williams essay Essay Example for Free

williams paper Essay The Poem, â€Å"Blackberries† (1992), by Yusef Komunyakaa is a review look In the Day of a real existence experienced by the creator as a vender of blackberries when he was a multi year old kid. It is told from a first people point of view in order to articulate the degree of Closeness to the story comparative with the artist. In this article, I’ll give a short examination of my Contemplations on the sonnet and its viability as a creative writing. In describing the nostalgiac setting of summer, while filling in as a berry picker What's more, vender, the creator endeavors paint a picture of the passionate and sexy complexities loaded through a normal day in the city: â€Å"Although I could smell old lime-shrouded History, at ten I’d still hold out my hands and berries fell into them. Eating from one and filling a half gallon with the other. â€Å" (MLM , Komunyakaa, â€Å"Blackberries† PPG 147-148) . Through his portrayal in enumerating the work of picking berries and being tested not to eat them, he exhibits a contention that he’s unmistakably been confronted with, despite hisâ duty. This contention is later implied, from a progressively indecent purpose of viewâ later in the piece. At the point when the creator posit’s his manner significantly further, he proceeds to state: â€Å"I ate the folklore longed for pies and shoemaker, almost†¦Ã¢â‚¬  (MLM, Komunyakaa, â€Å"Blackberries† PPG 147- 148). It appears with this announcement the creator is suggesting that he is ruined. At the point when he utilizes the recollections of his neediness as a youngster in his depictions, it gives the sonnet a very melancholic tone; one of compassion, even. Even however, in describing nowadays of hardship, he despite everything finds the wistfulness of being with his canine and among nature’s components. : â€Å"Needful as absolution. My fledgling pooch Spot. Peered toward blue jays thrashers. The mud frogs in rich obscurity, escaped daylight.† (MLM, Komunyakaa, â€Å"Blackberries† PPG 147-148) . To adjust the contention with an aching to be in less complex occasions, with an association with the creatures and nature, gives the piece a truly necessary lighter touch. As the sonnet slows down, the creator traverses the sonnet from the earliest starting point of his days excursion to a point where he reviews the bait of cooling rather than the apparently unreasonable warmth of the day. : â€Å"The enormous blue vehicle made me sweat. Wintertime slithered out of the windows. At the point when I inclined nearer I saw the kid and young lady my age, in the wide rearward sitting arrangement smirking..† (MLM, Komunyakaa, â€Å"Blackberries† PPG.147-148) The setting in him portraying this perception was negative, as I would like to think. All through the sonnet the creator has found some kind of harmony in developing minutes throughout his life that would some way or another be forgettable to any other individual, and finding the excellence in those very minutes that made the experience beneficial. Generally, â€Å"Blackberries†, by Yusef Komunyakaa is a short, self-portraying account fundamental to the creators experience as a devastated kid. The sonnet starts as workman’s like portrayal of a product he was by all accounts troubled, yet fascinated by. In specifying hello there significant metaphorical gratefulness for the natural product, he appears challenge to accommodate his wants with his obligation as a worker and a supplier. However, in reviewing his recollections, he composes with such a clearness and quality in his portrayals, that a few unappealing minutes, were delightful in their respectability.

Planning principles involved in developing a marketing strategy

Arranging standards associated with building up a promoting methodology Yum! Brands Introduction Yum! Brands, Inc., situated in Louisville, Ky., is the universes biggest café organization as far as framework cafés with in excess of 37,000 eateries in more than 110 nations and domains and more than 1 million partners. Yum! is positioned #239 on the Fortune 500 List, with almost $11 billion in income in 2009. Four of our eatery brands KFC, Pizza Hut, Taco Bell and Long John Silvers are the worldwide pioneers of the chicken, pizza, and Mexican style food and snappy help fish classifications. The Yum! framework including 3 working sections which are: U.S. showcase, Yum! Eateries International, and China Division. In 2009, the Yum! extended in excess of 4 new cafés every day of the year outside of US, making it an innovator in global retail advancement. Results for 2009 by and by avowed Yum! reliable record of progress with 13% Earnings Per Share (EPS) development, which denotes the eighth consecutive year we conveyed in any event 13% development and surpassed our 10% EPS development target. Inside 2009, the organization opened in excess of 1,400 new eateries outside the U.S. In addition, Yum! brand kept up their Return on Investment Capital (ROIC) of 20% and kept on being an industry chief. YUM! Items KFC KFC is the pioneer in the chicken section in the Singapore Quick Service Restaurant (QSR) industry. This is conceivable in light of the fact that attached to its centers are basic yet genuine qualities that permit KFC to offer simply the best its clients. Enamoring fragrance that triggers your faculties. A wonderful blowout of generous, mouth watering food uncommonly arranged with the Colonels mystery formula. Liberal parts of new, delicious side dishes. Plates of mixed greens to adjust your