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2. What the Professional Essays journals dont tell you. Why were you chosen as a reviewer? There are several possible reasons. An article of Elder abuse Essay, yours may have been cited in the manuscript to be reviewed. You may have submitted an Professional Plan article to the journal yourself. The editor may know you or know of you from The Detrimental and the Hero, other sources. You may have been recommended to the editor by Professional Plan someone else. Do you have to be an expert in the subject of the between Emily "39" Biblical of Job Essay article?

No. You have to have enough expertise in related areas to Professional, be able to make sense of it, at least at a general level, but you dont necessarily have to be knowledgeable enough to, say, reproduce the abuse research yourself. It is up to Plan, the editor to ensure that the set of reviewers covers enough areas of expertise. If there are aspects that you are unable to evaluate (e.g. you dont understand the statistical technique used) advise the editor of this when you submit your review. Do you have to agree to do the review? No, but you should attempt to, especially if you have published in the journal. Elder Essay! If you just cant fit it in, decline politely , as early as possible . What degree of quality control do reviewers provide? As much as can reasonably be expected of reviewers, within a reasonable time frame, and with the information provided. But not more than that. Reviewers are not asked to guarantee that the information in the article is correct.

They are not asked to reproduce the research, which is the only way that some errors could be detected. They are asked to Professional Essays, assess whether it appears to be correct, judging with the best of their ability. Elder Abuse! Plenty of Essays, published articles have been found to contain errors. This is obviously better avoided if possible, but sometimes the reality is that it is impossible. Why should you review articles? You should review articles be cause it is part of the culture of research that we all contribute to this essential service. It is likely that in the long run the amount of reviewing you are asked to do will be roughly proportional to the number of articles you submit to journals. Reviewing is Dickinson's Book Essay also good for you.

It helps develop your critical faculties so that you can improve your own papers. It helps you to anticipate what reviewers (or thesis examiners) might say about your own work. Here is Plan Essays a strategy that I have found works for me. Hera And Hercules: Detrimental Relationship! Work from a printed copy. This makes it easier to make notes on it as you go, and to read it in places where you would not take a computer. Read through the Essays paper, making notes at the level of lesson objectives, detail that is appropriate for that paper. The better the paper, the Plan finer detail you should go to. For a paper that is Hera Relationship Between excellent and needs only very minor revisions to be accepted, you might even note problems with punctuation and spelling, if they are not too numerous. For a paper that is terrible, you would only note major issues, or even major groups of issues.

Sometimes I get hooked into rewording sentences. You should only do this if the paper doesnt need too much of it. If bits need rewriting, say so in Essays, your review. Century Russian! If the decision is Professional Plan really obvious and you are confident about your ability to judge the paper, you could write your review immediately after your first reading. Otherwise, leave it a few days or a week and Parallels Emily and the Book Essay come back to it.

Read it again, or read problem sections again, and then write your review. When selecting your recommendation, consider the prestige of the journal and Plan the usual standard of articles it includes. And Hercules: Relationship Between And The Hero! The highest prestige journals typically reject 90% or more of submitted articles. Professional Plan! You are unlikely to be asked to review for abuse Essay, such a journal early in your publishing career, unless you have managed to publish in one yourself. The least selective journals probably accept somewhere around 50-70% of Plan Essays, submitted articles (after revision of course), but most journals probably accept between 20 and 50% of submissions. If you are not going to reject the paper, obtain a copy of a recent issue of the journal, or a paper from a recent issue, to check on formatting of headings, tables, figures, references.

Note any problems in these areas in your review. Elder Essay! You might also check the Plan Essays journals instructions to authors at that stage, although I rarely find that useful. Write the manuscript reference number and title at the top of your review. Always number your comments. If you have multiple related comments, number them separately. This allows the editor and the authors to easily refer to your comments in further correspondence. Start by saying something positive about the paper, no matter how difficult this is. Say as many positive things as the Parallels between Dickinson's "39" and the Biblical paper deserves (or one more than that if it doesnt deserve any) before you get into criticisms.

Some reviewers provide an Professional Plan overview of the paper. Personally, I don't think this is worth doing. The editor will read the to Commoditized Sex Essay paper too and the authors already know whats in it! Next, note any concerns or problems at the big picture level. e.g. relating to the overall approach, the statistical methods, the interpretation of results, the quality of presentation or writing. Then, start presenting specific comments on the paper. Note the Plan page number and the line number for each comment if possible.

Start with most important or serious of the specific comments, and then include any minor issues. There is no need to write a conclusion to your review. Just stop when you run out of comments. If you have cited any literature, provide complete reference details. Respond as quickly as you can manage. Delays in the publishing process are often very long, so its nice not to contribute to that more than necessary. Reviews are often between one and Hera and Hercules: The Detrimental Hero two pages single spaced. The longest I've written was about five pages, and the shortest was about Essays, 10 lines. Pannell, D.J. (2002).

Prose, psychopaths and persistence: Personal perspectives on publishing, Canadian Journal of Agricultural Economics , 50(2): 101-116. Full paper (66K) Charry AA, Murray-Prior R and Parton KA (2004). The process of standardised refereeing of professional publications: a reference framework for the panel of referees of the AFBM Journal, AFBM Journal 1: 6-13.

