Eddie Carbone Essay Example for Free

Eddie Carbone Essay Whats more, this would make Marcos purpose of the journey, to build a future, pointless. In addition, Eddie cruelly implies that Rodolfo is an inexperienced longshoreman. I seen greenhorns sometimes get in trouble that way. By saying this, Eddie aims to hurt Rodolfos feelings and perhaps make him feel like an unwanted boy. Soon afterwards, Eddie tries to explain how American girls are also strict and that Catherine shouldnt arrive home late at night, till he came here she was never out on the street twelve oclock at night. In affect, both Rodolfo and Marco try to understand Eddies point of view, as if he were a father to them. Eventually, Marco comes to a decision and tells Rodolfo to arrive back home earlier. But the audience knows that Eddie fails to express whats really on his mind. Essentially, Eddie understands that if Catherine is seen with Rodolfo by any of Eddies friends, Eddies reputation would be ruined and hell be the joke just like Rodolfo. It is this urge to protect Catherine, to keep her from discovering her independence which makes him increasingly sensitive to the presence of Beatrices cousins and to Rodolfo in particular, to whom Catherine rapidly becomes attracted. Later on in the scene, Catherine and Rodolfo begin to dance. When they come to an end, Eddie subconsciously twists the newspaper in his hands into a tight roll. The other characters are aware of what he is thinking, but they wait for his answer. Unsurprisingly, Eddie fails to clearly express his thoughts on Rodolfo; during his attempt to mock Rodolfos femininity and expose him as weak, he manages only to tell everybody that with Rodolfos abilities, he wouldnt be on the waterfront he would be someplace else like in a dress store. Here, Miller has explored Eddies prejudice against Rodolfo, who is different. Furthermore, Eddie uses repetition to reinforce his points, He can cook. He can sing. He can make dresses. Seeing that language proved unsuccessful for Eddie and even he cant understand what hes saying anymore, he tears the paper in two and decides to utilize physical action, a skill where he knows he can beat Rodolfo. Miller uses such gestures and stage directions as the tearing of the paper to dramatize the feelings of Eddie. Eddies obsession with Catherine is something he is not able to recognize or understand for himself. Instead he focuses his anger and frustration upon Rodolfo, who has a frivolous and light-hearted attitude to life. It is this that Catherine finds attractive and Eddie finds repulsive and unmanly. Eddie is also suspicious of Rodolfos interest in Catherine, believing that he seeks her hand in marriage in order to gain an American passport. While a degree of realism is appropriate in the design of the Carbone family home, the street itself should also be indicated. Accordingly, throughout the boxing match, the table lamp may well collapse, leaving the room gloomy and obscure. To compensate for the illumination, a red MOTEL light featuring outside the window could remain pulsing on and off. Nonetheless, the men will continue boxing, whilst Catherine switches the main light back on. I assume that merely a few seconds would allow the radiance to take full effect. The word motel indicates the cheap accommodation immigrants require in Brooklyn. In addition, while Catherine and Rodolfo dance, the main light could dim and the motel light could appear flashing on and off to the rhythm of the music. It may encourage the passionate mood set by the music. While the fight occurs on stage, I would recommend that Marco stay solitary in the corner. By separating Marco from the rest of the characters, who are supposedly in the centre of the stage, the audience recognizes his presence, without him having to do anything. Marco has cleverly kept quiet throughout the scene unless asked a question, as he may be embarrassed to display his weak language skills. But when Eddie cracks a punch at Rodolfo, Marco suddenly gets involved. Marco challenges Eddie by inviting him to raise a chair from its leg. Eddie has underestimated his opponent and his false sense of confidence about his own strength has led Marco to win the test of strength. Clearly Marco knows his adversarys well and is smart enough to avoid talking, but he prevails in a physical battle. You may think of the chair struggle as a battle for primate dominance, whereby both challengers are fighting to become Alpha male. Nonetheless, in both contests Eddies authority is undermined and in his own living room. In brief, I believe that Marco is in control of the situation, even though he stepped in half way through the scene. Eddie considers the challenge and presence of other men to be a threat to his authority. Eddies fear of losing his authority and masculinity serves as a prime motivating force, for him to assert his power. It is Eddies reluctance to compromise with the other characters and Catherines ever increasing appeal to Rodolfo that causes Eddie to fight for his control. Here, the vision Alfieri foresaw at the beginning of the play is in reaching distance. In the final scene, the act of betrayal of members of Eddies own family brings about the final bloody tragedy which Alfieri foresaw at his first interview with Eddie. Despite Alfieris efforts, Marco is intent upon revenge for his betrayal, while Eddie is determined to maintain his reputation and his honour. During the last scene of the play, Marco and Eddie come face to face in full view of the neighborhood. This theatrical scene holds the climax to the play and even though the audience is well aware of what is to happen, they are more curious as to how the other characters will react. In this scene Eddies reputation is at stake and he is prepared to stake his life on the line. By Catherine finding work and her growing attraction to Rodolfo, which leads to their planned marriage brings out an increasingly aggressive reaction in Eddie that starts to break the family apart. Eddie is trying to defend his own innocence so that, when his wife says, You cant have her, he is genuinely disgusted that she could think of him that way. He defends himself against the sexual allegation to the end. But