eating routine. At KFC, the eatery offer high caliber and extraordinary tasting food in a famous cluster of complete suppers, for example, Daily Savers Meals, WOW! Dinner s and Family Feast, that empower the entire family to impart a fun and fulfilling experience to all reasonableness and accommodation of Quick Service Restaurant. Pizza Hut Pizza cottage works in 84 nations and domains all through the world under the name Pizza Hut and highlights an assortment of pizza with various garnish just as pasta, servings of mixed greens, sandwiches and other food things and drinks. The unmistakable stylistic theme includes a brilliant red rooftop. Pizza Hut has been named the main national pizza affix in America as indicated by Restaurant Institution 2001 Choice in Chains study. Pizza Hut is the perceived pioneer of $ 25 billion pizza classification and has been since 1987. Building the main pizza organization has required advancement, a promise to quality, and a commitment to administration and worth. Be that as it may, maybe as much as anything, it has taken the characteristics of enterprise, development and administration, which have described its business through over four many years of achievement. Taco Bell Taco Bell is an American café network situated in Irvine, California. It has some expertise in Mexican-style food and fast assistance. Taco Bell serves tacos, burritos, quesadillas, nachos, other claim to fame things and an assortment of Value Menu thing. As of late, Taco Bell serves in excess of 2 billion purchasers every year in excess of 5,800 eateries in the U.S., of which over 80% are claimed and worked by free franchisees. Long John Silvers Long John Silvers, Inc. is a United States-base drive-through eatery that spends significant time in fish. The name and idea were by Robert Louis Stevensons book Treasure Island. Its central station are in Louisville, Kentucky. A W Restaurant A W Restaurants, Inc. is a chain of drive-thru eateries, recognized by its draft root lager and root brew coasts. AW was seemingly the main effective food establishment organization, beginning establishment in 1921. Today it has establishment areas all through the world, serving a run of the mill inexpensive food menu of burgers and fries, just as wieners. Some of its outlets are drive-in cafés with carhops. The organization name was taken from the last name initials of accomplices Roy Allen and Frank Wright. The chain is right now claimed by Yum! Brands. Yum! Vision Strategy Yum! brands are focused on proceeding with the achievement acknowledged during our initial ten years. Our prosperity has just barely started as we anticipate the future, one which guarantees a long runway for development, particularly on a worldwide level. Yum! is building a lively worldwide business by concentrating on four key development methodologies. Fabricate driving brands across china in each noteworthy classification Our accomplished and colossal nearby group drove by our Vice Chairman of Yum! Brands and President of China, Sam Su, developed our benefits an astounding 25% in 2009 on 28% in 2008. You dont should be a math major (and Im not!) to effectively compute that is over half development in two years. Fortunately we accomplished these outcomes despite the fact that our equivalent store deals were marginally negative as the buyer for the most part slacked Chinas moderately solid financial development. We included a record 509 new units in Mainland China and now have almost 3,500 eateries that created close to record café edges of 20% in 2009. Regardless of this vigorous benefit development, a few speculators have asked: Is Yum!s late moderately powerless same store deals execution in Mainland China an early pointer that something isn't right with the business or Yum! is becoming excessively quick? We accept the appropriate response is absolutely NO! Drive forceful global extension and fabricate solid brands all over the place. Yum! Cafés International, which works in more than 110 nations and regions outside the US and China, keeps on conveying on this technique as it conveyed 5% framework deals and benefit development both barring remote cash interpretation which contrarily affected our announced benefits by 11 rate focuses in 2009. We treasure this divisions exceptional yield diversifying model with over 90% of our new cafés worked by franchisees that create over $650 million in establishment charges, requiring insignificant capital on our part. Driven by this franchisee improvement machine, we opened almost 900 new eateries in more than 75 nations. That is the tenth consecutive year we have opened in excess of 700 new units and our pipeline stays solid as we go into 2010. Significantly Improve U.S. Brand Positions, Consistency and Returns. Theres no inquiry 2009 was a baffling year for our US business. By and large our equivalent store deals declined 5% as we developed benefits just 1%, drove essentially by a rebuilding activity we took the earlier year which yielded a $65 million reduction in our general and managerial costs. In any case, we stay sure were finding a way to convey more grounded brand situating, more significant yields and reliable development execution to tap the intrinsic deals opportunity and extreme incentive in our 18,000 cafés. What's more, the uplifting news is we have the advertising solidarity to do as such with class driving brands alongside exceptional unit financial matters on an independent premise. We additionally have a framework that creates a consistent profit stream of over $700 million in establishment and permitting expenses. As we go ahead, our methodology is to more readily use our huge US café resource base and every one of our eateries around the globe with what we have institu ted steady deals layers in these 5 zones: 1) More choices for shoppers over our menu. 2) More contemporary refreshment choices interesting treats. 