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How to Write a Great Business Plan. Every seasoned investor knows that detailed financial projections for a new company are an Professional Plan Essays, act of imagination. Nevertheless, most business plans pour far too much ink on the numbersand far too little on the information that really matters. Trade Off Economics! Why? William Sahlman suggests that a great business plan is Plan one that focuses on Parallels between Emily "39" Essay a series of questions. These questions relate to the four factors critical to the success of every new venture: the people, the opportunity, the context, and the possibilities for both risk and reward. The questions about people revolve around three issues: What do they know?

Whom do they know? and How well are they known? As for opportunity, the Professional, plan should focus on two questions: Is the market for the ventures product or service large or rapidly growing (or preferably both)? and Is the industry structurally attractive? Then, in addition to demonstrating an understanding of the context in Elder abuse Essay which their venture will operate, entrepreneurs should make clear how they will respond when that context inevitably changes. Finally, the plan should look unflinchingly at the risks the Plan, new venture faces, giving would-be backers a realistic idea of what magnitude of reward they can expect and when they can expect it. A great business plan is not easy to compose, Sahlman acknowledges, largely because most entrepreneurs are wild-eyed optimists. But one that asks the right questions is a powerful tool. A better deal, not to mention a better shot at success, awaits entrepreneurs who use it.

Few areas of business attract as much attention as new ventures, and few aspects of new-venture creation attract as much attention as the business plan. Countless books and articles in the popular press dissect the topic. A growing number of annual business-plan contests are springing up across the United States and, increasingly, in other countries. Both graduate and undergraduate schools devote entire courses to the subject. Indeed, judging by all the hoopla surrounding business plans, you would think that the only things standing between a would-be entrepreneur and lesson, spectacular success are glossy five-color charts, a bundle of Professional Essays meticulous-looking spreadsheets, and a decade of month-by-month financial projections. Nothing could be further from the truth. In my experience with hundreds of entrepreneurial startups, business plans rank no higher than 2on a scale from Parallels Dickinson's "39" and the Biblical Book of Job Essay 1 to 10as a predictor of a new ventures success. And sometimes, in fact, the more elaborately crafted the document, the more likely the venture is to, well, flop, for Professional Essays, lack of 19th century russian a more euphemistic word.

Whats wrong with most business plans? The answer is relatively straightforward. Most waste too much ink on numbers and devote too little to the information that really matters to intelligent investors. As every seasoned investor knows, financial projections for a new companyespecially detailed, month-by-month projections that stretch out for more than a yearare an act of imagination. An entrepreneurial venture faces far too many unknowns to predict revenues, let alone profits. Moreover, few if any entrepreneurs correctly anticipate how much capital and time will be required to accomplish their objectives. Typically, they are wildly optimistic, padding their projections.

Investors know about the padding effect and therefore discount the Plan, figures in business plans. These maneuvers create a vicious circle of inaccuracy that benefits no one. Dont misunderstand me: business plans should include some numbers. But those numbers should appear mainly in the form of Elder abuse Essay a business model that shows the entrepreneurial team has thought through the key drivers of the Professional, ventures success or failure. In manufacturing, such a driver might be the yield on a production process; in magazine publishing, the anticipated renewal rate; or in software, the Parallels between Biblical of Job Essay, impact of Essays using various distribution channels. The model should also address the break-even issue: At what level of sales does the business begin to make a profit? And even more important, When does cash flow turn positive? Without a doubt, these questions deserve a few pages in any business plan. Near the century russian literature, back. What goes at the front?

What information does a good business plan contain? If you want to speak the language of investorsand also make sure you have asked yourself the right questions before setting out on the most daunting journey of a businesspersons careerI recommend basing your business plan on the framework that follows. It does not provide the kind of Plan Essays winning formula touted by Elder some current how-to books and software programs for entrepreneurs. Nor is it a guide to Professional, brain surgery. Rather, the framework systematically assesses the Objection Sex Essay, four interdependent factors critical to every new venture:

The People. The men and women starting and running the venture, as well as the outside parties providing key services or important resources for it, such as its lawyers, accountants, and suppliers. The Opportunity. A profile of the business itselfwhat it will sell and to Professional Plan Essays, whom, whether the business can grow and how fast, what its economics are, who and what stand in the way of Elder success. The Context. Professional Plan! The big picturethe regulatory environment, interest rates, demographic trends, inflation, and the likebasically, factors that inevitably change but cannot be controlled by the entrepreneur. Risk and Reward.

An assessment of everything that can go wrong and right, and a discussion of how the entrepreneurial team can respond. Business Plans: For Entrepreneurs Only? The accompanying article talks mainly about business plans in a familiar context, as a tool for entrepreneurs. But quite often, start-ups are launched within established companies. Do those new ventures require business plans? And if they do, should they be different from the plans entrepreneurs put together? The answer to the first question is an emphatic yes; the answer to the second, an equally emphatic no. All new ventureswhether they are funded by venture capitalists or, as is the case with intrapreneurial businesses, by shareholdersneed to pass the same acid tests. After all, the marketplace does not differentiate between products or services based on who is and Hercules: the Goddess and the Hero pouring money into them behind the scenes. The fact is, intrapreneurial ventures need every bit as much analysis as entrepreneurial ones do, yet they rarely receive it. Instead, inside big companies, new businesses get proposed in the form of capital-budgeting requests.

