Self-Assessment Essay Example | Topics and Well Written Essays - 250 words

Self-Assessment - Essay Example Do well in my career and get promoted, probably become a Chief of a company of my own. Earn decent money so that I can see the world with my lover. Have children and give them a good life. And finally get retired with dignity. I want to be remembered for something where people would say ‘look he gave back to the society as much as he could’. I want to be remembered for the values I carry of truthfulness, go getting attitude and of being a good human being above all. I want to become an example that all bankers are not just money minded morons who would sell anything as a bundled investment for money margin. At the same time I want my partner to remember me as her best and biggest support and my children to remember me as a Super Dad. If I had unlimited resources, I would do two things I long for always but cannot do as one has to work to earn and to settle down. One, I shall go on a year long trek across the globe because I love nature and love to travel (considering I have abundance of resources of money and time). Two, I shall open my own financial trading company. Ideal environment would look like this – I shall be happy with less money, but more satisfied as I am doing what I like. I shall be traveling and meeting new people and going new places. I shall be helping others as well with money I earn and give back to society in small way. Ideal job for me with my available resource would be to work for a multinational company, in a multi cultural environment and with responsibility as work. A Job which gives me growth, money and also work satisfaction. My long term career objective is to be a leader, who is not only responsible for his family, but cares for and is responsible for the families of everyone who works under him. I want to lead and help more and more people lead their families by working with

The Declaration of Independence of US Research Paper

The Declaration of Independence of US - Research Paper Example Unfortunately, the words are also almost entirely false as a guide for actual guarantees of the kinds of freedoms espoused in the document, at least as such guarantees might have applied to anyone in the colonial society who was not, like Jefferson, a white, male, wealthy landowner with political and economic connections. In fact, even as Jefferson penned the words, the formal and informal seats of power in the colonies were occupied by men who owned slaves, controlled wealth, and abused the rights of women. How then can Jefferson justify using the words? In this brief essay, the approach of Jefferson and the ruling class that founded the nation to the ideals of political and economic freedoms and equality that they argued for will be reviewed in order to show how they violated the very terms established as reasons for their revolution. Specifically, the ways in which Jefferson and other founding fathers acted against the words of the Declaration in regards to slaves, women and the non-wealthy working classes will be reviewed. Following a review of their actions toward each of these constituent groups, a reevaluation of the language of the Declaration will be conducted and a summary analysis of the ultimate value of the founding principles contained in it will be offered. Although it is difficult to argue against the eloquence of the political principles contained in Jefferson’s words in the Declaration, it is easy to see hypocrisy in his application of those words to the actual realities of his own family and community. In fac t, as Damon Root argues there was a gap between espoused principles and political practices that resulted in an almost perfect paradox as realized in the person and figure of Jefferson. Nowhere was this gap more readily seen than on the issue of slavery. Root claims â€Å"The celebrated author of the Declaration of Independence, which famously declares that ‘all men are created equal’ and are born with the inalienable rights to ‘life, liberty, and the pursuit of happiness’ †¦ was also a slaveholder, a man whose livelihood was rooted in the subjugation of hundreds of human beings, including members of his wife’s family and his own.† Having penned words which seemed to indicate that he believed in a form of basic equality among all persons, Jefferson lived a life which did not square with those words because he held in his formal possession as a legal and professional matter the actual freedoms of a large number of persons, both men and wom en. He owned them and could do with them as he pleased, including – among other things – utilizing their physical labor for his economic benefit and utilizing their bodies for his sexual enjoyment. That mere fact, without regard to what kind of slave owner Jefferson actually was, whether he was kind or considerate to those who came under his purview, is enough to suggest that Jefferson either did not take his own words seriously or he believed that they had some application to the broader society, such as the international community, but not to himself. Any other conclusion would require one to find Jefferson simply being an outright hypocrite. Of course, this is one possible interpretation for his actions, and there were those, even in his day, who reached for it. Root

Radial Ball Bearing Material

Radial Ball Bearing Material You are tasked with selecting a material that is suitable for the balls in a radial ball bearing such as the one shown in Fig. 1. Radial ball bearings although intended primarily for radial loads, will also carry a certain amount of thrust.    Ball Figure 1 Ball bearing The following details are known in relation to radial ball bearing design: Youngs modulus should have a minimum of 200 GPa. The compressive strength should have a value à ¯Ã¢â‚¬Å¡Ã‚ ³ 300 MPa. The balls must not fail under load. It can be assumed that the contact stress can be modelled for a sphere on a flat (see Fig. 1). An assumption should be made that the material for the ball and the raceway are the same and therefore they have the same moduli and Poissons ratio has a value of 1/3. The balls should be light. Material selection process. This refers to selecting a material that meets all the constraints and objective below. Design requirements: Table 1 Table of design requirements Function   Suitable for balls in a radial ball bearing Constraints Youngs modulus must be greater than 200 Gpa. Compressive strength should not have a value of less than 300Mpa. (Assumption)Moduli and Poissons ratio being the same (ratio of ). Objectives The balls must not fail under load, contact should be modelled for a sphere on a flat. The balls should be light. Free variables Cross sectional area Material choice Mass of ball Below is a figure of all materials with a mechanical property (Youngs modulus greater than 200Gpa and Compressive strength greater than 300Mps) against density: Seen below is a table of the materials and their corresponding Youngs modulus. Table 2 Table of materials Name Youngs modulus (GPa) Tungsten carbides 625 700 Boron carbide 440 472 Silicon carbide 400 460 Alumina 343 390 Tungsten alloys 310 380 Aluminium nitride 302 348 Silicon nitride 290 318 Zirconia 200 250 Nickel-based super alloys 150 245 Nickel-chromium alloys 200 220 Nickel 190 220 Low alloy steel 205 217 Medium carbon steel 200 216 Low carbon steel 200 215 High carbon steel 200 215 Stainless steel 210 Although seen above, 16 values have passed the requirements so far, further analysis will be conducted, and this can be seen below; The below table illustrates the materials that meet the design requirements, the table is ranked based on Youngs modulus, from highest modulus to lowest. The Compressive strength of the material must also be considered, a minimum compressive strength of 300MPa must apply. The table below illustrates each materials Youngs modulus and corresponding compressive strength. Table 3 Materials with Youngs modulus and compressive strengths that meet design requirements (density also noted) Name Youngs modulus (GPa) Compressive strength (MPa) Tungsten carbides 625 700 3.35e3 6.83e3 Boron carbide 440 472 2.58e3 5.69e3 Silicon carbide 400 460 690 5.5e3 Alumina 343 390 690 5.5e3 Tungsten alloys 310 380 555 800 Aluminium nitride 302 348 1.97e3 2.5e3 Silicon nitride 290 318 524 5.5e3 Zirconia 200 250 3.6e3 5.2e3 Nickel-based super alloys 150 245 300 1.9e3 Nickel-chromium alloys 200 220 365 460 Nickel 190 220 70 1e3 Low alloy steel 205 217 400 1.5e3 Medium carbon steel 200 216 305 1.76e3 Low carbon steel 200 215 250 395 High carbon steel 200 215 335 1.16e3 Stainless steel 189 210 170 1e3 Below is a bubble chart of Youngs modulus versus compressive strength: Figure 2 Bubble chart of Youngs modulus of Compressive strength The above figure is on a logarithmic scale. Only materials that have passed the requirements were plotted. When surfaces are placed in contact they touch at one or a few discrete points. If the surfaces are loaded, the contacts flatten elastically and the contact areas grow until failure of some sort occurs. (Duffy, 2010) Compressive stress causes this. As the requirements state; should be modelled as a sphere on a flat, this allows the student to use following formulae (contact stresses); Figure 3 Sphere on a flat (Duffy, 2010) (Yield Stress)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The following is subbed in to produce the below: x x x x = = The mass of the sphere must be derived, this is done below; Where is density and is volume Volume of a sphere is denoted as: m= The student knows the objective is to minimise the mass of the ball, the derivation above is done on that basis and results in the equation being flipped above. From the material selection index above, the equation can be related in the logarithmic scale: = This results in: This now means the slope can be known to be = 0.222 The above value is known as an index line; Index lines can be used to compare the performance of different materials, and to find replacement materials. Materials that are on the line will all perform equally well