3) Expanded day parts, particularly breakfast. 4) Broader protein contributions. 5) Contemporary resources. Drive Industry-driving Long-term Shareholder and Franchisee Value Incredibly pleased and keep on being a pioneer among buyer organizations with return on contributed capital at 20%. The organizations characterized a worldwide money machine, with every one of our divisions creating free income or successfully financing their own capital ventures. As this capital is conveyed to high development openings. Arranging standards Advertising arranging is the procedure that prompts the making of a showcasing plan. The promoting plan is a deliberate structure for accomplishing the targets of making an incentive for clients and upper hand, development, and benefit for the association. Steps of the arranging rule can be depicted as following: Procedure Before Tactics Build up the key showcasing plan first. This involves accentuation on checking the outer condition, recognizing early powers exuding from it, and creating fitting key reactions. Include all degrees of the executives all the while. A key arrangement covers a time of three to five years. Just when this arrangement has been created and settled upon is a one-year operational promoting plan created. Never compose the one-plan first and extrapolate it. Arrange Marketing Within Operations To advertise arranging, put showcasing a nearby as conceivable to the client. At the point when reasonable, have both showcasing and business chart to a similar individual, who isn't the CEO. Common Values About Marketing Showcasing is an administration procedure whereby the assets of the whole association are use to fulfill the necessities of chose client gatherings to accomplish the destinations of the two gatherings. Promoting is a disposition of brain as opposed to a progression of practical exercises. Structure Around Markets Arrange organization exercises around client gathering if conceivable as opposed to around utilitarian exercises, and direct advertising arranging done in these vital specialty units. Without magnificent showcasing arranging in key specialty units, corporate advertising arranging is of constrained worth. Sweep The Environment Thoroughly Coming up next are prerequisites for a successful showcasing review: Checklists of inquiries modified by level in the association are readied. The agendas structure the premise of the associations Marketing Information System (MIS). The advertising review is required movement. Supervisors a not permitted to hole up behind obscure term, for example, poor monetary condi

What Everybody Dislikes About Reader Response College Level Example Papers and Why

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Essay Writing - An Issue Essay Sample Is Your Resource

<h1>Essay Writing - An Issue Essay Sample Is Your Resource</h1><p>An suffering issue article tests are a decent method to communicate your supposition or need. These are papers in which you attempt to pass on your contemplations on an issue that you find vexatious, however which you realize will in the end reach an end.</p><p></p><p>Although you may feel that you are genuinely influenced by the issue itself, composing an article on it is better for you. It is more genuine and bona fide than the other option - composing a journal or diary passage. It very well may be said that composing an article is much more regular and true than utilizing an explanatory or factious approach.</p><p></p><p>Today, there are a lot of assets accessible on the Internet that give brilliant issue paper tests. They can be acquired with a couple of snaps. The most well-known asset is the free one, however some have different types of expositio n instruments. In any case, I would propose that you downplay the free assets, as they are for the most part less skillful than those offered through paid resources.</p><p></p><p>Another great asset is to discover one of the many article drafting programming that are presently accessible. You may have considered the to be one as a free download on different sites. These days they are substantially more costly, however that doesn't imply that you can't discover them. It merits experiencing every one of them before choosing the one you like. A mainstream one is the Microsoft Word for Windows.</p><p></p><p>You can likewise utilize an expert composing administration, for example, ProWriter for an enormous scope position. A decent quality programming will furnish you with adequate apparatuses so as to communicate your considerations will assist you with picking the best subject, article point, any theme structure to accommodate your exposit ion perfectly.</p><p></p><p>Once you have picked a drawing in point to compose on, you should begin composing your paper. It isn't sufficient to compose a section on a specific subject, you ought to give the thought unmistakably at the outset. In any case, in the event that you are a finished fledgling to composing, you should attempt to make it straightforward by employing a composing coach. This is on the grounds that there are numerous such coaches that offer a few administrations and can give their own customized style to the project.</p><p></p><p>An issue exposition tests can be discovered online effectively and at reasonable costs. It is a decent beginning stage for understudies who have almost no foundation to this territory of study.</p>

