The Father of Chicago Blues Essay Example for Free

The Father of Chicago Blues Essay He is known for creating some of the greatest blues songs of all time â€Å"I Can’t Be Satisfied†, â€Å"I feel Like Going Home†, and â€Å"Hoochie Coochie Man†. His unique and distinctive voice conveyed intense feelings and emotions to audiences all over the globe, while his guitar skills inspired some of rock history’s greatest legends. He was known as Muddy Waters; a man whose raw talent and tenacity led him out of Mississippi, to Chicago, to winning several industry awards, and finally into the Rock and Roll Hall of Fame. Much of the development of the blues genre, as well rock and roll, has been accredited to him and rightly so. Bringing the heart and soul of blues music to Chicago, Muddy Waters single-handedly led the progression of Delta blues to Chicago blues, from which much of today’s popular music has sprung. The origin of the blues dates back centuries. In commercial terms, it was once referred to as â€Å"race music†, as the artists were primarily black and the music was marketed to black audiences. The genre eventually became know as â€Å"rhythm and blues† or â€Å"RB† a music style rooted in Africa and brought over to the US when slaves would sing African spirituals while working on plantations. American Popular Music (2006) describes RB as such: RB, as the genre came to be known, was a loose cluster of styles, rooted in southern fold traditions and shaped by the experience of returning military personnel and hundreds of thousands of black Americans who had migrated to urban centers such as New York, Chicago, Detroit, and Los Angeles during and just after the war. (p. 38) As the music world expanded, sub-genres of the blues came into existence. Delta blues, jump blues, and Chicago electric blues were the most popular categories. Muddy Waters himself grew up singing Delta blues songs from that region, until he moved north to Chicago. It was in Chicago that his sound evolved and he was labeled as a â€Å"Chicago electric blues† artist. During the 1940s, Chicago became one of the most rapidly-growing cities in terms of black neighborhoods, which fueled the popularity and demand for blues music. Although Delta blues artists had been a favorite amongst the African American community for decades before the emergence of Muddy Waters, it was a new type of blues sound that soon became the iconic music of Chicago: A very different urban blues tradition of the postwar era, Chicago electric blues, derived more directly from the rural Mississippi Delta†¦ The musical taste of black Chicagoans, many of them recent migrants from the Deep South, tended toward rougher, grittier styles, closely linked to African American folk traditions but also reflective of their new, urban orientation†¦ Muddy Waters exemplifies these developments. (Starr Waterman, 2006, p. 41) The Chicago blues scene was essentially a combination of both northern and southern influences. This is an example of how music, as well as society, evolves in order to embrace a new way of life while retaining its roots. Although people still embraced musical themes from traditional Delta blues frustration, loneliness, pain they were looking for a more developed and refined sound. This new blues style, Chicago electric blues, soon became personified through Muddy Waters. His voice contained all of the grittiness and rough sounds of traditional African American music, yet his innovative guitar skills and musical phrasing appealed to audiences who were demanding a more urban feel. Muddy Waters was born McKinley Morganfield on April 4, 1913 in Issaquena County, Mississippi however, he later changed his birth year to 1915 in order to appear younger to the entertainment industry. He was born to Berta Grant, who was only a teenager at the time, and Ollie Morganfield, a cotton farmer. Muddy’s parents were an unconventional couple, as they never married; and after his mother passed away in 1918, his grandmother Della Grant took over in raising him. He was only three years-old at the time, and Della was an extremely young grandmother of 32 years of age when he was born. Muddy’s world seemed to revolve around music from a very early age, although he did enjoy fishing and playing down by a nearby creek. He would always get dirt on his clothes and mud on his face, which is how he was nicknamed Muddy Waters. Muddy was not the only musical talent in the family. His father Ollie was well-known amongst locals as a very skilled singer, guitarist, and washboard-player. This seemed to fuel Muddy’s interest in music, as he began to learn how to play a variety of instruments. He improvised by turning a kerosene can into a drum, which became his first instrument, and that was followed by the accordion, a harp, and a box and stick that he made into his first guitar. He recalled, â€Å"Couldn’t do much with it, but that’s how you learn! † (Roots, 2007). As a teenager, Muddy began listening to blues artists such as Charlie Patton and Roosevelt Sykes. One of his greatest influences, however, was Son House. He was inspired by House’s guitar technique and would often attend live performances: â€Å"I was there every night, close to him. You couldn’t get me out of that corner, listening to him. I watched that man’s fingers and look like to me he was so good he was unlimited† (Roots, 2007). By the age of 17, Muddy was able to purchase his first guitar a used Stella and began making a name for himself as a local blues artist. With his own makeshift band, Muddy performed in several local Delta clubs until he was discovered by Alan Lomax in 1941 a folklore collector who invited him to record for the Library of Congress. Lomax was searching for a blues singer comparable to Robert Johnson, whose guitar style influenced Muddy’s own way of playing. It was most likely Lomax’s encouragement that persuaded him to move to Chicago in 1943 he had been contemplating the idea for awhile, yet decided against it as he did not want to leave his grandmother. After his move to Chicago, Muddy started working at a paper mill. Three years later, a man by the name of Sunnyland Slim helped him get signed to Aristocrat Records; but his first series of recordings proved to be unsuccessful, and he would have to earn money by driving trucks for six days out of the week, while performing nightly in local clubs. His career did not fully launch until 1948 when Aristocrat Records was sold and became Chess Records. Under this new label, he recorded his first single â€Å"Rollin’ Stone†. It was an absolute hit, and was even used to name one of the world’s most famous rock bands the Rolling Stones. By 1951, Muddy had a complete band with Otis Spann on the piano, Little Walter on the harmonica, Jimmie Rodgers on the second guitar, and Elgin Evans on the drums (Rolling Stone, 2009). He was now a major blues performer, creating some of the most iconic and influential songs in the music industry: Waters’s approach to the blues is different from that of blues crooners†¦ Waters was a master of the bottleneck slide guitar technique. He used his guitar to create a rock-stead, churning rhythm, interspersed with blues licks, which were counterpoised with his voice in a kind of musical conversation. (Starr Waterman, 2009, p. 42) He mastered the electric guitar after moving to Chicago, as the crowds were noisier than his previous audience in the Delta, and there was a high demand for dance music. He brought the traditional blues sound up from the Mississippi Delta, turned it into a more electric sound, and Chicago electric blues was born. It was this emotionally distressing style of guitar-playing that won him the name â€Å"The Father of Chicago Blues†, subsequently inspiring future rock artists such as Jimmy Hendrix, Eric Clapton, and bands of the 1960s and 1970s British explosion (Rolling Stone, 2009). Even though Muddy’s records were mostly sold in the Delta, New Orleans, and Chicago, his reputation spanned the globe. Over the years, Muddy would be cited as a great influence for many artists, including Chuck Berry, Leg Zeppelin, and Angus Young of AC/DC. His songs would also be covered by other industry heavyweights such as Cream, Etta James, and Bob Dylan. Muddy’s success was later signified by several Grammy Awards, Blues Foundation Awards, and his posthumous induction into the Rock and Roll Hall of Fame in 1987 (Rolling Stone, 2009). It is impossible to think of history’s greatest blues artists without naming Muddy Waters he epitomizes Chicago blues. Today’s artists still praise his name and discuss how he has impacted the music world with his talent and innovation. Coming up from the Delta, he brought the true soul of blues to Chicago while simultaneously melding it with a more popular sound. He created a new sub-genre in music; and his voice and phenomenal guitar skills won him the respect of the entire music industry, both past and present. References Rolling Stone. (2009). Retrieved July 28, 2009, from http://www. rollingstone. com/ artists/muddywaters/biography Roots, A. (2007). So Into Blues. Retrieved July 28, 2009, from http://www. blues- finland. com/english/muddy_waters_biography_1. html Starr, L. , Waterman, C. (2006). American Popular Music: The Rock Years. Oxford: Oxford University Press.

