The Differences Between Internal And External Sources Of Business Finance Finance Essay

The Differences Between Internal And External Sources Of Business Finance Finance Essay Businesses require financing in order to operate. The source of this finance can be either internal or external and furthermore it can further subdivided into long or short term. Long terms sources are those that provide finance for more than a year while short term provide for less than a year; Internal sources of finance come from within the business and do not require the agreement of anyone beyond directors and managers of the business. (LOE 2010:317). The long term sources of internal finance include retained profits while short term sources include selling of inventories, extending period of credit from suppliers and stricter credit control over funds owed by credit customers (LOE 2010). Sources of finance are considered short term because they can easily be reversed in the short run. External sources of finance on the other hand require(s) the compliance of potential shareholders (LOE 2010:317) and in this case the company owes outside institutions or individuals (Brindley 200 8). According to LOE (2010), long term sources of external sources of finance include ordinary shares, preference shares, long term loans, finance leases, hire purchase agreements etc. While short term sources of external finance include bank overdrafts, debt factoring and invoice discounting. Difficulties SMEs face in raising adequate finance: SMEs face numerous challenges in raising enough finance for their business. According to Propoarco (2009:13) difficulties in gaining access to financing constitute the main stumbling block for SME development in Sub Saharan African. This is caused by a number of factors. First, there are inadequate personal funds and resources to fully fund the business and this requires that they look for external sources of finance where they are likely to encounter further challenges. Lack of collateral Banks require guarantees in the form of assets, forecast of business growth etc in order to approve long and short term loans and ensure that they can get their money back through payments or by selling off the defaulters assets. Unfortunately most SMEs do not have many assets in the business name as they are start ups and this poses challenges. Moreover, because some SMEs are sole proprietorships, it can be difficult to separate the SMEs assets from those of the business owner (oecd.org). Banks are therefore weary of providing funding where there is no clarity especially when it is unclear regarding the health of the business and its assets. There is no guarantee that the SME can sustain loan payments. High Cost of finance, Too high interest rates that are unsustainable. SMEs are considered high risk because they have a high failure rate and therefore more likely to default on loans (ITC 2009). As such, in order to counter their risk of lending to such enterprises, banks charge high interest rates. This in turn makes access to funding expensive for SMEs compared to larger organisations that are not viewed as high risk. SME owners sometimes lack access to information regarding where to access funds and may not be aware of the requirements in order to access these funds ITC 2009). Moreover SME may not have a clear and well constructed business plan that details the business path over the next few years; a key requirement for most financing institutions; or the business plan may be poorly constructed and not have key information (oecd.org). In addition banks may require pertinent information such as credit rating, credit history in order to make well informed decisions. Unfortunately as a start up, an SME might not have this information. Moreover the company may not have kept this information or the companys funds may be intertwined with the owners personal finances, making it difficult to produce this information. Such regulatory constraints make it challenging for SMEs to access financing. The loan application process itself may be too lengthy and complicated such that the SME owner gives up (ITC 2009). SMEs can also be pessimistic about outside investors and would rather keep it in the family. As such they are not open to financing ideas that involve outsiders taking part ownership or control of the companies. This therefore limits their financing options. Possible Advice and Solutions SMEs have several options regarding where and how to access funding. SMEs can access finance through venture capitalists. These are individuals who provide funding to start up companies with exciting ideas that promise high returns and they offer funding to start ups, to businesses that need to achieve a turnaround, that need to expand etc(LOE 2010). However in certain cases venture capitalists may require equity or control in the said business in return. Non- governmental organisations (NGOs) have also devised programmes in order to provide funding for SMEs because of the difficulties of accessing fund in the mainstream. Oikocredit an NGO in Ghana for example offers funding for SMEs (Mensah 2004). USAID Development credit authority also provides funding for SMEs. Governments have also taken interest in this issue and through initiatives such as Small firm loan guarantee scheme in the UK (LOE 2010: 357) and Africa Development Bank, governments help SMEs that lack security to access funds by being the guarantors of a large percentage of the loan. Grants and subsidies are also available for example through the Ministry of SMEs in Zimbabwe. Listings on alternative stock exchanges such as Altx in Johannesburg (RHPS.com) and AIM in the UK allow smaller businesses to list and float shares with less stringent requirements thereby raising equity finance. Wealthy individuals, already successful in business, called business angels (LOE 2010) invest in SMEs through a shareholding to assist start ups or SME expansion plans. This can be in the form of a single individual or a consortium. While they dont get involved in the day to day operations of the business, they do take an active interest. And can be a valuable source of business skills and experience. According to ITC (2009), trade credit (where collateral is not required) and cash advances from customers can be short term source of finance for SMEs.

