Being a teenager Essay

Being a teenager is one of the toughest and most memorial things that one goes through in life. A teenager goes through many happy times and many depressing times. Stress, depression, and peer pressure, are some negative things that a teenager goes through in life. Friends and dating are joyful times that teenagers face in the adolescent years in today’s time. Tension, stress and depression affects everyone at one time or another in their life. A death in the family, arguing with and losing a friend, being bullied or teased, peer pressure to wear certain types of clothing or hairs, try tobacco, alcohol or drugs, are all factors that can create stress, and may cause uncertainty and depression. There are many causes of stress such as lack of affection and tension from parents, loneliness and low self esteem. Low self-esteem can be a major problem for teens because of the importance placed on looks and achievement in our society today. According to Patricia Shapiro in A Parents’ Guide to Childhood and Adolescent Depression (1994) â€Å"three to six million children under the age of 18 may suffer from clinical depression. Thousands of others probably experience less serious bouts of stress and depression although most such cases go untreated and unreported.   â€Å"Large amounts of homework or overdue assignments can be overwhelming. School can be very stressful because you may feel rejected by peers or criticized and embarrassed by teachers.   A healthy part of every child’s development is involvement with their peers. This is especially true during adolescence as teenagers develop a sense of independence from their parents. Members of the peer group often dress alike. They talk about similar things, like the same music, laugh at the same jokes and share secrets. Adolescents spend much of their time away from home, whether at school, social events, or the homes of their friends.