The Upside to Essay Writing Lesson One Review the Paragraph

<h1> The Upside to Essay Writing Lesson One Review the Paragraph </h1> <h2> Lies You've Been Told About Essay Writing Lesson One Review the Paragraph </h2> <p>The exercises in units 5 and 6 present a lot of new insights concerning composing and altering and pointedly help the level of trouble. Commit an entire section or two and portray the manner in which the staff treats individuals together with how they handle crises. These are structured around exactly the same topic as the rest of the unit. There every now and again is by all accounts close to nothing if any connection between the pre-composing interests and the later composing exercises in every unit. </p> <h2>Essay Writing Lesson One Review the Paragraph Help! </h2> <p>After you finish the absolute first draft of your paper, it's savvy to return to the theory explanation in your absolute first section. In conclusion, you might want to incorporate things like a postulation proclamation. Your answers could be not the same as mine. Urge your understudies to make all their composition around one focal matter of the paper. </p> <p>No matter the crucial the paper, guarantee that you're keen on your subject. Inside this initial exercise you will find some direction with respect to how you ought to compose an IELTS article. Investigate your framework or chart. </p> <p>Before starting the correction strategy, have a break from your composition so you may take a gander at it with open-minded perspectives. Be sure you don't present any new data in the end. This will help explain the methodology for picking proof, notwithstanding give instances of solid assets to reference in this methodology. Rehash for the second article of proof for this character. </p> <p>Also, verify that your section request is intelligent. This segment likewise contains a few exercises that seemed a little eccentric to the general capacity of the area. Presently you own a body passage. Each body passage will have the specific standard structure. </p> <p>Again, this section doesn't have space to contain everything a total five-passage article may. Thus, you must have the capacity to form your presentation decently fast so you're ready to start composing your body sections. Finishing up sentences rehash the most significant thought of your section in different words. </p> <h2> The History of Essay Writing Lesson One Review the Paragraph Refuted</h2> <p>Needless to state, scholars may offer numerous guides to help their point. Your last sentence ought to maintain your foremost thought in a reasonable and convincing strategy. A snare might be an interesting certainty or measurement, or an inquiry to discover the peruser thinking. While not totally fundamental, it can enable your perusers to start considering your principle thought. </p> <h2>The New Angle On Essay Writing Lesson One Review the Paragraph Just Released </h2> <p>This simple action rouses understudies to compose much b etter sections all the more as often as possible. This will likewise bring their dynamic jargon up in the long haul! For the ESL understudy, the last alter is crucial. Guide understudies all through the convention working with the learning objective. </p> <h2>Key Pieces of Essay Writing Lesson One Review the Paragraph </h2> <p>Avoid the utilization of the pronoun I in each sentence albeit an eatery audit is about your eating involvement with a particular café, utilizing first-individual could give the survey an abstract appearance. Your educator will be scanning for this! All the data in the addendums was helpful at a basic level, yet could be improved. To form a café survey, in any case, you should accumulate some foundation data with respect to the eatery you need to audit. </p> <h2>Type of Essay Writing Lesson One Review the Paragraph </h2> <p>Anytime you should create a planned article, you should begin with a casing reliant on t he parts underneath. Advise them that this agenda is something they've been utilizing to assist them with guaranteeing that they've included all that they need to make an effective exposition. </p> <p>Fortunately, you can figure out how to make a magnificent article in case you're ready to adhere to the typical example and write in a reasonable and sorted out strategy. This structure capacities as an establishment for your paper. Watching this strategy is the least complex way to deal with draft a prosperous exposition, whatever its motivation may be.</p>

Essay Topics About Ancient History

