formality and hierarchy, support innovation more effectively than do mechanistic structures. THE DILEMMA OF INNOVATION MANAGEMENT How can Bakhresa group manage the tension between the need for creativity and efficiency? Trott (2005) explained that within an organization there is a fundamental tension between the need for stability and the need for creativity. On the one hand, companies require stability and static routines to accomplish daily tasks efficiently and quickly. This enables the organization to compete today, for example processing of millions of cheques by banks everyday. On the other hand, companies also need to develop new ideas and new products to be competitive in the future. Hence they need to nurture a creative environment where ideas can be tested and developed. This poses one of the most fundamental problems for management today. The diagram below by Trott (2005) explains the tension Management between the need for creativity and efficiency. Organization Efficiency gains The efficient day to day operations within an organization require stable routines which can be achieved in stable and controlled environments The development of new products/services requires creativity and room to try out new ideas this is achieved in a loose and flexible environment Creativity gains From the Bakhresa group of companies study case analysis shows that The management of the Bakhresa Group is committed to long-term growth rather than short-term profit and the organization is willing to invest in the long-term development of technology and is aware of its threats and opportunities and thus comply straight to the organization creativity gains and efficient gains as described by Trott (2005) above. ORGANISATIONAL CHARACTERISTICS THAT FACILITATE THE INNOVATION PROCESS Discuss the main organisational characteristics that facilitate the innovation process in the Bakhresa group. Trott (2005) explains the following organizational Characteristics that Facilitate the Innovation Process Growth Orientation It is characterized by a commitment to long-term growth rather than short-term profit. Not all companies first and foremost objective is growth. Some companies are established merely to exploit a short-term opportunity, other companies would like to maintain the company at its existing size: the objective of innovative companies is to grow the business the actively plan for the long-term, as it has been seen in the Bakhresa group of companies The management of the Bakhresa Group is committed to long-term growth rather than short-term profit and the organization is willing to invest in the long-term development of technology and is aware of its threats and opportunities. On top of that Trott (2005) added the following characteristics that facilitate the innovation process. Vigilance It is characterized by the ability of the organization to be aware of its threats and opportunities. Vigilance requires continual external scanning e.g. within the marketing function the activity would form part of market research and competitor analysis collecting valuable information is one thing, but relaying it to the necessary individuals and acting on it are two necessary associated requirements. Presently Bakhresa group is catering the fuel needs of customers in Zanzibar and Local bunkers. The vision is to enter the international bunkering business in near future since Zanzibar is the gateway to the East African coast. Commitment to Technology It is characterized by the willingness to invest in the long-term development of technology. Most innovative firms exhibit patience in permitting ideas to geminate and develop overtime. This need to be accompanied by a commitment to resources in terms of intellectual input without a long-term approach it would be extremely difficult for the company to attract good scientists. As seen in the Bakhresa group of companies technology is highly applied, most of the tasks are machinery operated. On the other hand the Company has a well supported IT system to run its day to day operations. PC Workstation Internet Access Satellite base Fleet Management Solutions Tracking System Fleet Cost and Maintenance Management System Road Base Daily Reporting Fleet Management System Real time location of trucks at finger tips Speed monitoring feedback on screen at all times Telephone and SMS availability at all times Acceptance of RISKS It is characterized by the willingness to include risky opportunities in a balanced portfolio. It means the willingness to consider carefully risky opportunities. Ability to take calculated risks and include them in a balanced portfolio of projects. Being an entrepreneur Bakhresa took a great risk to even in the foreign land and still think to spread its wings all over the African countries. Cross-functional Cooperation It is characterized by mutual respect among individuals and a willingness to work together across functions. Inter-departmental conflict is a well documented barrier to innovation. Often conflict has been observed between marketing and R D functions as the two groups often have very different interests. Receptivity It is characterized by the ability to be aware of, to identify and take effective advantage of externally developed technology. Most technology based innovations involve a combination of several different technologies. It would be unusual for all the technology to be developed in-house. That is why business is witnessing an in chasing number of joint ventures and alliances. Slack It is characterized by an ability to manage the innovation dilemma and provide room for creativity while organizations place a great emphasis on the need for efficiency, there