Introduction to Axis Bank

INTRODUCTION TO AXIS BANK Commercial banking services which includes merchant banking, direct finance infrastructure finance, venture capital fund, advisory, trusteeship, forex, treasury and other related financial services. As on 31-Mar-2009, the Group has 827 branches, extension counters and 3,595 automated teller machines (ATMs). Axis Bank was the first of the new private banks to have begun operations in 1994, after the Government of India allowed new private banks to be established.The Bank was promoted jointly by the Administrator of the specified undertaking of the Unit Trust of India (UTI – I), Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC) and other four PSU insurance companies, i. e. National Insurance Company Ltd. , The New India Assurance Company Ltd. , The Oriental Insurance Company Ltd. and United India Insurance Company Ltd. The Bank today is capitalized to the extent of Rs. 359. 76 corers with the public holding (othe r than promoters) at 57. 79%. The Bank's Registered Office is at Ahmadabad and its Central Office is located at Mumbai.The Bank has a very wide network of more than 853 branches and Extension Counters (as on 30th June 2009). The Bank has a network of over 3723 ATMs (as on 30th June 2009) providing 24 hrs a day banking convenience to its customers. This is one of the largest ATM networks in the country. The Bank has strengths in both retail and corporate banking and is committed to adopting the best industry practices internationally in order to achieve excellence. HISTORY OF AXIS BANK In 1993, the Bank was incorporated on 3rd December and Certificate of business on 14th Dece11mber.The Bank transacts banking business of all description. UTI Bank Ltd. was promoted by Unit Trust of India, Life Insurance Corporation of India, General Insurance Corporation of India and its four subsidiaries. The bank was the first private sector bank to get a license under the new guidelines issued by th e RBI. In 1997, the Bank obtained license to act as Depository Participant with NSDL and applied for registration with SEBI to act as `Trustee to Debenture Holders'. Rupees 100 crores was contributed by UTI, the rest from LIC Rs 7. 5 crores, GIC and its four subsidiaries Rs 1. crores each. In 1998, the Bank has 28 branches in urban and semi urban areas as on 31st July. All the branches are fully computerized and networked through VSAT. ATM services are available in 27 branches. The Bank came out with a public issue of 1,50,00,000 No. of equity shares of Rs 10 each at a premium of Rs 11 per share aggregating to Rs 31. 50 crores and Offer for sale of 2,00,00,000 No. of equity shares for cash at a price of Rs 21 per share. Out of the public issue 2, 20,000 shares were reserved for allotment on preferential basis to employees of UTI Bank.Balance of 3, 47, 80,000 shares were offered to the public. The company offers ATM cards, using which account-holders can withdraw money from any of th e bank's ATMs across the country which is inter-connected by VSAT. UTI Bank has launched a new retail product with operational flexibility for its customers. UTI Bank will sign a co-brand agreement with the market, leader, Citibank NA for entering into the highly promising credit card business. UTI Bank promoted by India's pioneer mutual fund Unit Trust of India along with LIC, GIC and its four subsidiaries.In 1999, UTI Bank and Citibank have launched an international co-branded Credit card. UTI Bank and Citibank have come together to launch an international co-branded credit card under the MasterCard umbrella. UTI Bank Ltd has inaugurated an off site ATM at Ashok Nagar here, taking the total number of its off site ATMs to 13. m In 2000, the Bank has announced the launch of Tele-Depository Services for Its depository clients. UTI Bank has launch of `iConnect', its Internet banking Product. UTI Bank has signed a memorandum of understanding with equitymaster. om for e-broking activiti es of the site. Infinity. com financial Securities Ltd. , an e-broking outfit is Typing up with UTI Bank for a banking interface. Geojit Securities Ltd, the first company to start online trading services, has signed a MoU with UTI Bank to enable investors to buysell demat stocks through the company's website. India bulls have signed a memorandum of understanding with UTI Bank. UTI Bank has entered into an agreement with Stock Holding Corporation of India for providing loans against shares to SCHCIL's customers and funding investors in public and rights issues.ICRA has upgraded the rating UTI Bank's Rs 500 crore certificate of deposit programmed to A1+. UTI Bank has tied up with L&T Trade. com for providing customized online trading solution for brokers. In2001, UTI Bank launched a private placement of non-convertible debentures to rise up to Rs 75 crores. UTI Bank has opened two offsite ATMs and one extension counter with an ATM in Mangalore, taking its total number of ATMs across t he country to 355. UTI Bank has recorded a 62 per cent rise in net profit for the quarter ended September 30, 2001, at Rs 30. 5 crore. For the second quarter ended September 30, 2000, the net profit was Rs 19. 08 crore. The total income of the bank during the quarter was up 53 per cent at Rs 366. 25 crore. In 2002, UTI Bank Ltd has informed BSE that Shri B R Barwale has resigned as a Director of the Bank w. e. f. January 02, 2002. A C Shah, former chairman of Bank of Baroda, also retired from the bank’s board in the third quarter of last year. His place continues to be vacant. M Damodaran took over as the director of the board after taking in the reins of UTI.B S Pandit has also joined the bank’s board subsequent to the retirement of K G Vassal. UTI Bank Ltd has informed that Shri Paul Fletcher has been appointed as an Additional Director Nominee of CDC Financial Service (Mauritius) Ltd of the Bank. And Shri Donald Peck has been appointed as an Additional Director (nom inee of South Asia Regional Fund) of the Bank. UTI Bank Ltd has informed that on laying down the office of Chairman of LIC on being appointed as Chairman of SEBI, Shri G N Bajpai, Nominee Director of LIC has resigned as a Director of the Bank.In 2002, B Paranjpe & Abid Hussain cease to be the Directors of UTI Bank. UTI Bank Ltd has informed that in the meeting of the Board of Directors following decisions were taken: Mr Yash Mahajan, Vice Chairman and Managing Director of Punjab Tractors Ltd were appointed as an Additional Director with immediate effect. Mr. N C Singhal former Vice Chairman and Managing Director of SCICI was appointed as an Additional Director with immediate effect. ABN Amro, UTI Bank in pact to share ATM. UTI Bank Ltd has informed BSE that a meeting of theBoard of Directors of the Bank is scheduled to be held on October 24, 2002 to consider and take on record the unaudited half yearly/quarterly financial results of the Bank for the half year/Quarter ended September 30, 2002. UTI Bank Ltd has informed that Shri J M Trivedi has been appointed as an alternate director to Shri Donald Peck with effect from November 2, 2002. In 2003, UTI Bank Ltd has informed BSE that at the meeting of the Board of Directors of the company held on January 16, 2003, Shri R N Bharadwaj, Managing Director of LIC has been appointed as an Additional Director of the Bank with immediate effect. UTI Bank, the private sector bank has opened a branch at Nellore. The bank's Chairman and Managing Director, Dr P. J. Nayak, inaugurating the bank branch at GT Road on May 26. Speaking on the occasion, Dr Nayak said. This marks another step towards the extensive customer banking focus that we are providing across the country and reinforces our commitment to bring superior banking services, marked by convenience and closeness to customers. -UTI Bank Ltd. has informed the Exchange that at its meeting held on June 25, 2003 the BOD have decided the following: 1) To appoint Mr. A T Pann ir Selvam, former CMD of Union Bank of India and Prof.Jayanth Varma of the Indian Institute of Management, Ahmedabad as additional directors of the Bank with immediate effect. Further, Mr. Pannir Selvam will be the nominee director of the Administrator of the specified undertaking of the Unit Trust of India (UTI-I) and Mr. Jayanth Varma will be an Independent Director. 2) To issue Non-Convertible Unsecured Redeemable Debentures up to Rs. 100 crs, in one or more tranches as the Bank's Tier – II capital. -UTI has been authorized to launch 16 ATMs on the Western Railway Stations of Mumbai Division. -UTI filed suit against financial institutions IFCI Ltd in the ebt recovery tribunal at Mumbai to Recover Rs. 85cr in dues. -UTI bank made an entry to the Food Credit Program me; it has made an entry into the 59 cluster which includes private sector, public sector, old private sector and co-operative banks. -Shri Ajeet Prasad, Nominee of UTI has resigned as the director of the bank. - Banks Chairman and MD Dr. P. J. Nayak inaugurated a new branch at Nellore. -UTI bank allots shares under Employee Stock Option Scheme to its employees. -Unveils pre-paid travel card ‘Visa Electron Travel Currency Card' -Allotment of 58923 equity shares of Rs 10 each under ESOP. UTI Bank ties up with UK govt fund for contract farm in -Shri B S Pandit, nominee of the Administrator of the Specified Undertaking of the Unit Trust of India (UTI-I) has resigned as a director from the Bank wef November 12, 2003. -UTI Bank unveils new ATM in Sikkim. In 2004, Comes out with Rs. 500 mn Unsecured Redeemable Non-Convertible Debenture Issue, issue fully subscribed -UTI Bank Ltd has informed that Shri Ajeet Prasad, Nominee of the Administrator of the Specified Undertaking of the Unit Trust of India (UTI – I) has been appointed as an Additional Director of the Bank w. e. f. January 20, 2004. UTI Bank opens new branch in Udupi-UTI Bank, Geojit in pact for trading platform in Qatar -UTI Bank ties up with Shriram Group Cos -Unveils premium payment facility through ATMs applicable to LIC UTI Bank customers –Metal junction (MJ)- the online trading and procurement joint venture of Tata Steel and Steel Authority of India (SAIL)- has roped in UTI Bank to start off own equipment for Tata Steel. -DIEBOLD Systems Private Ltd, a wholly owned subsidiary of Diebold Incorporated, has secured a major contract for the supply of ATMs an services to UTI Bank -HSBC completes acquisition of 14. 6% stake in UTI Bank for . m -UTI Bank installs ATM in Thiruvananthapuram -Launches Remittance Card' in association with Remit2India, a Web site offering money transfer services In 2005, UTI Bank enters into a banc assurance partnership with Bajaj Allianz General for selling general insurance products through its branch network. -UTI Bank launches its first Satellite Retail Assets Centre (SRAC) in Karnataka at Mangalore. In 2006, UBL sets up branch in Jaipur -UTI Bank unveils priority b anking lounge. MANAGEMENT OF AXIS BANK Promoters: Axis Bank Ltd. has been promoted by the largest and the best Financial Institution of the country, UTI.The Bank was set up with a capital of Rs. 115 crore, with UTI contributing Rs. 100 Crore, LIC – Rs. 7. 5 Crore and GIC and its four subsidiaries contributing Rs. 1. 5 Crore each SUUTI – Shareholding 27. 02%Erstwhile Unit Trust of India was set up as a body corporate under the UTI Act, 1963, with a view to encourage savings and investment. In December 2002, the UTI Act, 1963 was repealed with the passage of Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 by the Parliament, paving the way for the bifurcation of UTI into 2 entities, UTI-I and UTI-II with effect from 1st February 2003.In accordance with the Act, the Undertaking specified as UTI I has been transferred and vested in the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI), who manages assured return schemes along w ith 6. 75% US-64 Bonds, 6. 60% ARS Bonds with a Unit Capital of over Rs. 14167. 59 crores. The Government of India has currently appointed Shri K. N. Prithviraj as the Administrator of the Specified undertaking of UTI, to look after and administer the schemes under UTI where Government has continuing obligations and commitments to the investors, which it will uphold.MEANING OF WHOLE BANKING OPERATION The Wholesale Banking contains products sold to large and middle market commercial companies, as well as to consumers on a wholesale basis. This includes lending, treasury management, mutual funds, asset-based lending, commercial real estate, corporate and institutional trust services, and investment banking through Wells Fargo Securities. The company also owns Baring ton Associates, a middle market investment bank.Wells Fargo historically has avoided large corporate loans as stand-alone products, instead requiring that borrowers purchase other products along with loans which the bank s ees as a loss leader. One area that is very profitable to Wells, however, is asset-based lending: lending to large companies using assets as collateral that are not normally used in other loans. This can be compared to subprime lending, but on a corporate level. The main brand name for this activity is â€Å"Wells Fargo Foothill,† and is regularly marketed in tombstone ads in the Wall Street Journal.Wells Fargo also owns Eastdil Secured, which is described as a â€Å"real estate investment bank† but is essentially one of the largest commercial real estate brokers for very large transactions (such as the purchase and sale of large Class-A office buildings in central business districts throughout the United States). The wholesale banking operations consist of the following transactions: 1. Opening of Account 2. Issue of Check book 3. International Debit / Credit Card 4. Issue of Demand Draft (DD) 5. Net banking 6. e-mail statement 7. phone banking 8.Insta Query 9. Insta Alert 10. Bill pay 11. Passbook 12. Quarterly Account Statement 13. Loan Facility definitions of banking * A bank is a financial institution licensed by a government. Its primary activity is to lend money. Many other financial activities were allowed over time. For example banks are important players in financial markets and offer financial services such as investment funds. * Banking can also be defined as engaging in the business of keeping money for savings and checking accounts or for exchange or for issuing loans and credit. Transacting business with a bank; depositing or withdrawing funds or requesting a loan. * Bank – a supply or stock held in reserve for future use (especially in emergencies) MEANING of BANK An organization, usually a corporation, chartered by a state or federal government, which does most or all of the following: receives demand deposits and time deposits, honors instruments