Media Effects Theory

This is a short discourse on the research of the Media Effects Theories, showing how the new theories or current information that is available currently support old theories such as the cultivation theory, spiral of silence theory, and uses-and-gratifications theories among others. This will begin with a brief discussion on Media Effects Theory and proceed to highlight the current developments in this scholarly field and finally show how these theories support different effects models. The developments in media have accelerated at an enormous rate given the recent advances in technology. New forms of media such as DVD and the internet have changed the way media is delivered to the audience and also the way it is perceived thus raising the question of whether or not the conventional theories on Media Effect are still viable for the current scenario (Berger 1997). To properly understand this, it is important to first delve into the nature of Media Effects Theories. Media Effects Theory. Media Effects theory can be generally defined as the theory that postulates that any level of exposure to representations or depictions of violence in any of various media cause or have the potential to cause increased aggression or violence in the behavior of the audience (Bryant 2002). Media Effects Theories are developed to provide a better understanding and to gain a deeper insight into the effects that media has had with respect to society and also the role that media plays in influencing social and political change (MacQuail 2000). The recent developments in media however have raised new concerns regarding the perspectives and a proliferation of approaches concerning the Media Effects Theory including its research methodology, communications education, and public policy issues (Berger 1997). Given these criticisms of the theories on media effects, it becomes relevant to examine the existing theories and to examine how an application of the current theories and research may help in addressing this concern. Existing Media Effects Theories This section will briefly discuss a few of the more predominant and influential Media Effects Theories today. The first discussion will be on the Hypodermic Needle Model, which is a theory that the influence of media is so powerful that it can be used to â€Å"inject† messages into the minds of the audience and control them (Baran et al 1995). This model was developed by the Marxist Frankfurt School of intellectuals in the 1930s. The current application of this theory today is criticized by many because the Hypodermic Needle Model was mainly a result of the fear and concern that was generated during the practice of political propaganda and psychological warfare during World War I (Baran et al 1995). The second Media Effect Theory that will be discussed is the Empiricist Tradition which as the term suggests employs an application of the methodologies and principles of the natural sciences to attempt to measure the direct effects on audiences that may be attributed to media exposure (Mass Media Effects: A Study 4). Paul Lazarsfeld, an important researcher who contributed much to the development of empirical conducted a study into voting behavior carried out in the 1940s which to the development of the highly influential Two Step Flow Model of mass communication (Bandura 2001). There have been many criticisms with regard to this theory. While early on it was regarded as influential in this field with the theory of the â€Å"Limited Effects†, there have been studies conducted in Europe that show the exact opposite (MacQuail 2000). The current application of this theory now might be made more credible by improving the methodological diversity which scientists and social theorists have criticized (MacQuail 2000). Another influential Media Effect Theory is the Cultural Effects Approach which basically tries to analyze the social, political and cultural effects (MacQuail 2000). The advocates of this approach fall into two (2) categories, the Marxist Approach and the Literary Criticism Approach (Mass Media Effects: A Study 6). While these two (2) views have gained a strong following among many, the most common criticism is that given the technological advances today, there must be a method by which these theorists are able to provide empirical evidence supporting their assertions (Chomsky et al 2002). The other influential perspective is the Uses and Gratification Approach which allows insight into precisely how the â€Å"new† media differ from the â€Å"old† insofar as audiences utilizes these media (Gauntlett 1998). This focuses primarily on how the audience or people in general use the media to gratify their needs. While this approach is still widely used, the problem of different needs and uses particular to a single individual makes the approach unreliable to some. As MacQuail pointed out, â€Å"it's very difficult to connect a particular need with a particular type of media content since media use may be considered to supply at one time or another all the benefits named (57)† Now that it has been shown how these approaches have defined and been applied in Media Effects Theories, an examination of the current theories and research prevailing today must be done. Current Theories and Research As previously mentioned, the recent technological