These faceless documents are subject to detailed financial scrutiny and Plan Essays, a consensus-building process, as the project wends its way through the chain of command, what I call the neutron bomb model of project governance. However, in the history of Relationship Between Hero such proposals, a plan never has been submitted that did not promise returns in excess of corporate hurdle rates. It is only after the new business is launched that these numbers explode at the organizations front door. That problem could be avoided in large part if intrapreneurial ventures followed the guidelines set out in the accompanying article. For instance, business plans for such a venture should begin with the résumés of all the people involved. What has the team done in the past that would suggest it would be successful in the future, and so on? In addition, the new ventures product or service should be fully analyzed in terms of its opportunity and context. Going through the process forces a kind of discipline that identifies weaknesses and strengths early on and helps managers address both. It also helps enormously if such discipline continues after the intrapreneurial venture lifts off. When professional venture capitalists invest in new companies, they track performance as a matter of course. But in large companies, scrutiny of a new venture is often inconsistent.

That shouldnt or neednt be the case. A business plan helps managers ask such questions as: How is the new venture doing relative to projections? What decisions has the team made in response to new information? Have changes in the context made additional funding necessary? How could the team have predicted those changes? Such questions not only keep a new venture running smoothly but also help an organization learn from its mistakes and triumphs. Many successful companies have been built with the help of venture capitalists. Many of the underlying opportunities could have been exploited by large companies.

Why werent they? Perhaps useful lessons can be learned by studying the world of independent ventures, one lesson being: Write a great business plan. The assumption behind the framework is that great businesses have attributes that are easy to Plan, identify but hard to assemble. They have an experienced, energetic managerial team from the top to the bottom. The teams members have skills and experiences directly relevant to the opportunity they are pursuing.

Ideally, they will have worked successfully together in the past. The opportunity has an attractive, sustainable business model; it is to Commoditized Sex Essay possible to create a competitive edge and defend it. Many options exist for expanding the scale and Professional Essays, scope of the business, and these options are unique to lesson, the enterprise and its team. Value can be extracted from the business in a number of ways either through a positive harvest eventa saleor by scaling down or liquidating. The context is favorable with respect to both the Professional Plan Essays, regulatory and the macro-economic environments. Objection! Risk is understood, and the team has considered ways to mitigate the impact of difficult events. In short, great businesses have the four parts of the framework completely covered.

If only reality were so neat. When I receive a business plan, I always read the Professional Essays, résumé section first. Elder Abuse! Not because the people part of the new venture is the most important, but because without the right team, none of the other parts really matters. I read the résumés of the ventures team with a list of Professional Plan Essays questions in mind. Literature! (See the insert Who Are These People, Anyway?) All these questions get at the same three issues about the ventures team members: What do they know? Whom do they know? and How well are they known? Fourteen Personal Questions Every Business Plan Should Answer. Where are the founders from? Where have they been educated?

Where have they workedand for whom? What have they accomplishedprofessionally and personallyin the past? What is their reputation within the business community? What experience do they have that is directly relevant to the opportunity they are pursuing? What skills, abilities, and knowledge do they have? How realistic are they about the ventures chances for success and the tribulations it will face? Who else needs to Professional, be on the team? Are they prepared to recruit high-quality people? How will they respond to adversity? Do they have the mettle to Sex Essay, make the inevitable hard choices that have to be made? How committed are they to Professional Plan, this venture?

What are their motivations? What and Objection Sex Essay, whom they know are matters of insight and experience. How familiar are the team members with industry players and dynamics? Investors, not surprisingly, value managers who have been around the block a few times. A business plan should candidly describe each team members knowledge of the Essays, new ventures type of product or service; its production processes; and the market itself, from competitors to Parallels of Job Essay, customers. It also helps to indicate whether the team members have worked together before.

Not playedas in roomed together in Plan Essays collegebut worked . Investors also look favorably on a team that is known because the real world often prefers not to deal with start-ups. Theyre too unpredictable. That changes, however, when the new company is run by people well known to suppliers, customers, and employees. Their enterprise may be brand new, but they arent. The surprise element of working with a start-up is somewhat ameliorated. Finally, the people part of a business plan should receive special care because, simply stated, thats where most intelligent investors focus their attention.

A typical professional venture-capital firm receives approximately 2,000 business plans per abuse year. These plans are filled with tantalizing ideas for new products and Plan Essays, services that will change the Objection to Commoditized Sex Essay, world and reap billions in the processor so they say. Professional! But the fact is, most venture capitalists believe that ideas are a dime a dozen: only execution skills count. As Arthur Rock, a venture capital legend associated with the formation of such companies as Apple, Intel, and Teledyne, states, I invest in people, not ideas. Rock also has said, If you can find good people, if theyre wrong about the definition, product, theyll make a switch, so what good is it to understand the Professional Essays, product that theyre talking about in the first place? Business plan writers should keep this admonition in mind as they craft their proposal. Talk about the peopleexhaustively. And if there is between Emily Dickinson's "39" and the of Job Essay nothing solid about their experience and Essays, abilities to herald, then the lesson objectives, entrepreneurial team should think again about launching the venture. When it comes to the opportunity itself, a good business plan begins by focusing on Plan Essays two questions: Is the total market for the ventures product or service large, rapidly growing, or both?

Is the Parallels Book of Job, industry now, or can it become, structurally attractive? Entrepreneurs and investors look for large or rapidly growing markets mainly because it is Essays often easier to obtain a share of a growing market than to fight with entrenched competitors for a share of 19th century russian a mature or stagnant market. Professional Essays! Smart investors, in fact, try hard to identify high-growth-potential markets early in their evolution: thats where the big payoffs are. Lesson! And, indeed, many will not invest in a company that cannot reach a significant scale (that is, $ 50 million in annual revenues) within five years. HBR Guide to Building Your Business Case Ebook + Tools. As for attractiveness, investors are obviously looking for markets that actually allow businesses to make some money. But thats not the no-brainer it seems. Professional Essays! In the late 1970s, the computer disk-drive business looked very attractive. The technology was new and trade off economics, exciting. Professional! Dozens of companies jumped into abuse Essay, the fray, aided by an army of professional investors.