Julius Caesar Essay Example for Free

Julius Caesar Essay Cause and Effect Prompt based on William Shakespeare’s tragedy Julius Caesar Search the cause and effect of the assassination of Julius Caesar in William Shakespeare’s tragedy Julius Caesar by examining Julius Caesar being a Tragic Hero with a Tragic flaw(s), and how this led to his downfall. Your paper must provide description of his tragic hero traits. Cite your literature textbook with at least two examples using quotations from the play that demonstrate this cause and effect. Then compare and contrast this dilemma with another world figure (either from the past or the present) that has been untimely assassinated. Find parallels between your selected figure and Julius Caesar. Analyze their likenesses and differences of the impact of these two deaths on their respective societies. Include another quotation as text evidence for your discussion. * Remember that your examples from the text must be within quotation marks. * Remember that you are demonstrating the tragic flaw that Julius Caesar had through the use of the quotations you find and how this cause his downfall, then you are comparing and contrasting this same situation with another world figure leader who also was lost due to an assassination. * Remember to write a clear thesis for your paper which will give direction for your remarks. Tragic Hero TraitsTherefore * Born into nobility* He/she falls from great heights * Responsible for his/her own fate* Realizes they have made an irreversible mistake * Endowed with a tragic flaw* Faces and accepts death with honor and humility * Doomed to make a serious error in judgment * May meet a tragic death Themes of Julius Caesar Fate versus Free will Public versus Private Self Misinterpretations and misleadings Inflexibility versus compromise Political rhetoric versus Power Essay Requirements: 1. At least 5/6 well-constructed paragraphs 2. A clear thesis within your introduction 3. Two quotations: these must express his tragic flaw in a cause and effect manner (if this- then that). 4. You must compare and contrast the situation and downfall of Caesar to a current or past public figure that has been lost through an assassination. One quotation is required. 5. This is a timed writing piece. Please apply your knowledge of time management through use of prewriting, drafting and revising skills. You must  proof read your own paper before submission. 6. MLA requirements: Neatly written document with proper documentation of your quotations followed by a Works Cited entry of all documented sources at the end of your paper. Do not write on the back of your paper.

Consumer Perceptions of Non-Banking Financial Institutions

Consumer Perceptions of Non-Banking Financial Institutions Non-Banking Financial Institutions (NBFI) v/s Banks in India – Why NBFI are doing much business than Banks? A study of New Delhi based Upper and Middle Class Consumers. Master of Business Administration ABSTRACT In the era of globalization and liberalization the development of financial sector has played and important role in the economy of India. With the services offered by banks and non-banking financial institutions (NBFI) the life of consumer in India has completely changed. Borrowing is one of the important aspects that have changed the whole scenario of Indian society. Change in the trend of culture of upper middle class consumers, change in the behaviour of consumer regarding borrowing and change in the norms of banks and NBFI regarding borrowing has made life of Indian consumer very comfortable. This research shows how non-banking financial institutions are fulfilling the demand of upper middle class consumers and how they are doing more business than banks and why consumers rely more on NBFI rather than banks in India. This research uses questionnaires, interviews of consumers and direct sales agent of NBFI to examine the consumer borrowing and role of financial institutions. The research concludes that consumers are relying much more on NBFI and it is not risky difficult to borrow loan because of policies norms regarding loans and availability of flexible financial options. CHAPTER 1 INTRODUCTON 1.1 PREVIEW This chapter is introduction about the research topic. It highlights the aims and objectives of the research. It also tells about the structure of the dissertation and the summary of this chapter. 1.2 BACKGROUND INFORMATION Each and every country has its own financial system. Financial system usually consists of financial market, financial intermediaries and financial product or service. Finance in simple words means ‘money’ but finance is a source which provides funds to a particular activity. A financial sector/system acts as an agent to make sure that funds flow from the areas of surplus to the deficit area. A financial market is a place which creates financial assets and exchange of money for goods and services. Financial market consists of foreign exchange market, capital market, credit market and money market. (Web 8) Money is a fascinating thing which attracts human to a great extent. Over thousands of years the process of creating money and using money is making human enthusiastic. Financial intermediaries play an important role in building economy of a country. Financial Intermediaries includes banks, financial institutions, non-banking financial institutions (NBFI), investment companies, pension and mutual funds. (Web 9) Financial sector plays an important role in organizing and properly distributing sharing the savings. Financial sector act as a passage or tube which transfers the financial resources from net savers to net borrowers .ie. from the person who spend less as compared to their earning to those who earn less and spend more then their earning. (Web 10) Indian financial system consists of huge network of banks and financial institutions (including non-banking financial institutions) and range of financial instruments. From the last two decades there have been great improvements in Indian Financial system and there is a huge supply of banking and other financial facilities provided to large population of India. (Web 10) A safe and sound financial sector is required to maintain the growth of an economy. With the help of globalization and change in technology the operating environment of banks and other financial institutions has changed significantly. Due to competition and change in customer demand there is increase in product innovation and change in strategy of banks and financial institutions. In order to face the competition and meet challenges Reserve Bank of India (RBI) has also changed its regulations and provided a new framework. Reserve Bank of India (RBI) is trying to develop a strong, competitive, stable and powerful banking system so that it can help in growth and development of the economy. (Web 11) According to Sarkar (n.d.) a strong, diverse, efficient and flexible financial system plays an important role in the economy of a country. A developed financial system maintains high level of investment and promotes growth in the economy. The financial system in India consists of financial institutions, financial market, financial instruments and services. Indian financial system is divided into two segments- organized sector and traditional sector which is also called as informal credit market. In organized sector financial services are provided to the community by large number of financial institutions which are mainly business organizations. And financial institutions that are providing specialized or provide some extra services are called as banking or non-banking units. Reserve Bank of India (RBI) is the apex institution and regulates the credit. Financial institutions include public and private commercial banks, cooperative banks, development banks, regional rural banks. Where as finance leasing companies, LIC (Life Insurance Corporation), GIC (General Insurance Companies), provident funds, mutual funds, post office banks .etc. are non-banking financial institutions in India. (Sarkar, n.d., pp. 1) RBI is the central bank of India and was established in April, 1935. RBI acts as Government banker, agent, adviser and also act’s as banker’s bank. RBI is the controller of the credit which means that RBI has power to change the volume of credit created by banks. (Web 12) The profitability of banking sector is improved because of reforms set by banking system which results in high operating and net profit. With the entry of private banks there is