advances have altered the way that media is perceived and received by the audience, allowing for arguably greater effect or influence upon the general public. This section will attempt to discuss how the traditional approaches may utilize the current theories and research available to be able to adapt with the ever changing needs and demands of this field of study. The first critical issue to be discussed is the rising influence of postmodernist thought on the approaches to Media Effects Theory (Fisher et al 2004). The main ideas of this theory rely on the fact that the ideas and perceptions of individuals has already been preconditioned by media in a sense that whatever input or meaning that is derived from media is already placed in a predefined context (MacQuail 2000). This school of thought therefore suggests that in analyzing the behavior and effects the fact that media has already preconditioned the minds of the individuals and influenced the â€Å"reception. Miller 2005)† An approach that is closely linked with this development is the New Audience Research, which focuses primarily on the ethnographic studies of audiences while not totally disregarding the â€Å"theory† aspect of the matter (Fisher et al 2004). This approach uses the reception analysis, which has developed from a combination of traditional qualitative resear ch strategies in sociology with some of the ideas of reader response theory in literary criticism (Mass Media Effects: A Study 8). The important aspect of this approach is ability to confront and properly address the issues concerning the origins and influences of meaning that an individual conceptualizes with regard to the media input that he is exposed to. Another important factor to consider is the cultivation theory, which was primarily concerned with concerned with the â€Å"cumulative and overarching impact it (media) has on the way we see the world in which we live (Miller 2005). † This theory has recently been discussed in the research of James Shanahan and Michael Morgan which tackled the issue of the cultivation theory and television. The main idea of this research revealed that television programming cultivates a mainstream world view that reflects and perpetuates the interests of social and political elites and their stakes in maintaining the status quo (Shanahan and Morgan 2000). This type of analysis reveals the relevance of this approach to the Theories on Media Effects because of the fact that this approach considers the context within which the images presented in media with respect to the changing times and culture (Bandura 2001). While this approach may not be necessarily complete and is not without its criticisms, when combined with the Empirical Tradition, a new method which combines the stronger features of the scientific method and the approach of the cultural method may prove to be credible enough to silence its critics. Application of Media Effects Theories In order to arrive at a more concrete understanding of the issue at hand, it is interesting to apply what has been discussed to a current issue. One of these issues is the effect of media on the moral fiber of today’s youth. This will be discussed in brief to provide an accurate detail of just how these media effects theories can be applied to today’s social problems. As a quick glimpse at the recent events that grace the newspaper’s headlines show, there is indeed a growing concern over the violence that happens in schools all over the country (Chomsky et al 2002). The issue is not limited to the increased teenage pregnancies or even drug abuse. It encompasses a whole range of issues such as bullying and perhaps the most frightening, schools shootings (Chomsky et al 2002). With all of these problems plaguing not only the education system but also the entire nation as of late, the question that comes up is whether or not this is actually caused by the violent television shows and movies in the cable TV programming. While there has been no irrefutable data that lends credence to the theory that violent shows in television is the real culprit behind today’s misguided and often violent youth, there can also be no argument against the statement that though violence on television may not be the sole cause, it is one of the contributory causes (Fisher et al 2004). There are a number of media effects theories that solidify the argument that it is violence in media or in television that has led to the deterioration in the moral foundation of today’s youth (Gauntlett 1998). A good example of this would be the â€Å"Hypodermic Needle Model†, which is a theory that the influence of media is so powerful that it can be used to â€Å"inject† messages into the minds of the audience and control them (Gauntlett 1998). While it is not being suggested that television is being used a medium to brainwash today’s youth and turn them into an army of zombies for the media, it is being proposed, however, that the programming and quality of shows on television, such as violent programs, has a profound effect upon the youth (Shanahan and Morgan 2000). The influence, therefore, that television has upon the youth is undeniable. While this influence may have waned in the advent of the internet age and YouTube, it still bears a considerably large amount of influence over the younger children