<h1>Essay Topics About Ancient History</h1><p>Ancient history is a famous subject for some paper themes. Numerous individuals will have a comparable topic in all their years, which can make it a smart thought to pick this kind of exposition subject for your school essays.</p><p></p><p>Ancient history is the field of history that covers numerous timeframes. The dates and different circumstances that may happen during the time of the history can be hard to comprehend for certain understudies. This is the reason it is significant for any understudy to look whatsoever of the alternatives accessible for an article point about old history.</p><p></p><p>There are a wide range of explanations behind picking an exposition about antiquated history. One purpose behind picking a paper about antiquated history is that it permits the understudy to dig into a topic that they are energetic about. A few understudies might be keen on th emes, for example, religion, theory, culture, legislative issues, science, or even history. These subjects furnish the understudy with an extraordinary opportunity to interface with an article point that they love.</p><p></p><p>Another explanation behind picking an exposition about old history is on the grounds that it will permit the understudy to increase a comprehension of the occasions that have occurred consistently. For instance, if the understudy investigates occasions in old Rome, they will locate that numerous things are like the cutting edge occasions. This permits the understudy to increase a more profound comprehension of the occasions that occurred in antiquated times.</p><p></p><p>An fascinating thing about composing a paper about old history is that it is regularly testing. A portion of the subjects that will show up in old history incorporate topics like religion, reasoning, and legislative issues. These subjects are si gnificant pieces of the regular daily existences of most people.</p><p></p><p>These subjects can frequently confound a few understudies, so it is imperative to take a gander at paper points that identify with one or these themes. Topics about way of thinking frequently include a presentation that incorporates a conversation of how the psyche functions. Themes identified with religion incorporate things like creation, which include various sorts of individuals and their perspectives on the world.</p><p></p><p>The various kinds of occasions that occur in history can likewise make the points be convoluted. A portion of the subjects are turning out to be progressively questionable, for example, those identifying with what is known as the 'War of the Roses.' This occasion is an incredible case of a point that has muddled things for some individuals over the years.</p><p></p><p>Some of the best paper themes for exposi tions about antiquated history are the ones that are not very troublesome. Remember that the old history isn't in every case straightforward. It might require the understudy to survey certain things previously and this can be troublesome, however this is an ideal open door for the understudy to interface with an exposition theme that they will enjoy.</p>

Funding in SMEs and the Risk Faced - Free Essay Example

Funding in SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s and the risk faced. Risk management and SME 2.1 Definition of SME Hermann, 1996 ; à ¢Ã¢â€š ¬Ã…“Small and medium sized enterprises (SME) differ from large corporations among other aspects first of all in their size. Their importance in the economy however is largeà ¢Ã¢â€š ¬Ã‚ . There are different definition of SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s but most commonly the firm should have up to 250 employees and jobs in small and medium enterprises accounts of 50% of formal employment in developing countries (Ayyagari et al 2007) . According to the European commission 2011, SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s should consist of these following criteria : Company Employees Turnover Balance sheet total Medium-sized 250 à ¢Ã¢â‚¬ °Ã‚ ¤ à ¢Ã¢â‚¬Å¡Ã‚ ¬ 50 m à ¢Ã¢â‚¬ °Ã‚ ¤ à ¢Ã¢â‚¬Å¡Ã‚ ¬ 43 m Small 50 à ¢Ã¢â‚¬ °Ã‚ ¤ à ¢Ã¢â‚¬Å¡Ã‚ ¬ 10 m à ¢Ã¢â‚¬ °Ã‚ ¤ à ¢Ã¢â‚¬Å¡Ã‚ ¬ 10 m Micro 10 à ¢Ã¢â‚¬ °Ã‚ ¤ à ¢Ã¢â‚¬Å¡Ã‚ ¬ 2 m à ¢Ã¢â‚¬ °Ã‚ ¤ à ¢Ã¢â‚¬Å¡Ã‚ ¬ 2 m Table 1 : criteria for SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s European commission 2010 SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s play an important role in our Mauritian economy , they are the major source of innovation, employment and entrepreneurial skills. In Mauritius the Small and Medium Enterprise Development Authority (SMEDA ) defines an SME as an à ¢Ã¢â€š ¬Ã…“enterprises in all economic sector and a Small Enterprise is defined as an enterprise which has an annual turnover of not more than 10 million MUR and Medium Enterprise is defined as an enterprise which has an annual turnover of more than 10 million MUR but not more than 50 million MUR à ¢Ã¢â€š ¬Ã…“ . Small sizes and medium sizes are defined separately due to different support and objectives which these enterprises required. Section B : sources of finance for SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s 2.2 Capital structure SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s do not have the opportunity to contact business consultants of business specialist with them so they have to rel y on their general competence as owners. SMEs have a different characteristics as compared to a big companies (Berger and Udell,1998). Small and medium enterprises suffer from a great lack of financial resources which prevent them from growing . since competitive threats can affect small businesses , they prefer to quickly adapt changes in market demand rather than implementing a long term approach (Jennings and Beaver, 1997). Vos et al, 2007 stated that entrepreneur are forced to use debt as an important financing instrument 2.3 Financing of SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s Firms typically need different types of financing measures for different purposes and at different points in their life cycle.SME financing received much attention in recent years from researchers, economists and policy makers (De la Torre et al, 2010). Basically, the level of required financing depends on a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial performance and its assets (Hillier et al, 2010). SMEs finance themse lves through internal sources such as both from the business owner and through retained profit. Many SMEs also use external sources of finance. It can be in two forms either from informal sources such as family , friends and from Formal sources such as bank loans, leasing, trade credits, factoring and more à ¢Ã¢â€š ¬Ã…“formalà ¢Ã¢â€š ¬Ã‚  Venture Capital, which is important for a select group of high potential SMEs (EIM, 2009). In addition it can be said that SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s have more problems in acquiring external financing as compared to larger companies. Naturally, SMEs are not able to raise money directly in the capital markets and are hence they need other external sources they primarily depend on traditional bank financing, which is itself limited by constraints due to banksà ¢Ã¢â€š ¬Ã¢â€ž ¢ refinancing capacity, their risk appetite and capital and equacy (Kraemer-s,Lang, and Gvetadze, 2013) 2.4 Sources of finance Retained earnings Retained earnings are à ¢Ã¢â€š ¬Ã…“the profit that a company of business have earned to date less dividend and other distributions paidà ¢Ã¢â€š ¬Ã‚  Steve B, 2010. à ¢Ã¢â€š ¬Ã…“Earnings are cumulative and represent past and present earningsà ¢Ã¢â€š ¬Ã‚  ( Peaver R, 2012).this earnings can be a good source for SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s and it is less risky . Personal savings Using your own money to start up is an own satisfaction in itself and you donà ¢Ã¢â€š ¬Ã¢â€ž ¢t owe anyone . Many owners or managers do not like to use long term debt , so they try to adopt a à ¢Ã¢â€š ¬Ã…“pecking order of financing preferencesà ¢Ã¢â€š ¬Ã‚  (Howorth, 2001). The owners use their own personal savings or receive savings from families and friends . Nottingham,20 November 2013 , it was found that one quarter SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s use their personal savings to finance their own business . Angel investors Collen D, 2010 define Angel investor is an individual who is willing to invest in the early stage of a business in exchange for ownership stake . If owners want quick and aggressive growth they can turn to angel investors for capital they bring both time experience and money à ¢Ã¢â€š ¬Ã…“One of the greatest contributions given by angel investors is that they prefer to invest in seed-stage, start-up-stage or early-stage enterprise mayer, 2008à ¢Ã¢â€š ¬Ã‚  some investors prefer early stages because they can have an important or active role in the business and others may take it as a challenge for them. There is definitely a share of control in the business since an investor is interested in it , this can affect decision making process but on the other hand the riskiness is shared. Partnership Alfonso et al , 1995 defined partnership as à ¢Ã¢â€š ¬Ã…“more than simply working togetherà ¢Ã¢â€š ¬Ã‚ . Partnership can be relationship with vendors, business alliance , emphasis of teamwork an collaboration. So the collaboration of two of more individuals of firms is an excellent source of providing funds to run a business or to go on a venture. It can be risky as other partners do not have the same way of thinking and taking decision process can be very long as the approval of other partners is required. Leasing Leasing provide SME to have access to short and medium term finance. Fletcher et al ,2005 define leasing as a contract between two parties where the lessor provide an asset to another party for usage for a given time period , in return for a payment by the lessee . In the budget 2012 speech it was announced that the interest rate under leasing of equipment was brought down from from 8.5 % to 7.25 % 2.5 Debt finance Debt involves that the owner must borrow and payback with an interest . An important aspect of debt financing is that it the owner have complete ownership of his business. According to Aswarth some general characteristics of debt are : commitment to make a fixed payments in the future, the fixed payment are tax deductible and finally failure to make payment lead to either default or loss of control of the business. Bank Loans to SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s One of the most important source of debt finance for small and medium enterprises is to take out a bank loan Yesseleva, M. (2010). Bank support to SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s in Mauritius : New measure announced in Budget speech 2012 by honorable Xavier luc duval. The scheme includes new overdrafts and bank loans as well as renewal of existing. 35% guarantee provided by Equity Fund Interest rate at 7.9 percent (repo + 300 basis points) SMEs apply directly to banks (sources : SME portal mauritius). 