is also a need for a certain amount of slack to allow individuals room to think, experiment, discuss ideas and be creative. Adaptability It is characterized by a readiness to accept change. The development of new product innovations will invariably lead to disruptions to established organizational activities. Major or radical innovations may result in significant changes, although the two are not necessarily linked. The organization must be ready to accept change in the way it manages its internal activities. Otherwise proposed innovations would be stifled due to a reluctance to alter existing ways of working or to learn new techniques. Diverse Range of Skills It is characterized by a combination of specialization and diversity of knowledge and skills organizations require individuals of a hybrid nature who are able to understand a variety of technical subjects and facilitate the transfer of knowledge within the company. It is the ability of the organization to manage this diversity of knowledge skills effectively that lies at the heart of the innovation process. Bakhresa Group started in a humble manner with a small restaurant in the Port City of Dar Es Salaam, Tanzania, past three decades, it has now emerged as a respected business group in the Region. The Group has its operations spread in Tanzania, Zanzibar, Uganda, Kenya, Malawi, Zambia and most recently in Mozambique. There are several companies under its umbrella and have investments mainly in Food and Beverage Sector, Packaging, Logistics and Real Estate. The Bakhresa Group has established companies dealing with variety of products from manufacturing of Food and Beverage Sector, Packaging, Logistics and Real Estate and has become a market leader because of innovation and entrepreneurship. THE ROLE OF THE INDIVIDUAL IN THE INNOVATION PROCESS Explain the key individual roles within the innovation process and the activities they perform in the Bakhresa group Trott (2005) explains innovation process is essentially a people process and that organizational structure, formal decision making processes, delegation of authority and other formal aspects of a so-called well run company are not necessary conditions for successful technological innovation. The study of Rubenstein has revealed that certain individuals had fulfilled a variety of roles that had contributed to successful technological innovation. Technical Innovator: This individual is an expert in one or two fields. Generates new ideas and sees new and different ways of doing things. Also referred to as the mad scientific. In the Bakhresa group of companies there is no technical innovator. Technical/Commercial Scanner This individual acquires vast amounts of information from outside the organization, often through net working. This may include market and technical information. For the company to survive and perform effectively, technical information is very important as seen in the Bakhresa group of companies. Gatekeeper This individual keeps informed of related developments that occur outside the organization through journals, conferences, colleagues and other companies. Passes information on to others, finds it easy to talk to colleagues. Serves as an information resource for others in the organization, consequently for the organisation to meet customer needs it is important to search for the outside information to see what other organisation do. Product champion This individual sells new ideas to others in the organization. Acquires resources, aggressive in championing his/her cause, takes risks. As per Bakhresa group of companies there is no product champion. Project Leader This individual provides the team with leadership and motivation. Plans and organizes the project ensures that administrative requirements are met. Provides necessary coordination among team members sees that project moves forward effectively. Balances Project goals with organizational needs Sponsor This individual provides access to a power base within the organization: a senior person. Buffers the Project team from unnecessary organizational constraints, helps the project team to get what it needs from other parts of the organization. Provides legitimacy and organizational confidence in the project. The Bakhresa Group engages commercial scanner, gatekeeper and project leader and sponsor to facilitate the innovation process. Even though the Bakhresa Group of companies lack product champion and technical innovator still the innovation activities within the organization is excellent. ESTABLISHING AN INNOVATIVE ENVIRONMENT AND PROPAGATING THE VIRTUOUS CIRCLE How did Bakhresa group establish innovative environment that propagates the virtuous circle of innovation? Explain its features As from (Porters 1985 cited in Trott 2005) explained that, given the importance of innovation, many businesses have spent enormous sum of money trying to develop an environment that fosters innovation. Creating a virtuous circle of innovation means getting competitive advantage over others. Virtuous circle of innovation The organizations Reputation for innovation High morale and Attraction of Retention of creative creative people people Motivates people and organizational Reduce frustration encouragement of Creativity and innovation A willingness in the Org. to accept new ideas Development of Innovative Product Reputation of the Organization It takes many years to develop. It is strongly linked to overall performance. Some companies are able to achieve wide exposure of new products or new research as seen in the case analysis Bakhresa group of companies started in a humble manner with a small restaurant in the Port City of Dar Es