drawn on them, and pays interest on them; discounts notes, makes loans, and invests in securities; collects checks, drafts, and notes; certifies depositor's checks; and issues drafts and cashier's checks.PRADUCT OF AXIS BANK * Easy Access Saving Account * Saving Account for Women * Prime Saving Account * Senior Citizens Saving Account * Priority Banking * Corporate Salary Account * Trust /NGOs Saving Account * Resident Foreign Currency Account * Online Trading Account * Current Account * Term Deposits * Locker Facilities * NRI Services * Depository Services * Financial Advisory Services * Wealth Management Services * Insurance Solutions – Life and General * Retail Loans * Credit Loans * Travel Currency Cards * Remittance Cards CUSTOMER SERVICE IN BANKING OPERATION CHEQUE DROP BOX FACILITY: – RBI's Committee on Procedures and Performance Audit on Public Services have recommended that both the drop box facility and the facility for acknowledgement of the cheques at the regular collection counters should be available to customers and no branch sh ould refuse to give an acknowledgement if the customer tenders the cheques at the counters. * ISSUE OF CHEQUE BOOK: – The Committee has observed that some banks do not allow depositors to collect their cheque book at the branch but insist on dispatching the cheque book by courier to the depositor.Further, it is stated by the Committee that the depositor is forced to sign a declaration that a dispatch by the courier is at the depositor's risk and consequence and that the depositor shall not hold the bank liable in any manner whatsoever in respect of such dispatch of cheque book. Committee has observed this as an unfair practice and advised banks to refrain from obtaining such undertakings from depositors. Banks should also ensure that cheque books are delivered over the counters on request to the depositors or his authorized representative. STATEMENT OF ACCOUNT / PASS BOOK: – The Committee has noted that banks invariably show the entries in depositor’s passbooks / statement of accounts as â€Å"By Clearing† or â€Å"By Cheque†. Further, in the case of Electronic Clearing System (ECS) and RBI Electronic Funds Transfer (RBIEFTR) banks invariably do not provide any details even though brief particulars of the remittance are provided to the receiving bank. In some cases computerized entries use sophisticated codes which just cannot be deciphered.With a view to avoiding inconvenience to depositors, banks are advised to avoid such inscrutable entries in passbooks statements of account and ensure that brief, intelligible particulars are invariably entered in passbooks / statements of account. Banks may also ensure that they adhere to the monthly periodicity prescribed by us while sending statement of accounts. TRADITIONAL BANKING ACTIVITIES Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers on the bank, and collecting cheques deposited to customers' current accounts .Banks also enable customer payments via other payment methods such as telegraphic transfer, EFTPOS, and ATM. Banks borrow money by accepting funds deposited on current accounts, by accepting term deposits, and by issuing debt securities such as banknotes and bonds. Banks lend money by making advances to customers on current accounts, by making installment loans, and by investing in marketable debt securities and other forms of money lending. Banks provide almost all payment services, and a bank account is considered indispensable by most businesses, individuals and governments.Non-banks that provide payment services such as remittance companies are not normally considered an adequate substitute for having a bank account. Banks borrow most funds from households and non-financial businesses, and lend most funds to households and non-financial businesses, but non-bank lenders provide a significant and in many cases adequate substitute for bank loans, and money market funds, cash manag ement trusts and other non-bank financial institutions in many cases provide an adequate substitute to banks. ACCOUTING FOR BANK ACCOUNTBank statements are accounting records produced by banks under the various accounting standards of the world. Under GAAP and IFRS there are two kinds of accounts: debit and credit. Credit accounts are Revenue, Equity and Liabilities. Debit Accounts are Assets and Expenses. This means you credit a credit account to increase its balance, and you debit a debit account to increase its balance. This also means you debit your savings account every time you deposit money into it (and the account is normally in deficit), while you credit your credit card account every time you spend money from it (and the account is normally in credit).However, if you read your bank statement, it will say the opposite that you credit your account when you deposit money, and you debit it when you withdraw funds. If you have cash in your account, you have a positive (or credi t) balance; if you are overdrawn, you have a negative (or deficit) balance. The reason for this is that the bank, and not you, has produced the bank statement. Your savings might be your assets, but the bank's liability, so they are credit accounts (which should have a positive balance).Conversely, your loans are your liabilities but the bank's assets, so they are debit accounts (which should have a also have a positive balance). Where bank transactions, balances, credits and debits are discussed below, they are done so from the viewpoint of the account holder which is traditionally what most people are used to seeing. ECONOMIC FUNCTION * ISSUE OF MONEY: – In the form of banknotes and current accounts subject to cheque or payment at the customer's order. These claims on banks can act as money because they are negotiable and/or repayable on demand, and hence valued at par.They are effectively transferable by mere delivery, in the case of banknotes, or by drawing a cheque that the payee may bank or cash. * NETTING AND SETTELEMENT OF PAYMENT: – Banks act as both collection and paying agents for customers, participating in interbank clearing and settlement systems to collect, present, be presented with, and pay payment instruments. This enables banks to economies on reserves held for settlement of payments, since inward and outward payments offset each other. It also enables the offsetting of payment flows between geographical areas, reducing the cost of settlement between them. * CREDIT INTERMEDIATION: –Banks borrow and lend back-to-back on their own account as middle men. * CREDIT QUALITY IMPROVEMENT: – Banks lend money to ordinary commercial and personal borrowers (ordinary credit quality), but are high quality borrowers. The improvement comes from diversification of the bank's assets and capital which provides a buffer to absorb losses without defaulting on its obligations. However, banknotes and deposits are generally unsecured; if the bank gets into difficulty and pledges assets as security, to rise the funding it needs to continue to operate, this puts the note holders and depositors in an economically subordinated position. MATURITY TRANSFORMATION: – Banks borrow more on demand debt and short term debt, but provide more long term loans. In other words, they borrow short and lend long. With a stronger credit quality than most other borrowers, banks can do this by aggregating issues (e. g. accepting deposits and issuing banknotes) and redemptions (e. g. withdrawals and redemptions of banknotes), maintaining reserves of cash, investing in marketable securities that can be readily converted to cash if needed, and raising replacement funding as needed from various sources (e. g. wholesale cash markets and securities markets).BANKING CHANNELS Banks offer many different channels to access their banking and other services: * A branch, banking centre or financial centre is a retail location where a bank or f inancial institution offers a wide array of face-to-face service to its customers. * ATM is a computerized telecommunications device that provides a financial institution's customers a method of financial transactions in a public space without the need for a human clerk or bank teller. Most banks now have more ATMs than branches, and ATMs are providing a wider range of services to a wider range of users.For example in Hong Kong, most ATMs enable anyone to deposit cash to any customer of the bank's account by feeding in the notes and entering the account number to be credited. Also, most ATMs enable card holders from other banks to get their account balance and withdraw cash, even if the card is issued by a foreign bank. * Mail is part of the postal system which itself is a system wherein written documents typically enclosed in envelopes, and also small packages containing other matter, are delivered to destinations around the world. This can be used to deposit cheques and to send or ders to the bank to pay money to third parties.Banks also normally use mail to deliver periodic account statements to customers. * Telephone banking is a service provided by a financial institution which allows its customers to perform transactions over the telephone. This normally includes bill payments for bills from major billers (e. g. for electricity). * Online banking is a term used for performing transactions, payments etc. over the Internet through a bank, credit union or building society's secure website. * Mobile banking is a method of using one's mobile phone to conduct simple banking transactions by remotely linking into a banking network. Video banking is a term used for performing banking transactions or professional banking consultations via a remote video and audio connection. Video banking can be performed via purpose built banking transaction machines (similar to an Automated teller machine), or via a videoconference enabled bank branch. TYPES OF INVESTMENT BANK * Investment banks â€Å"underwrite† (guarantee the sale of) stock and bond issues, trade for their own accounts, make markets, and advise corporations on capital market activities such as mergers and acquisitions. * Merchant banks were traditionally banks which engaged in trade finance.The modern definition, however, refers to banks which provide capital to firms in the form of shares rather than loans. Unlike venture capital firms, they tend not to invest in new companies. MORTGAGE BANKING Mortgage banking deals primarily with originating mortgage loans and servicing them. Read more about it here as well as about what a career in mortgage banking involves. Mortgage banking is meant for a single purpose, to service the real estate finance industry. Mortgage banking deals specifically with originating mortgage loans as well as servicing them.Mortgage banks are state-licensed entities from which consumers can get mortgage loans directly. Usually, mortgage banks avail funds from the Federal National Mortgage Association, or FNMA, also known as Fannie Mae, the Federal Home Loan Mortgage Corporation, or FHLMC, also known as Freddie Mac, or any other large companies that service mortgages, which are related to the secondary mortgage market. Here are a few pointers about the nitty-gritty of mortgage banking. * MORTGAGE BANK SPECIALIZE IN MORTGAGE LOANS: – Unlike a savings bank that is federally chartered, in general mortgage banks specialize in only providing mortgage loans.Hence, customers do not deposit their money in these banks. As has been mentioned above, the secondary wholesale market is their primary source of funds. Freddie Mac and Fannie Mae are examples of the lenders in the secondary market. * MORTGAGE BANKS DIFFER IN SIZE: – While some mortgage banks can be nationwide, others can originate a volume of loan that can exceed that of a commercial bank that is nationwide. Many of these mortgage banks utilize specialty servicers like Real T ime Resolutions to carry out tasks like fraud detection work and repurchase. MORTGAGE BANKS HAVE TO SOURCES OF RAVENUE: – The two main sources of income are from loan servicing fees (if they are into loan sevicing0, and fees from loan origination. Mortgage bankers, by and large, are choosing not to service the loans they have originated. That is because they are entitled to earn a service-released premium by selling them soon after the mortgage loans are closed and funded. The investor in the secondary market that purchases the loan has the ability of earning revenue for providing servicing of the loan every month the borrower keeps the loan. DEFFERENT BANKING LAW APPLY TO MARTGAGE BANK: – Mortgage banks usually operate under banking laws that are quite different, according to the state they operate in. You will need to check each individual state’s financial department or state banking in order to get list of mortgage bankers in each state. While federal laws a pply to the operation of a federal bank, in terms of consumer protection, usually consumers have additional rights, which are applicable according to each state. * MORTGAGE BANKERS CAN BE MORE COMPETITIVE: –Since they only specialize in lending and do not have to subsidize any of the losses that other departments may have incurred, as in regular banking, mortgage bankers have the ability of being really competitive when lending for mortgage. However, they usually do not have the advantage of accessing adjustable rate mortgages that are low cost, which federal banks are typically associated with, and federal money access. * A CAREER IN MORTGAGE BANKING: – Professionals in mortgage banking in the job market today need to have a college degree in business or finance, or some specific experience or training related to the field.Skills in good customer service, an inherent ability with numbers, and computer skills are also essential requirements for mortgage banking jobs. A mortgage banking professional’s job involves reviewing credit scores, determining the kind of loan that is most beneficial for the customer and guiding them through the process of application as well as closing. The loan officer has to be very organized and detail oriented, and need to be able to handle the large amounts of paperwork and reporting that are required for getting loans approved, up to the closing.A mortgage banking professional also has to have thorough know-how about the regulations associated with federal mortgage as well as the various types. KYN (KNOW YOUR CUSTOMER) As per KYC guideline the RBI has advised banks to follow KYC guidelines of RBI mandates banks to collect three proofs from their customers they are 1 Photograph 2 Proof of Identity 3 Proof of address Accordingly, Axis bank has framed its KYC procedure according to which, a photograph and documentary proof of personal identification and address proof are required t be provided.The account Opening form provides the nature of documents required / procedure to be followed for opening a new account. You may also log in to our website www. axisbank. com for such information which is displayed product-wise. ORGANIZATION STRUCTURE OF AXIS BANK SAVING ACCOUNT INFORMATION Definition: A deposit account at a bank or savings and loan which pays interest, but cannot be withdrawn by check writing. * TYPE OF SAVING ACCOUNT IN AXIS BANKING * * ZERO BALANCE SAVING ACCOUNT: – At Axis Bank it has been constant endeavor to create products specifically catering to your needs.The account while offering a whole range of services also addresses your latent need of having an account without the hassle of maintaining an average quarterly balance. * FEATURES: – 1. No Average Quarterly Balance requirement 2. Free International Debit Card with an Accidental Insurance cover up to Rs. 2 lakhs* (charges for the primary holder are waived) 3. Free mobile banking facility 4. Access through more than 825 branches and more than 3595 ATMs 5. At-Par cheque facility with the clearing limit of Rs 50,000 6. 