a huge competition for public sector banks for loaning of funds. With the entry of non-banking financial institutions (NBFI) and Development financial institutions (DFI) the competition in sourcing the funds is also increased. (Chanda, 2005, pp. 31) NBFI act as an intermediary between lender and borrower and provide better, different services than normal banks. NBFI includes investment companies, finance corporations, chit funds, hire-purchase finance companies, loan companies, leasing companies, mutual benefit funds. All of these NBFI have the ability to provide large amount of financial services to wide range of customers from small borrowers to established companies. (Chanda, 2005, pp. 36) Indian consumers are changing their habits at a fast rate and they are borrowing money to buy the product they wanted. Because of easy financing options they don’t have to think if they can afford a product or not. Consumer finance is a win-win situation for every one and now they don’t have to wait for years to save their money and upgrade their living standards. (Agarwal and Mittal, 2004, pp. 6) The Buy Now Pay Later culture is very much common in India now a days. Consumers are loosing their fear of borrowing. Even if a consumer wants to buy a home, home loan financing is easily available. Falling interest rates, increasing loan duration and reduced monthly installments are making all these things possible for consumers. (Agarwal and Mittal, pp. 6-8) The banking sector is one of the most important sectors in Indian financial sector. Over 80 percent of funds which flow in the financial sector are because of banking sector. (Sarkar, n.d., pp. 1). NBFI are entering in the financial sector because of inflexibility of banks and their less competition amongst them. Kotak Mahindra, Citi Financial, Ashok Leyland Finance, Sundaram Finance .etc. are the big players in this field and are growing rapidly at faster rate and are taking good position in financial sector. In respect to all these things, the purpose of this study is to find why these institutions are doing better business than public and private banks in India. 1.3 AIMS AND OBJECTIVES This research is planned to understand and examine the trend of upper class and middle class Indian consumers in taking loans and their reliance on banks and non-banking financial institutions, particularly in today’s competitive environment. This research is done to achieve the following defined objectives: To compare and contrast the role of banks and non-banking financial institutions (NBFI) in India economy. To evaluate the role of both banks and NBFI for borrowing in Indian developing economy. To understand and examine the banking and financial sector regulations in India in post liberalization period. To evaluate and analyze the emerging consumer culture in India. To understand and examine the trend of upper and middle class Indian consumers in taking loans. To examine the policies of banks /non-banking financial institutions regarding offering loans to consumers. To identify how NBFI are fulfilling the aspirations of upper and middle class in India. 1.4 STRUCTURE OF DISSERTATION There are 5 chapters in this dissertation. Chapter 1: Introduction This chapter introduces the research topic. It outlines the aims and objectives of dissertation, overview, structure of dissertation and finally summary of the chapter. Chapter 2: Literature Review This chapter talks about the literature review. Discussion of available literature related to the topic is done. The aim of this chapter is brief about various concepts on which this dissertation is based. The literature is available from various books, online journal articles and websites. Chapter 3: Research Methodology This chapter discusses about various research methods and data collection methods. It discuss about research design, quantitative research, qualitative research, advantages disadvantages of various methods, limitations, validity reliability. Chapter 4: Findings, Analysis and Discussions This chapter analyses all the data collected using different data collection methods. All the data is critically analyzed and discussions are made on the basis of literature which is related to the objectives of research. Data presentation is done using various methods like tables, graphs, charts and pie charts .etc. Chapter 5: Conclusion and Recommendations This chapter concludes the research by providing a conclusion on the basis of findings, analysis and discussions. This chapter also discusses the limitations faced during research and recommendations for future research. 1.5 SUMMARY This chapter was an introductory chapter aimed to give reader a brief idea of what this research is all about. It highlights introduction, aims, objectives and finally structure of the dissertation. CHAPTER 2 LITERATURE REVIEW 2.1 PREVIEW Aim of this chapter is to discuss the literature related to the research topic. This chapter discusses about financial institutions regulations in India, culture of upper middle class consumers in India and worldwide, what makes consumer to borrow and strategies policies of financial institutions regarding credit. 2.2 FINANCIAL INSTITUTION REGULATIONS 2.2.1 Financial Institution Regulations Globally The Changing scenario of banking sector around the world, in the light of globalization has significantly drawn the attention of researchers and practitioners. They have raised important issues regarding corporate governance regulation and banking institutions as corporate governance is related to banking regulations. In this context the research of Alexander (2004) titled Corporate Governance and Banking Regulations requires worth mentioning here. The research of Alexander (2004) addresses the issues of corporate governance and banking institutions. Alexander (2004) begins by analyzing the upcoming international rule of bank corporate governance. Alexander (2004) provides a framework for how bank supervisor and bank management should act together in relation to the management of banking institutions and its impact on financial stability. Further, Alexander (2004) has analyzed corporate governance and banking regulation in UK and USA. Alexander (2004) concludes Financial Services and Market Act 2000 has authorized FSA (Financial Services Authority) to fill in the gaps to enhance corporate governance because traditionally UK corporate governance was not focused on special role of banks and financial institutions. (Alexander, 2004, pp. 1-2) In USA, the federal and state statute regulations regulates the corporate governance for banking institutions. In order to manage the responsibilities of senior management and directors a framework is provided by federal regulation. There is governance problem in banks and financial companies in US. In order to provide financial stability institutions and banks, the bank regulator must establish governance standard in regards to national banking law. (Alexander, 2004, pp. 1-2, 37) In this era of globalization, banking and financial industry is greatly affected by major changes and it results in increased competition, less profit margin, pressure to cut the price, products having short life cycle. (Alexander, 2004, pp. 1-2, 37) However, when it comes to comparison of financial regulations in UK and USA, it is revealed that regulation of financial system in UK is not exact as it is in USA. Evidently in USA the Securities and Exchange Commission has wide ranging regulations, and is stated as too much. Further, it is also stated that formal and strict USA rules procedures do not allow desired flexibility and pace. However, interestingly so far new system in UK provides settlement between the self regulation and statutory regulation to make sure that financial market works in proficient and systematic way. (Web 1) Apart from UK and USA, the regulations of financial market are changing constantly all around the world. For .eg. In Europe the membership of EU changed the main concerns of government while facing the problem of changing or executing the regulation of financial system and it is revealed that issue was the assistance from the jurisdiction. Quinn (1992) says that â€Å"harmonisation of banking rules in the EU, the co-ordination of countries own regulatory standards and centralisation of an EU integrated financial market are needed to enable swift reaction to any future market failure†. (Web 1) 2.2.2 Financial Institution Regulations in India Financial system in India consists of specialized and non