2.6 NON-bank sources of debt finance Asset base lenders à ¢Ã¢â€š ¬Ã¢â‚¬Å" à ¢Ã¢â€š ¬Ã…“usually smaller commercial banks, commercial finance companies, or specialty lenders, allow small businesses to borrow moneyby pledging otherwise idle assets such as accounts receivable, inventory, or purchase orders as collateralsà ¢Ã¢â€š ¬Ã‚  Discounting accounts receivables à ¢Ã¢â€š ¬Ã¢â‚¬Å" a small business pledges his account receivable as collaterals. Inventory financing à ¢Ã¢â€š ¬Ã¢â‚¬Å" à ¢Ã¢â€š ¬Ã…“a small business loan is secured by its inventory of raw materials, work in process, and finished goodsà ¢Ã¢â€š ¬Ã‚ . Vendor financing à ¢Ã¢â€š ¬Ã¢â‚¬Å" Borrowing money from vendors and suppliers in the form of credit Commercial finance companies à ¢Ã¢â€š ¬Ã¢â‚¬Å" a second option if the owner did not obtain a loan from a bank. Stock brokerage houses à ¢Ã¢â€š ¬Ã¢â‚¬Å" brokers also give loans and ità ¢Ã¢â€š ¬Ã¢â€ž ¢s interest rate are often lower than banks. Insurance companies à ¢Ã¢â€š ¬Ã¢â‚¬Å" these companies offer policy loans and mortgage loans. Credit unions à ¢Ã¢â€š ¬Ã¢â‚¬Å"à ¢Ã¢â€š ¬Ã…“ these are nonprofit financial cooperatives that promote saving and provide loans to their memberà ¢Ã¢â€š ¬Ã‚  Bonds Sources : Michael wolff à ¢Ã¢â€š ¬Ã…“sources of debt and equity financeà ¢Ã¢â€š ¬Ã‚ . Some institutions that provide debt finance in Mauritius : Development bank of Mauritius (DBM) The Mauritius Leasing Company Limited SBM Lease Ltd SICOM Financial Services Ltd MAURITIUS POST COOPERATIVE BANK (MPCB) Section C : Risk and risk management 2.7 Definition of risk à ¢Ã¢â€š ¬Ã…“Risk appetite refers to the amount of exposure to potentially negative occurrences that an organisation is willing to acceptà ¢Ã¢â€š ¬Ã‚  (Baek et al., 2005). à ¢Ã¢â€š ¬Ã…“Constructed from an investment management perspective, the crucial aspect of risk appetite that impacts on our theoretical position is that traditionally, risk, rather than being seen for its potential opportunities has been conceptualised to reflect a perception of being undesirableà ¢Ã¢â€š ¬Ã‚  (Hansson, 1996, 1999, 2005; Campbell, 2006). When doing business, constantly decisions, where the outcomes cannot be foreseen with certainty due to incomplete information, have to be made (Stroeder, 2008, p.135) . Risk can be of two types . it can be either systematic , which is also called the market risk or undiversifiable risk, these risk are independent of business decisions. The second type of risk is unsystematic risk (also called diversifiable risk or specific risk) which are result of managerial decisions (Retzlaff, 2007, p.11) . 2.8 Risk management Head , 2009 define risk management as à ¢Ã¢â€š ¬Ã…“the process of planning, organizing, directing and controlling resources to achieve given objectives when good or bad events are possibleà ¢Ã¢â€š ¬Ã‚  .according to Vaughan and Vaughan (2001) à ¢Ã¢â€š ¬Ã…“the main objective of risk management is to ensure that the organisation is not prevented from achieving its primary objectives as a result of losses that might arise from its operations. à ¢Ã¢â€š ¬Ã‚  Henschel and Gao (2010) affirm that a à ¢Ã¢â€š ¬Ã…“risk management system is necessary for SMEs not only because it is required by law but rather because it is in the essential interest of the SMEà ¢Ã¢â€š ¬Ã‚ . Smith and Watkins, 2002 further support that risk management should be of a main concern to small businesses as they are sensitive to business risk and competition . It is th e responsibility of the owner manage these risk and he will be accounted for risk decision made for the business. 2.9 Application of risk management Bajaj (1997) reported that à ¢Ã¢â€š ¬Ã‚ if a risk is not identified it cannot be controlled , transferred or otherwise managed.à ¢Ã¢â€š ¬Ã‚  Risk management should be applied throughout the whole life of a business or a project. Accordind to jaafari et al , 1995 , there are three stage of risk management : Risk identification Risk analysis and Risk respond 2.9.1 Risk identification This is the first stage of risk management, it is a process which can reveal and determine the possible risk . the correct risk should be identified effectively by risk managers . if those risk are not successfully identified , then losses or gains could not be found and in time it will become non-manageable by the organisation (greene and trieschmann, 1984) . à ¢Ã¢â€š ¬Ã…“the inability to identify possible gains is as inappropriate as non-identified risk related to lossà ¢Ã¢â€š ¬Ã‚  Dickson et al , 1986. So ignoring a good possibility is the same as bearing a loss . According to William et al , 1998à ¢Ã¢â€š ¬Ã‚  risk identification can be described through the following elementsà ¢Ã¢â€š ¬Ã‚ : Sources of risk Hazard factor Perils Exposure to risk Sources of risk à ¢Ã¢â€š ¬Ã…“Elements of the organization environment that can bring some positive or negative outcomesà ¢Ã¢â€š ¬Ã‚  lubka 2002. For example , if a firm undertake to produce a new good , this decision is barely influenced by the market. So the matket condition , availability of competitors , customers , quality of raw materials is the sources of the risk . Hazard factor This is the conditions and circumstances that increase chances of gains and losses. An error in the firm management about the market of a product can be a hazard factor . Peril Peril can cause unknown and unpredictable loss and it can happen any time.à ¢Ã¢â€š ¬Ã‚ A peculiarity of peril is that it does not include a positive meaning , as the peril always cause lossesà ¢Ã¢â€š ¬Ã‚  hance et al , 1991 . Resources exposed to risk à ¢Ã¢â€š ¬Ã…“These are objects facing possible losses or gain . they will normally be affected if a risk event occursà ¢Ã¢â€š ¬Ã‚  . 2.9.2 Risk analysis and evaluation à ¢Ã¢â€š ¬Ã…“Each event may be a single incident or an aggregation of incidentà ¢Ã¢â€š ¬Ã‚  (Williams, 1995). There are several analysis techniques to quantify risk. These techniques are code optimization , sensitivity analysis , probability analysis . 2.9.3 Risk response This means to manage the risk using proper techniques to minimize risk or to eliminate it . 