in each design. Materials above the line have a higher performance index and will therefore perform better; those below the line have a lower index value. (Edupack, 2006) The below bubble chart illustrates the material selection process using the slope; Figure 4 Material selection with material index As seen from above, with a material index of 0.222 the following two materials passed (whole record is within the selection was used); Name Index slope =0.2222 Silicon nitride 6.55e101 Zirconia 1.66e100 As seen from above the materials are both ceramic. An additional chart plotting the materials costs can also be seen below; Figure 5 Price of selected material Figure 6 Price of selected material Pass only A table of the materials cost can also be seen below; Table 4 Table of costs Name Price(EUR/kg) Zirconia 17.1-24.7 Silicon nitride 32.3-49.4 (i) It has been identified that both Youngs modulus and compressive strength are important material properties when selectin ball bearings, below is a detailed summary of why each property is important; Youngs modulus refers to a materials elastic modulus. This determines the stiffness of a solid material. This is a proportional (constant) between stress as long as stress is less than the yield point. This results in a smaller strain with the same stress in a stiffer material. In relation to a ball bearing Youngs modulus of Silicon nitride is about 1.5 times that of steel, meaning a smaller contact surface is present when there is a high contact pressure. Hertz theory means the maximum load for combination steel- Silicon nitride reduced with 30%. In relation to the contact of the bearing we know it will be a sphere on a flat. The balls within a bearing are going to experience both an axial and radial force. If the force is too great for the material this may result in deformation (changing of shape). This affects the ball bearings ability to perform, this can be compared to as a wheel on a car, if it is flat may result in a pulling motion. If severe deformation occurred this may result in the bearing not allowing for rotation. This means that Youngs modulus is important when selecting materials for ball bearings. Youngs modulus mathematical representation; It is noted from CES EduPack that silicon nitride is used mostly for ball bearings the Youngs modulus is known to be; 290-318 GPa (Edupack, 2006) Compressive strength refers to a materials resistance to compressive stress. This is when a force is applied in an inwards direction in the material. It is opposite to tensile stress. As a ball bearing is going to have one point of contact, (below) compressive strength is an important element in choosing the material. This is due to the radial forces applied when the ball is in the raceway. Once again, if the radial force is greater than the materials compressive strength abilities this will result in deformation. This will affect the bearings performance. Compressive strength can be up to 10 times greater than tensile stress. Ceramic material has a good compressive strength due to crack propagation, since there are more internal cracks in ceramics (than most materials) if placed under tension cracks will propagate and produce failure where if it is placed under compression it works in the opposite manner. Compressive strength mathematical representation; It is noted from CES EduPack that silicon nitride is used mostly for ball bearings the compressive strength is known to be; 524-5.5e3 MPa   (Edupack, 2006) (ii) The other material properties of Silicon Nitride which lead to superior operating performance can be seen below; General properties Density3.1e3-3.4e3kg/m^3 Price*32.3-49.4EUR/kg Date first used1958 Mechanical properties Youngs modulus290-318GPa Shear modulus*100-128GPa Bulk modulus*210-232GPa Poissons ratio0.26-0.28 Yield strength (elastic limit)*600-720MPa Tensile strength600-720MPa Compressive strength524-5.5e3MPa Elongation0% strain Hardness Vickers1.4e3-1.6e3HV Fatigue strength at 10^7 cycles*300-500MPa Fracture toughness4-6. 7MPa.m^0.5 Mechanical loss coefficient (tan delta)*2e-5-5e-5 Thermal properties Melting point2.39e3-2.5e3 °C Maximum service temperature1e3-1.2e3 °C Minimum service temperature-272271 °C Thermal conductor or insulator?Good conductor Thermal conductivity22-30W/m. °C Specific heat capacity670-800J/kg. °C Thermal expansion coefficient3.2-3.6 µstrain/ °C Electrical properties Electrical conductor or insulator?Good insulator Electrical resistivity1e20-1e21 µohm.cm Dielectric constant (relative permittivity)7.9-8.1 Dissipation factor (dielectric loss tangent)*5e-4-7e-4 Dielectric strength (dielectric breakdown)*11-131000000 V/m Optical properties TransparencyTranslucent Refractive index1.95-2 Processability Moldability2-3 Weldability1-2 Eco properties Embodied energy, primary production116-128MJ/kg CO2 footprint, primary production4.63-5.12kg/kg RecycleRecycle (Edupack, 2006) The above characteristics result ceramic materials being the optimum material for ball bearings; High speed, faster acceleration this is because ceramics are only 40% as dense as steel. However, the material can deliver 30-50% higher running speeds with reduced skidding and less lubrication needed. Lighter in weight ceramic ball bearings are more rigid to that of steel ball bearings and lighter in weight.   This allows for lower coefficients and a higher overall RPM (rotation per minute) Greater accuracy since ceramics has 50% higher modulus of elasticity than steel. This means less of a deformation which leads to vibration and spindle deflection, this increases components productivity and quality. Reduced friction: benefits of this include: longer life, energy efficiency reduced noise levels, less heat and less lubrication needed. Non-conductive materials like Silicon nitride eliminate the pitting and fluting of raceways which ic common in electrical motor applications. If steel is used in bearings the electricity could cause magnetic field (EMF) and this could act as a conducted damaging the bearings over time. Ceramic materials are immune to EMF, which mean they perform well even when electricity is present. Corrosion resistance Silicon nitride; more effective than steel balls in the presence of liquids such as water or corrosive materials. Corrosion resistance can be enhanced when ceramic balls are used with dry fil, lubricant on the ring and retainer components. Longer operating life Up to 5 to 10 times longer than standard metal bearings. Higher temperature operation ceramic ball bearings can operate in high temperatures (up to 1,800  °F) Less noise and vibration due to a lower coefficient of friction (Ibsco, 2011) The two materials chose were Silicon Nitride and Zirconia. A brief description can be seen below outlining why the individual ceramic is the optimum choice; Silicon Nitride: This material contains high temperature capabilities, meaning it has a low thermal expansion coefficient which gives good thermal shock resistance compared to other ceramic materials. The material is up to 58% lighter than steel silicon (Carter, 2009). As the material is lighter it means a smaller force is needed to roll the element. The main advantage to this is that silicon nitride can carry similar loads to that of silicon steel with less force needed. Zirconia: Zirconia was made for high performance duties such as (atmospheric journeys). This means the material has the highest temperature ability. However, this material has a high thermal expansion (almost like steel) but weighs less so it does not have the same weight saving and thermal shock resistance found in other ceramic materials. (Carter, 2009) Zirconia is used when low loads are applied or when high temperature capabilities are needed (corrosive too). (iii) Porosity refers to a measure of void (empty spaces in a material) and is a fraction of the volume of voids over the total volume between 0% and 100% (Quora, 2003) Technical ceramics do not have open porosity. To achieve porosity manufacturing process must be done (use of additives). This then allows closed and open pores to be created, ranging from nm to  µm. Porosity can have various effects on the mechanical properties of ceramics (as chosen). The following properties are effected: Compressive strength Density Fatigue Youngs modulus Fracture toughness Shear modulus Tensile strength Any residual porosity will influence elastic properties and strength. For some materials, the magnitude of the modulus of elasticity E decreases with volume fraction per; It is known that porosity affects flexural strength as it reduces cross-sectional area. It also results in pores acting as stress concentrates. (Duffy, 2010) (iv) Below is a completed table for ceramic materials having 20vol% porosity. This is done by using the following; The below calculation for silicon nitride is done for clarity; ) = 199.424 GPa Where is the modulus of elasticity and is the porosity volume. Table 5 Ceramic materials with 20vol% Material Modulus of Elasticity GPa Porosity at 20vol% E(20%) Porosity GPa Silicon nitirde 304 0.2 199.424 Zirconia 205 0.2 134.48 Silicon carbide 345 0.2 226.32 Aluminum oxide 393 0.2 257.808 Glass-ceramic 120 0.2 78.72 Mullite 145 0.2 95.12 Spinel 260 0.2 170.56 Magnesium oxide 225 0.2 147.6 Fused silica 73 0.2 47.888 Soda-lime glass 69 0.2 45.264 As seen from the above, silicon nitride is the ceramic material resulting in a modulus of elasticity when having a porosity volume of 20%. References Carter, 2009. Carter. [Online] Available at: http://www.carterbearings.co.uk/unasis/hybrid-and-ceramic-bearings/ceramic-matericals-and-their-properties-part-2/[Accessed Saturday Feburary 2017]. Duffy, J., 2010. Moodle. [Online] Available at: http://moodle.itb.ie/pluginfile.php/115304/mod_resource/content/0/CES%20EduPack%20-%20USEFUL%20SOLUTIONS%20to%20COMMON%20PROBLEMS%202008%20-%2001Jan13.pdf[Accessed Wednesday Feburary 2017]. Edupack, C., 2006. s.l.: s.n. Ibsco, 2011. Ibsco. [Online] Available at: http://www.ibsco.com/ceramic-ball-bearings.php[Accessed Saturday Feburary 2017]. Quora, 2003. Quora. [Online] Available at: 2017[Accessed Wednesday Feburary 2017].