specialized financial institutions which further involves organized and unorganized financial market and deals in financial instruments services and it helps in transferring funds. In finance money is exchanged with a promise to pay back in future. Narayanan (2005) says that in product market a buyer can easily find if a product purchased by him is defective but it is difficult to find the defects when a loan is taken. (Narayanan, 2005, pp. 1-2) If we compare Banks and Non-banking Financial Institutions (NBFI) with non financial industries, both banks and NBFI can change or remove the risk factor of their assets more quickly than non financial industries and also banks can easily give loans to clients without taking into consideration the previous debt problems. Financial market easily allocates the resources efficiently and effectively. The financial market face the problem that it is controlled by others because some persons have some information that other does not have. In order to solve this problem there is requirement of corporate governance so that it can be assured that supplier of finance get their return on investment. (Narayanan, 2005, pp. 1-2) India has a strong financial system. After India got freedom it inherited a diverse setup in regards to institution and market. The purpose was to mobilize savings and to increase investment rate. (RBI, 2003, pp. 3) Financial reforms were introduced in 1991 because India faced the crisis of balance of payment in 1991 so several reforms were introduced to come out of the crisis. India faced this problem because it was heavily dependent on the public sector and industrialization strategy and both of them were not able to deliver the growth in competitive environment. Later in 1980’s India tried to expand the role of privatization and reduced the direct tax but it didn’t helped. Later the reforms were introduced in June 1991 to recover from the crisis of balance of payment. (RBI, 2003, pp. 9) After the end of crisis Indian banking system made a considerable progress functionally and geographically. New bank facilities were introduced and the pattern of lending was changed. The feature of reform was ‘gradualism’ because it enhanced micro stability and the same time encouraged micro economic linkages. (RBI, 2003, pp. 5-8) Currently the institutional composition of financial system in India is illustrated as three constituents: banks either domestic or foreign, owned by RBI, government or private and regulated by RBI; Financial refinancing institutions set up under a separate law or under companies act and owned by RBI; Non-banking financial companies/institutions owned privately and regulated by RBI. (Reddy, 2002, pp. 4) On the development of banking and financial sector reforms in India Reddy (2002) comments that reforms have changed the form of organization’s, ownership model, domain of financial institution operations in terms of assets and liabilities. Less availability of low cost fund has resulted in increasing competition for resources for both banks and financial institutions and further with the entry of banks in field of lending and financial institutions are making an attempt to pay out the short term funds has resulted in increased competition. (Reddy, 2002, pp. 4-5) Finally Reddy (2002) says that the aim of financial sector reforms in India to set formal semi formal measures which aim to strength the banking system as well as providing safety and reliability with the means of superior transparency, responsibility, answerability and public trustworthiness. (Reddy, 2002, pp. 6-7) However on the other end Patel (2004) argues that in spite of the establishment of market reforms in India since early nineties the government concerns in the financial sector is not lessened in correspondence to its exit from other feature of economic activity and therefore it is too large to justify the presence on the basis of involving systematic risk. Patel (2004) further puts that during early years of India’s development there might have been some good reasons for ownership of government in intermediaries but now it is causing some damages. (Patel, 2004, pp. 5-6, 28-29) Now India has proper intermediaries and very well commercially oriented. According to Patel (2004) â€Å"A combination of directing resources of intermediaries in fulfilling a quasi-fiscal role for government, extra-commercial accountability structures and regulatory forbearance (arising out of an implicit overarching guarantee umbrella) has mitigated the essential corrective effect of market discipline in both lending and deposit decisions. Coupled with persisting government involvement in intermediation and an implicit support scaffold, this has resulted in an aggravation of the problems of moral hazard that is a normal feature of financial systems.† (Patel, 2004, pp. 29) Commenting on the government role in liberalized economy Echeverri-Gent (2001) says that reducing state economic interference does not lessen the importance of state in economic development. And in addition to its role of maintaining stability in economy the state continue to play small but more important role to design and modify the activities of economy by creating incentives. There are different ways that are used by state in order to create the incentives; it involves authorization of property right, market microstructure which involves matching the investors demand with the price and volume in effective and efficient manner. (Echeverri-Gent, 2001, pp.1) (Giridhar, n.d., pp. 1-3) Echeverri-Gent (2001) also states that incentives created and recreated by state using political process are present in part of economic result. And politics explain efficiency and fair behavior in market are promoted by which state institution. (Echeverri-Gent, 2001, pp. 1) In relation to the above fact Ramesha (2003) finds that currently in India there is a dual control for credit cooperative and banks. The state government looks after and regulated all the issue related to administration where as Central Bank of India (CBI) supervises and regulates the banking operations. As a result there is some conflict in taking legal decisions between state government and central banks of India. Ramesha (2003) argues that it is not possible to separate the financial administrative areas for regulations and even if it is possible it acts as an obstacle in the effective supervision and control. (Ramesha, 2003, pp. 10-11) Further according to Ramesha (2003) central bank has power under Banking Regulation Act to keep money for specific purpose and to handle vital aspects related to the performance of commercial banks. There is need of Registrar of Cooperative Societies to get involved in the function and difficulties of cooperative banks. The central bank is not in a position to supervise credit cooperatives and banks. Therefore dual control affects the function of urban cooperative banking sector, supervision regulation quality. Therefore Ramesha (2003) finds that beneath this rule of duality of control the urban cooperative banks might result in neither cooperative nor commercial bank. (Ramesha, 2003, pp. 10-11) According to Chakrabarti (2006) the fundamental role of legal reforms in maintaining the growth of economy and financial progress is strongly voted and accepted in India. Where as it is difficult to find what basics of legal system have an effect on financial system and how. Reviewing the literature on law finance and evaluating the India’s legal judicial system it seems that excellent protection is provided to the investor’s right. (Chakrabarti, 2006, pp. 12, 15-20) According to Porta et al there is best protection provided to the creditor in India by Indian legal system in contrast to creditor rights. (1998 in Chakrabarti, 2006, pp. 13) But execution of these laws is below to the satisfactory level. Further it is found that law which deals with public enforcement of securities is weak and courts in India are very slow and has loads of ongoing cases. India is still fighting with the problem of red-tapism and bureaucracy which are obstacles for business and foreign investment in India. Chakrabarti (2006) says that Indian small medium sector rely on informal network and institution on the basis of trust and reputation for financing rather than counting on legal system to issue contracts and settle disputes. (Chakrabarti, 2006, pp. 23) Finally, Rajan and Shah (2003) says that there is problem in the regulations of banks, insurance companies and non financial