24Ãâ€"7 Tele banking & Internet banking . Free quarterly statements 8. Free monthly e-statement * CONDITION APPLY: – 1. Initial funding of Rs. 5,500. 2. Account maintenance fee of Rs. 500 per annum * KRISHI SAVING ACCOUNT (KHETI HO KHUSHAHALI KI): – Axis Bank offers a unique savings account which is easy to operate and allows you to transact immediately. This product has been specially designed keeping in mind the unique requirements of a farmer and true to its nature has been called the Krishi Savings Account. Some of the features of our new product are: * AVERAGE BALANCE REQUIREMENT: –This account is offered with the requirement of maintaining the half-yearly average balance of Rs 1000 only. * INTERNATIONAL MASTER DEBIT CARD: – The Krishi Savings Account entitles you to an International Master Debit Card with which you can access your account an ytime through the Axis Bank ATM network free of cost. This card comes with a cash withdrawal limit of Rs 25,000 per day. Free Accident Insurance cover of Rs 2 lacks. * ANYWHERE BANKING: – Being a Krishi account holder, you are entitled to access our wide network of more than 825 branches and 3595 ATMs across 440 cities.You can now easily carry out your transactions through any of the branches or ATMs. * AT PER CHEQUE BOOK: – Your Krishi Savings Account comes with the At-Par Cheque facility. This facility enables you to en cash the cheques as local instruments at any of the 440 centers where the Bank has its presence, at no extra cost. Moreover, you can also issue cheques at other centers up to the limit of Rs 50,000. * EASSY ACCES SAVING ACCOUNT(BANKING MADE EASY): – * A :Accessibility * C :Convenience * C :Comfort * E :Earnings * S :Speed * S :Service Want a savings account that transcends geographical boundaries?Presenting, Axis Bank's Easy Access Savings Acco unt. The account is an endeavor by the Bank to understand the consumers' needs and redefine banking to suit your requirements for a truly comfortable banking experience. Easy Access Savings Account gives you instant access to your money anywhere, anytime. Possessing a range of unmatched features, it has been devised to better suit the convenience of our eclectic client base. You can avail of all these services with a minimum quarterly average balance of Rs. 5,000 in metro or urban centers, Rs. ,500 in semi urban centers and Rs. 1,000 in rural centers. * At-par cheque * ATM Network * Anywhere Banking * Tele banking * iConnect * Mobile Banking * Quarterly account statement * Quarterly interest @ 3. 5 % per annum * Free monthly e-statement. You can avail of all these services with a minimum quarterly average balance of Rs. 5,000 in metro or urban centers, Rs. 2,500 in semi urban centers and Rs. 1,000 in rural centers. * CORPORATE SALARY ACCOUNT: – Our Corporate Salary Power Offe ring is designed to offer payroll solutions through in a 24 X 7 environment.We leverage on our extensive network of distribution channels spread across 450 centers through a network of more than 827 branches and 3595 ATMs besides our superior service delivery model and product features, as a strong differentiator, to provide value to the end user. * BENEFIT TO EMPLOYERS: – * Efficient salary disbursal. Web Upload – Transfer salaries/reimbursements directly from your current account with Axis Bank to your employee's accounts using I Connect from your office. * Single-instruction salary credit – Same day salary credits for all companies having Corporate Account with Axis Bank.Dedicated Relationship Manager at metro locations to understand the financial requirements of your employees. * BENEFIT TO EMPLOYEES: – * No minimum balance criteria. * Unparalleled Access – Anywhere banking facility through our network of Branches, ATM and Internet banking faci lity. * AT Par cheque books payable locally at all Axis Bank locations. * International Debit cum ATM cards with enhanced Cash withdrawal facility and other value add ones. * Online Banking with funds transfer, online shopping and bill payment options. * Depository services with free online trading accounts. Meal Cards on a master card platform. * Employee Reimbursement accounts as a savings account variant. Preferential pricing on loan products and credit cards and other banking products ; services. CURRENT ACCOUNT INFORMATION * CHANNEL ONE: (FOR SUCCESSFUL BUSINESSES) The ‘Channel One’ Current Account is an effort in that direction where we take care of your day to day banking requirements leaving you with more time for your business. Channel One Current Account is most appropriate choice of successful businesses. At a monthly Average Balance (MAB) of Rs. 10 lacks. FEATURES: 1.Relationship Manager 2. Doorstep Banking 3. Anywhere Banking 4. Free Internet Banking 5. Fre e 24 hour Tele banking 6. Mobile Banking Service 7. International debit card 8. cheque Protection Facility 9. Free 24 – hour cheque deposit facility 10. Payment of Government Taxes/ Dues 11. Foreign exchange services. * ZERO HASSLE BALANCE Small businesses rising on the growth graph need the right of nurturing and appropriate solution for their growing banking requirements. Recognizing these needs, Axis Bank present you the Local Current Account geared to answer all kinds of local business requirements.At a monthly Average Balance (MAB) of Rs. Nil. FEATURES: 1. Zero Balance facility 2. 75 free transactions every month 3. Rebate on Annual Charges 4. Up front Annual Fee 5. Mobile Banking 6. ATM cum International Debit Card 7. Free Internet Banking 8. Tele banking 9. Free Monthly Account Statement * BUILDERS AND REAL ESTATE Axis Bank understands the increasing demands on businesses in this segment . Here’s presenting the Axis Bank Builder ; Real Estate Current Account a c urrent account with unparalleled product features built to suit Builders ; Realtors exclusively.This account offers you unmatched convenience while adding financial value to your businesses spread over geographies. . At a monthly Average Balance (MAB) of Rs. 5 Lacks this account comes loaded with special facilities and benefits, most appropriate for your business. FEATURES: 1. Home Branch Cash Deposit 2. Non – Home Branch Cash Withdrawal 3. Free Anywhere Banking 4. Cluster facility 5. Zero Balance account for Vendors and Suppliers 6. Franking Facility 7. Customer cheque printing 8. Internet Banking 9. Free 24-hour Phone banking 0. Mobile Alerts 11. ATM cum Debit Card 12. Free Monthly Account Statement TRAINING AND WHOLE BANKING OPERATIONS * CORPORATES Corporate Banking reflects Axis Bank's strengths in providing our corporate clients in India, a wide array of commercial, transactional and electronic banking products. We achieve this through innovative product development and a well-integrated approach to relationship management. * Funded Services: Working Capital Finance, Bill Discounting, Export Credit, Short Term Finance, Structured Finance, Term Lending. Non Funded Services: Letter of Credit, Collection of Documents, Bank Guarantees. * Value Added Services: Syndication Services , Real Time Gross Settlement, Cash Management Services, Corporate Salary Accounts, Reimbursement Account, Bankers to Right/Public Issue, Forex Desk, Money Market Desk, Derivatives Desk, Employees Trusts, Cash Surplus Corporate, Tax Collection. * Internet Banking: Supply Chain Management, Corporate Internet Banking. SMALL AND MEDIUM ENTERPRISES At Axis Bank we understand how much of hard work goes into establishing a successful SME.We also understand that your business is anything but â€Å"small† and as demanding as ever. And as your business expands and enters new territories and markets, you need to keep pace with the growing requests that come in, which may lead to purchasing new, or updating existing plant and equipment, or employing new staff to cope with the demand. That's why we at Axis Bank have assembled products, services, resources and expert advice to help ensure that your business excels.Solutions are designed to meet your varying needs. The following links will help you identify your individual needs. Funded Services: Funded Services from Axis Bank are meant to directly bolster the day-to-day working of a small and a medium business enterprise. From working capital finance to credit substitutes; from export credit to construction equipment loan we cater to virtually every business requirement of an SME. Click on the services below that best define your needs Non-Funded Services: Under Non-Funded services Axis Bank offers solutions that act as a catalyst to propel your business.Imagine a situation where you have a letter of credit and need finance against the same or you have a tender and you need to equip yourself with a guarantee i n order to go ahead. This is exactly where we can help you so that you don't face any roadblocks when it comes to your business. The following are the services that will precisely tell you what we can do Business Accounts, Letters of Credit, Collection of Documents, Axis Bank Trade, Guarantees, Cash Management Services, Money Market Desk, Derivatives Desk, Services to Cash Surplus Corporate, Services to Employee Trusts, Bankers to Rights/Public Issue, Tax Collection.Specialized Services: Axis Bank is one of the most trusted entities when it comes to specialized services like selling of precious metals to customers. Under specialized services you can also avail customized control of your value chain through our internet banking platform. Value Added Services: There is a plethora of services that we offer under value added services. There's corporate salary account which ensures smooth payment methods to your staff. You can avail an assortment of credit cards and debit cards from our merchant services.The following are the highlights of this service: Real Time Gross Settlement, Reimbursement Account, Custody Services, Corporate Salary Accounts, Merchant Services, Axis Bank Gold Business Credit Card. Internet Banking: Internet banking is a revolutionary service under the banking sector and Axis Bank is a forerunner in providing you with this service. We provide state-of-the-art payment gateway services to industries and companies in order to ease transaction processing. This in turn enhances the credibility of your business and makes banking extremely cost-efficient.GOVERNMENT SECTOR: Axis Bank acts as an active medium between the government and the customers by means of various services. These services include : * Tax Collection wherein customers can directly pay their taxes like Direct taxes, Indirect taxes and Sales Tax collections at their local Axis Bank * E-Ticketing – Helps the customer by providing him a direct access to book a Railway Ticket onli ne and get it home delivered * * Opening of L/C's is done by the bank on behalf of Government of India, Mints and Presses, thus facilitating imports for the Government. Collection of levies and taxes on behalf of Municipal Corporations i. e. Kalyan -Dombivli Municipal Corporation, is undertaken by the Bank. * Disbursement of Pension to retired Employees of Central Govt and Defense is directly done by Axis Bank along with the disbursement of pension to the members of EPFO (Employees Provident Fund Organization) * Electronic Collection of fees on behalf of DGFT is done by the bank too * Ministry of Corporate Affairs – Collection of ROC fees for the Ministry through authorized Branches and Net Banking.Collection of Property Tax through Selected Branches on behalf of Municipal Corporation of Delhi. FINDINGS AND SUGGESTIONS * FINDINGS: – 1. Bank is having 853 branches all over the country. 2. The number of branches should be increased. * SUGGESTIONS:- 1. Number of Branches should be increased covering a wider area in various states. 2. A wide publicity to be given about the organization and its products through various means of communications to keep growth moments. 3. More number of training and educational programmers’ should be included in Banks schedule. . Developing a learning culture through continuous learning process. COMPETETIORS * ICICI Bank Ltd. * HDFC Bank Ltd. * State Bank of India * HSBC Bank * RBS (Royal Bank of Scotland) * Maharashtra Bank of India * Canara Bank * Andhra Bank * IDBI bank * Bank of India * Punjab National Bank * Central Bank * Allahabad Bank * ING Vysya * Centurion Bank CONCLUSION Axis bank has developed manifold in short period of time due to facilities and services provided to their customer and this growth rate can be keep it up if they start to go in semi-urban areas.In last couple of years they have opened new many branches and they should open many more. The working staffs are very co-operative in nature an d due to that the bank will also get good benefit. Axis Bank has provided their customer Net-banking facilities and due to that transactions are done fast. Charges at Axis Bank are on lower side when we compare it with other Banks BIBLIOGRAPHY SR. NO. | REFERENCE| 1| * A New Beginning : The Turnaround Story Of Indian Bank| 2| * Bank Marketing : Concepts And Applications| | Banking And Finance| 4| Banking Developments in India| 5| Basics of Banking| 6| Bank leaflet and Boucher| 7| Internet| CONTENTS * INTRODUCTION TO AXIS BANK * HISTORY OF AXIS BANK * MANAGEMENT OF AXIS BANK * DEFINITION OF BANK * PRODUCT OF AXIS BANK * CUSTOMER SERVICE IN BANKING OPERATION * TRADITIONAL BANKING ACTIVITIES * ACCOUNTIG FOR BANK ACCOUNT * ECONOMIC FUNCTION * BANKING CHANNELS * TYPES OF INVESTMENT BANK * MORTGAGE BANKING * ORGANISATION STRUCTURE * FINDINGS AND SUGGETIONS * COMPETETIORS * CONCLUSION * BIBLIOGRAPHY