Consider how Blake Edwards Present Issues of identity and possession :: English Literature

Consider how Blake Edwards Present Issues of identity and possession in Breakfast at Tiffany's In this essay, I am going to analyse the different techniques Blake Edwards used to present issues of identity and possession in the film "Breakfast at Tiffany's" Breakfast at Tiffany's is a film that was directed by Blake Edwards in 1961. It deals with romance and life in the 1960's. The film was originally Based on the book "Breakfast at Tiffany's" by Truman Capote, who wrote the book during the 1958's, which suggests that he must have experienced the style of life in the 1960's. Holly Golightly, the most important female character, in the film was played by Audrey Hepburn, who is one of the most famous Hollywood actresses at that time. The film consists of many genres eg: romance, comedy, so the film would suit a wider ranger of audiences. I do believe that the film was aimed at adults, because Blake Edwards has given the characters in the film a complicated contrast of personality and identity. Issues of identity and possession changes and is revealed bit by bit throughout the film. The director has made Holly Golightly the centre of identity and possession, and made every other character move around Holly, revealing her identity, personality and past. There are many different camera angles like close up of Holly when she is singing or when the characters are talking. The camera angles like close ups can often show what a character is thinking or what their personality is like, for eg: when Holly was singing moon river, the close up shows that Holly is a gentile and kind person. Holly's cat hasn't got a name, in fact we don't know anything about the cat, where it came from or its gender. In the film Holly says, that she would only name the cat when she feels that she is rich enough. The cat is a symbol of mystery, that represents Holly. There are many types of dialogue. Sometimes during the film body language and silent dialogue, is used to express a characters feelings, for example: In the scene of the party, we see a woman standing in front of a mirror, crying then laughing, without saying anything. Facial expressions are also used to show a characters feelings instead of saying their feelings. This could be more effective than dialogue, eg: when Holly says she is not going back with Doc, the expressions on Doc's face show us that he is deeply hurt. Holly seems very strange sometimes, she compares he past boy friends with objects that mean much to her. Holly says that you can tell how

Business Proposal for a Tutoring Agency Essay

Executive Summary The proposal is for a tutoring company based in the East London area in the UK. This is going to be a partnership that will be forged among 3 partners: Shirin Akhter, Meer Hossain and Faisal Ifitkhar. The business will be financed by the partners themselves, with the profits distributed proportionately after costs are considered. The Private tutoring industry in the UK is now experiencing a steady growth, with people paying a considerable amount of money per hour to secure the services of an academically qualified tutor. However, this company is focused more on creating a market for people that cannot afford to pay  £70 to  £100 for a private tutor. All 3 of the partners had some experience in being both students to private tutors and private tutors themselves, and therefore have collaborated to utilise the combined skills to enter the market of Private Tutoring. The first step of this venture is to come up with a business plan. The plan will act a document that will assist in the development of the partnership. As there is very minimal cost consideration involved in this project, the partners are not seeking any financing from any other investors. The Market Based on various news reports, personal research conducted on parents residing in the East London area and considering the experience and capability of the partners (who will be the tutors as well), the company has found out the ideal target market. The target market has 3 separate segments: Students preparing for the Entrance Exam, 13+ and GCSE students. The initial base of students will comprise of children of various parents the tutors have a personal connection with. The cultural similarity (the tutors and potential parents are of Bangladeshi ethnicity) is therefore the pivotal factor in this regard. However, the company wishes to become one of the largest tutoring agencies in East London. Therefore it plans to tutor children from other cultural backgrounds gradually. The Services The services provided to the target will comprise of one to one tutoring, group tutoring, GCSE exam preparation and online services (social media). The company would ideally promote groups sessions as it is cost effective for both tutors and the students. Although private sessions can be deemed as being focused and intensive, group session make room for healthy debate and discussion, thus enhancing the learning procedure. The process of teaching would be based on personal skills coupled with feedback from other partners and feedback from the students. The focus of the services is not of immediate satisfaction of queries, but of better understanding of the concepts related to tutoring. The subjects in which the company offers private tutoring include Business Studies, Accounting, Physics, Chemistry, Science and Mathematics, and verbal and Non-verbal Reasoning. Promotion and advertising The initial base of students that have been proposed here are not at par with the rich families, therefore the USP of the proposed company is that it will provide tutoring service to students for a reasonable price. It has been noticed that the average price range for tutors in East London is  £15 to  £20 per hour, therefore the company will provide the sessions 1 and half hour long for the same money. It can therefore establish itself as a company that is affordable. The partnership wishes to use the most effective advertising for the minimal cost as well. Therefore it would use Word of Mouth as its main promotional tool. Satisfied students and their parents are therefore the most important component in their promotional mix. The company will also make use of Social Media for promoting the company, as well as to use the online platform for feedback from the students and to assist the students online when needed. The company would also have some sales promotion in the form of introductory price offer, such as getting 5 sessions for the price of 4. However, the details of such sessions are yet to be discussed. Management The management of the company would comprise of all 3 partners, however, as per the legal requirement of UK, Meer Hossain will act as the nominated / general partner for the company. However the need for the partners to act as managers will only arise after it has grown considerably. The managers are therefore the employees of the company. All 3 partners are Graduate and professionals who also had experience as private tutors. The partners also have experience in working as supervisors / managers in their own professional area. They have become more and more culturally tolerant and astute, as they have been working in a multicultural country for more than a few years. The management will act as trainers when the company is going to start employing other tutors for the company. Future plans The company plans to extend it services to include Undergraduate students as their customers. The company also has plans to set up a website, as well as start the option of video conferencing in the future. 1. Description of the Business 1.1. Mission The company would approach teaching in an innovative and unique way with the idea of helping creating a bridge between students and the subject they need to have a good grasp on. The customised and focused process of teaching would equip the students with the necessary tools needed for improving their understanding and thus achieving success in their studies. The company is valued by the mental satisfaction and the observable outcomes of the students. The success of the company rests on the success of the students. 1.2. The key factors 1. Creating effective and innovative methods of approaching individual subjects and the sections within them for the easiest possible understanding of the challenging subject matters. 2. Increasing market presence via word of mouth promotion achieved through the excellence in service and knowledge distribution. 3. Creating a constant feedback process whereby the needs of the individuals are assessed and the processes tailored as a result. 1.3. Goals 1. To be the market leader in tutoring service in East London, specifically in the London Borough of Tower Hamlets by the end of year 4. 2. To double the revenue of the company by the end of Year 2. 3. To extend the tutoring service to Undergraduate students by the end of Year 2. 4. To establish a strong online presence via interactive web learning process by the end of year 2. 