institutions. There are a lot of problems related to the government guarantees, public sector ownership, processing of information risk taking. Therefore according to Rajan and Shah (2003) there is requirement to solve all these problems by obtaining good regulatory system, and obtaining world class regulations. Thus Rajan and Shah (2003) suggests that dealing with these problems will provide information processing system, reducing the fiscal problem, increasing the flow of risk capital in the system. (Rajan and Shah, 2005, pp. 46) 2.3 CULTURE OF UPPER AND MIDDLE CLASS CONSUMERS The word culture has several meanings, in Latin it means â€Å"tilling of the soil† whereas in most western language culture means â€Å"civilization† or â€Å"refinement of mind†. In simple words culture means way of life, art, behavior and beliefs. (Hofstede and Hofstede, 2005, pp. 2-4). According to Mooij (2004) culture is glue which joins groups together, without culture design it will be difficult for people to live together. It’s only the culture which defines a human community, its individuals and social organizations. (Mooij, 2004, pp. 26) Where as according to Kluckhhohn â€Å"Culture consist in patterned way of thinking, feeling and reacting, acquired and transmitted mainly by symbols, constituting the distinctive achievement of human groups, including their embodiments in artifacts; the essential core of culture consists of traditional ideas and especially their attached values† (1951, pg 86 in Hofstede, 2001, pp. 9) Each and every individual is a product of its culture and its social group therefore they have to act in certain manner to live in their social cultural environment. Culture cannot be separated from an individual neither culture can be separated from historical events/situations. (Mooij, 2004, pp. 26) Culture is found in local street, in your city, state, and country. Small children, youngsters, adults, older people have their own culture and most of the times share the culture as well. According to Williams culture is a way of life, people, group or humanity. Culture is not something we absorb- it is something that is learned. (1983b:90 in Baldwin et al, 1999, pp. 4-7) Culture includes shared beliefs, attitudes, norms, roles and values. These elements are basically transferred from generation to generation. Culture includes values, rituals, heroes, symbols. Values are basically feeling of a person having plus and minus side. It deals with evil v/s good, dirty v/s clean, ugly v/s beautiful .etc. values are acquired by a person at very early age in their lives. Values are visible until they become evident in behavior. In contrast to values, rituals are related to social acts, ceremony or something related to religion. Rituals are carried out by an individual for their own sake and usually involve paying respect to other ways of greetings. Heroes are persons alive or dead, real or imaginary whose characteristics are highly appreciated in culture and most of the times serves as a model for behaviors. For eg. Mahatma Gandhi in India or Bill Gates in USA. Symbols are words, gestures, pictures or objects that carry a particular meaning and are recognized by only those people who share a particular culture. It involves national flag or any particular dress or hair style .etc. (Hofstede and Hofstede, 2005, pp. 6-8) (Hofstede, 2001, pp. 9-11) The culture of people around the world is demonstrated in wealth celebrity and this is particularly true about people in western countries. According to Schor (1998) â€Å"Instead of emulating folks with a similar income, people are taking their consumption cues from television characters, relatives, friends and co-workers whose income often far exceeds their own†. Commenting on this trend Schor (1998) states that this can get expensive because it seems that their culture worship wealth and celebrity. (Web 14) There are 3 layers of culture. The outer layer consists of explicit culture and it involves language, food, houses, monuments, market, fashion and art. These are the symbol of deeper level of culture. Middle layer consists of norms and values. Norms is basically sense of what is right and what is wrong. Norms can be written laws or social control where as values determine what is good and what is bad. Values help in making choice from existing alternatives. And the third core layer is assumptions about existence which is related to the ways that deal with the environment with the available resources. (Trompenaars and Hampden-Turner, 2005, pp. 20-24) Hofstede and Hofstede (2005) has divided cultural layer as national level, gender level, generation level, social class level and regional/ethical level. National level is related to ones country or the country where a person belongs and with nation they have their culture, community. Gender difference is basically based on gender .ie. male or female. In some societies the culture of male is different from female. For eg. Women are not suitable for some particular jobs which are meant for men only. Generation level is separating grandparents, parents and children. For eg. Younger generation has no respect for the values of elders. Social class level is associated with individual’s profession and education because education and profession are the powerful sources of cultural learning. Regional level is based on person’s region and religion. (Hofstede and Hofstede, 2005, pp. 11-12) Today consumers are very much concerned with their identity, ego or superego which totally depends on their culture and most of the times related to the luxuries of life. Human needs are totally related to the culture. Needs like Psychological, safety, self actualization and esteem needs are very much important for consumers of each class. Consumers feel more powerful if they have symbols of power or prestige possessions. For e.g. Prestige possession for consumer is luxury car, big house, frequent travel abroad/holidays abroad. Clothes satisfy functional need but fashion satisfies social need. The behavior of consumer is not only determined by their needs but also by their surroundings. Consumers in same culture can do different things for different reasons. Ownership of luxury items shows the status symbol where ownership of cheap watches show low income of person. (Mooij, 2004, pp. 136-140) 2.3.1 Culture of Consumers Globally Schor (1998) also comments that how you save and spend totally depends on the reference that you choose and it rules the culture of upper and middle class, particularly in western culture of world. In order to make his observation solid Schor (1998) presents example of Americans, where he shows his concerns regarding consumerism. Schor (1998) states that Americans are spending and consuming as if there is no tomorrow, and the worst part is that they are not paying cash for it. Consequently, Schor (1998) cites that debt of personal credit card has doubled in last four years. The bankruptcy has reached on to the highest point and people are trading financial security for short term satisfaction. (Web 14) Schor (1998) also points out that the assets of an American family is $10000 and savings have fall down very quickly in last 10 years. In other words the western culture today commanded by influencing consumers, which forces the people to believe in wealth creation celebration and in result it leads to the tendency of high borrowing. (Web 14) Consumer research has given some evidence that within each social class, there are some specific lifestyle factors which involves beliefs, attitudes, activities and behavior. And all these factors help in distinguishing between the members of one class from other class. There are usually three main classes upper class, middle class and lower class. (Schiffman and Kanuk, 2000, pp. 307) A product can also express the value of consumer. For e.g. A house is not only to live but it tells something about the owner as well. Different towards food is also a part of the culture. Some people buy food from small shops where as some buys from expensive supermarket. Product usage and ownership also determines cultural values. (Mooij, 2004, pp. 233-236) In India the position of consumer in society is defined by the clothes they wear, the shoes, the accessories .etc. and all these things determines the class and power of a particular person. People do not wear in public what they wear in private, but in USA even Pr

Upperclass Education Essay -- essays research papers fc