A Report On The Strategic Change Issues Facing British

Ancient philosophers always said that the only room that never gets full is the room for change and growth to better levels. Change brings a sound of celebration and relief. In the business sector any change is always geared to the increase in profit. Any business venture has one driving force: creation of wealth and economic growth. This is the reason for existence of businesses like: banking, hotels, airlines, schools, hospitals among others. Operation management is the day to day decisions and ventures that are undertaken to run the company. This can help give a projection into the future 5, 10 or so years.One thing that is very basic is that the world is changing, and an effective business should also help to bring this very necessary difference. â€Å"One of the key roles of a serious manager and entrepreneur is to solve problems decision making is another major role of this officer. † These were the confession of Carleton (2005). Decisions pertaining various departments in a company are made by key management staff in every firm: The key drivers for change that are most likely to impact on the future of business and management are: Stiff and ever increasing competition from key rival firms.One must always be the best in the market place in order to remain advantaged. This will call for several reforms towards improvement, and such challenges will be dealt with as they come. Some decisions to be made, take time and energy. However, the knee-jerk response is to jump straight to the most obvious solution: training and coaching to develop individuals' leadership skills and potential. This conveniently bypasses the problem-diagnosis stage. It also overlooks the disconnect between what happens at individual and organizational levels. Managerial and human resource aspects have always put pressure on firms.Such pressure is sure argent of change. A global trend is another driving factor towards change. Any new standards set up must be adhered to if one need s to e in the market. The main aim is to develop an appreciation to the role of management in the process change in the firms of interest. Management of such a change can never be an individual affair. It explores the forces driving organizational change and offers a contextual understanding of change management principles. Do you do it alone as a manager? Do you involve others? Do you let others make the decisions?Management is an organized, systematic application of the knowledge, tools, and resources of change that provides organizations with a key process to achieve their business strategy. Change Management is a critical part of any project that leads, manages and enables people to accept new processes, technologies, systems structures and values. Changes are inevitable in any firm or sector. Of great interest is change management in British Airline Company. Many such firms as this exist. This calls for real outstanding leadership in the market place. BRITISH AIRWAYS This is an airline with it’s headquarters in London.Europe has increased sharply over the past decade as the introduction of new airlines has helped push prices down significantly. This airline has routes both within and without the great United Kingdom sky. This airline is the world's second largest international airline, with a passenger carrying capacity of more than 27 million passengers from one country to another. Also, as one of the world’s longest established airlines, it has always been regarded as an industry-leader. British Airways’ worldwide route network covers more than 216 destinations in 94 countries (including franchises, subsidiaries and one world partners).British Airways is one of the founding partners of the one world alliance, which took off in February 1999. Fellow members now include American Airlines, Aer Lingus, Cathay Pacific, Finnie, Iberia, LanChile and Qantas and Swiss. The original predecessor airline, called Aircraft Transport and Travel, l aunched the world's first daily scheduled international air service, British Airways traces its origins back to August 1919. At the moment the airline has an amazing fleet of 312 aircraft; including 100 wide bodied long haul aircraft (57 Boeing 747-400s and 43 Boeing 777s).The current world has gone into corporate alliances, with mergers and acquisitions being the common norm of doing business. For this reason, British Airways has one-on-one relationships with a number of airlines. It owns a 17 per cent stake in Qantas and 9 per cent in Iberia. It also fully owns subsidiaries such as British Airways CitiExpress. Members of British Airways’ franchise family include British Mediterranean Airways, GB Airways, Comair, Loganair and Regional Air. Some of the main components of British Airway’s business strategy include investing in its people and products, and continuing to build a competitive cost base.These objectives, along with other strategic goals and values, have been delivered through a program called â€Å"The BA Way,† which was launched in 2004. This was in response to the people wanting real clarity about where company is positioning itself in the marketplace. The leading entrepreneur once observed that major firms often started as either government or public properties. This however is never the case with British Airways. This company is owned entirely by private investors, with more than a quarter of a million shareholders. British airways just like any business have its own problems.The problems always arise in the process of moving to greater heights. As executive assistant to the director of British airways, change issues facing the organization in the next 5 five years are amazing. The major problems are as below: MANAGERIAL The BA Way has five factors for success: be the best U. K. -based network, understand the customers better than the competition, be a powerful brand that people know and trust, foster a competitive cost base and work together as one team. For a progressive development of a business, proper leadership is bedrock to build on.Managerialism, especially in the public and quasi-market sectors, has provided a key development in how organizations are managed, co-coordinated and controlled, and is suggestive of new relationships and a reordering of organizations and management. In the March issue of Fast Company magazine, a fascinating article titled â€Å"What is the Biggest Change Facing Business in the Next 10 Years? † Avram Miler, the CEO of Avram Miller enterprise explained that â€Å"The cornerstone for this millennium is the end of time and space. Most organizations today are run the same way as early-20th-century businesses.Everyone goes to his car, drives to work, has certain hours, and has a certain job. It's all built on the factory model. Moving forward, it really isn't going to be important where you are in order to do your job. Ideas are being worked on 24 hours a day. Nob ody seems surprised anymore if I wake up in the middle of the night and start IM-ing someone in Europe, because the fact is, they don't even know where I am. And it doesn't matter. ’’ He continues to say that â€Å"Fewer and fewer people will want to be employees of corporations, because corporations don't have anything to offer.Corporations don't provide security and provide fewer and fewer benefits. People may find new ways to sell their skills. † This illustrates that many people often get employed in companies, but the never have any intentions of staying for long periods. Tim Brown President and CEO, Ideo, Palo Alto, humorously says â€Å"people are ever on the move to greener pastures. † This is one major problem in management. Employees, some of whom hold very key positions in the company always transfer to the so called green pastures.The human resources manager of British airways observed that many of their staff has often moved to start their ow n ventures. These range from local to international ventures. The best way to manage this problem is to create laws governing employment. Its true that a person performs best only after getting good orientation on an environment. Consistency is another key to excellence. To avoid loosing employees, a minimum duration should be put, such that no employee can leave before finishing some specific time duration. This will help the airline to retain workers for some good time and hence foster consistency.The major hindrance to this implementation is some weakness in management. Friends to departmental heads are always favored and the axe rarely falls on them. This however can be managed by prosecution of any corrupt staff. Another managerial problem often realized in British Airways is lack of commitment in some of the employees. They often take long to finish any assignment given to them, and when asked to give an explanation, this is a ticket to being their enemies. This vice in a comp any leads into loss of money, because people are paid their allowance while they don’t perform their duties.Many researches argue that training and development programs increase the organizations performance and effectiveness. This can help increase the work output because more experience is injected to the generally trained staff. Toward a better understanding of the effects of training and development in the workplace, this research points out the importance of training and development the workforce, determines the major types of training and development programs, discusses the relationship between training and the overall organizational performance, and offers some guidelines for HR managers to design effective training and development programs.Signing of performance contracts has helped to alleviate this vice. This helps to ascertain that an employee indeed deserves to get his salary. Burnes (2004) in his book arrives at a style which enables healthy competition within a firm, resulting into increase of production. He says â€Å"the ability of an enterprise to compete within the prevailing settings relies on two qualities: †¢ The capacity of the firm to identify and understand the competitive forces in play and how they change over time linked together.†¢ The competence of a business to mobilize and manage the resources necessary for the chosen competitive response through time. British Airways have implemented this, and many staff has always been awarded for showing commitment and excellent performance. GLOBALISATION Another method British Airways’ learning division has used to promote organizational values is through owning its Future program, which every employee across the enterprise—from in-flight crews to customer service staff—must go through at some point.This is delivered by the internal senior management teams. It’s about helping people understand the business direction, the environment that they are operating in and the way they are positioning themselves in the business. By understanding that, people will understand the actions the team is taking in driving the business forward (British Airways, 2005) Some of the changes that British Airways has in the next five years include: †¢ BA to increase services between New York JFK and Gatwick, but at the same time drop its link to the US city from Manchester Airport.†¢ BA to enhance the passenger experience at the new London Heathrow Terminal 5 with the installation of art works in its premium lounges. Companies move towards forming alliances, both local and at international level. The environment in which most organizations operate today is continuously changing, and the rate of change is increasing. Almost most organizations are now involving in tremendous increase in international business and foreign assignments. British Airways is not left behind. At the moment, the company has offices in all capital cities in the worl d.At the same time, serious advertisements are on the run. To enhance collisions, BA purchased the small German domestic airline Delta Air Transport in 1992 and renamed it Deutsche BA. By the time it was sold in June 2003, DBA was operating 16 Boeing 737s and was the second-largest German domestic carrier, after Lufthansa. Globalization is a disposition towards international interaction and co-operation. This comes with the general growth of a knowledge based economy. Impacting on the financing structure of organizations and employment practices.The ability of an enterprise to compete within the prevailing settings majorly relies on two qualities: the capacity of the firm to identify and understand the competitive forces in play and how they change over time, linked to †¢ the competence of a business to mobilize and manage the resources necessary for the chosen competitive response through time. . The environment in which most organizations operate today is continuously changin g, and the rate of change is increasing. Almost most organizations are now involving in tremendous increase in international business and foreign assignments.BA aims at increasing the number of passengers greatly. New infrastructure is required for this. Heathrow Terminal 5 was built exclusively for the use of British Airways at a cost of ? 4. 3 billion and officially opened by Queen Elizabeth II on 14 March 2008. It opened to passengers on 27 March 2008. more air crafts are also to be purchased come 2013. for instance, On 27 September 2007, BA announced their biggest order since 1998 by ordering 36 new long haul aircraft. The company ordered 12 A380s with options on a further 7, and 24 Boeing 787s with options on a further 18. TECHNOLOGYTechnological factors are information technology/the internet, new production processes computerization of processes and changes in transport technology (Human Resource Management Journal, 2008). There are also internal triggers for change which inc lude: new chief executive, unionization or de-unionization, structural a change, re-design of factory or office layout, re-design of jobs, new IT equipment or software introduced, cuts in overtime working and redundancies (Epmbook, 2007). As research continues in the energy sector, Bio fuel may be used by BA planes. This is an improvement towards good environment creation.Indeed this is amazing. Currently the test of planes is going on, on their response to bio fuel. The above forces are for easier information transfer, facilitates global structures, requires new competencies and expectations, facilitates telecommuting; new employment relationships, more emphasis on knowledge management, quick competition through globalization, more educated workforce etc (McShane and Travaglione, 2003). Change management entails thoughtful planning and sensitive implementation, and above all, consultation with, and involvement of, the people affected by the changes and BA has mastered this art.Chan ge must be realistic, achievable and measurable. These aspects are especially relevant to managing personal change. Before starting organizational change, ask yourself: What do we want to achieve with this change, why, and how will we know that the change has been achieved? Who is affected by this change, and how will they react to it? How much of this change can be achieve without? These aspects also relate strongly to the management of personal as well as organizational change (Business balls, 2006). If you think that you need to make a change quickly, probe the reasons – is the urgency real?Will the effects of agreeing a more sensible time-frame really be more disastrous than presiding over a disastrous change? Quick change prevents proper consultation and involvement, which leads to difficulties that take time to resolve, (Burns & Stalker, 1994). BA does not sell change to people as a way of accelerating ‘agreement' and implementation. ‘Selling' change to peop le is not a sustainable strategy for success, unless your aim is to be bitten on the bum at some time in the future when you least expect it. Change can be unsettling, so the manager logically needs to be a settling influence.BA has gone through extreme lengths to ensure that they study the market. They are keen on the use face-to-face communications to handle sensitive aspects of customer relations and encourage managers to communicate face-to-face with their people. They discourage the use of email and written notices as they are extremely weak at conveying and developing understanding. At all times involve and agree support from people within system (system = environment, processes, culture, relationships, behaviors, etc. , whether personal or organisational). †¢ In depth understanding of the organisation’s position at all times.†¢ In depth understanding of the direction of the organisation. †¢ Open and clear communication channels. SPECIFIC CHANGES THAT BRI TISH AIRWAYS HAS ENCOUNTERED From a humble background BA has expanded to the giant it is by now. This never occurred in one day, neither was it a very smooth transition. Given time, all have a potential to expand to the highest levels. One of the greatest changes that occurred in BA was mergers and acquisition. During the 1990s BA became the world's most profitable airline under the slogan â€Å"The World's Favorite Airline†. The management then saw the need to expand.A merger is the business transaction that takes pace between two firms. One firm acts as a buyer, while the other company is bought. Mergers take place to help cub extreme competition and also to widen the market scope. In 1992 BA purchased the small German domestic airline Delta Air Transport and renamed it Deutsche BA. This widened the market space into Germany. By the time it was sold in June 2003, DBA was operating 16 Boeing 737s and was the second-largest German domestic carrier, after Lufthansa. The lesson learnt is that mergers bring expansion and growth.In the year 1995, BA formed British Asia Airways, a subsidiary based in Taiwan, to operate between London and Taipei. Owing to political sensitivities, British Asia Airways not only had a different name, but also had a different livery, with the Union Jack tailfin being replaced by Chinese characters. Many airlines followed the same practice, e. g. , Qantas flew to Taiwan as â€Å"Australia Asia Airways† and KLM's Taiwan operations became â€Å"KLM Asia†. British Asia Airways ceased operation in 2001 when the airline suspended flights to Taiwan due to low yield. A change brings with it many resettlements.Some include employment of new staff to handle the expansion. This was the case in the two mergers in Germany and Taiwan. Other changes are indeed not pleasing. An example is the laying off of staff incase of closure. Proper marketing must be done. This is to keep the much esteemed customers aware of the companyâ€℠¢s developments. The road to success is never a smooth one. Any push to the positive is always met by opposing currents. Some of pitfalls to change into a new market include competition. The main competitors of British Airways are bmi and virgin Atlantic. These offer great rivalry.However BA has managed this through its strategies to make sure that clients are satisfied by the service delivery. Capital is another challenge to expansion. Some expansion ventures require much money. This is money to buy planes and to do office set up, with an aim of getting back the profit. Many a times the company has gone through looses especially when they were forced to pull back. Withdrawal is not very pleasant but it is the best option especially when things are not working. This was the case in Taiwan. The world population is large and ever-growing. This has and will provide market for flight industry.The best way to venture is to do market surveys. Once the costumer’s desires are known, follow up can be made to come up with a product to satisfy the need. It pays a lot to be the market leader in terms of innovations. This will give an advantage over other companies. CONCLUSION It takes commitment and vision to be on the top. BA has one dream, which is to be on top in the flight industry. In the next five years, the company shall have diversified its services in terms of quality and quantity expansion. REFERENCES 1. British Airways(2005): The Wings of Learning.Retrieved from World Wide Web as from 19th April 2008 from http://www. clomedia. com/content/templates/clo_article. asp 2. Buchanan, D & Boddy, D. (1992). The Expertise of the Change Agent. Hemel Hempstead. US: Prentice Hall. 3. Burns & Stalker, (1994). The Management of Innovation. Oxford: Oxford University Press. 4. Businessballs (2006). Change management. Retrieved from World Wide Web as from 18th April 2008 from http://www. businessballs. com/changemanagement. htm 5. 5. Change Management (2008). A Thirst fo r Change Leadership. Retrieved from World Wide Web as from 18th April 2008 from http://www.change-management. com/tutorial-change-leadership-mod4. htm 6. DCUBS (1996). Total Quality Management and Organisational Change. Retrieved from World Wide Web as from 18th April 2008 from http://www. dcu. ie/dcubs/research_papers/no15. htm 7. Epmbook (2007). Organisational Change Management. Retrieved from World Wide Web as from 18th April 2008 from http://www. epmbook. com/orgchange. htm 8. Harvard Business Review journal. Retrieved from World Wide Web as from 18th April 2008 from http://www. learnoutloud. com/Catalog/Business/Leadership-and-Management/Change-Management/820 9.Harvard Business Review journal (1995). Retrieved from World Wide Web as from 18th April 2008 from http://www. hbsp. harvard. edu/hbsp/hbr/articles/article. jsp 10. Human Resource Management Journal (2008). Retrieved from World Wide Web as from 18th April 2008 from http://www. blackwellpublishing. com/journal. asp1 11. M cShane S. and Travaglione T. (2003). Organisational Behaviour on the Pacific Rim. Australia: McGraw-Hill. 12. Organisation Studies journal (2008). Retrieved from World Wide Web as from 18th April 2008 from http://www. mbs. ac. uk/research/organisationstudies/cms5/call-papers/talk-power. aspx 13.Personnel Today Journal of Applied Human Capital Management (2007). Retrieved from World Wide Web as from 18th April 2008 from http://www. personneltoday. com/blogs/hcglobal-human-capital-management/2007/04/journal-of-applied-human-capit. html 14. Pettigrew, A and Whipp, R (1991) Managing Change for competitive success. U. K: Blackwell. 15. Strategy + Business (2004). 10 Principles of Change Management. Retrieved from World Wide Web as from 18th April 2008 from http://www. strategy-business. com/ 16. 15. The Economist journal (2008). Retrieved from World Wide Web as from 18th April 2008 from http://www. sciencedirect. com/