Twenty years later, however, the thrill is gone for managers and Plan, investors alike. Disk drive companies must design products to Parallels between Emily Dickinson's "39" and the of Job Essay, meet the perceived needs of original equipment manufacturers (OEMs) and Plan Essays, end users. Selling a product to OEMs is complicated. The customers are large relative to lesson, most of Professional Plan their suppliers. There are lots of competitors, each with similar high-quality offerings. Objectives! Moreover, product life cycles are short and ongoing technology investments high. The industry is subject to major shifts in technology and customer needs. Professional Plan Essays! Intense rivalry leads to lower prices and, hence, lower margins. In short, the disk drive industry is simply not set up to make people a lot of money; its a structural disaster area. The information services industry, by contrast, is paradise. Companies such as Bloomberg Financial Markets and First Call Corporation, which provide data to the financial world, have virtually every competitive advantage on their side.

First, they can assemble or create proprietary contentcontent that, by 19th century literature the way, is like lifes blood to thousands of money managers and stock analysts around the world. And although it is often expensive to develop the service and to acquire initial customers, once up and running, these companies can deliver content to Plan Essays, customers very cheaply. Parallels Between Book Essay! Also, customers pay in advance of receiving the service, which makes cash flow very handsome, indeed. In short, the structure of the information services industry is beyond attractive: its gorgeous. The profit margins of Professional Essays Bloomberg and First Call put the Elder Essay, disk drive business to shame. The Opportunity of a Lifetimeor Is It? Nine Questions About the Business Every Business Plan Should Answer. Who is the new ventures customer?

How does the customer make decisions about buying this product or service? To what degree is the product or service a compelling purchase for the customer? How will the product or service be priced? How will the venture reach all the identified customer segments? How much does it cost (in time and Professional Plan, resources) to acquire a customer?

How much does it cost to produce and Essay, deliver the product or service? How much does it cost to support a customer? How easy is it to retain a customer? Thus, the first step for entrepreneurs is to make sure they are entering an industry that is large and/or growing, and Professional Plan, one thats structurally attractive. The second step is to make sure their business plan rigorously describes how this is the case. And if it isnt the Parallels Emily Dickinson's "39" and the Biblical Essay, case, their business plan needs to specify how the Professional Plan, venture will still manage to make enough of a profit that investors (or potential employees or suppliers, for that matter) will want to participate. Once it examines the new ventures industry, a business plan must describe in off economics definition detail how the company will build and Professional, launch its product or service into the marketplace. Again, a series of to Commoditized questions should guide the discussion. (See the insert The Opportunity of a Lifetimeor Is It?) Often the answers to these questions reveal a fatal flaw in the business.

Ive seen entrepreneurs with a great product discover, for example, that its simply too costly to Professional Essays, find customers who can and will buy what they are selling. Economically viable access to customers is the key to business, yet many entrepreneurs take the Field of Dreams approach to this notion: build it, and they will come. That strategy works in the movies but is not very sensible in the real world. It is Parallels between Emily "39" Biblical Essay not always easy to Plan, answer questions about the likely consumer response to new products or services. The market is as fickle as it is unpredictable. (Who would have guessed that plug-in room deodorizers would sell?) One entrepreneur I know proposed to introduce an electronic news-clipping service. He made his pitch to a prospective venture-capital investor who rejected the plan, stating, I just dont think the dogs will eat the dog food. Later, when the entrepreneurs company went public, he sent the venture capitalist an anonymous package containing an empty can of dog food and a copy of 19th russian his prospectus. If it were easy to predict what people will buy, there wouldnt be any opportunities. The market is as fickle as it is unpredictable. Who would have guessed that plug-in room deodorizers would sell? Similarly, it is Essays tough to guess how much people will pay for something, but a business plan must address that topic. Sometimes, the dogs will eat the dog food, but only at a price less than cost.

Investors always look for opportunities for value pricingthat is, markets in which the costs to objectives, produce the product are low, but consumers will still pay a lot for Professional, it. No one is dying to invest in a company when margins are skinny. Still, there is money to be made in Relationship Between the Goddess and the Hero inexpensive products and serviceseven in commodities. A business plan must demonstrate that careful consideration has been given to the new ventures pricing scheme. The list of questions about the new ventures opportunity focuses on the direct revenues and Plan, the costs of producing and marketing a product. Objection Sex Essay! Thats fine, as far as it goes.

A sensible proposal, however, also involves assessing the business model from a perspective that takes into account the Essays, investment requiredthat is, the balance sheet side of the objectives, equation. Professional Essays! The following questions should also be addressed so that investors can understand the cash flow implications of pursuing an lesson objectives, opportunity: When does the Professional Plan, business have to buy resources, such as supplies, raw materials, and people? When does the business have to pay for Objection, them? How long does it take to acquire a customer? How long before the customer sends the business a check? How much capital equipment is required to support a dollar of sales? Investors, of course, are looking for businesses in which management can buy low, sell high, collect early, and pay late. The business plan needs to spell out how close to that ideal the new venture is expected to come.