Land Of The Free, Home Of The Upper Class   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Give me your tired, your poor, your huddled masses yearning to breathe free, The wretched refuse of your teeming shore. Send these, the homeless, tempest-tossed, to me: I lift my lamp beside the golden door.† (Lazarus) This incredible, sentimental homage to the American dream brings many to ask, what a wonderful concept- but is this truly the case? Is America truly a land of opportunity and dreams realized, or is it more so a case of realizing we have been dreaming? In a country where image is made and sold like bread in a bakery, it is no wonder the idea of a land of opportunity still exists- it smells so good. In theory, a land of opportunity and self-motivation would be a real chance at success and pure determination and hard work could get a man wherever he desires to be. However, reality poses quite a different story. Everyday hardworking families struggle to get by on food stamps and minimum wage. If theories of equal opportunity held true, ev ery single parent working multiple jobs for their children would be able to send their kids to good schools and not need to worry about how to pay for a trip to dentist or a doctor’s check-up. And while it is easy to point fingers at the poor and say that its all their fault because of the decisions they’ve made or as luck would have it, a gray area develops when taking a look at the working class and realizing that there are boundaries in place that try to keep people in their positions of powerlessness. One of these boundaries is class through education. Through background, cost, and strategic tokenism, the American society has bordered out the same people it claims to embrace.   Ã‚  Ã‚  Ã‚  Ã‚  First of all, one may point out the arbitrary nature of class. While ideally most people would like to see a country of hard work and payoff, the fact of the matter is that from the moment we are born, before any chance to prove oneself, we are placed into a category that has either great advantages or vast disadvantages. The elite are nearly always born that way, just as those in poverty. Once a child is born into their status, where they live has major impact on how their life will pan out. For most of Middle America suburbs comprised of housing developments and apartment complexes put children into mediocre public schools with mi... ...emselves.   Ã‚  Ã‚  Ã‚  Ã‚  Clearly, the solution to this situation is far more complicated than most people like to admit and in no single action will we find a remedy for it. The inequalities in place must first and foremost be recognized and acknowledged for any sort of change to come about. We can no longer â€Å"accept it as inevitable, [and] something we just have to live with.† (Langston 127) Leveling the playing field does not make a person a socialist or jeopardize upper class status; in fact, chances are that more upward movement would benefit the economy as a whole and not just a single class of people. It is about time that instead of passively accepting the inequalities at hand that something ought to be done about them, one step at a time. After all, we want to live up to the lady who claims to lift her lamp beside the golden door to let people use their opportunities if they so choose. Bibliography Domhoff, G. William. Mapping The Social Landscape, Susan J. Ferguson. McGraw-Hill 2005. Page 290 Langston, Donna. â€Å"Tired Of Playing Monopoly,† Race, Class, and Gender. Wadsworth Publishing Company 1998. Pages 127-130 Lazarus, Emma. â€Å"The New Colossus† 1883

Banning Breed Specific Legislation Essay -- Animal Research

Racial profiling had existed since biblical times, and is still present in today’s society. Recently in history we had the tragic terrorist attacks on September 11, 2001. It did not take long for the fear of anyone from the Middle East to ripple through America. Wearing a turban in public would get people falsely accused of being a violent terrorist. Over and over again people foolishly stereotype and judge individuals based on their race or appearance. One of the most recent victims of profiling is the pit bull. Simply looking like or being a pit bull gets many loving creatures falsely accused of being violent, uncontrollable monsters. Pit bulls are the major target of legislation that bans or restricts certain types of dogs based solely on appearance and stereotypes. Breed Specific Legislation (BSL) is a ban or restriction on certain types of dogs because they are perceived as â€Å"dangerous† breeds or types of dogs. Pit bull type dogs are the major target of such legislation but there are many other breeds targeted as well. The name pit bull is used loosely to categorize many â€Å"bully breeds† of dogs. Several breeds that are often referred to as pit bulls are the Staffordshire Bull Terrier, American Staffordshire Terrier, American Bulldog, Bull Terrier and most commonly, the American Pit Bull Terrier. When statistics on â€Å"pit bulls† are taken, people are actually comparing a group of dogs rather than individual breeds. Several communities have enacted BSL, and many have repealed this legislation because it simply does not work. Topeka, Ks recently reviewed the effectiveness of their breed bans and made the decision to repeal their bans in 2010 (BSL). In the last ten years, over 220 communities have repealed their breed specific la... ...ation and the Pit Bull Terrier: Are the Laws Justified?" DefendingDog.com. N.p., 2006. Web. 25 Apr. 2012. "BSL Locations in Kansas." Understand-A-Bull.com. Pit Bull Rescue Central, 2011. Web. 2 May 2012. "The Centers for Disease Control (CDC) Report on Fatal Dog Attacks." Understand-A-Bull.com. Pit Bull Rescue Central, Spring 2005. Web. 28 Apr. 2012. McNeil, Anna. "A New Pit Bull Study." StubbyDog.org. University of Colombia's Animal Welfare Program, 15 Mar. 2012. Web. 29 Apr. 2012. Olsen, Kimberly R, and Julie K Levy. "Pit Bull Identification in Shelters." MaddiesFund.org. University of Florida, 22 July 2011. Web. 25 Apr. 2012. "Prince George’s County: The Most Thorough Assessment of BSL To Date ." StopBSL.org. N.p., 2011. Web. 1 May 2012. "Wins Against Breed Specific Legislation." Understand-A-Bull.com. Pit Bull Rescue Central, 2011. Web. 3 May 2012.

Mankind As A Problem :: essays research papers

The biggest blight on the face of the planet is mankind. The major problems facing the world today can all be traced in one way or another back to the interference of man. The human race has yielded too much power for the past several thousands of years and it is time for a stern, quick change in the world. Mankind has walked with impunity from place to place upon the face of this planet and only in a few instances has it rendered anything other than death or chaos. My purpose with this essay is to illustrate that the human race is almost not worth running. Creatures endowed with such inborn capabilities have sunken to a level below any seen before. While capable of such acts of beauty and wonder, they instead choose to act selfishly and without reason.   Ã‚  Ã‚  Ã‚  Ã‚  The human race is, like every living thing, an animal. However, the human race is unlike any other animal on the face of this planet. The human race is more brutal then other animals. The human race is the only animal that will set out to commit genocide or slaughter its own kind by amounts I can not begin to fathom. The human race has done this many times through it’s past and shows no signs of altering. Nazi Germany almost eliminated the entire Jewish population from Europe, and killed millions before they could be stopped. Communist Russia, under the leadership of Stalin, conducted many tests and experiments on humans that lead to the deaths of millions more for no purpose other than to satisfy one man’s curious side. The human race for centuries, and in some parts of the world still does committed slavery. Brutality of human against human has been a common theme through the years, but if you go club one baby seal you would get the chair. Humans h ave come to accept brutality upon themselves as a fact of life but sit in disgust when it is committed against something else. Part of what makes man so dangerous and problematic is his intelligence level. The human race is the smartest thing on the planet Earth. This has put him on top of the food chain where he can do the most damage to the world as a whole. His intelligence has allowed him to advance technologically throughout history. His advances in technology have come with problems to not only him, but also the world.