Salaam, Tanzania, in mid seventies, it has now emerged as a respected business group in the Region. The Group has its operations spread in Tanzania, Zanzibar, Uganda, Kenya, Malawi, and Zambia and most recently in Mozambique. Attraction of creative people Creative people will be attracted to those companies that themselves are viewed as creative. TOP scientists and researchers will seek employment with such companies. Currently Bakhresa group of companies is an employer of more than two thousand employees associated directly. Organizational encouragement of creativity The creativity has to be supported with actions and resources with the time to be creative: Organization can try to build sufficient slack into the system to allow for creative thinking and tolerates errors and mistakes and successful ideas need to be rewarded. Development of Innovative Products Developing new products that are genuine improvements compared with products currently available. Taking an example of Bakhresa Food Products Limited (BFPL) is based in Dar Es Salaam, Tanzania and produces high quality, delicious and nutritious Azam brand Ice Creams, Fruit Juices, Frozen Chapattis and Uhai (means Life in Kiswahili) brand Pure Drinking Water. Azam Bakeries, the largest bakery in Tanzania, produces the popular Azam brand bread, cakes and donuts. The state of the art technology is used for producing the bakery products making the company proud of supplyingÂÂ  essential food in the country. It has a modern biscuit factory producing the finest varieties of biscuits. Many varieties of biscuits such as Chai, Creams, Glucose, Coconut, Nice, Marie, and Shortcake are popular in the country. Willingness to Accept New Ideas Many organizations suffer from an inability to implement changes and new ideas even after rewarding the people involved in developing those ideas. Once a new product idea has been accepted it is important that it is carried through to completion. In future Bakhresa group of companies expect to trade Lubricants Jet A1 LPG With 60odd resorts of 150beds capacity each, in Zanzibar there is also ample scope for bulk supply LPG (In tanks), if they will able to arrange logistics. Increased Motivation and Reduced frustrations Individuals within the organization can see their ideas and efforts contributing to the performance of the business; they will be encouraged still further: on the other hand if seemingly good ideas are constantly overlooked, this will lead to increased frustrations. High Morale and Retention of Creative people A rewarding and enjoyable working environment will help to retain creative people. This in turn should reinforce the companys innovative capabilities. The Bakhresa Group, given the importance of innovation, has spent enormous sums of money trying to develop an environment that fosters innovation. The Bakhresa Group is aware of developing a reputation for innovation which helps propagate a virtuous circle that reinforces Groups abilities. RECOMMENDATIONS AND CONCLUSION As seen in the case study analysis, Bakhresa group of companies is now expanding towards all over the Africa supplying services and products. The company mainly caters through the food and beverage products and service products. The organisation structure of Bakhresa group of companies is characterized by mechanistic structure which is not very much conducive for enhancing innovation process within organisation, for more efficiency and effectiveness I suggest Bakhresa group of companies to start adopting organic structure. Meanwhile the structure of Bakhresa group of companies lacks the product champion and technical innovator so I suggest also including those two individual roles for maximum output of companies. Despite various organisation that falls under the umbrella of the Bakhresa group of companies the top management of all sub companies is comprised by family members, something that might bring trouble when family instability happens.

Continental/Fintelco Jv Case Analysis Essay

1. Is entry into the Argentine market a good strategic move for Continental? Entering Argentine market in 1993-1994 was a good strategic decision for Continental as one of the TOP5 cable TV companies in the US despite certain risks for several reasons: 1. Changes in the US regulatory environment created additional challenges for Continental’s core business: 1992 Cable Act limited the cable TV companies’ ability to raise cable rates whereas costs at market prices reached up to $2000/subscriber. This inevitably led to constrained profit margins 2. US market began saturating: long-standing competition on the market coupled with growing demand and consumer selectivity has led to further squeezing margins and forced companies to seek for diversification of revenue streams –by entering non-traditional cable markets, capturing smaller niches, or expanding overseas. 