who are not able to access such media devices (Fisher et al 2004). Therein lays the danger; young children with impressionable minds are exposed to violence on television leading to a deterioration in the moral and ethical foundations of today’s generation. Another interesting theory to correlate the cause, violence in television, with the effect, violent behavior of the youth, is the postmodernist thought on the approaches to the Media Effects Theory (Gauntlett 1998). The main ideas of this theory rely on the fact that the ideas and perceptions of individuals has already been preconditioned by media in a sense that whatever input or meaning that is derived from media is already placed in a predefined context (Fisher et al 2004). This school of thought therefore suggests that in analyzing the behavior and effects the fact that media has already preconditioned the minds of the individuals and influenced the reception (Shanahan and Morgan 2000). As such, given the volatile nature of the mind of a child, the input that a child receives from violent programming on the television creates a preconceived notion of what the real world is like. By showing violence on television, a child may think and perceive that such behavior is actually socially acceptable (Fisher et al 2004). Studies have shown that there have been causal links found between aggressive and violent behavior in children and the type of television programs that these children generally watch. This can also be applied to the infamous Columbine shooting wherein the investigators have theorized that the motivation for the shooters may have been influenced by forms of media (Fisher et al 2004). As stated in one of the reports, â€Å"Among the many theories that have surfaced regarding the motivation for this incident the most prevalent one remains the effect that media has on the minds of today’s youth. (Fisher et al 2004) While there are those who theorize that it was the fact that the shooters were isolated from the rest of their classmates thus prompting feelings of helplessness, insecurity and depression, as well as cultivating a strong desire for attention, the attention has been focused on the effect violent video games such as Doom, which the shooters frequently played, and rock m usic such as Rammstein. Every day the world searches for answers for many of the would-be â€Å"avoidable† tragedies such as school shootings, gang wars and juvenile teen violence. The reason for the term â€Å"avoidable† stems from the fact that many consider these as effects of media influences and morally condemnable social behavior (Fisher et al 2004). While media and television, in particular, are not the main causes for these tragedies, it cannot be denied that they have contributed to these problems (Fisher et al 2004). There may not be an easy solution for this but by identifying the causes that have led to this dilemma a big step has been taken to rectify this situation and to prevent more disasters such as this from ever happening again. Conclusion From this discussion, it is apparent that the application of these Media Effects theories is versatile to say the least. There are a number of social phenomena that occur in today’s world that can be partly explained by these theories. Events such as the impact of media on today’s youth, school violence, teen drug abuse and even consumer patterns are all within the ambit of these media effects theories. It is interesting to note, however, that while suitable media effects theories are present in this discussion, the field of media studies is constantly evolving. The introduction and use of new technology that aids in the proliferation and dissemination of media could prove to challenge many of these conventional theories if not alter them. Other future concerns in this area would also have to deal with the present legislative stance on certain forms of media and their content. It remains to be seen in the future just how these events will change the understanding and function of media in present day society. There will always be debate concerning the correct approach to Media Effect. Certain schools of thought will always insist on the application of a more totalitarian perspective that incorporates unquantifiable characteristics or effects while others will insist on an empiricists approach and the application of the principles and information that the natural sciences provide. The key to resolving this issue may very well lie in which school of thought is regarded as authoritative or persuasive enough to convince the other of the credibility and validity of their findings. While this may not seem possible, events in the past have shown that even for brief moments a single school of thought or approach was held in high regard (see Empiricist Tradition). The use of these current theories on the approaches to Media Effects Theories may however be the final factor which determines what school of thought or media model will prevail. The way these current researches have incorporated the key aspects of the technological development in media as well as the way that they have addressed the previous concerns or criticisms regarding the traditional approaches makes them a valuable tool indeed in providing a deeper understanding of human nature and the relationship that it has to media.