Security Manager †Working with and leading people

Task 1: Teamwork mini project The teamwork mini project demonstrates its main target to discuss the role play of a selection day at St Patrick’s College. The conduct of this role play is done by a team of three students. The job title introduced for this selection day is the post of a security manager.One of the most important responsibilities of a security manager is to monitor the security operations in the college environment. A security manager is usually responsible for maintaining and implementing of a wide range of security policies, rules and regulations. It is important to ensure that the college environment is safe for students, college staff and visitors. Another significant responsibility of a security manager is related to recruiting new security staff and delegating specific tasks. The security manager should be able to keep track of various events as well as create emergency response plans. It is also significant to conduct regular security evaluations. There are two main roles typical to a security manager: managerial role and administrative role. In terms of demonstrating his managerial role, a security manager is expected to supervise security team on issues related to sickness and absence. Other important aspects of the managerial role of a security manager include coordination of all contacts with the emergency service providers in case a serious incident occurs; contacting external contractors regarding fire system and access to security systems; and ensuring safety of the entire building at all times. In relation to the administrative role, a security manager should carry out and record daily security checks in an appropriate manner as well as manage staffing levels including rotas. Reports of daily activities and problems with equipment, property and theft issues have been identified. The duties and responsibilities of a security manager are provided below: Monitor security junior staff to patrol college premises and detect signs of intrusions and ensure security doors, windows and gates are secured; Answer alarm bells and assigns officers to investigate disturbances and also to present a list of potential problems; Ensure that the fire call points, intruder alarms, emergency lighting are tested weekly and results recorded; Ensure security alarms are set and working correctly as well as gas and electrical appliances are turned off at the end of the day; Monitor and authorise entrance and departure of students and staff, visitors and other persons to guard against theft and to maintain security of premises; Coordinate with the reception staff and provide support and cover as required; Coordinate with facility management on health and safety matters; Liaise with the borough security and supersee the transfer of any accused person to the custody of the local law enforcement personnel; Act as the main key holder for the college on all call outs and liaise with other emergency services In terms of person specification, the following aspects have been outlined: EssentialDesirable Education and qualificationHigh diploma level (HND); Bachelor’s degree in business management/ managing people; Bachelor’s degree in security management; Complete senior management security programme; Hold a recognised training certificateDegree in criminal justice/ public administration Experience and knowledgeCandidate must be 21 years and over; One year post degree; Work with security systems including CCTV and access control and producers to promote effective security operations for the protection of assets, people and data; Knowledge of CCTV codes of practice, data protection act, British standard 7499; Static guarding and mobile patrol; Experience of managing teams; Knowledge of fire safety and health and safe procedures in the workplace; Knowledge of the equality act and its relevance to the collegeWork with the police force, national guard, voluntary service; Work at an operational management level delivering security service ideally with stu dents and within a high large profile; 2 years in security force Task 3: Self-reflection Having taken part in the project at St Patrick’s College, related to a selection day, I have had an experience which has given me an exciting opportunity to experience an active process of building strong leadership skills. Teamwork usually involves various individuals and groups working together to optimise their efficiency and reach common goals, as in the case with the project performed in St Patrick’s College (Sohmen, 2013). The benefits of team working on this project are numerous. First, teamwork leads to improved morale because team members learn to take sufficient responsibility for their actions, which may result in a significant improvement of the entire project. It is important that individuals gain authority and ownership over the project (Reevy, Chamberlain and Stein2013). A second benefit of team working on the project relates to greater flexibility. This means that people have an opportunity to become more flexible as result of working together on a project. They may also solve certain problems in an efficient manner considering that they unite their efforts to achieve common objectives (Sohmen, 2013). Another benefit associated with teamwork is that of increased innovation. Every team member can share important insights into developing the project successfully. Innovation is linked with creativity, implying that team members can demonstrate solid creative skills when providing suggestions to the project (Pacios and de la Fuente, 2013). As indicated in research, teamwork contributes to increased levels of motivation, which in turn positively affects one’s creativity. My role as leader and member of the team has developed due to my active participation in the project. Conflicts and difficulties are an inevitable part of any project, including the one at St Patrick’s College, but I have been determined to solve any challenges. I have demonstrated the skills of listening to others and considering their point of view regarding important stages of the completion of the project (Reevy, Chamberlain and Stein, 2013). Research places importance on the development of empathic skills, which are important in the process of bringing a project to successful completion (Tiffan, 2014). My role as team leader in managing conflicts has mostly involved the adoption of preventative strategies focused on the idea of preventing or minimising conflicts. As a result, I have contributed to the development of ground rules for the project at its beginning, as research also considers the relevance of systematic preparation in projects (Tiffan, 2014). Moreover, I have succeeded in developing a team agreement on the precise way in which the group could resolve any problems that may appear. Another strategy is to present details on the critical resolution process in which every team member is assigned specific roles. My role as leader and member of the team also included a solid focus on reactive strategies. In other words, I have thoroughly considered my responsibility to enhance the resolution of conflicts pertaining to the project (Sohmen, 2013). For instance, I implemented a form of authoritarian approach by informing the group about the scope of the resolution. Such strategy was more formal in the sense of adhering to strict rules of project communication. As an example, I directly informed the group that the major goal of the project is to focus on recruitment strategies used in the selection of employees. This fostered a sense of enhanced teamwork based on the urgency to resolve any conflicts and difficulties as quickly as possible. However, I also included a process of flexible discussion while trying to find solutions to conflicts (Tiffan, 2014). As a whole, the effectiveness of the team in achieving the projects goals was adequate. The team members were skilled and motivated to bring the project to a successful end. In addition, the group ensured that they had complementary skills (Stupans, 2013). They were able to relate to one another in terms of technical proficiencies. The aspect of mutual accountability was present at all stages of the project. They were all responsible for the creation of a strong culture of responsibility. Each team member illustrated the presence of clearly defined roles and responsibilities (Tiffan, 2014). As part of the process of achieving the project’s goals, productivity of team members has been properly recognized and rewarded. In addition, the effectiveness of the team reflected the regular tracking of individual and group progress. In case the team members exhibited any signs of struggling with completing the project, the team has been always ready to provide support and guidance which previous research has found to be important (Sohmen, 2013). The team was able to create a positive pressure to achieve the initially projected goals. Such goals have emerged in an attempt to guide the important decisions made by team members. This shows that the team has maintained a focus on the project’s mission related to the selection of a professional to work at St Patrick’s College (Stupans, 2013). The aspect of collective responsibility has been dominant in guiding the team working while completing the project of St Patrick’s College. My role within the team especially during the selection process was quite flexible because I had an opportunity to explore various aspects of that particular process. What I have done well was to outline briefly the personal qualities required for the position of a security manager/supervisor (Adams, Cain and Giraud, 2012). I demonstrated a proper knowledge of the job role as well as presented specific skills in organising important job roles and responsibilities. Moreover, I illustrated adequate communication and teamwork skills that have contributed to the successful completion of the project. I was able to work with culturally diverse individuals and lead them accordingly (Sohmen, 2013). However, I could have done