Even if the answer is not veryand it usually isat least the truth is out there to discuss. The opportunity section of a business plan must also bring a few other issues to the surface. Professional Essays! First, it must demonstrate and analyze how an opportunity can growin other words, how the new venture can expand its range of definition products or services, customer base, or geographic scope. Often, companies are able to create virtual pipelines that support the Professional Essays, economically viable creation of new revenue streams. In the publishing business, for Objection, example, Inc. magazine has expanded its product line to include seminars, books, and videos about entrepreneurship. Similarly, building on the success of Professional Essays its personal-finance software program Quicken, Intuit now sells software for electronic banking, small-business accounting, and tax preparation, as well as personal-printing supplies and on-line information servicesto name just a few of its highly profitable ancillary spin-offs.

Now, lots of Parallels Emily and the Biblical Book of Job Essay business plans runneth over on Professional Plan the subject of the new ventures potential for growth and expansion. But they should likewise runneth over in explaining how they wont fall into some common opportunity traps. One of those has already been mentioned: industries that are at their core structurally unattractive. But there are others. The world of invention, for example, is and Hercules: Detrimental Between and the fraught with danger. Over the past 15 years, I have seen scores of Professional Essays individuals who have devised a better mousetrapnewfangled creations from Emily Dickinson's Biblical inflatable pillows for use on airplanes to automated car-parking systems. Few of these idea-driven companies have really taken off, however. Im not entirely sure why. Professional! Sometimes, the Between, inventor refuses to spend the money required by or share the rewards sufficiently with the business side of the company.

Other times, inventors become so preoccupied with their inventions they forget the customer. Whatever the reason, better-mousetrap businesses have an Professional Plan Essays, uncanny way of objectives malfunctioning. Another opportunity trap that business plansand entrepreneurs in generalneed to pay attention to is the Professional Essays, tricky business of arbitrage. Basically, arbitrage ventures are created to take advantage of between Emily Dickinson's "39" Biblical of Job Essay some pricing disparity in the marketplace. MCI Communications Corporation, for instance, was formed to offer long-distance service at a lower price than ATT. Professional! Some of the industry consolidations going on off economics today reflect a different kind of arbitragethe ability to Professional Essays, buy small businesses at a wholesale price, roll them up together into a larger package, and take them public at a retail price, all without necessarily adding value in the process.

Whatever the reason, better-mousetrap businesses have an uncanny way of malfunctioning. Taking advantage of arbitrage opportunities is a viable and potentially profitable way to enter a business. In the final analysis, however, all arbitrage opportunities evaporate. It is to Commoditized Sex Essay not a question of whether, only when. The trick in these businesses is to Professional Plan Essays, use the arbitrage profits to build a more enduring business model, and business plans must explain how and when that will occur. As for competition, it probably goes without saying that all business plans should carefully and thoroughly cover this territory, yet some dont. That is a glaring omission. For starters, every business plan should answer the following questions about the lesson objectives, competition: Who are the new ventures current competitors? What resources do they control?

What are their strengths and Professional Plan, weaknesses? How will they respond to the new ventures decision to enter the The Detrimental Relationship the Goddess, business? How can the new venture respond to its competitors response? Who else might be able to observe and Essays, exploit the same opportunity? Are there ways to co-opt potential or actual competitors by forming alliances?

Business is like chess: to be successful, you must anticipate several moves in advance. Trade Off Economics Definition! A business plan that describes an insuperable lead or a proprietary market position is by definition written by Professional Plan naïve people. That goes not just for the competition section of the business plan but for Elder, the entire discussion of the Plan Essays, opportunity. All opportunities have promise; all have vulnerabilities. A good business plan doesnt whitewash the 19th century literature, latter. Rather, it proves that the entrepreneurial team knows the Plan, good, the bad, and lesson, the ugly that the venture faces ahead. Opportunities exist in a context. At one level is the macroeconomic environment, including the level of economic activity, inflation, exchange rates, and interest rates. At another level are the Professional, wide range of government rules and Hera The Relationship the Goddess Hero, regulations that affect the opportunity and how resources are marshaled to Professional Plan, exploit it. Examples extend from tax policy to the rules about raising capital for a private or public company.

And at yet another level are factors like technology that define the limits of what a business or its competitors can accomplish. Context often has a tremendous impact on The Detrimental Hero every aspect of the entrepreneurial process, from identification of Professional Plan opportunity to harvest. In some cases, changes in some contextual factor create opportunity. More than 100 new companies were formed when the airline industry was deregulated in the late 1970s. The context for financing was also favorable, enabling new entrants like People Express to definition, go to the public market for Plan, capital even before starting operations. Conversely, there are times when the context makes it hard to start new enterprises. The recession of the early 1990s combined with a difficult financing environment for new companies: venture capital disbursements were low, as was the amount of capital raised in the public markets. (Paradoxically, those relatively tight conditions, which made it harder for new entrants to get going, were associated with very high investment returns later in the 1990s, as capital markets heated up.) Sometimes, a shift in context turns an unattractive business into an attractive one, and Elder, vice versa. Consider the case of a packaging company some years ago that was performing so poorly it was about to Professional Essays, be put on the block. Then came the lesson objectives, Tylenol-tampering incident, resulting in multiple deaths.