1.4. Scope of the business According to Smith (2012), a micro-business is defined by the involvement of 1 to 4 people, and a small business has 5 to 20 people in the enterprise [Smith, H. (2012): Learn Small Business Startup in 7 Days, Wiley, Milton, QLD, AUS, p 2]. The proposed Tuition agency can be therefore defined as a micro-business as the number of people in the core business would be 3, at least at the outset. As far as the goals and objectives are concerned, the business aims to be slightly bigger that a small business as far as the aforementioned definition is concerned. 1.5. The company The proposed company would provide tutoring services in few selected subjects for students ranging from 11+ to the GCSE qualification, focusing mainly in the East End of London, UK. The courses the company aims to provide tutoring support includes Mathematics, Physics, Chemistry, Business Studies and Accounting. The company would also provide tutoring supports for students interested in other subjects, but would act as a contact point would primarily outsource such tasks, acting as an intermediary in the process. The tutoring sessions would focus on assisting students grasping seemingly difficult concepts in the aforementioned areas of study. The process taught would help them perform better in their respective schools and / or educational institutes. It would also help them create a strategy for any forthcoming exams. The service would also assist them in understanding the effective method of writing various essays relating to the subject(s). The company aspires to prepare student in a manner where they would empowered to solve various problems on their own, rather than approaching individual tasks on a short term basis. 1.6. The owners The proposed company would be owned by 3 people: Shirin Akhter, Meer Hossain and Faisal Iftikhar. The company would therefore be a partnership. The ownership is expected to remain unchanged, but extenuating circumstances might bring change to the ownership structure. 1.7. Legal and regulatory frame of the company Based on the classification as stipulated by UK, the owners will form a limited partnership [Limited Partnership – GPO2, http://www.companieshouse.gov.uk/about/gbhtml/gpo2.shtml, accessed 10 August 2013]. Therefore the owners or partners of this company will be liable for all debts and obligations, however, the scope of such debts and obligations will not be more than the individual investments towards the company. As mentioned in the proposal, the company would be registered as a partnership. According to the present definitions set out by the Department of Work and Pensions, the owners (partners) of the company would therefore be classified as self-employed. The company would not itself pay any taxes; rather taxes would only apply on the individual revenues of the partners in the business [Set up a business partnership, https://www.gov.uk/set-up-business-partnership, accessed 10 August 2013]. Some of the terms of the agreement will include the following: 1. The profit of the business will be proportionate to the initial capital invested by the individuals entering into the agreement. 2. Meer Hossain has agreed to be the nominated partner as per the requirement of the the UK government for a partnership at the outset. Therefore the company will treat Meer Hossain as the only limited partner / general partner at the outset. Any amendments would be discussed upon and the changes would be done accordingly. 3. The partners will also act as the employees of the company, and they would receive salary as employees of the company according to the service they provide, based on the rates fixed. 1.7.1. DBS Checks The Disclosure and Barring Service (DBS) has recently replaced the CRB checks in the UK. Although this is not a requirement for private tutors in terms of their business [Fagg, H. (January 19th, 2013): New Disclosure and Barring Service (DBS): What it means for private tutors, http://www.thetutorblog.com/tag/crb/, accessed 10 August 2013], because the target market for this business involves working with children, the partners, as employees, would apply for a DBS check on themselves with Disclosure Scotland, a branch of DBS that allows for self employed tutors residing in England, Scotland and Wales to be checked. It is considered to be an essential part of the company [Guide: Disclosure and Barring Service (DBS) checks (previously CRB checks), https://www.gov.uk/disclosure-barring-service-check, accessed 10 August 2013]. 2. Business opportunities An investigation into a possible business always begins by analysis various opportunities. Therefore all the sources relating to an opportunity should be studied and analysed, and the process should also be done on a systematic and regular basis [Murthy, C.S.V. (2010): Small Scale Industries and Entrepreneurial Development, Global Media, (Mumbai, IND), p 43]. The tutoring service is not something novel in idea; however, the aim of the company is to provide the service at a reasonable cost. According to Lesonsky (2001), it is not necessary (for most start-up companies) to come up with a new and unique idea. A new business can venture into an existing industry, planning on how it can improve on the existing practices and how it can differ from its competition [Lesonsky, R. (2001): Start Your Own Business: The Only Start-Up Book You’ll Ever Need, Entrepreneur Press, Irvine, CA, USA, p 24]. The partners in this regard have agreed on an opportunity that they feel they can make the most use of by becoming the affordable solution to tutoring needs. 2.1. The driving forces 2.1.1. Experience As Amar Bhide looked into the private ventures in America, he discovered that new ventures in the country were usually problems that the founders of such companies faced themselves and were looking at solving those problems. 71% of these â€Å"domain experts† were actually people who approached an existing problem differently in their area of business, whilst 20% used their serendipitous ideas in their new business ventures [Price, R. W. (2004): Roadmap to Entrepreneurial Success: Powerful Strategies for Building a High-Profit Business, AMACOM Books, Saranac Lake, NY, USA, p 73]. The 3 tutors have all come from Bangladesh, where they already had experience of being taught by a private tutor and being a tutor themselves. They have all felt that for some of the ‘trickier’ subjects, such as higher mathematics (Binominal Equations, Matrices, Calculus, Statics and Dynamics etc.), Physics and Quantum Physics, Organic Chemistry and various other subjects required that the students have a special understanding outside the realms of a classroom environment. However it was not really a business plan until recently, when they realised that there is a growing demand for such personal tutoring in the UK as well. As mentioned by Pinson and Jinnett (2006), an entrepreneur can look into his or her interests and volunteer experience for an idea of a business. They also added that capability is important in regards of a new business, and any specialised skills that can complement [Pinson, L. and Jinnett, J. (2006): Steps to Small Business Start-Up: Everything You Need to Know to Turn Your Idea Into a Successful Business, Dearborn Trade, A Kaplan Professional Company, Chicago, IL, USA, p 2-3]. The partners realised that their experience in being both students and private tutors can come in handy for the new business setup. Therefore they agreed to come up with this new business venture. 2.1.2. A rising market The market of private tutoring is now experiencing a surprising growth in the UK. According to a recent news report by the BBC [Burns, J. (2 August 2013): Private tutors boost grammar chances, suggests survey, http://www.bbc.co.uk/news/education-23547666, accessed 7th of August, 2013], A pilot study found out that many parents in the UK nowadays rely on the service of private tutors to increase the chance of their children of securing a place in a grammar school. As the poll suggests, around 72% of the 212 first year grammar school students surveyed had undergone private tutoring for entrance exams during their final years in primary schools. Of this 72%, 5% received private tutoring as part of a small group, whilst 67% of the grammar school students subscribed to a one-to-one form of private tutoring. Around 78% of these students believed that private tutoring was helpful for them in the enhancement of their performance in the entrance exam. Prof Judy Ireson mentioned that some of the parents perceive that this process of private tutoring is rational as it can help their children to â€Å"perform well in the entrance exams for schools of their choice† [Burns, J. (2 August 2013): Private tutors boost grammar chances, suggests survey, http://www.bbc.co.uk/news/education-23547666, accessed 7th of August, 2013]. In a news report in 2009, Guardian stated that 45% of students based in London has had a private tutor. The percentage is now increasing, and according to TES, around 25% of all students between 11-18 years of age have all received some form of private tutoring, specifically in mathematics [Dyer, A. (24 July 2013): Private Tuition Is on the Rise, Should the Industry Be Regulated? HUFFPOST STUDENTS United Kingdom, http://www.huffingtonpost.co.uk/alex-dyer/private-tuition-regulation_b_3643876.html, accessed 8th August 2013]. 