3. Argentine cable TV marked lagged in behind US market by almost a decade: cable TV penetration barely re ached 50%, subscription growth rates approached 60-70% in selected areas. Also, the market was only beginning to consolidate around 4 major players – more than 50% of the market was controlled by a thousand of smaller operators. Although Buenos Aires was relatively more mature market, other regions and provinces presented lucrative opportunities. Telephone, satellite, and other adjacent markets had untapped future opportunities. So far, emerging Argentine promised much brighter prospects for cable TV companies than saturating US. 4. Argentine macroeconomic indicators exhibited positive dynamics despite high level of uncertainty: indeed, after a decade of political turmoil and military rule Argentine was finally building a democratic civilian government. During four years preceding the acquisition, Carlos Menem and Domingo Cavallo launched effective economic and political reforms, including deregulation and privatization in TMT and other major sectors. In particular, legislation became very favorable to foreign investors. However, Argentine was suffering from hyperinflation and chronic recessions during the previous decade. Moreover, political risks were becoming more and more tangible as presidential elections of 1995 approached. As a result, the beta for Argentine was two times as high as that for the US. Is Fintelco an appropriate venture partner? Fintelco possessed at least three characteristics of a good venture partner: a. Knowledge of local market including cultural, political, and regulatory background as well as customer programming tastes. Basically, buying a successful incumbent is one of the best potential moves while entering â€Å"terra incognita† b. Fintelco had strong presence in various regions and owned licenses in MDDS and satellite, which created solid base for revenue streams diversification and future growth. c. Fintelco was still owned and managed by its founder, a prominent serial entrepreneur with diversified assets. Liberman had a very hands-on approach in business, and thus secured complete alignment of incentives between the management and the owners. 2. What are the major opportunities and risks you see in the venture? Success factors and opportunities (excluding market opportunities mentioned above): a. Personal and professional â€Å"click† between Samuel Liberman and Amos Hotsetter indicated good potential for constructive and conflict-free partnership. b. Similar growth strategies and vision: both companies grew using clustering strategy and capturing operating efficiencies by consolidating subscribers geographically. c. Limited access to capital markets in Argentine: Continental had access to capital markets in the US which could significantly foster business development in a country with scarce financial resources. Risks&Concerns: a. Active involvement of Fintelco’s founder and owner in business operations has also created certain problems. For instance, it resulted in a sort of nepotism – many key positions were held by Liberman’s direct relatives. Thus, potential restructuring and changes in management would be complicated. Also, after an acquisition Liberman would have 50% ownership, which could decrease his involvement in this particular business and also led to incentives misalignment. Indeed, he had diversified businesses and could have been looking for a cash-out. Liberman’s full involvement and commitment were crucial for joint venture success. b. Fragmented regional market in Argentine commanded inorganic expansion trajectory for Fintelco, which in turn required capital commitment from both parties. A ceiling should have been established to limit uncontrollable capital pump and its inefficient allocation. c. Exchange rate risks: significant portion of revenue stream born currency exchange risk (peso vs. USD) regardless of geographical and product diversification. These risks were absolutely external and thus could have been hardly mitigated. 3. One could value Fintelco in either of the following ways: a. Peso cash flows discounted at peso rate and then value converted at the spot rate b. $US flows discounted at $US rate Which approach is more appropriate in this case? We analyzed assumptions required to adopt each of proposed approaches. Approach (b) – $US cash flow discounted at $US rate – assumes that: (1) Peso/$US rate would remain constant – despite stable projection of peso exchange rate till 1998, PPP implied exchange rate has a high range (0.999-1.436, 44%) and hence significant volatility. (2) $US discount rate reflects the risk of the project – As revenues of Fintelco are denominated in pesos while a significant portion of its liabilities, including interest expense and a portion of programming costs, would be denominated in $US, the project bears significant currency risk which is not reflected by US discount factor. Although the real currency of the industry in Argentina is in local currency Peso, we believe that finding a proper discount rate in Peso is quite tough and unreliable. Moreover discounting the Peso valuation with today’s exchange may be a biased approach. Hence what we prefer Ä ±s to conv ert the Peso cash flows to USD with the estimated USD/Peso rates for each period and then discount it with the US$ discount rate. 4. Is $80m for a 50% interest a fair value for Fintelco? Based on our valuation we believe that $80m for a 50% interest is a fair value for Fintelco. In our valuation we chose to be conservative with the assumptions as well as try to cover all possible risks and ran multiple iterations to obtain a good understanding of the value ranges. Our valuation is based on the following assumptions: (1) WACC of 15.35% calculated used 9.01% as Rd (BB rating), D/V ratio of 14.44% (current Balance sheet), Re of 17.07% (Lessard model) and tax rate of 40% (Exhibit 1). Beta was estimated using comparable companies (Exhibit 2). We recognize that D/V ratio as well as Return on Equity is subject to our judgment hence we assessed sensitivity of WACC to change in these assumptions. We estimated Re using 4 different models (Exhibit 3) and D/V at the level of comparable companies. WACC ranges between 10.77% and 17.19% (Exhibit 4). We believe that 15.35% is an adequate estimation of WACC reflecting both country and project risks. (2) Terminal growth of 4% based on our view of sustainability. We noticed that Fintelco’s projections imply 7% revenue