The packaging company happened to have an efficient mechanism for installing tamper-proof seals, and in a matter of weeks its financial performance could have been called spectacular. Conversely, U.S. tax reforms enacted in 1986 created havoc for companies in Professional Plan the real estate business, eliminating almost every positive incentive to invest. Many previously successful operations went out of business soon after the new rules were put in Objection to Commoditized Sex Essay place. Every business plan should contain certain pieces of evidence related to context. Professional Essays! First, the 19th century russian literature, entrepreneurs should show a heightened awareness of the new ventures context and how it helps or hinders their specific proposal.

Second, and more important, they should demonstrate that they know the Plan, ventures context will inevitably change and describe how those changes might affect the business. Further, the business plan should spell out what management can (and will) do in the event the context grows unfavorable. Finally, the business plan should explain the ways (if any) in which management can affect context in a positive way. For example, management might be able to have an impact on Hera The and the Hero regulations or on industry standards through lobbying efforts. The concept that context is fluid leads directly to the fourth leg of the framework I propose: a discussion of risk and how to Essays, manage it. To Commoditized! Ive come to think of Professional Plan Essays a good business plan as a snapshot of an event in the future. Thats quite a feat to 19th century literature, begin withtaking a picture of the unknown. But the best business plans go beyond that; they are like movies of the future.

They show the people, the opportunity, and the context from multiple angles. They offer a plausible, coherent story of what lies ahead. They unfold possibilities of action and reaction. Good business plans, in other words, discuss people, opportunity, and context as a moving target. Essays! All three factors (and the relationship among them) are likely to change over Parallels Emily Dickinson's "39" Biblical Essay, time as a company evolves from start-up to ongoing enterprise. Therefore, any business plan worth the time it takes to write or read needs to focus attention on the dynamic aspects of the entrepreneurial process. When it comes to the matter of risk and reward in a new venture, a business plan benefits enormously from the inclusion of two graphs. Professional! Perhaps graphs is the wrong word; these are really just schematic pictures that illustrate the most likely relationship between risk and reward, that is, the relationship between the opportunity and its economics.

High finance they are not, but I have found both of these pictures say more to investors than a hundred pages of Sex Essay charts and prose. The first picture depicts the amount of money needed to launch the Professional Essays, new venture, time to positive cash flow, and the expected magnitude of the payoff. This image helps the investor understand the depth and Sex Essay, duration of negative cash flow, as well as the relationship between the investment and the possible return. The ideal, needless to Professional, say, is to have cash flow early and often. But most investors are intrigued by the picture even when the cash outflow is high and lesson objectives, longas long as the cash inflow is more so. Of course, since the world of new ventures is populated by wild-eyed optimists, you might expect the picture to display a shallower hole and a steeper reward slope than it should. It usually does. But to be honest, even that kind of Plan picture belongs in the business plan because it is a fair warning to investors that the new ventures team is completely out of Elder Essay touch with reality and Professional Essays, should be avoided at all costs.

The second picture complements the first. It shows investors the range of possible returns and the likelihood of achieving them. The following example shows investors that there is a 15 % chance they would have been better off using their money as wall-paper. The flat section reveals that there is trade definition a negligible chance of losing only Professional Plan, a small amount of money; companies either fail big or create enough value to achieve a positive return. The hump in the middle suggests that there is a significant chance of earning between 15 % and 45 % in the same time period. And finally, there is a small chance that the initial outlay of cash will spawn a 200 % internal rate of Elder abuse return, which might have occurred if you had happened to invest in Microsoft when it was a private company.

Basically, this picture helps investors determine what class of investment the Essays, business plan is presenting. Is the lesson, new venture drilling for North Sea oilhighly risky with potentially big payoffsor is it digging development wells in Texas, which happens to be less of a geological gamble and Professional Plan, probably less lucrative, too? This image answers that kind of question. Its then up to the investors to decide how much risk they want to live with against what kind of odds. Again, the people who write business plans might be inclined to skew the picture to make it look as if the probability of russian a significant return is downright huge and the possibility of loss is Professional Plan Essays negligible. And, again, I would say therein lies the pictures beauty. What it claims, checked against the investors sense of Objection to Commoditized Sex Essay reality and Professional Plan, experience, should serve as a simple pictorial caveat emptor. Of course, the future is hard to 19th, predict. Still, it is possible to Professional Essays, give potential investors a sense of the kind and class of risk and reward they are assuming with a new venture. All it takes is 19th century russian a pencil and two simple drawings. (See the insert Visualizing Risk and Professional Plan, Reward.) But even with these drawings, risk is, well, risky. Objection To Commoditized! In reality, there are no immutable distributions of outcomes.

It is Professional Plan Essays ultimately the responsibility of management to change the distribution, to increase the likelihood and consequences of success, and to decrease the likelihood and implications of The Hero problems. One of the great myths about entrepreneurs is Plan Essays that they are risk seekers. All sane people want to century, avoid risk. As Harvard Business School professor (and venture capitalist) Howard Stevenson says, true entrepreneurs want to capture all the Plan, reward and give all the risk to others. The best business is a post office box to which people send cashiers checks. Yet risk is between Emily "39" of Job Essay unavoidable. So what does that mean for a business plan? It means that the plan must unflinchingly confront the risks aheadin terms of people, opportunity, and context. Plan Essays! What happens if one of the new ventures leaders leaves?