The Virgin Group in 2012 Case Study Example | Topics and Well Written Essays - 1250 words

The Virgin Group in 2012 - Case Study Example owards the achievement of the companies’ mission which is being a shopper victor through delivery of brand values such as superior quality products dazzling customer service and competitiveness. The vision of the organization is implementing its plan of global presence in travel, entertainment, and mobile communications such that their involvement in this existing markets benefits both the organization and the consumers in general The history of the company dates back in 1968 while Branson was a student and he published a magazine which displayed his sub sequential entrepreneurial features. His magazine targeted the young generation appealing to its optimism, irreverence and its interest in fashion, music and avant-grade culture. He later ventured into mail-order record business in a street in London and in 1984 he ventured into airline business( Rosenberg, 2010). His private company expanded in internal cash flows and external financing with his new businesses concentrated around travel, holidays, retailing, IT, deregulation and privitasation and international expansion. With his ample knowledge in business, Richard amplified consciousness in matters of the business relationship with environment, ethics and the social role pressured his business to creating a project aware design to widen reliable business operations. The management in the virgin company has been in the forefront in contributing to issues of its relationship with culture ,ethics and the social role by participating in initiatives and creating awareness to its stakeholders. Branson believes that employees are the holding pillar to the business and attending to their needs helps the feel the sense of belonging to the company and hence take responsibility in running the company smoothly. The company provides spotless, vigorous and a secure working environment for its workers with reasonable terms and conditions of operation(Great Britain press,2013). This motivates the employees to work harder

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Employment Law - Essay Example ee is used to make employment decisions that affects that particular individual; or, submission to sexual nature conduct is made implicitly or explicitly a condition or a term of employment of an individual (U.S. Equal Employment Opportunity Commission). From the facts of the case, it is evidently clear that the conduct of Mr. Clark, the V.P towards Ms. Jensen amounts to sexual harassment. He requests her to spend a weekend at his cabin in Yosemite so as to discuss the details of him offering her a V.P position. While there, he tells her how lovely she is and that he had his eye on her from the first interview. He goes ahead and leans over to take a kiss, but she moves away. It is at that point that point that Mr. Clarke reacts and then relates: â€Å"why did you think I would offer you such position at your age†? Don’t you realize that unless you are my girl, you will never amount to anything in this company?† Ms. Jensen agrees at that point but realizes the next day that it was a mistake, and tells him she does not want the position with his condition. This scenario clearly amounts to sexual harassment, and as such, sexual harassment law should be applied. Majorly, there are two areas of sexual harassment, namely: Quid Pro Quo and Hostile Environment. Quid Pro Quo harassment is that which employment decisions for a particular employee are based on rejection of or submission to unwelcome sexual behavior. A good example for this type of harassment is when a supervisor fires an employee because of rejecting his sexual advances. On the other hand, Hostile Work Environment harassment happens when working environment creates unwelcome sexual behavior directed at an employee because of his or her sex that is intimidating, hostile, and/or offensive and therefore adversely affects performance of an employee (U.S. Equal Employment Opportunity Commission). Ms. Jensen’s case falls under Quid Pro Quo harassment because it comes from her supervisor. As such, the company

Discussion Question Essay Example | Topics and Well Written Essays - 250 words - 23

Discussion Question - Essay Example Compare and contrast the flow of litigation in criminal cases and civil proceedings. Include a discussion of the introduction of each type of case in the process, the participants, and the role of the court in each. A civil case involves a situation where an individual or a particular entity states that another entity has failed to reach the legal responsibilities they ought to carry out. The duties in such a case are established under the constitutional law. It is thus the role of the courts to see to it that these people receive quality treatment and consequently either lead to annulment of the agreement or resolution of the dispute. In criminal cases, the person is charged in a legal process referred to as an indictment. On behalf of the American citizens, the government takes up the responsibility of prosecuting the particular person or group (Herring 35). The attorney’s office has the responsibility of prosecuting these state

Modern Philosophy Final Assignment Example | Topics and Well Written Essays - 2250 words

Modern Philosophy Final - Assignment Example With regard to this question, I at least know with certainty that such things may exist, in as far as they constitute the object of the pure mathematics, since, regarding them in this aspect, I can conceive them clearly and distinctly† (Descartes 111). Descartes comes to know that he gains knowledge of material objects through sense perception, but since sense perception is by nature, deceptive, how can Descartes prove that material objects exist independent of his mind? Herein, he uses the process of elimination to find out what causes his ideas of material bodies, and whether they can exist independent of his mind. In doing so, he first claims that he cannot be the cause of such material bodies, for it would go against his nature and freewill as a thinking substance. The cogito proves only that he exists as a thinking substance, but it does prove anything about his body. In addition, God cannot be the cause either, for these ideas I have of material bodies are mere adventitio us ideas, which are based on sense perception, which are by nature, deceptive. He now knows that God is no deceiver. Therefore, material objects exist insofar as the idea he has of such objects is caused by the objects themselves. As Descartes claims, â€Å"nothing was so likely to occur to my mind as the supposition that the objects were similar to the ideas which they caused† (113). Thus, material objects exist independent of his mind, since its cause must have as much reality to its effect. However, this does not mean that material objects exist as his senses tell them to be. So what then is the true nature of material objects? Herein, Descartes observed a piece of wax and identified its qualities, that is, its color, taste, smell, texture and sound; all of which we come to know through our bodily senses. But when he puts this piece of wax on fire, all those qualities that he observed, changed. Nevertheless, he knows for certain that it is still the same piece of wax, so s omething must have remained so as to consider this wax as the same piece of wax. Thus, Descartes identifies certain primary qualities of the piece of wax, which remain constant, namely: figure, the capacity for change, and spatial extension. These primary qualities are what define the true nature of the piece of wax, and for all material objects and physical substances. What he initially perceived through his senses are mere secondary qualities of the object, which do not belong to the object itself, but are mere sensations and come from within him. In this regard, Descartes is now aware of the distinction between mental and physical substances, that is, mind and matter. According to Descartes, God created these two kinds of substances totally different from one another. Mental substances or the mind, is a thinking thing, has consciousness and is morally responsible for its thoughts. It is not spatially extended and has no capacity for motion, and has free will. On the other hand, p hysical substances or matter, has no consciousness, is subject to mechanical motion, is determined and is spatially extended. These two substances are two mutually exclusive entities, which are independent from each other. In other words, mind cannot be matter and matter cannot be mind. This leads to Descartes’ metaphysical dualism, which claims that there exists a two-fold reality,

Food Issue Essay Example | Topics and Well Written Essays - 250 words

Food Issue - Essay Example In my opinion, I would support solar-based agriculture. First, the system has been shown to be prudent in saving energy. In my place, farmers have been spending too much energy that is available to produce crops in the petroleum-based agriculture. Moreover, the solar-based will help in conserving our local environment there will be less use of fertilizers and other forms of chemicals (Pollan 1). Secondly, I would support the solar-based agriculture due to the immense benefit it has on health. This is because the petroleum-based agriculture has led to the production of cheap food that is of low quality. Such food lacks essential nutrients and mostly comprised of fats. The effect has been the rise of various chronic diseases that are costly to the American people (Pollan 1). Thirdly, solar-based agriculture will help the country reduce overreliance of food from other countries. Food from foreign countries may provide a leeway for terrorist activities. Hence, solar-based agriculture wil l help production of food locally that is free from contamination from the rest of the world (Pollan 1). Recently, there has been growing interest in the community to shift to local foods and farms. The shift has been based on several reasons. The shift to local food has been mainly due to realization that the food is healthier, nutritious and of quality value. On the other hand, the shift to local farms has been due to the high prices of food produced through local means. In fact, it has come to the attention of the farmers that consumers are willing to pay an extra cash to get locally produced

Outline marketing plan for the next year for Atlantic Quench 02133 Essay - 1

Outline marketing plan for the next year for Atlantic Quench 02133 - Essay Example The main competitors and their product mix are also analyzed. This is followed by an in depth analysis of the company in terms of the 4ps, SWOT, PESTEL of external environment of the company. This is followed by a strategic analysis of the company and designing objectives of the company derived from SWOT. After performing these, future marketing strategy of the company is designed. Market analysis and past performance evaluation plays an important role in determining the future strategies of a company. The current paper is an effort towards understanding the market conditions existing in the fruit juice sector in the U.K, the U.S and globally so that suitable marketing strategies can be formulated for Atlantic Quench Cranberry for the coming year. The paper takes into consideration vivid description of the fruit juice industry. Accordingly suitable strategies are laid down which can facilitate the firm to grow in the coming years. The beverage sector is subject to frequent changes and therefore it becomes essential to frequently analyse the trends and accordingly adopt changes. PEST analysis is a useful tool for understanding the conditions existing in the external environment. Changes in external environmental conditions such as political, economical, social and technical may either cause organizations to grow or lead to losing their market strength. For such reasons, PEST analysis is a widely used system by organizations across the globe for strategic evaluation. The political framework existing in the nations of U.K and the U.S are quite stable and supportive towards growth. However the governments of both the nations are seen to impose immense tax burdens, especially post the financial crisis times. This has restricted the economic spending of the people in general. Interest rates have also increased on loans provided to organizations. This may impact the growth related activities for Atlantic Quench. The company may be required to depend upon internal