better in improving my knowledge of specific aspects of security policies, rules and regulations pertaining to the job position. I could have taken my time to explore each of these aspects in detail in order to provide a better understanding of the specificity of the profession, which could have helped me focus on selecting the right candidates (Adams et al., 2012). Although I believe I have good skills in assessing people’s potential in a particular field, I need to do more research on this topic to improve my own capacity of working with and leading culturally diverse individuals (Tiffan, 2014). I could have also improved my cultural awareness considering the highly diverse workforce of the educational institution. In conclusion, this task has been completed successfully because of the focus on teamwork at all stage of the process. Task 4: Discussion of the main financial statements of a company There are three key components involved in the financial statements of a company, which are a profit and loss statement, balance sheet, and cash flow statement. All the key components are used as a whole, to provide a clear picture of the financial position and financial results of a company (Parker, 2009). A structure designed for each of the financial statements is considered the most important element, though the influential decision depends on the requirements of the user. The key point supporting the importance of the profit and loss statement is that it is one of the most important financial statements and users like to observe the financial statements of a company, since it has the capability to help users or businesses generate profit by examining the over financial report (Buffett and Clark, 2008). In addition, the information inserted in the profit/loss statement is mostly released in the applicable currency, so it can provide a reasonable level of accuracy. Though, profit/ loss does not show the amount of assets and liabilities required by a company to generate a profit (Parker, 2009). Moreover, its financial results are not necessarily associated with the total cash flows generated by a company. The accuracy of this statement can be suspected when the cash basic of the accounting method is used. It is important to focus on ensuring accuracy as part of the broad purpose of accounting. Thus, the profit/loss statement, when utilised, can be fairly misleading. Balance sheet is expected to be positioned at a second place by many users, since it does not provide the financial results of business operations, and some of the information provided in it may be based on past business costs (Kalsyte and Verikas, 2013). This makes the balance sheet report less instructive or informative. However, the balance sheet is considered to have importance when compared with the profit/loss statement, since this sheet provides the amount of investment requirement to maintain the sales and profits shown on the profit/loss statement (Buffett and Clark, 2008). The third most important component of financial statement is cash flow, because it mainly focuses on recording cash inflows and outflows (Parker, 2009). This financial report provides a clearer analysis of a company’s cash flows than the profit/loss statement, which can sometimes present unbiased results, particularly when accruals are authorised under the growth basis of accounting (Palea, 2014). It is essential to understand the concept of the balance sheet, as it provides a company’s financial situation at any period of time, while a profit/loss statement provides a company’s overall financial performance within a set period of time. The profit/loss statement normally shows a company’s financial performance over a period, such as being released every year or after six months (Parker, 2009). On the other hand, the balance sheet gives a snap shot of the financial position accurately at the year-end or month-end. Finance managers rely on the balance sheet statements to examine whether purchasing certain equipment on debt is the right choice for a company at that time (Palea, 2014). The balance sheet also provides the owner’s equity; for instance, it indicates the total value of the inventory and the number of a company’s shares identified as outstanding. The profit/loss statement is one of the most important documents because it plays a significant role in a company’s decision making process. The profit/loss statement is an end result of the financial information that is provided in the journals and ledgers, and then changed into brief, summarised, compiled revenue and expense structures (Bao, Li, Wu, Zhu et al., 2014). This statement shows the overall revenues and expenses of a company for a set period of time. Senior managers and shareholders can find prosperity of valuable information on the profit/loss statement including the company’s overall sales, profits, retained earnings, net profits, and operating earnings. From this information, finance experts can determine and distinguish vital information about a company’s performance. Profit/loss statements usually give information for more than one period, for example two successive years (Buffett and Clark, 2008). It is simple to compare the financial results fr om one period to the next and conclude trends in earnings and expenditures. Whereas, cash flow statement is considered to be the most crucial element for any enterprise’s financial performance. It calculates the amount of capital that enters into a company and out of it over a specified time period. In this way, an enterprise is able to analyse and control how much capital it has in inflow to pay expenses and purchase assets. There is a difference existing in the structure of financial statements (profit/loss statement and balance sheet) for different types of business, such as sole trader, partnership and private/public limited company. Each company has different financial and economical positions so they use different financial statements with different structures that satisfy their financial positions (Bao et al., 2014). The financial statements gather the financial information from the sales and services provided and include the net taxable profit or loss for each month. Different types of business use different structures. For a sole proprietor, the financial statement is easy and simple because the financial report is just provided for the proprietor of the company. This means that it does not have to provide any balance sheet and profit/loss statement (Parker, 2009). The report just needs to provide or to show profit and loss financial information, whereas a private limited and public limited comp any, which has to organise its’ report based on accounting standards. There are two types mostly used by companies: international financial reporting standard (IFRS) and generally accepted accounting principle (GAAP). If financial statements are not structured based on standards it is complicated to evaluate and compare performance with that of other companies. For a partnership, the financial structure is focused on providing the profit/dividend and total contribution by partners in the investment capital of a company (Ronen, 2006). The objective of the financial statement is revealed in the balance sheet, profit/loss, cash flow and loss statement. When creating financial statements, the profit/loss statement would typically be structured first because the net profit or loss becomes a part of the statement in the balance sheet, or in a partners’ capital. Moreover, the end of a partner’s capital statement becomes a part of the balance sheet (Parker, 2009). The financial statement is focused on examining the total capital and profits of a company that are distributed inside its structure. For a public and private limited company, the financial statement must provide the following components: current assets, non-current assets, current liabilities, total sales, total profits, payable, dividends, and share prices (Ronen, 2006). References Adams, B. L., Cain, H. R. and Giraud, V. (2012). ‘Leadership, Motivation, and Teamwork Behaviors of Principal Investigator’s in Interdisciplinary Teams: A Synthesis of Research’. Journal of Leadership Education, vol. 11(2), pp. 176-191.Bao, C., Li, J., Wu, D., Zhu, X., Liang, C. and Liu, C. (2014). ‘Optimization of Integrated Risk in Commercial Banking Based on Financial Statements’. Procedia Computer Science, vol. 31, pp. 501-510.Buffett, M. and Clark, D. (2008). Warren Buffett and the Interpretation of Financial Statements: The Search for the Company with a Durable Competitive Advantage. New York: Scribner. Kalsyte, Z. And Verikas, A. (2013). ‘A Novel Approach to Exploring Company’s Financial Soundness: Investor’s Perspective’. Expert Systems with Applications, vol. 40(13), pp. 5085-5092. Pacios, A. R. and de la Fuente, G. (2013). ‘Teamwork and Leadership in a Virtual Learning Environment’. RUSC: Revista de Universidad y Sociedad del Conocimiento, vol. 10(2), pp. 358-374. Palea, V. (2014). ‘Are IFRS Value-Relevant for Separate Financial StatementsEvidence from the Italian Stock Market’. Journal of International Accounting, Auditing and Taxation, vol. 23(1), pp. 1-17. Parker, R. H. (2009). Understanding Company Financial Statements. New York: Penguin Books. Reevy, G. M., Chamberlain, C. J. and Stein, J. (2013). ‘Identifying Collaboration, Teamwork, and Leadership Practices on Campus’. Currents in Teaching & Learning, vol. 6(1), pp. 4-17. Ronen, J. (2006). ‘A Proposed Corporate Governance Reform: Financial Statements Insurance’. Journal of Engineering and Technology Management, vol. 23, pp. 130-146. Sohmen, V. S. (2013). ‘Leadership and Teamwork: Two Sides of the Same Coin’. Journal of Information Technology & Economic Development, vol. 4(2), pp. 1-18. Stupans, I. (2013). ‘Development of Contemporary Leadership Capacity through Teamwork in an Online Environment: A Pilot Study’. International Journal of Teaching & Learning in Higher Education, vol. 25(2), pp. 262-268. Tiffan, B. (2014). ‘The Art of Team Leadership’. Journal of Health-System Pharmacy, vol. 15, pp. 799-801.