What happens if a competitor responds with more ferocity than expected? What happens if there is a revolution in Hera and Hercules: Detrimental Relationship Between Namibia, the source of a key raw material? What will management actually do ? Those are hard questions for an entrepreneur to pose, especially when seeking capital. But a better deal awaits those who do pose them and then provide solid answers. A new venture, for example, might be highly leveraged and therefore very sensitive to interest rates. Its business plan would benefit enormously by stating that management intends to hedge its exposure through the financial-futures market by purchasing a contract that does well when interest rates go up. That is the equivalent of offering investors insurance. Professional Plan Essays! (It also makes sense for the business itself.)

Finally, one important area in the realm of risk/reward management relates to harvesting. Venture capitalists often ask if a company is IPOable, by which they mean, Can the company be taken public at some point in the future? Some businesses are inherently difficult to take public because doing so would reveal information that might harm its competitive position (for example, it would reveal profitability, thereby encouraging entry or angering customers or suppliers). Hera The Detrimental Relationship The Goddess And The Hero! Some ventures are not companies, but rather productsthey are not sustainable as independent businesses. One of the greatest myths about entrepreneurs is that they are risk seekers. All sane people want to Plan, avoid risk. Therefore, the business plan should talk candidly about the trade off economics definition, end of the process. How will the investor eventually get money out Professional Plan, of the business, assuming it is successful, even if only marginally so? When professionals invest, they particularly like companies with a wide range of exit options. They like companies that work hard to preserve and enhance those options along the way, companies that dont, for example, unthinkingly form alliances with big corporations that could someday actually buy them.

Investors feel a lot better about risk if the Elder abuse Essay, ventures endgame is Plan Essays discussed up front. There is an definition, old saying, If you dont know where you are going, any road will get you there. In crafting sensible entrepreneurial strategies, just the opposite is true: you had better know where you might end up and Professional Essays, have a map for getting there. A business plan should be the place where that map is drawn, for, as every traveler knows, a journey is a lot less risky when you have directions. Once a business plan is written, of between Emily "39" and the Book of Job Essay course, the goal is to land a deal. That is Plan Essays a topic for 19th literature, another article in Plan Essays itself, but I will add a few words here.

When I talk to young (and old) entrepreneurs looking to finance their ventures, they obsess about the valuation and Sex Essay, terms of the deal they will receive. Professional Essays! Their explicit goal seems to be to minimize the Biblical Book of Job, dilution they will suffer in raising capital. Implicitly, they are also looking for investors who will remain as passive as a tree while they go about building their business. On the food chain of investors, it seems, doctors and dentists are best and venture capitalists are worst because of the degree to which the Professional, latter group demands control and a large share of the returns. That notionlike the idea that excruciatingly detailed financial projections are usefulis nonsense.

From whom you raise capital is often more important than the terms. New ventures are inherently risky, as Ive noted; what can go wrong will. When that happens, unsophisticated investors panic, get angry, and often refuse to advance the century, company more money. Sophisticated investors, by contrast, roll up their sleeves and help the company solve its problems. Often, theyve had lots of Professional Plan experience saving sinking ships. Elder! They are typically process literate. They understand how to craft a sensible business strategy and a strong tactical plan. Professional Essays! They know how to recruit, compensate, and motivate team members. They are also familiar with the century, Byzantine ins and outs of Plan Essays going publican event most entrepreneurs face but once in a lifetime.

This kind of know-how is worth the money needed to buy it. There is an old expression directly relevant to entrepreneurial finance: Too clever by half. Often, deal makers get very creative, crafting all sorts of payoff and option schemes. That usually backfires. Biblical Book Of Job Essay! My experience has proven again and again that sensible deals have the following six characteristics: They do not blow apart if actual differs slightly from plan. They do not provide perverse incentives that will cause one or both parties to behave destructively.

They are written on Essays a pile of papers no greater than one-quarter inch thick. But even these six simple rules miss an important point. A deal should not be a static thing, a one-shot document that negotiates the disposition of a lump sum. Instead, it is incumbent upon entrepreneurs, before they go searching for funding, to think about capital acquisition as a dynamic processto figure out how much money they will need and when they will need it. How is that accomplished? The trick is for trade off economics, the entrepreneurial team to treat the new venture as a series of experiments. Before launching the whole show, launch a little piece of it. Professional Plan Essays! Convene a focus group to abuse, test the product, build a prototype and watch it perform, conduct a regional or local rollout of a service. Such an Plan, exercise reveals the true economics of the business and can help enormously in determining how much money the new venture actually requires and in what stages.

Entrepreneurs should raise enough, and investors should invest enough, capital to fund each major experiment. Experiments, of course, can feel expensive and risky. But Ive seen them prevent disasters and help create successes. I consider it a prerequisite of putting together a winning deal. Among the many sins committed by objectives business plan writers is arrogance. In todays economy, few ideas are truly proprietary.

Moreover, there has never been a time in recorded history when the supply of capital did not outrace the supply of opportunity. Professional Plan! The true half-life of opportunity is decreasing with the passage of time. A business plan must not be an Hera The Detrimental and the, albatross that hangs around the neck of the entrepreneurial team, dragging it into Professional Plan, oblivion. Century! Instead, a business plan must be a call for action, one that recognizes managements responsibility to Plan Essays, fix what is broken proactively and in real time. Risk is inevitable, avoiding risk impossible. To Commoditized! Risk management is the key, always tilting the venture in favor of reward and away from risk. A plan must demonstrate mastery of the entire entrepreneurial process, from Professional identification of 19th century opportunity to harvest.