if there is a sexual guilt operating here, it is combined with the social situation he is in. Basically, there is noting more horrifying to the general public than betrayal. It destroys the protection of their society. There is also the political side; because Miller was in the middle of the McCarthy period, the so-called Congressional investigation in America. When Eddie yells I want my name! he implies that he wants his reputation back from Marco. When Eddie handed Marco over to the authorities, Eddie squealed He killed my children. That one stole the food from my children. Eddie believes that Marco is to blame for tarnishing his reputation with this lie. On the other hand, Marco was partially correct for what he had said for the reason that, without Marco earning money for his children, they will be unable to purchase food and could ultimately die. In reality, Eddie cannot face the fact that the reason he lost his name was because he betrayed Rodolfos and Eddies trust; and treachery was considered the worst act in a Sicilian society. Marco refers to Eddie as Animal, which suggests that Eddie was a suck up` to the American law. Resembling an animal, Eddie did anything to get his just rewards. Likewise a dog would do anything when offered a bone. Finally, after realizing what he has done, Eddie is prepared to risk his life in order to save his reputation, his name. Eventually, Eddie dies in the arms of his wife, after Marco had killed him in self defence. In the closing speech by Alfeiri, he declares we settle for half, in which case he is referring to Eddies attitude towards the American and Sicilian law. Eddie has followed the American law, by reporting the illegal immigrants to the authorities. However, he has also pursued Sicilian concepts; such as the last moment, when he was prepared to die for his reputation. This shows that he is half American and half Sicilian. Alfieri recognizes that the death of Eddie Carbone should serve as a reminder to those who must carry on, and to the audience, that it is better to settle for half, it must be. Yet as Alfieri admits, this represents a compromise of peoples hopes, desires and sense of justice which he ultimately regards with alarm. The chorus, Alfieri, is the law. He has the ability to move in and out of the play. He knows the Sicilian way, but understands that the Sicilian way is something you outgrow when you come to America. I suspect that Eddie wants to be more like Alfieri than any other character. He wants to have a foot in both camps. He wants to be defined by his job. Miller implies that Eddie is a tragic hero, since the one virtue Eddie lacks is not being able to settle for half. Eddie cannot accept the presence of other men being something other than a threat to his authority. It was obvious from the beginning that Eddie would get into trouble if he continued what he was doing, but his obsession with not being able to settle for half brought about the event that Alfieri foresaw and which he was powerless to prevent, despite his best efforts. The play is a Greek tragedy because Eddie is led by fate towards a destiny he cannot escape. Through his death, the audience is involved, purged of their emotions by a tragic ending, leaving the theatre sadder but wiser. In conclusion, Eddie is Millers solution that he set himself about trying to write a Greek tragedy in Brooklyn. Shezad Chowdhury 10P Page 1 of 6 Show preview only The above preview is unformatted text This student written piece of work is one of many that can be found in our GCSE Arthur Miller section.

Character Brett Ashley in Ernest Hemingway’s The Sun Also Rises Essay

The Character Brett Ashley in Ernest Hemingway’s The Sun Also Rises There is a common perception among casual readers--who hasn't heard it voiced?--that Ernest Hemingway did not respect women. The purpose of this essay is to examine one work in such a way as to challenge these heinous assumptions. Hemingway's persona will be left alone. What will be examined is the role of women, as evidenced by Brett Ashley in The Sun Also Rises, and what, if anything, it reveals in the way of settling this account of Hemingway as misogynist. Brett Ashley enjoys a unique position of power in the novel--in today's vernacular, she "wears the pants" in all her relationships. The feminist perspective, no doubt, will find this true, but rapidly move to the conclusion that Brett Ashley's power over men is Hemingway's means of showing what a bitch she is. I'd like to suggest another possibility. Despite Brett's many faults, she is worth loving, and Jake Barnes does just that. Again, the feminist may say, yes he loves her, but as an idol, a doll, a figure admired from afar, as if eternally suspended on a pedestal. I consent that Jake is guilty of this habit, yet; he is always there for her, no matter the pain it inflicts on his self-worth. At the end of the book, when Jake thinks the coast is clear, and he's gathering himself at San Sabastian after much revelry in Pamplona, Brett sends a telegram: COULD YOU COME TO HOTEL MONTANA MADRID AM RATHER IN TROUBLE BRETT. (238) Brett has ditched her intended husband Michael, her lover Robert Cohn, and her number one supporter Jake Barnes, in order to do what? To satisfy herself with a nineteen year old hero of the bull ring. To assuage her fears of aging. For wasn't it pleasant dear, to be ... ...it, and respond accordingly. Hemingway's gift of these characters says to the reader, "Embrace life." That message comes from one who loves people, even when they insist on games and head-trips and violence. Jake is a hero because he grabs the bull by the horns (I know, I know). He could be a pitiful mess of a man, but he is not. He is chivalrous, smart, and well-adjusted. He hurts, and has second thoughts, but he is quick to joke about it. The characters in the novel that show signs of male chauvinism are whipped about by events, and are in no way intended to be admired. Hemingway was no sexist. On the contrary, his work championed the woman's cause, and in Brett Ashley he has given readers a heroine, hell-bent on liberation. Work Cited Hemingway, Ernest. The Sun Also Rises. New York: Charles Scribner's Sons, 1926. Reissued by Collier Books, 1986.