2.10 Business risk faced by SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s Both large companies and SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s operates in the same business environment but they à ¢Ã¢â€š ¬Ã…“derive different benefits and opportunitiesà ¢Ã¢â€š ¬Ã‚ , they are also expose to different type of risks . à ¢Ã¢â€š ¬Ã…“ this is because of their differences in economic capacity including asses to human capital and material resources . Kelkar (2008) à ¢Ã¢â€š ¬Ã ‚ theorizes that SMEs are weak in terms of business plan, management structure and in decision making when compared to large organizations. This further increases SMEsà ¢Ã¢â€š ¬Ã¢â€ž ¢ inability to absorb most business uncertainties and risksà ¢Ã¢â€š ¬Ã‚ . According to suh , 2010 the SME sector is more affected by economic environment and is the first to bear external shock so there are more SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s closing down than being established. 2.11 Specific Business risk In which SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s are exposed to Liquidity risk à ¢Ã¢â€š ¬Ã…“Liquidity measures the ability of the firm to cover itsà ¢Ã¢â€š ¬Ã¢â€ž ¢ expenses and therefore it also shows whether the company is able to cope with some losses due to risk occurrenceà ¢Ã¢â€š ¬Ã‚  (Smithson, Smith Wilford, 1995) . A lack of liquidity will prevent the firm to pay its bill and day to day expenses. Continuation of business à ¢Ã¢â€š ¬Ã…“The business entities under SME sectors are mostly proprietorship and partnership concerns. Few in the joint stock companies are private limited or closely held public limited companies. Thus, the very constitution itself may prove to be risky due to lack of professionalism and overdependence on one or two key persons for running the show. Lenders and other stakeholders in SME sector cannot afford to forget this factà ¢Ã¢â€š ¬Ã‚  R.s . Rahavan (2005) . Leverage of financial structure The limit to which small business can raise capital and due to this disadvantage this affect their capacity to leverage on the financial structure R.s . Rahavan (2005) Tough competition Due to intense competition on the market , SME have to cut down their product cost and reduce their profits. Therefore they absorb higher input cost. Account receivables Salima et al, 2011 stated that à ¢Ã¢â€š ¬Ã…“the supply of trade credit by SMEs is the product of both customer demand and the possibility of strategic advantage, but it is subject to risk.à ¢Ã¢â€š ¬Ã‚  Business who provide credit facilities always suffer the risk that customer do not pay their debt . Incapacity to go for technological advance à ¢Ã¢â€š ¬Ã…“Technological innovation is a key factor in a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s competitiveness. Technological innovation is unavoidable for firms which want to develop and maintain a competitive advantage or gain entry in to new marketsà ¢Ã¢â€š ¬Ã‚  (Becheikh et al. 2006) . with poor financial resources SME cannot go for sophisticated technological advancement which make them lose competitiveness and optimization of available resources. Employees turnover à ¢Ã¢â€š ¬Ã…“As growth prospects are very limited in SME sector, it is prone to high degree of employee turnover and this may involve lot of wastage of manpower and additional cost in the form of training and knowledge updating, affecting continuity besides lowering the productivityà ¢Ã¢â€š ¬Ã‚  R.s . Rahavan (2005). 2.12 How to manage these specific business risk arising to SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s Proper cash flow to prevent lack of liquidity à ¢Ã¢â€š ¬Ã¢â‚¬Å" Maintain a proper cash flow managements and make accounts up to date . Research and development Following market changes Hedging à ¢Ã¢â€š ¬Ã¢â‚¬Å" the owner can hedge against inflation changes , exchange rate and commodity price change which is a very important risk management tool in finance. Proper mode for collection of receivables à ¢Ã¢â€š ¬Ã¢â‚¬Å" take legal action to recover your money back and use agencies specialised to recover bad debts. 2.13 Financial risk It is the risk associated to financing. It is the loss in financing method. Eichhorn, 2004, said that financial risk can be in two forms, it can either be internal financial risk where to business itself is creating those risk or external risk which depend on financial market . SchÃÆ' ¶nborn, 2010, assesses external risk on 3 risk factors namely exchange rate risk, interest rate risk and commodity price risk Exchange rate risk à ¢Ã¢â€š ¬Ã…“Exchange rate risk management is an integral part in every firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s decisions about foreign currency exposureà ¢Ã¢â€š ¬Ã‚  (Allayannis et al , 2001). Currency risk can be reducer eliminated by using hedging strategies . Selecting hedging strategies is often a discouraging task because of the à ¢Ã¢â€š ¬Ã…“complexities involved in measuring accurately current risk exposure and deciding on the appropriate degree of risk exposure that ought to be coveredà ¢Ã¢â€š ¬Ã‚ . (Papaioannou, 2001). Interest rate risk If small businesses is using a lot of debt to finance his business. The risk of fluctuations in the interest rate is an important factor to be taken into consideration . A rise in interest rate can raise the amount of interest pain. To prevent interest rate risk , business owners could request the borrowers to fix the interest rate for a certain period (CPA Australia 2008) . Commodity price risk It is the threat of the change in price of a production input which could have a negative impact on the producer .To manage this risk producers should be less reliant on one commodity. producers can diversify their products and income source . They can also use fixed price contracts arrangements .