growth however we do not believe that such high level of growth is sustainable in the long run, hence we suggest more conservative estimation. (3) Conversion to $US based on parity-implied exchange rates for 10yrs. We believe that due to difference in US/Argentina inflation rates over the long horizon only PPP-implied exchange rate reflects true value of money at any given point in time. We used it to convert annual peso free cash flows at the respective rate (Exhibit 5); We calculated terminal value using 2002 $US DCF value and Gordon Growth formula and arrived at Enterprise Value. We further subtracted net debt converted @1994 exchange rate to arrive to Equity Value in $US (Exhibit 6). We also calculated $US value based on spot rates (both official and PPP-implied) to assess sensitivity of the model (Exhibit 7) and concluded that our estimation is reasonably conservative and reflects country’s currency risk adequately. (4) 30% private penalty discount – as Fintelco is a private company, we discount its value further for 30% to account for lack of liquidity. Exhibit 8 contains the summary of our valuation under different scenarios. We concluded that though there are scenarios under which value of 50% share of Fintelco is below $80m, probability of these scenarios occurring is fairly low. Our base case scenario uses Lessard’s model for Return on Equity calculations, PPP-implied 10 years forecasted exchange rate and 30% private penalty discount (result highlighted). 5. In the course pack there is a reading (Estrada (2007)) about valuing offshore projects using techniques proposed by Lessard, Godfrey and Espinosa, Goldman Sachs and Salomon Smith Barney. What assumptions underlie each approach? The reading Estrada 2007 describes four models for evaluating investment opportunities in developing markets. Each model estimates a required return on equity by attempting to incorporate country and/or project-specific risk. Unlike the CAPM, none of these models has reached the level of standard-bearer in the finance community, and each rests on critical assumptions that must be considered before using them in a project assessment: The Lessard Approach: R = Rf + MRP*(ÃŽ ²p* ÃŽ ²c) * Assumes that the country beta is a good approximation of country-specific risks (political, sovereign, and expropriation) * Assumes that the risk of a project is not related to the risk of the country (e.g., ÃŽ ²p for oil industry may be low, but should be high for a country which has a history of expropriation) * Assumes that investors do not value the effect of global diversification that the project would bring the company The Godfrey and Espinosa Approach: R = (Rf + YSc) + MRP* [0.60*(ÏÆ'c/ ÏÆ'w)] * Assumes that the yield spread, which measures default risk, is an appropriate risk premium to capture sovereign risk associated with an offshore project * Applies a value (60%) that reflects the average risk reflected by the stock market but not the bond market across all developing markets, thus ignoring country-specific correlations * Assumes that the project’s risk is solely dependent on location. It does not factor project or industry-specific risk Goldman Sachs: R = (Rf + YSc) + MRP* [1- Ï SB * (ÏÆ'c/ ÏÆ'w)] * Assumes that the yield spread, which measures default risk, is an appropriate risk premium to capture sovereign risk associated with an offshore project * Assumes that the project’s risk is solely dependent on location. It does not factor project or industry-specific risk Salomon Smith Barney: R = Rf + MRP* ÃŽ ²p + [{Ï’1 + Ï’1 + Ï’3)/30]*YS * Assumes that three factors can be measures on a scale from 1 to 10 in a robust and consistent way: the company’s access to capital markets, susceptibility of project to political risk, and financial importance of project to the company) 6. Would you suggest any modifications to the structure of the deal? The structure of the transaction described in the case is to form a joint venture. Continental will: c. Purchase 50% of equity stake in Fintelco for USD 80 million. d. Commit to provide USD 70 million of capital for acquisitions and investments in technology upgrade at Fintelco. Samuel Liberman undertakes to provide another USD 70 million for the investments. e. Fintelco will bear a significant currency risk on its balance sheet, as its revenues are in peso, but liabilities, interest expense and programming costs are in US dollars. f. Continental will provide technical assistance to Fintelco on cost basis. g. The deal contained an exit agreement, the so called â€Å"shotgun deal†, whereby after four years the partners could sell to each other our trigger an outright sale to the third party. The terms of the transaction are in our opinion fair for both parties. When being a financial advisor of Continental, we would suggest: * That the commitment to invest USD 70 million in the target company is stated clearly, structured with limited recourse to the new shareholder to prevent undertaking a blanco commitment to invest capital. * Share purchase agreement between Continental and Samuel Liberman contains certain clauses about representations and warranties of both parties to mitigate the risk of financial loss in case of â€Å"window dressing† of the target company. * Shotgun clause to contain more substance over the price of the transaction in the future, giving a call and a put option to both contractual counterparties: * If one party will not wish to sell in the future at a certain price, it will undertake to purchase 50% shares in the target company from the other party at the price it declined to sell at.

Understanding Apa Essay Outline

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