2.1.3. Better return on investment possibility Private tutoring is pretty common in more affluent households. There are few London based tutoring firms that hire graduates from Oxford and Cambridge, who sometimes charge a hefty amount of  £70 –  £100 for a one hour session, just for the preparation of entrance exams. There are also reports that suggest that parents on average incomes are also subscribing to the service of private tutors, as mentioned by the private tutoring chain Explore Learning [Aug 17th 2013: Private tuition Premium economy, The Economist (British Edition), http://www.economist.com/news/britain/21583707-private-education-becoming-more-egalitarian-premium-economy, accessed 20th of August, 2013]. 2.2. Potential Customer The tutors for the company are all qualified as graduates. However, given the scenario as depicted in the news reports above, the tutors have decided not to teach, as of now, any higher than GCSE level. The target market in this regard can be broadly classified into 3 segments: Pre-Entrance students: Students who want to prepare for entrance for a grammar school of their choice fall into this category. The subjects that would be taught in this regard include Mathematics, Verbal Reasoning and Non-verbal reasoning. English has been excluded due to the non-native status of the tutors. 13+ students: Students in this target student can receive tutoring in Science, Mathematics and Verbal and Non-verbal Reasoning. GCSE students: for the GCSE students, the subjects that will be covered will include Business Studies and Accounting, Science, Chemistry, Physics and Mathematics. 2.3. Competition Tutors are generally people who have specific expertise and little extra time. A significant amount of competitors are mainly one-to-one private tutors that advertise on various online websites, such as Gumtree [http://www.gumtree.com/other-tuition-lesson-services/london/private+tutor, accessed 09 August, 2013]. With the growing number of tutoring agencies with a physical establishment and a strong online presence, the competition in the private tutoring market is varied and intense. According to a directory website of East London, the average rate per hour as charged ranges from  £15 to  £20 per hour [http://www.hometutorsdirectory.co.uk/EastLondonTutors.html, accessed 09 August, 2013]. 3. Marketing plan and Strategy The difference between a rapidly growing company and a slowly growing or declining company operating in the same target market is in the effective marketing of the former. As an example, companies such as Coca-Cola, Frito-Lay and Gillette have all succeeded in their respective market because of the fact that they were able to market better than their competitors. Therefore to grow a business, it is essential to become an effective marketer, promoter and advertiser as well [Henricks, M. (2001): Grow Your Business, Entrepreneur Press, Irvine, CA, USA, p 152]. The marketing plan in this regard includes the construction of a successful strategy for the target. Burk and Lehman (2004) define strategy as a plan of action that has been designed purposely towards a goal or a set of goals. The components of a good strategy should include an assessment of the state of the business at the time of formulating the strategy, identification of the goals to be achieved, and the processes adopted to reach the goal and to consider the problems in the process [Burk, J. and Lehman, R. (2004): Financing Your Small Business, Sphinx Publishing, an Imprint of Sourcebooks, Inc., Naperville, IL, USA, p 21]. 3.1. Initial essentials This is a start-up business; therefore an analysis of present performance of the business cannot be done. There are however a few essentials that has been agreed upon before the business can be started. These essentials include: 3.1.1. DBS checks The DBS checks of the 3 person involved will be done via Disclosure Scotland, and will cost  £25 for each person involved [Disclosure Scotland: Apply online for Basic Disclosure: Cost, http://www.disclosurescotland.co.uk/apply-online/#cost, accessed 10 August 2013]. 3.1.2. Registration and licensing The Company name would be registered and would aim for a certified certificate by filling up an IN01 form and that would cost  £20 [http://www.companieshouse.gov.uk/infoAndGuide/faq/registerNewComp.shtml, Accessed 19 August, 2013]. The company would also apply for a limited partnership by filling up an LP5 form [LP5 form, LIMITED PARTNERSHIPS ACT 1907: Application for Registration of a Limited Partnership (In accordance with section 8 of the Limited Partnerships Act 1907), http://www.companieshouse.gov.uk/forms/generalForms/LP5_Application_for_Registration_of_a_Limited_Partnership_and_Statement_of_particulars_and_of_the.pdf], and the cost in this regard is also  £20. 3.1.3. Company Address For the time being, the company will be registered against the residential address of Meer Hossain as the nominated / general partner of the firm. 3.2. Objectives of the Business The goals of the business have already been discussed in the short description of the business. However, in this section, the goals would be further broken down in what is known as SMART objectives. SMART is an acronym that is commonly used for determining objectives of a business. SMART objectives are objectives that are â€Å"Specific, Measurable, Achievable, Realistic and Timebound,† or SMART [Martin, V. (2006): Managing Projects in Human Resources, Training and Development, Kogan Page Ltd., London, GBR, p 11]. Based on the goals of the organisation, the objectives set for the company therefore are as follows: 1. To have an overall average revenue of  £5,000 per month at the end of 1st year. 2. To increase the revenue to  £10,000 at the end of year 2. 3. To employ at least 2 local (UK academic qualification) graduate students before the end of year 2. 4. To create an interactive website at the end of year 2 for potential and existing customers. The objectives here specified are mostly related to the expected future performance of the business. 3.3. The Unique Selling Proposition (USP) It is important for a company to come up with a USP for its products or services to stand out from the competition. USP has been defined by Rosse Reeves (1961) as a proposition that communicates to the customers about a unique benefit that can be acquired from a product or service and the benefit needs to have enough power to account for considerable revenue [Reeves, R. (1961): Reality in Advertising, Knopf, New York, NY, USA]. USP was considered to be advertising imperative for any brand building exercise. This company will promote tutoring at a reasonable cost. The USP of this company is therefore affordable education for aspiring students. It is evident that although the target customers are students, the USP will be aimed at parents who would pay for the service and therefore would see the benefit in this process 3.4. Pricing After looking at various figures in the market, the pricing that has been set for various students are as follows: For Entrance Exam preparation:  £15 per session of 1 and half hour. For 13+ tutoring:  £15 per session of 1 and half hour. For GCSE preparation:  £20 per session of 1 and half hour. The pricing has been agreed upon based on the market in East London, and the quoted price above offers more for the money as spent in the existing market of Private tutoring. 3.5. Promotion and Advertising The company would be promoted via 2 major media: The internet and word of mouth. The former can also be termed as Social Media Marketing, and will rely mainly on a Facebook page. There would also be Sales promotion, therefore inserting a bit of incentive for the beginners and encouraging bulk purchase for the company. 3.5.1. Word of Mouth As it has been mentioned before, the partners of the company has each conducted (unstructured) data collection in areas in the Tower Hamlets Borough in an attempt to assess the need of a tutoring service. These surveys were conducted among people that they personally knew. This is where the word of mouth process comes in. Word of mouth is considered to be the most effective method in making the process of decision easier and also in accelerating the decision process of potential customers [Silverman, G. (2001): Secrets of Word-of-Mouth Marketing: How to Trigger Exponential Sales Through Runaway Word of Mouth, AMACOM Books, New York, NY, USA, p 21]. Word of mouth advertising is done by satisfied customers, friends and normally close relatives, but satisfied customers are the most desired in the mix. Each of the partners started private tutoring in the process of helping out a friend or a family member, and that would also be the starting point for this company. The partners would start by tutoring children of the parents they have conducted a survey on, and that would ensure that the process of word of mouth gets started. They would ask these parents to refer them to others, as well as refer any struggling student to them. 3.5.2. Sales Promotion Sales promotion will also be adopted by the company, whereby the target customers would be given an incentive outside the scope of advertising [Hundekar, S.G., Appannaiah, H.R. and Reddy, P.N. (2010): Principles of Marketing, Global Media, Mumbai, IND, p 103]. In this case, the potential customers will be offered to take advantage of bulk purchases, therefore they can buy 5 sessions for the price of 4. The sales promotion would also inspire customers to create a small group of students at their homes for studying, thus reducing the cost per head in the process.. 