Mice and men tension Essay

How Does Steinbeck Create Tension in Chapter Three in Of Mice and Men Steinbeck creates tension by making the atmosphere before Curley’s dog gets shot very awkward. He does this by writing about how small noises draw everyone’s attention in the room to it: â€Å"He rippled the edge of the deck nervously, and the little snapping noise drew the eyes of all men in the room, so that he stopped doing it.† This quote gives a sense of tension, since tiny things like rippling cards can drew everyone’s attention. This makes it seem like a very quiet atmosphere. While everyone’s attention is drawn to the small sounds, Candy just stares at the ceiling and eventually rolls over. This makes the reader feel that all Candy can think about is his dog being shot, and this also brings a tense feel. Tension is also created by Steinbeck using the word ‘silence’ to describe the atmosphere of the room leading up to the dog being shot. The characters do not want the silence present, meaning the shot will be heard by Candy. This will increase the awkward atmosphere in the room because no one is quite sure as to how Candy can be comforted. Slim tries to break the silence in the room by telling Candy that he can have one of his puppies. Slim tells Candy that he â€Å"can have any of them pups he wants.† However, Candy refuses to acknowledge his offer, strengthening the already tense atmosphere in the bunkhouse. How Does Steinbeck Create Tension in Chapter Three in Of Mice and Men Steinbeck creates tension by making the atmosphere before Curley’s dog gets shot very awkward. He does this by writing about how small noises draw everyone’s attention in the room to it: â€Å"He rippled the edge of the deck nervously, and the little snapping noise drew the e yes of all men in the room, so that he stopped doing it.† This quote gives a sense of tension, since tiny things like rippling cards can drew everyone’s attention. This makes it seem like a very quiet atmosphere. While everyone’s attention is drawn to the small sounds, Candy just stares at the ceiling and eventually rolls over. This makes the reader feel that all Candy can think about is his dog being shot, and this also brings a tense feel. Tension is also created by Steinbeck using the word ‘silence’ to describe the atmosphere of the room leading up to the dog being shot. The characters do not want the silence present, meaning the shot will be heard by Candy. This will increase the awkward atmosphere in the room because no one is quite sure as to how Candy can be comforted. Slim tries to break the silence in the room by telling Candy that  he can have one of his puppies. Slim tells Candy that he â€Å"can have any of them pups he wants.† However, Candy refuses to acknowledge his offer, strengthening the already tense atmosphere in the bunkhouse. How Does Steinbeck Create Tension in Chapter Three in Of Mice and Men Steinbeck creates tension by making the atmosphere before Curley’s dog gets shot very awkward. He does this by writing about how small noises draw everyone’s attention in the room to it: â€Å"He rippled the edge of the deck nervously, and the little snapping noise drew the eyes of all men in the room, so that he stopped doing it.† This quote gives a sense of tension, since tiny things like rippling cards can drew everyone’s attention. This makes it seem like a very quiet atmosphere. While everyone’s attention is drawn to the small sounds, Candy just stares at the ceiling and eventually rolls over. This makes the reader feel that all Candy can think about is his dog being shot, and this also brings a tense feel. Tension is also created by Steinbeck using the word ‘silence’ to describe the atmosphere of the room leading up to the dog being shot. The characters do not w ant the silence present, meaning the shot will be heard by Candy. This will increase the awkward atmosphere in the room because no one is quite sure as to how Candy can be comforted. Slim tries to break the silence in the room by telling Candy that he can have one of his puppies. Slim tells Candy that he â€Å"can have any of them pups he wants.† However, Candy refuses to acknowledge his offer, strengthening the already tense atmosphere in the bunkhouse. How Does Steinbeck Create Tension in Chapter Three in Of Mice and Men Steinbeck creates tension by making the atmosphere before Curley’s dog gets shot very awkward. He does this by writing about how small noises draw everyone’s attention in the room to it: â€Å"He rippled the edge of the deck nervously, and the little snapping noise drew the eyes of all men in the room, so that he stopped doing it.