High School and Rizal Elementary School Essay Example for Free

High School and Rizal Elementary School Essay A week after celebrating the Day of Valor on the fourth month of the Roman calendar in the year of Rat, I was born one evening in a city called the financial capital of the country that was colonized by Spaniards for more than three hundred years after it was discovered by a famous Portuguese explorer. My first name Johanne is a variant of Johanna which means â€Å"God is gracious† and my second name Victoria means victory hope my life goes well as my name. My parents, Victorino and Wilma, were a hard working couple who works as an employee of a private company. They produced of our own kind six times in eleven years having five boys, leaving me no sister to have a bonding with. Since I’m the only girl, they call me Princess or sometimes Negneg, short for negra, because of my dark complexion. It’s not that dark like people in Africa but it’s the darkest complexion in my family but it’s alright because I have these black tantalizing eyes, a good set of teeth and a slim body that makes me look like a Filipina beauty queen. I spent my seventeen years of existence in a city known for being a major cultural entertainment hub in Metro Manila. I studied my first five years of my primary education in Nicanor Garcia Elementary School, Makati. After my hit-and-run 50-50 accident case when I was in fifth grade, God gave me my second chance to live and finished my elementary course in Rizal Elementary School in Laguna. I have to transfer because of the severe fracture in my right leg causing me to have a hard time going up stairs. I have recovered from what had happened and continued my secondary education in General Pio del Pilar National High School in Makati. In elementary, I always make my parents proud of me by giving them a numerous medals every end of the school year. I’ve been a consistent contestant in Mathematics Quiz Bee and I made my school proud after qualifying twice in Mathematics Trainer’s Guild, a program to train gifted Filipino kids for international competitions. Aside from Math, I’ve also been in various contests regarding Science and Journalism. Considering me as a dynamic student, I was fairly awarded at the end of the year. When I stepped high school, it was the most exciting part of my life. Having crushes, love team ups, courtships, prom night were the things that could really make you giggle. But the most remarkable incident that shaped my character now was improving my leadership skills. When I was in third year, I ran as the president of SMILE (Students Movement for the Improvement of Leadership and Empowerment) Party List for the upcoming Supreme Student Government election. I taught I’m going to win because I’m from the star section but I’m wrong. I lost. I’m so ashamed. Because of that, I don’t feel like going to that school again. But there was a Non-government organization that invites the students to go on camp in Iba, Zambales for free. Of course, I joined and that made me forgot the pain I felt. On the first night of the camping, everything has changed after the moment I received Jesus Christ as my personal savior. When I got back in school, God blessed me so much that He gave the Hi-Y Club (a high school based club of Young Men’s Christians Association) in my lead. From that happening, I really appreciated the quote: â€Å"After the storm, there’s a rainbow. † I taught the door of opportunity to explore more in leading has closed for me, not realizing He has opened the window for me to experience the chance I thought I lost. Because of this club, I learned to balance my mind, body and spiritual aspect of my life. Creating programs, helping community, serving others and volunteering were some of my experiences that really made my heart swollen and would like to share to others to inspire them. Aside of being a Y’er, I’m now a Christian and started serving Him like sharing the good news, being a part of dance and drama ministry, and helping other Christian to grow in their spiritual life. I feel over joy and satisfaction every time I see myself volunteering on the camp where I was saved. After the enjoyment of high school, I took one step forward in the reality of life. I face the truth that my life will rotate in complicated solutions, brain-whacking terms, millions of numbers, struggling calculators, statements to finish, stability of study, life-long practice, thick books to read, rushing late night work, ugly eye-bugs, unbalanced sums, financial reports, constant lack of sleep, accurate solutions, and heart-stopping result after deciding to take Bachelor of Science in Accountancy in the first polytechnic university in our country. I know I can make it through because I believe that â€Å"what the mind can conceive, the body can achieve†. I may not be the cream of the crop in our class but I will manage to pursue my dreams step by step because I cling to God’s promise: â€Å"For I know the plans I have for you,† declares the Lord. â€Å"Plans to prosper you and not to harm you, plans to give you hope and future. †(Jeremiah 29:11).

The History Of Baking English Language Essay

The History Of Baking English Language Essay Baking has been around since ancient times. Of course, over the years with new inventions and recipes, baking has under-gone major transformations from baking over brick stones to baking in gas or electric ovens. The first form of baking was thought to have been as early as 2500 B.C. or even earlier. Baking is just one of the many ways of cooking. Baking, as we know it, is defined as cooking by dry heat in an oven or on heated metal or stones (http://dictionary.reference.com/browse/baking). Dry heat is usually obtained through an oven. Just as important as it is to find out if baking soda can be substituted, it is important to understand the mixtures of baking soda and baking powder. Lets look at baking soda, first. Baking soda, in its original state, can be found in mineral deposits all over the world. Baking soda has been used in America since colonial times, but it wasnt produced in America until 1839. Some common recipes that call for baking soda are different cookie types, breads, pancakes, and many other recipes. Baking soda has several scientific names. The most common name would be sodium bicarbonate (NaHCO3). Sodium bicarbonate has several atoms. It contains one sodium atom, one hydrogen atom, one carbon atom, and three oxygen atoms. Baking soda is a very important part of a recipe. Often times it is referred to as the leavening agent. A leavening agent is a substance that causes substances to rise by releasing gases that produce the finished project with a porous structure. In other words it would be a fa st-acting yeast. As baking soda is added to the batter (to whatever yummy treat you are making), it releases a gas that allows the batter to immediately start to rise. Baking soda begins to work by letting its gas out as soon as it hits a liquid which could be a batter or some dough. Most recipes that call for baking soda usually have other acidic ingredients in them that enable the baking soda to work and taste properly. Baking soda helps with the alkaline taste in your food. It keeps it from having a soapy taste. Now that we know a bit about baking soda, we can now look into its familiar relative baking powder. Baking powder is just as useful as baking soda, but it has a few different powers. Baking powder was first discovered and manufactured in 1843 by a man named Alfred Bird. Along with baking soda, baking powder is found in similar recipes and also in my favorite scones. Baking powder is composed of several ingredients including cornstarch, cream of tartar, and even baking soda. Like baking soda, baking powder is also a leavening agent. Baking powder is different than baking soda in that it is double-acting. Double-acting simply means it rises or acts as a leavening agent at two different times. The first time it starts to work, like the baking soda, is right when it is added to the batter. The second time would be when it is baking. As it is baking, it continues to let out its gases due to the ovens heat. Since it is, in a way, rising twice, it gives your final outcome a fluffier and lighter texture. Baking powder is usually added to recipes that dont have acids as it already contains acids due to the baking soda and cream of tartar. Now that we have learned a little bit about baking soda and baking powder, it will be easier to understand their relationship and how baking soda might or might not be able to be substituted. Since we know that baking soda is usually used where there are acidic substances in the batter, and baking powder is used where there arent any acidic substances, we know that in being able to substitute baking soda we would have to add an acid. In adding an acid, we are, in a way, giving the soda more power, where it can cause the finished baked treat to become lighter and fluffier. This acidic lack is solved by an acid called potassium hydrogen tartrate which is more commonly known as cream of tartar. Cream of tartar was the original leavening agent used by bakers before we had baking powder and baking soda. Remembering that baking powder is double-acting, we now need to see what makes it rise at the two separate times. As I mentioned earlier, the first release of gas (or rise) would be due to the baking soda, but what would cause the second release? That would be where the cream of tartar comes into play. The cream of tartar reacts when it is released into heat, so when your batter or dough goes into the oven and receives the oven heat, the second release of gas begins. Baking soda reacts when it enters a liquid and cream of tartar reacts when it enters heat. So now that we know what causes baking powder to be double acting, it would make sense to add that one special ingredient that makes it double-acting to the baking soda. This special ingredient would be the heat reactant cream of tartar. By adding the cream of tartar to the baking soda, it gives it the added acid to rise in heat when placed in the oven. If you were to try to use only baking soda without any extra ingredient in place of baking powder, you would find that it would leave a bitter taste. When you need to substitute baking soda and cream of tartar for baking powder, it is important not to have too much baking soda with your cream of tartar or vice versa. In closing, we find that baking soda alone cannot be substituted for baking powder, but with a simple ingredient known as cream of tartar, you can have some baking powder. So next time youre baking and you find yourself with missing ingredients or without baking powder, dont break a sweat!! Remember, not only can you substitute applesauce for oil, honey for sugar, but now you know that you can substitute baking soda with a little bit of cream of tartar for the missing baking powder. So finish up with your baking and enjoy your yummy and delicious snack!!