3.5.3. Social media marketing In this day and age of Facebook, Twitter, Buzzfeed, LinkedIn and various other social media networks, it has become easier to setup a platform that is virtually free and tremendously interactive. The act of posting and creating various contents online creates a ‘circle’ of like minded individuals that interact with each other [Agresta, S., Bough, B. B. and Miletsky, J. I. (2010): Perspectives on Social Media Marketing, Course Technology / Cengage Learning, Boston, MA, USA, p 2, p 36]. Social media have now become an important sector on its own right is considered vital for influencing behaviour of consumers [Assenov, I. (2012): Social Media Marketing and the Hospitality Industry: Evidence from Thailand. 6-7 Sept]. The participants in social media interaction becomes part of the cycle of social feedback, as demonstrated in the figure below. The Cycle also illustrates how social media can influence a market [Evans, D (2010): Social Media Marketing: The Next Generation of Business Engagement, Sybex, Hoboken, NJ, USA]. [pic] Figure 1: Social Feedback Cycle (Source: Evans. D, 2010) Amongst the existing set of Social Media Network, Facebook is considered to have the highest reach. As of 2011, Facebook had more than 500 million users worldwide [Weintraub, M. (2011): Killer Facebook Ads: Master Cutting-Edge Facebook Advertising Techniques (2nd Edition), Sybex, Hoboken, NJ, USA, p 2]. The number of Facebook users is ever increasing. Facebook also has the capability to be personal and professional. It can be used to promote a venture as well as to connect with close ones and friends [Adler, L. and Sillars, R. (2010): Linked Photographers’ Guide to Online Marketing and Social Media, Course Technology / Cengage Learning, Boston, MA, USA]. The partners have decided to open up a Facebook page under the name of the company. The page would act not only as a promotional tool, but it would also act as a platform for feedback from existing students, as they will be able to post various of their queries on a session they have already undergone. The page would also include useful links, videos and study materials relating to the sessions. 4. Operations and Processes 4.1. Background of the owners / employees 1. Shirin Akhter: She is currently doing her MBA with a reputed institute in the UK. He is from a Bangladeshi descent, and has been an experienced private tutor for some time in Bangladesh. Her areas of expertise include Business Studies, Mathematics and Chemistry. 2. Meer Hossain: An ex-engineer in the marine industry, Mr. Meer Hossain has in depth academic knowledge of Applied Physics and Electronics. Like his partner, He also was a house tutor in Bangladesh for a considerable period of time before he moved out to Russia, eventually coming to the UK. He works as a trainer in a retail setting, and therefore is also adept in communicating in the most culturally relevant manner. His are of expertise include Physics, Mathematics and Chemistry. 3. Faisal Iftikhar: Alumni of one of the top business schools in Asia, Faisal Ifitkhar is currently working in the retail industry as a trainer and a customer service assistant. He is adept in creative writing, and recent interests into Physics have increased his understanding of the subject. He has the experience of teaching in a classroom environment as well as a one to one private tutor. His Area of Expertise include Mathematics, Business Studies and Accounting. All of these individuals have one thing in common: they are all good at assessing the needs of the individual and customise their process of teaching accordingly. The partners have also decided to hold weekly meetings that would discuss the problem areas of their own students and work out the best solutions, so that the individual is catered for in a more effective process. 4.2. Personnel plan The company plan to improve their capability and try to reach the undergraduate market by the end of Year 2. It also plans to employ more tutors at the beginning of Year 2. However, the requirement of extra tutors depends on the capacity and the willingness of the existing teachers. There would be a training plan devised for any prospective teacher who is being hired. The training plan would involve the following few processes: 1. Training on the Job: The trainer that has been recruited will be asked to accompany the existing tutors and learn how tutoring is done. This would give them a practical sense of what is involved in the process of teaching. 2. Personal assessment on the skills: Although a tutor will be hired based on a respectable academic record, they would still need to be assessed by the company, and trained if necessary on areas where there is room for improvement. 3. Feedback and group communication: The new tutor will be included in the weekly meetings that discuss specific problems relating to specific students. The discussion would not only assist in learning various ‘tricks of the trade’, but the employee will be able to put in his or her feedback and thus add value to the company. 4.3. Dealing with the start up Martin and Crisp (1992) have described that the initial few months of a business are usually the most expensive ones, and a successful business must have enough to keep it going for several months [Martin, C. L. And Crisp, M. G. (Editor) (1992): Starting Your New Business: A Guide for Entrepreneurs, Course Technology / Cengage Learning, Menlo Park, CA, USA, p 12]. This has been considered by the partners. They have all decided that would continue to work in their present workplace, but with reduced hours, and therefore any additional cost relating to the company would be reimbursed by the partners of the company. The input in this regard would count as investment, and therefore the profit would be shared accordingly, at the end of they 1st year, in proportionate to individual investment. 4.4. The process of value creation More and more companies are now becoming socially responsible. It is not enough that a company is profitable, but it is important that a company adds value to the society. Social Entrepreneurs are therefore considered to be the new wave of entrepreneurs. In terms of creating value, the distinction can be made between those who are social entrepreneurs and those who are commercial entrepreneurs. According to Volkmann, Tokarski and Ernst (2012), Commercial entrepreneurs are more focused on value appropriation, whilst the social entrepreneurs are focused on value creation [Volkmann, C. K., Tokarski, K. O. and Ernst, K. (2012): Social Entrepreneurship and Social Business: An Introduction and Discussion with Case Studies, Springer Gabler, p 106]. The company in this regard can be termed as a mixture of both. The obvious value is that of a commercial nature, the business is going to be involved in a profit oriented service industry. However, due to the nature of the service provided, it can be said that the company will also add value as it becomes part of the educational system in the country. 4.5. Diversity management The company aims at tutoring students who are based in the East London Area. East London has a lot of Bangladeshi people, which is therefore culturally and linguistically easier for the owners to relate to. Keeping that in mind, the company is to consider that fact that to be the top of all tutoring agencies, it would need to be able to deal with a diverse group of students coming from a diverse group of ethnicity. Therefore a certain level of Cultural Intelligence or CQ is expected from the tutors. According to Ang & Dyne (2008), CQ or cultural intelligence is the capability of a person to function in various cultural settings [Ang, S. and Van Dyne, L. (Editor) (2008): Handbook of Cultural Intelligence: Theory, Measurement, and Applications, M.E. Sharpe, Inc., Armonk, NY, USA]. The partners, working and living in UK for a considerable period of time, has exhibited CQ towards their co-workers, managers and employees. That learning will be incorporated as the company starts to serve in different cultural settings. The hiring process as explained would also consider in these facts, and preference would be given to someone from a different cultural background than that of the owners. 4.6. Services offered The target market has been identified and classified in preceding sections of this proposal. In this section the services are classified and explained in terms of what kind of tutoring services can be provided among the target consumers. 4.6.1. One to one tuition One to one tuition would obviously be the most common one in this regard. The teacher will travel to the student’s residence and teach him or her on an individual basis. 