Re-Election Rates for Members of Congress

The re-election rate for members of Congress is exceptionally high considering how unpopular the institution is in the eyes of the public. If youre looking for steady work, you might consider running for office yourself; job security is especially strong for members of the House of Representatives even though a significant portion of the electorate supports terms limits.   How often do members of Congress actually lose an election? Not very. Almost Certain to Keep Their Jobs Incumbent members of the House seeking re-election are all but assured re-election. The re-election rate among all 435 members of the House has been as high as 98 percent in modern history, and its rarely dipped below  90 percent.   The late Washington Post political columnist David Broder referred to this phenomenon as incumbent lock and blamed gerrymandered congressional districts for eliminating any notion of competition in general elections.   But there are other reasons the re-election rate for members of Congress is so high. With wide name recognition, and usually an insurmountable advantage in campaign cash, House incumbents typically have little trouble holding onto their seats, explains the Center for Responsive Politics, a nonpartisan watchdog group in Washington. In addition, there are other built-in protections for congressional incumbents: the ability to regularly mail flattering newsletters to constituents at taxpayer expense under the guise of constituent outreach and to earmark money for pet projects in their districts. Members of Congress who raise money for their colleagues are also rewarded with large amounts of campaign money for their own campaigns, making even more difficult to unseat incumbents. So how difficult is it?  Ã‚   List of Re-Election Rates For House Members By Year Heres a look at the re-election rates for members of the House of Representatives going back to the 1900 congressional election. On only four occasions did more than 20 percent of incumbents seeking re-election actually lose their races. The most recent such election was in 1948, when Democratic presidential nominee Harry S. Truman campaigned against a do-nothing Congress. The wave election resulted in a massive turnover in Congress, one that rewarded Democrats with 75 more seats in the House. Prior to that, the only  election that resulted in a substantial ouster of incumbents was in 1938, amid a recession and soaring unemployment. Republicans picked up 81 seats in Democratic President Franklin Roosevelts  midterm election. Take note that some of the lowest re-election rates occur in the midterm elections. The political party whose president occupies the White House often sustains large losses in the House. In 2010, for example, the re-election rate for members of the House dipped to 85 percent; it was two years after Democrat Barack Obama was elected president. His party lost a whopping 52 seats in the House in 2010.   Re-election Rates for House Members Election Year Percentage of Incumbents Re-elected 2018 91% 2016 97% 2014 95% 2012 90% 2010 85% 2008 94% 2006 94% 2004 98% 2002 96% 2000 98% 1998 98% 1996 94% 1994 90% 1992 88% 1990 96% 1988 98% 1986 98% 1984 95% 1982 91% 1980 91% 1978 94% 1976 96% 1974 88% 1972 94% 1970 95% 1968 97% 1966 88% 1964 87% 1962 92% 1960 93% 1958 90% 1956 95% 1954 93% 1952 91% 1950 91% 1948 79% 1946 82% 1944 88% 1942 83% 1940 89% 1938 79% 1936 88% 1934 84% 1932 69% 1930 86% 1928 90% 1926 93% 1924 89% 1922 79% 1920 82% 1918 85% 1916 88% 1914 80% 1912 82% 1910 79% 1908 88% 1906 87% 1904 87% 1902 87% 1900 88% Resources and Further Reading â€Å"Reelection Rates Over the Years.† OpenSecrets.org, The Center for Responsive Politics. Huckabee, David C. â€Å"Reelection Rates of House Incumbents: 1790-1994.† Congressional Research Service, the Library of Congress, 1995.

Electroplating History and Timeline

Italian chemist, Luigi Brugnatelli invented electroplating in 1805. Brugnatelli performed electrodeposition of gold using the Voltaic Pile, discovered by his college Allessandro Volta in 1800. Luigi Brugnatellis work was rebuffed by the dictator Napoleon Bonaparte, which caused Brugnatelli to suppress any further publication of his work. However, Luigi Brugnatelli did write about electroplating in the Belgian Journal of Physics and Chemistry, I have lately gilt in a complete manner two large silver medals, by bringing them into communication by means of a steel wire, with a negative pole of a voltaic pile, and keeping them one after the other immersed in ammoniuret of gold newly made and well saturated. John Wright Forty years later, John Wright of Birmingham, England discovered that potassium cyanide was a suitable electrolyte for gold and silver electroplating. According to the Birmingham Jewellery Quarter, It was a Birmingham doctor, John Wright, who first showed that items could be electroplated by immersing them in a tank of silver held in solution, through which an electric current was passed. The Elkingtons Other inventors were also carrying on similar work. Several patents for electroplating processes were issued in 1840. However, cousins Henry and George Richard Elkington patented the electroplating process first. It should be noted that the Elkingtons bought the patent rights to John Wrights process. The Elkingtons held a monopoly on electroplating for many years due to their patent for an inexpensive method of electroplating. In 1857, the next new wonder in economical jewelry arrived called electroplating - when the process was first applied to costume jewelry.