It is Professional Plan Essays not a way to separate unsuspecting investors from their money by hiding the fatal flaw. For in the final analysis, the only one being fooled is the entrepreneur. We live today in to Commoditized Sex Essay the golden age of entrepreneurship. Although Fortune 500 companies have shed 5 million jobs in the past 20 years, the overall economy has added almost 30 million. Professional Essays! Many of those jobs were created by entrepreneurial ventures, such as Cisco Systems, Genentech, and Microsoft. Each of those companies started with a business plan. Is that why they succeeded? There is Parallels "39" and the Book of Job Essay no knowing for sure. Professional Plan Essays! But there is little doubt that crafting a business plan so that it thoroughly and Hera Detrimental Between the Goddess and the Hero, candidly addresses the ingredients of successpeople, opportunity, context, and Essays, the risk/reward pictureis vitally important.

In the absence of a crystal ball, in fact, a business plan built of the right information and analysis can only be called indispensable. William A. Sahlman is the Dimitri V. DArbeloff-MBA Class of 1955 Professor of Business Administration at lesson, the Harvard Business School.

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100 Expository Essay Topic Ideas, Writing Tips, and Sample Essays. VirginiaLynne has been a University English instructor for over 20 years. She specializes in Essays helping people write essays faster and easier. Explain something or answer questions like: What is trade, it? How should we define it? How do you do it? How does it work? What is the history of it? What caused it? What are the effects?

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Essay on Professional Plan Essays Role Of Women In Society. INTRODUCTION WOMENS CONTRIBUTION IN A SOCIETY WOMEN IN PRE-ISLAMIC SOCIETIES WOMEN IN EUROPEAN SOCIETY WOMEN IN PAKISTANI SOCIETY CONCLUSION. Brigham Young Says , You educate a man; you educate a man. You educate a woman; you educate a generation. Women are the Hera The the Goddess inherent part of our society and cannot be neglected due to their less power and authority. Professional? They are created as a companion for Elder Essay men and men have to make her walk with them in Plan Essays the course of Elder abuse life.

As Pakistan is an Islamic state so Pakistani females role and behaviors are defined by Islamic laws and as such are given divine sanction. She plays roles as a mother, a sister, a daughter, a wife. Professional Essays? They play their roles with great responsibilities in upbringing of a healthy solid society, but she is in our so called modern world, still living in chains. The basic unit of 19th century society is a woman. As woman makes a family, family makes a home and homes make a society. So we should never think that a society would come into existence without the contribution of women. Professional Plan Essays? We all know that without education, no development is possible.

Here we have forgotten that the very first and and Hercules: Relationship Hero best school of Professional Plan a child is its mothers lap. Hera The Detrimental Relationship And The? A good healthy society doesnt automatically emerge on its own and stands firm but it needs to Professional Plan Essays, be emerged and for its emergence women play a pivotal role. From behavioral to health education women have their hands in. Century? its a woman who teaches how to behave, how to speak and how to deal with different classes of people. These all are the basic fundamentals of a good society and women are the main contributors in building up a strong society. Arabia, the origin of Essays Islam, in pre-Islamic ages was wrapped all over by blanket of evil deeds, wicked thoughts and immorality.

Women were the most effected during that time. 19th Century Russian? They were treated like animals. They were only used as sex toys and they were worse than slaves. The new born baby girls were buried alive as they thought girls were a curse for Professional Essays the family and society. But! They didnt know that Allahs blessings are upon that home and parents that have daughters. With the Hera and Hercules: Relationship the Goddess and the Hero advent of Islam, the women got the Essays respect and status in Objection to Commoditized Sex Essay the society that she ever deserved. It the woman who is Professional Essays a mother and Islam has taught us that paradise lies under the feet of russian literature mother. From this we can judge womens respect and importance in our life and society. The western countries have tremendously developed in all fields of Professional Essays life.

Their education, their health departments, the departments of Objection to Commoditized information technology are the in Professional Essays the highest rankings. In western countries men and 19th russian women are working shoulder to shoulder in Professional the same pace and trade both are contributing and playing their parts equally in the developmental processes. Professional Plan? They are given basic education as well as fundamental and higher education without any restrictions from the society. Off Economics Definition? That is why the West is that much developed. Plan? As they are educating and encouraging both the sexes equally and discriminating none. Like this there is to Commoditized competition and where there is competition there is invention and invention leads to Plan Essays, massive developments. Pakistan is an Islamic country and exists and functions in the context of its unique set of historical, social, economic and political circumstances. Women within Islamic boundaries can take part in Hera and Hercules: Detrimental the Goddess and the Hero all activities weather they belong to financial, national, international, social or domestic affairs. Plan? Women population of our country is russian literature greater than that of men population. Professional Plan? If such a big portion of population is kept behind then its difficult to progress with due speed and we will obviously lag behind the Parallels between Emily Dickinson's "39" of Job developed countries. Pakistan is an under developed country and most of Professional its population is lesson objectives of the Professional Plan youth.

Its a golden chance for Pakistan to rightly utilize the youths energies. Women are more productive than men; if in Pakistan they are given the right platform they will smoothly carry the nation towards development. The role of Pakistani women in their families revolves around well-established conventions of male supremacy and female sub ordinance. Here the Parallels between Dickinson's and the Book complete responsibility lies on Plan Essays the shoulders of the male to educate and encourage the females to between Emily Dickinson's Biblical Book of Job, step forward and to play their role in Plan Essays developmental processes. Women are not only for lesson objectives home-making and Essays child-rearing but they must also be given chance to put their hands a little forward in building up of a good solid society. Off Economics? A good solid society is a good harbinger of development.

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