4.6.2. Group session Not only is group session more cost effective, it is also more effective in terms of learning. A group session enables the students to interact and communicate with each other and thus creates a better understanding of the subject matter. Group sessions would therefore be especially encouraged for the students. 4.6.3. GCSE revision courses As the GCSE exams approach the students, this service would enable the students to get help with the following: †¢ Preparing for the exam †¢ Learning various exam techniques †¢ Guidance for coursework This would also include appraisal services for dissertation and for coursework. 4.6.4. Online services Based mainly on social media feedback, this service would actually use the online platform for feedback and queries from the students and deal with the queries promptly. 4.7. Future operations These services will be part of the start up business, and the company has plans to add more services as the company improves. By the end of year2, the company plans to serve Undergraduate students, and has plans to include distance learning, whereby the internet will be used for group session via video conferencing. 5. Technological consideration There is no denying the impact internet has on the present business scenario. It is considered as one of the â€Å"greatest disruptive technology to hit the world since electricity.† GE chairman Jack F. Welch (1999) said that the internet â€Å"was the single most important event in the U.S. economy since the Industrial Revolution† [Price, R. W. (2004): Roadmap to Entrepreneurial Success: Powerful Strategies for Building a High-Profit Business, AMACOM Books, Saranac Lake, NY, USA, p 45]. The technological consideration in this regard is mainly the maximum usage of the internet, especially via Facebook. A Facebook Page will be created for the students and the parents. The Facebook page will include the following: 1. Discussion (Generated by the App ‘Forums’): It is important that students discuss various problems they face with specific subject areas. 2. Videos: various useful hints and tips would be uploaded from the tutors, discussing very specific methods and processes of overcoming various problems regarding subjects. 3. Photos: Photos will include the success of various students who have subscribed to the service of the company, as well as various other related photos, and, true to the internet generation, various ‘Meme’s will also be uploaded to maintain a lighter side of studying. 4. Docs: this is more appropriate for a group rather than a page. The docs section will include various useful hints and tips, shortcuts, and various other methods and processes that are categorised in a coherent order for existing sets of students. However, a Page on Facebook is more public, whereas the privacy of a group can be controlled. Therefore most of the materials will become part of a Facebook group, enabling fee paying students to get the most out of social media. 5.1 Future online plans 5.1.1. Website Many renowned Tutor services, as well as companies, have their own websites. Although there is a cost consideration in a website, the flexibility that can be offered on a website would outweigh the comparatively minimal cost. The website would mainly have the option to pay / register online, therefore making it easier on future customers. 5.1.2. Distance learning via video conferencing There are numerous softwares, apps and programmes that allow for video conferencing for virtually no cost. The only cost consideration in this regard therefore is the initial setup, which would buying a business internet connection for the company, a physical facility to set the computers, and of course, computers that will be used for video conferencing. Video conferencing would thus increase the reach and decrease the cost of travelling. 5.2 Communication To ensure cost minimisation, the partners will make use of their existing mobile phones for various forms of communication. However, there are plans to subscribe pay-as-you-go phone services to deal with future communication, if frequency of calls increase, and also if the cost becomes more than the number of calls the partners can afford. The company expects to include pay-as-you-go phones in the 2nd half of the year. 6. Financial Consideration There is little start-up cost involved in the business. Investment would come mainly from the partners themselves. However, there are future cost and investment considerations in this business that have been mentioned, however, the estimation is based on the projection of increase in business. 6.1. Estimated initial / fixed costs The total cost for the start-up is  £115 in total. There are also costs of travelling, which comes at  £96.80 per month for each tutor (based on a zone 2-4 rate in a travel card). The travelling cost might increase if the target audience lives in zone 1 (which includes Aldgate and Liverpool Street) or is outside zone 4 in East London. These costs will be accounted and paid for from the revenue of the individual tutors. The tutors in this regard might come up with a travel allowance to adjust for the salary of the employee. Adjusting the total cost of travelling to 3,500 for the year (rounded from  £3484.80 annually for the company based on zone 2-4 travelling only), the total cost comes as follows: [pic] Figure 2: Estimated (fixed) Cost for Year 1 |Total Cost for Year 1 | |Travel cost |3,500 | |Start up cost |115 | |Total Cost |3,615 | 6.2. Other Costs There are other costs that might occur, which can be termed as variable costs, though not in its strictest terms of production cost per unit. As far as the plans are concerned, if the company needs to buy pay-as-you-go connections, internet connection, a facility and a video conference setup, additional costs will occur. As an example, if the company is able to rent a space in East London for the aforementioned purposes, the cost would be as follows: Rent / month:  £1,000 –  £2,000 (depending on the facility and the area) Internet payment / month:  £16 (BT Business Broadband) [Latest Bt Business Deals: http://www.uswitch.com/broadband/providers/bt_business/?bb=1&gclid=CJ2ZrMW3m7kCFZPItAodcAIAPQ#content, accessed 19 August 2013] 3 pay-as-you-go phones:  £20 x 3 =  £60 per month (O2 pay and go-go-go service) [O2 Pay and Go Go Go: https://www.o2.co.uk/freesim/, accessed 19 August 2013] 3 laptops (with webcams and microphones): Average market price  £320*3 =  £960 [http://www.currys.co.uk/gbuk/computing/laptops-315-c.html, accessed 19 August 2013]. 6.3. Expected Revenue In terms of the projection of the revenue expected in the future, the company has gone for a conservative approach. The demand for tutors only from private contacts is deemed enough to reach a monthly target of  £5,000. Therefore it does not account for any new students that will be make use of the service in the future. However, the 2nd year projection can be termed as optimistic, as the assumption is that the business will actually grow and will be able to generate double the revenue. The revenues, as expected from the operations, are as follows: [pic] Figure: Expected Revenue for Years 1 and 2 | |Average income / month | | |Year 1 |Year 2 | |Entrance students |2500 |3,500 | |13+ |1500 |3,500 | |GCSE |1000 |3,000 | References 1. Smith, H. (2012): Learn Small Business Startup in 7 Days, Wiley, Milton, QLD, AUS, p 2 2. Murthy, C.S.V. (2010): Small Scale Industries and Entrepreneurial Development, Global Media, (Mumbai, IND), p 43 3. Lesonsky, R. (2001): Start Your Own Business: The Only Start-Up Book You’ll Ever Need, Entrepreneur Press, Irvine, CA, USA, p 24 4. Price, R. W. (2004): Roadmap to Entrepreneurial Success: Powerful Strategies for Building a High-Profit Business, AMACOM Books, Saranac Lake, NY, USA, p 73. 5. Pinson, L. and Jinnett, J. (2006): Steps to Small Business Start-Up: Everything You Need to Know to Turn Your Idea Into a Successful Business, Dearborn Trade, A Kaplan Professional Company, Chicago, IL, USA, p 2-3. 6. Henricks, M. (2001): Grow Your Business, Entrepreneur Press, Irvine, CA, USA, p 152. 7. Burk, J. and Lehman, R. (2004): Financing Your Small Business, Sphinx Publishing, an Imprint of Sourcebooks, Inc., Naperville, IL, USA, p 21. 8. Martin, V. (2006): Managing Projects in Human Resources, Training and Development, Kogan Page Ltd., London, GBR, p 11. 9. Reeves, R. (1961): Reality in Advertising, Knopf, New York, NY, USA 10. Silverman, G. 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Aug 17th 2013: Private tuition Premium economy, The Economist (British Edition), http://www.economist.com/news/britain/21583707-private-education-becoming-more-egalitarian-premium-economy, accessed 20th of August, 2013 28. http://www.gumtree.com/other-tuition-lesson-services/london/private+tutor, accessed 09 August, 2013 29. http://www.hometutorsdirectory.co.uk/EastLondonTutors.html, accessed 09 August, 2013. 