Entrepreneurial Action Is Creative Action Commerce Essay

Entrepreneurial Action Is Creative Action Commerce Essay Entrepreneurs are the talk of the business town at this very moment. But, who exactly is an entrepreneur and more importantly, what is it about him that makes him so famous in the world today? Let us take a closer look at an entrepreneur and his world! An entrepreneur actually is a person who makes life easier for the world community at large. Schumpeter (1965) defined entrepreneurs as individuals, who exploit market opportunity through technical and/or organizational innovation. He sees an opportunity which others do not fully recognize, in order to meet an unsatisfied demand or to radically improve the performance of an existing business. It began when an entrepreneur empathized with a problem faced by an individual which could be addressed by introducing a particular product or service. The earliest companies in the world were started by entrepreneurs who saw this need and created a vision for fulfilling that need. Next, they took the risks associated with starting a company and then finally producing and releasing a product to solve that particular problem of the individual. Eventually, in the long run, companies established by entrepreneurs add to the competitive spirit of the economy. In doing so, they force the existing firms to compete with the ideas and methods of newer firms and to come up with efficient business strategies. Thus, having stated how an entrepreneur was brought into existence, it can now be established that not only are entrepreneurs the people who possess the vision to introduce innovative products, but also the ones who ensure that the market is updated at all times, at times also creating new markets along the process. In a way they form an interlink between the masses and the business world. This makes them the core element of the business sector. This work performed by an entrepreneur is together clubbed as entrepreneurship. It can be defined in terms of value creation by identifying opportunities for new products and services and realizing them through new firm formation, then it is the process of transforming identification to realization of opportunities that forms part of the entrepreneurs learning experience. Reference Mitra (2011) The natural course of this essay takes us to an interesting point where we know that an entrepreneur introduces a product based on a need. However, there are two vital aspects of this task. Firstly, there is no empirical result which can ascertain his decision to introduce a product which has never before been released. In effect, this makes entrepreneurship an intuitive task. The decision to go ahead with a particular product is to a large extent backed by his instinct that the product will indeed be accepted in the market. The entrepreneur thus, makes an uncertain but intuitive decision of giving a product the green signal. Secondly, the probability of the product being accepted in the market is very high when the product is creativity personified, that is, it is a product which hasnt yet found a place in market. It could be a modification of an existing product or better still, a whole new product created by the entrepreneur. So it is visible now that uncertainty and creativity ar e two primary elements of entrepreneurship. Frank Knight, threw some light on the uncertainty aspect of entrepreneurship. His theory states that uncertainty is distinguishable from risk. He says that risk is measureable, whereas, uncertainty is not calculable as it relies on probability which cannot be measured. It is uncertainty that is distinguished from risk that provides a return to the entrepreneur. In other words, an entrepreneurs income (residual income) i.e. profits, is a product of uncertainty and not risk. This implies that if an entrepreneur wants to earn a profit it is a given that he needs to willingly bear uncertainty. Thus entrepreneurs are distinguished between non entrepreneurs in their willingness to bear uncertainty in order to gain profit. Milliken went ahead and gave three types of uncertainty. His three types of uncertainty can be simplified into three questions asked by a prospective actor about his or her relationship to the environment: (1) Whats happening out there? (state uncertainty), (2) How will it impact me? (effect uncertainty), and (3) What am I going to do about it? (response uncertainty). Let us consider an example of a product introduced under uncertainty. Apple introduced iPod at a time when nothing like it was ever heard of. There were some Mp3 players and portable CD players in the market at the time. But, IPod was entirely a different product. The probable success or failure of iPod could not be calculated. With thick clouds of uncertainty, Apple released iPod! Lo and behold! After the first few months of gradual acceptance, iPod hit a golden run. It revolutionised the market for audio players and electronic goods at large. However, it must be noted that the decision to introduce iPod was indeed an uncertain one which eventually garnered great profits for the company and gave it a niche status. Thus knights theory stands true that it was uncertainty that reaped profits for late Steve Jobs. The evaluation of Knights theory of uncertainty reveals that it has some loopholes as well. His theory explicitly arises out of partial knowledge. . The essence of the situation is action according to opinion, of greater or less foundation and value, neither entire ignorance nor complete and perfect information, but partial knowledge[p. 1991. This can be viewed negatively as partial knowledge backfires. Also, it appears as though Knight has paid too much attention to uncertainty and neglected other functions of the entrepreneur which are also instrumental in him earning profits. He has also not accounted for differences and asymmetries that emerge between different companies. It is not rational for an entrepreneur to release his product under strict uncertainty. Surely, he does undertake a considerable market research prior to taking a decision about introducing the product. However, the presence of uncertainty is definitely a hard hitting aspect of an entrepreneurs job. In contrast to Knights theory about the willingness to bear uncertainty, Joseph Schumpeter in his theory argues that entrepreneurs function lies in an innovative act of creating a new combination. Believing that the potential for new combination is abundant and at times obvious, Schumpeter delineates entrepreneur from non-entrepreneur not by difference in knowledge or perception but by performance of innovative act itself. The history of entrepreneurship reflects its uncertain nature. Several examples such as introduction of Nano Car by TATA Motors in India, Mc Maharaja which is a burger introduced by McDonalds in the Indian market, HD TV show that all these products began from an atmosphere of uncertainty. Nothing is certain, surely not the performance of a new product or service in todays volatile markets. In the past, uncertainty would rise from the fact that the market were rigid and unwilling to open up. Today, the same uncertainty exists, but with a different nature. The uncertainty phenomenon today arises from the ever changing tastes and preferences of the public. This puts in added pressure on the product performance. Thus, uncertainty can indeed not be separated from entrepreneurship. In fact, it is practically engrained in it. As established above, the second aspect of entrepreneurship deals with creativity. Being creative is seeing the same thing as the world, but thinking of something differently. Creativity refers to the ability or power to create or to bring something new into existence, to invest into a new form and to produce using imaginative skill. Some theoretical work on creativity gives insight into understanding the concept. According to Weisberg (1999), knowledge and creativity are two competing positions that are positively related. Creativity is in a way an application of knowledge. As opposed to this, the person theory of creativity suggests that creativity is a reflection of an individuals personality. Some traits are culturally determined while other traits are more emotionally determined. These different traits serve as an inspiration for creativity. On account of this, individual personality differences result in a heterogeneous mix of creativity. Stress also plays a very important role in creativity. A person with low arousal has high creativity and person with high arousal tends to have low creativity. The more we define our creativity by identifying with specific sets of values, meanings, beliefs and symbols, the more our creativity will be focused and limited; the more we define our creativity by focusing on how values, meanings, beliefs and symbols are formed, the greater the chance that our creativity will become less restricted. Normally highly creative people tend to be highly focused. But too much knowledge also sometimes restricts creativity. Planning improves a persons genic idea, a person with futuristic thinking, is seen to be more creative. Entrepreneurship would have been non -existent if it werent for creativity, to the extent that creativity is often used as the middle name for entrepreneurship. The main aim of an entrepreneurs job is to create new products and thereby discover new opportunities. An entrepreneur ought to have a creative product or service in order to be successful. In the early days of entrepreneurship, creativity was grossly ignored. It wasnt believed to be a requisite quality for an entrepreneur. That notion was corrected eventually. It was then accepted that creativity is an essential ingredient for an entrepreneur to make a fortune. Entrepreneurship creativity has been known as the generation and implementation of novel appropriate ideas to acquire new ventures (Amabile 1997). Intuition can also been viewed as more business competency which influences the ability of creativity.Also for an entrepreneur to understand creativity he must think of personal attributes like person , place or product. Talking of creativity, probably the most creative idea to have come up in the last decade is that of facebook! Truly, Mark Zuckerberg came with the brainwave of the century when he thought of starting The Facebook. The creative genius that he was, he thought there was a way to socially and virtually connect people across the world. The idea of facebook is not as much inspired by need as it is inspired by creativity. It is indeed a shining illustration and reinstates what creativity can do to an entrepreneur. Needless to mention, that Mark is now a millionaire. Intuition can be viewed as a core business competency which is influenced by the ability to be creative. There are also a number of other contributing internal and external factors that impact creativity: entrepreneurial creativity requires a combination of intrinsic motivation and certain kinds of extrinsic motivation a motivational synergy that results when strong levels of personal interest and involvement are combined with the promise of rewards that confirm competence, support skill development, and enable future achievement (Amabile 1997:18). Entrepreneurship has played a major role in fostering economic growth and also in generating employment. Along this process, the impact of creativity has been substantial. Entrepreneurial creativity, however, exists before, during and after the lifetime of a particular business since it is shaped in part by the social world and by the individual decision maker (Fillis and Rentschler 2006). Uncertainty and creativity are in effect interlinked. Both together define an entrepreneur. The relationship between the two can be expressed in the following manner. An entrepreneur introduces a new product with creativity and then releases it under some uncertainty. The idea thus begins with creativity and then gets linked with uncertainty. Creativity can be used to deal with the ambiguity and uncertainty in decision-making by matching the nonlinear responses of the entrepreneur to that of the business world. Uncertainty has not tended to be modelled in investigations of creativity and social networks, although it is very much part of an entrepreneurs environment (Perry-Smith and Shalley 2003). However, within new product development processes, it does receive attention in terms of moves to reduce it in order to secure the desired commercial effects. Creativity can also contribute to dealing with ambiguity. While uncertainty refers to a lack of information, ambiguity refers to the existence of multiple and conflicting interpretations regarding an organisational situation (Kijkuit and van den Ende 2007): Creativity when practiced by the entrepreneur is called creative action. It is impossible for an entrepreneur to sustain his position in the market if his product is just like many others in the market. There is only room for the product which is different. Consumers today, are not willing to buy anything that is outdated. Thus an entrepreneur has to ensure that his product satisfies the need appropriately and also is up to date. It is this challenge that necessitates creative action. For instance, Apple had launched iPhone 2G. Then, they upgraded it to iPhone 3G, then to 3GS, then 4G , then 4GS and finally 5 as they know they need to change with time. This shows Apples persistent creative action in keeping up with the latest technology as the company is aware that if it fails to keep up with the world, it will lose its control over the market. Having entered a particular market, for an entrepreneur to maintain the position of his enterprise, he ought to keep up his creative action. It is widely said and people are made to believe that opportunities dont come knocking to your doorstep and more so if you are an entrepreneur. An entrepreneur has to seize an opportunity before some other entrepreneur finds it. Once again for this as well, he needs to put at work his creative talent. Also such kind of creativity normally comes out of a person when there is a problem being considered and due to which the entrepreneurs keep getting solutions for the problem and then idea is being generated related to the problem and finally creativity then plays a major role and it gives an opportunity to an entrepreneur. But its not always when a problem is being seen an entrepreneur finds the solution for it is not always certain as many times the entrepreneurial action leads to failure. As said by Schumpeter that innovation is a necessity as people demand different products as the time changes hence creativity and opportunity plays a major role during that time and creative becomes necessity for an entrepreneur without which he would not be successful. Creativity, problem solving and intuition interact in order to produce an appropriate strategic vision for the entrepreneurially led organisation (Markley 1988). Mainly entrepreneurial learning is the process by which an entrepreneur acquires knowledge related to the business by exploiting opportunities This learning of Entrepreneur is socially embedded and provides the entrepreneur with human and social knowledge resources. The main reason for entrepreneurial learning is constructing the ambiguous and individualised realistic ideas for an entrepreneur.it is also a way by which entrepreneur develop knowledge and skills and make a business model .Hence forth for entrepreneurship learning is very essential for all the entrepreneurs as without which uncertainty might be created instantly. Also entrepreneurial learning is a key mechanism for innovation, as through which new opportunities would be discovered. After having discussed the concepts of uncertainty, creativity and their interlink and relationship with entrepreneurship, it will also be insightful to discuss the economic theories of entrepreneurship. Economic theories overall tell us that entrepreneurship takes a birds eye view of human action. These theories explicitly tell us how an entrepreneur should allocate his resources in order to maximise his output. These all points are essential for an entrepreneur. Also there are mainly two kinds of historical theories which have been used they are the Classical and Neo Classical theories. And then later new modern economic theories were introduced regarding innovation as the key aspect. As an economic system, in his book The Wealth of Nations in 1776, Adam Smith perceived capitalists as owner-managers who combined the basic resources of land, labour, and capital into successful enterprises. The classical capitalistic economic system, based on the concept of private ownership of property, assumed the creation and distribution of wealth through the exchange of goods and services through open, uncontrolled markets open to all buyers and sellers. In the late 19th Century, Leon Walras (1874) and Alfred Marshall (1890), separately, developed similar models of capitalist economics that incorporated a logical framework capable of mathematical analysis (Kirchhoff, 1997). The key concept of the new models was that markets consist of many buyers and many sellers who interact so as to ensure that supply equals demand. This Neoclassical theory was designed to show that capitalism characterized by perfect markets and unfettered by outside interference distributes wealth among bu yers and sellers and creates wealth in the process. Joseph Schumpeter (1934), one of its early critics, saw innovation as the key for creating new demand for goods and services and entrepreneurs as owner-managers who started new, independent businesses to exploit innovation. To Schumpeter, an entrepreneur was a person who destroyed existing economic order by introducing new products and services, by creating new forms of organization, or by exploiting new raw materials. A classic example of all that is discussed above in the essay would be to consider the introduction of automatic cars by General Motors back in 1940s. It was a time when cars were not even seen world over but inspite of that, General Motors possessed the creative vision to innovate and develop the first ever automatic car of the world. As this was a new concept, it was a big risk on the part of General Motors to launch a car of such a high standard. Very obviously then, the uncertainty surrounding this newly made automatic car was enormous. However, their creative action proved fruitful and their vision was rewarded as today, the entire western world is seen zooming around in automatic cars. If this is not enough, to remain ahead of their rivals, the big car companies of BMW, Mercedes Benz are continuously introducing new features through creative action to maintain their position among the top bracket for car buyers. Entrepreneurs are evidently the most dynamic members of an economy. As we have seen, they are the ones who bring exciting new products and services to the market, create new demand which facilitates further supply and thereby further production and better returns to factors of production. All this in turn keeps the economy on its toes. Further, the less productive firms of the economy are induced to enhance their productivity and performance and thereby improve the quality of products in the market. All this, the entrepreneur does under strict uncertainty with heavy dependence on his instinct.