30. Disclosure Scotland: Apply online for Basic Disclosure: Cost, http://www.disclosurescotland.co.uk/apply-online/#cost, accessed 10 August 2013 31. http://www.companieshouse.gov.uk/infoAndGuide/faq/registerNewComp.shtml, Accessed 19 August, 2013 32. LP5 form, LIMITED PARTNERSHIPS ACT 1907: Application for Registration of a Limited Partnership (In accordance with section 8 of the Limited Partnerships Act 1907), http://www.companieshouse.gov.uk/forms/generalForms/LP5_Application_for_Registration_of_a_Limited_Partnership_and_Statement_of_particulars_and_of_the.pdf, accessed 19 August 2013 33. Latest Bt Business Deals: http://www.uswitch.com/broadband/providers/bt_business/?bb=1&gclid=CJ2ZrMW3m7kCFZPItAodcAIAPQ#content, accessed 19 August 2013 34. O2 Pay and Go Go Go: https://www.o2.co.uk/freesim/, accessed 19 August 2013 35. http://www.currys.co.uk/gbuk/computing/laptops-315-c.html, accessed 19 August 2013 Appendix Table 1: Expected Revenue, Year 1 |Jan |Feb |Mar |Apr |May |Jun |Jul |Aug |Sep |Oct |Nov |Dec | |Entrance Exam | £1,000 | £1,000 | £1,500 | £2,000 | £2,500 | £5,000 | £6,000 | £6,500 | £4,500 |0 |0 |0 | |13+ | £1,500 | £1,500 | £2,000 | £2,000 | £2,000 | £2,500 | £1,500 |0 | £1,000 | £1,500 | £1,500 | £1,000 | |GCSE | £1,000 | £1,000 | £1,000 | £1,500 | £2,500 | £2,500 | £1,500 |0 |0 |0 | £500 | £500 | |Total Revenue | £3,500 | £3,500 | £4,500 | £5,500 | £7,000 | £10,000 | £9,000 | £6,500 | £5,500 | £1,500 | £2,000 | £1,500 | | Table 2: Teachers’ Payment, Year 1 |Jan |Feb |Mar |Apr |May |Jun |Jul |Aug |Sep |Oct |Nov |Dec | |Shirin | £800 | £800 | £1200 | £1200 | £2000 | £2400 | £2400 | £1600 | £1440 | £400 | £480 | £400 | |Meer | £1200 | £1200 | £1200 | £1600 | £2000 | £2800 | £2400 | £1600 | £1520 | £400 | £560 | £400 | |Faisal | £800 | £800 | £1200 | £1600 | £1600 | £2800 | £2400 | £2000 | £1440 | £400 | £560 | £400 | |Total Payroll | £2,800 | £2,800 | £3,600 | £4,400 | £5,600 | £8,000 | £7,200 | £5,200 | £4,400 | £1,200 | £1,600 | £1,200 | | Table 3: Profit and Loss (Before Taxes), Year 1 |Jan |Feb |Mar |Apr |May |Jun |Jul |Aug |Sep |Oct |Nov |Dec |Total | |Revenue | £3,500 | £3,500 | £4,500 | £5,500 | £7,000 | £10,000 | £9,000 | £6,500 | £5,500 | £1,500 | £2,000 | £1,500 | £60,000 | |Fixed Cost | £3615 |0 |0 |0 |0 |0 |0 |0 |0 |0 |0 |0 | £3,615 | |Variable Costs | £35 | £35 | £45 | £55 | £70 | £100 | £90 | £65 | £55 | £15 | £20 | £15 | £600 | |Teacher’s payment | £2,800 | £2,800 | £3,600 | £4,400 | £5,600 | £8,000 | £7,200 | £5,200 | £4,400 | £1,200 | £1,600 | £1,200 | £48,000 | |Total Cost | £6,450 |2835 | £3,645 |4455 | £5,670 |8100 | £7,290 |5265 | £4,455 |1215 | £1,620 |1215 | £52,215 | |Total Profit |- £2,950 |665 | £855 |1045 | £1,330 |1900 | £1,710 |1235 | £1,045 |285 | £380 |285 | £7,785 | |Note: Variable costs are determined as 1% of the expected revenue; assumption includes additional cost of travelling (Zone 1).

NPV method

This report focuses on three Important areas of financial management namely Capital structure, Management of Working Capital and Investment appraisal. While the flirt two parts of the report analysis Apple's activities, the last part of the report is related to the given scenario. The first part of the report evaluates Apple's capital structure. After determining the company's capital structure, the report will evaluate different financing options for the company's capital investments. The analysis involves the cost of debt and equity. The aim Is to justify the financing decision for a Eng term.The second part of the report evaluates the performance of Apple's working capital management practices. This part relies on the ratio analysis. Current Ratio, Debtors, Creditors and Inventory days will be calculated over a three years period. The data is gathered from the Yahoo Finance. In order to make the analysis more meaningful there will be a benchmarking with a main competitor. The last part of the report conducts NAP analysis to find out the best investment option for the given scenario. The project with the highest NAP is likely to be most beneficial for the company.Subsequently conclusions will be drawn. Reason for Choosing Apple for this study I have a personal interest in this company as it is seen the most successful company in the world at the moment. I will be able to learn from the best practice. Capital Structure and Financing Decision A firm's optimal capital structure is the mix of debt and equity that minimizes the weight cost of capital of the firm. When the cost of capital is minimized, the total value of firm's shares are maximized. As a result the minimum cost capital structure is called as the optimum capital structure. (Moyer et al. 012) According to Moles et al. (201 1) managers decide on the optimum capital structure based on the trade-offs between the benefits and costs of debt. The fact that there are a number of different benefits and costs associated with the use of debt flagging suggests that managers will balance these different options. Moles et al. (2012) explains that debt can be cheaper as debt is less risky than the equity. In addition, there is a tax advantage with debt financing as interest expenses are generally tax deductible. Another world, the company pays less tax if they use debt financing.However, a company can go into liquation If It cannot payback Its debts of Interest obligations. According to Apple's financial statements on Yahoo Finance (2012) over the last three years period (2009, 2010 and 2011 ) the company did not have any long term debt as well as short term debt. While the company's retained earnings increased from $23. 4 billion in 2009 to $37 billion in 2010 and this figure reached to $63 billion in 2011, the company financed its projects through retained profits. The company was able to do this because It had large profits. Apple's net profits were $8. Lion, $14 billion and $25. 9 billio n In 2009, 2010 and 201 1 respectively. According to the Apple's Annual and $1. 3 billion in 2011, 2010 and 2009 respectively. Currently the company is using equity option to finance its capital expenditure. According to BBC (2012) this year the company announced $2. 65 per share quarterly dividends. This is the first dividend payment since 1995. As the company does not pay regular dividends, it is not meaningful to calculate the company's cost of equity using the divided valuation model. However, the market prices of Apple shares increased almost 22% in 2011.Therefore, it can be said that Apple's cost of equity is quite high. In conclusion, currently Apple finances its capital projects through equity financing. With a possible debt financing the company is likely to reduce its cost of capital. This could be a good idea if the company's profit figures start to decline. According to the financial statements of the company Apple did not have any short term or long term loans between 2 009 and 2011. Analysis of working capital management Working capital management concerns with organizing a company's short term sources to sustain ongoing activities mobiles funds and optimism liquidity.It further dropped to 1. 61 in 2011. The company's figures can be compared with the Blackberry manufacturer RIM. RIM's current ratios are higher than Apple's in 2010 and 2011. RIM 2011 2010 2009 current Ratio 2. 08 2. 06 2. 39 The main reason for the decline in Apple's current ratio is decline in debtor and from 2010 to 2011. In the same period, the inventor days decline from 9. 3 days to 4. 4 days. This indicates that the efficiency of the company's working capital management as they were able to receive the money from debtors faster and to keep fewer inventories.The company also was able to keep creditors days high with 135. 5 days. Consequently the company's current ratio declined dramatically in recent years. However, this decline should be seen as a positive development as the c ompany has been leaner in recent years. Therefore, the figures above indicate the company's working management practices are successful. Investment Appraisal with NAP method Net present value (NAP) of a project is the sum of the present values of all its cash flows, both outflows and inflows. The rate used to discount the cash flows must be consistent with the project's risk.Another word, if the project risky then higher discount rates should be used when appraising the investment options. The same company might use different discount rates for its difference projects depending on a rockiness of the project. (Graham and Smart, 2011) According to Graham and Smart (2011) the companies can invest in any projects if the NAP figure is positive as any positive figure will increase the value of the company. The table below demonstrates the NAP calculations for an investment option. Delta Printing is considering buying machinery and there are three different purchase options.The machines ca n be used for a six-year period. After six year Machine A and B can be sold with a scraped value. Initial cost of each options are as follows; El m for Machine A, CHEEK for machine B and CHEEK for Machine C. According to the initial cost figures the Project C is the best option as it requires less investment. However, there will be no scrapped value for Machine C. With the original figures, it is difficult to make a decision. In this case, NAP method can simplify the investment decisions. The cash inflows are discounted with the company's cost of capital of 15%.