† This quote gives a sense of tension, since tiny things like rippling cards can drew everyone’s attention. This makes it seem like a very quiet atmosphere. While every one’s attention is drawn to the small sounds, Candy just stares at the ceiling and eventually rolls over. This makes the reader feel that all Candy can think about is his dog being shot, and this also brings a tense feel. Tension is also created by Steinbeck using the word ‘silence’ to describe the atmosphere of the room leading up to the dog being shot. The characters do not want the silence present,  meaning the shot will be heard by Candy. This will increase the awkward atmosphere in the room because no one is quite sure as to how Candy can be comforted. Slim tries to break the silence in the room by telling Candy that he can have one of his puppies. Slim tells Candy that he â€Å"can have any of them pups he wants.† However, Candy refuses to acknowledge his offer, strengthening the already tense atmosphere in the bunkhouse. How Does Steinbeck Create Tension in Chapter Three in Of Mice and Men Steinbeck creates tension by making the atmosphere before Curley’s dog gets shot very awkward. He does this by writing about how small noises draw everyone’s attention in the room to it: â€Å"He rippled the edge of the deck nervously, and the little snapping noise drew the eyes of all men in the room, so that he stopped doing it.† This quote gives a sense of tension, since tiny things like rippling cards can drew everyone’s attention. This makes it seem like a very quiet atmosphere. While everyone’s attention is drawn to the small sounds, Candy just stares at the ceiling and eventually rolls over. This makes the reader feel that all Candy can think about is his dog being shot, and this also brings a tense feel. Tension is also created by Steinbeck using the word ‘silence’ to describe the atmosphere of the room leading up to the dog being shot. The characters do not w ant the silence present, meaning the shot will be heard by Candy. This will increase the awkward atmosphere in the room because no one is quite sure as to how Candy can be comforted. Slim tries to break the silence in the room by telling Candy that he can have one of his puppies. Slim tells Candy that he â€Å"can have any of them pups he wants.† However, Candy refuses to acknowledge his offer, strengthening the already tense atmosphere in the bunkhouse. How Does Steinbeck Create Tension in Chapter Three in Of Mice and Men Steinbeck creates tension by making the atmosphere before Curley’s dog gets shot very awkward. He does this by writing about how small noises draw everyone’s attention in the room to it: â€Å"He rippled the edge of the deck nervously, and the little snapping noise drew the eyes of all men in the room, so that he stopped doing it.† This quote gives a sense of tension, since tiny things like rippling cards can drew everyone’s attention. This makes it seem like a very quiet atmosphere. While everyone’s attention is drawn to the small sounds, Candy just stares at the ceiling and eventually rolls over. This makes the reader feel that all Candy can think about is his dog being shot,  and this also brings a tense feel. Tension is also created by Steinbeck using the word ‘silence’ to describe the atmosphere of the room leading up to the dog being shot. The characters do not want the silence present, meaning the shot will be heard by Candy. This will increase the awkward atmosphere in the room because no one is quite sure as to how Candy can be comforted. Slim tries to break the silence in the room by telling Candy that he can have one of his puppies. Slim tells Candy that he â€Å"can have any of them pups he wants.† However, Candy refuses to acknowledge his offer, strengthening the already tense atmosphere in the bunkhouse. How Does Steinbeck Create Tension in Chapter Three in Of Mice and Men Steinbeck creates tension by making the atmosphere before Curley’s dog gets shot very awkward. He does this by writing about how small noises draw everyone’s attention in the room to it: â€Å"He rippled the edge of the deck nervously, and the little snapping noise drew the eyes of all men in the room, so that he stopped doing it.† This quote gives a sense of tension, since tiny things like rippling cards can drew everyone’s attention. This makes it seem like a very quiet atmosphere. While everyone’s attention is drawn to the small sounds, Candy just stares at the ceiling and eventually rolls over. This makes the reader feel that all Candy can think about is his dog being shot, and this also brings a tense feel. Tension is also created by Steinbeck using the word ‘silence’ to describe the atmosphere of the room leading up to the dog being shot. The characters do not w ant the silence present, meaning the shot will be heard by Candy. This will increase the awkward atmosphere in the room because no one is quite sure as to how Candy can be comforted. Slim tries to break the silence in the room by telling Candy that he can have one of his puppies. Slim tells Candy that he â€Å"can have any of them pups he wants.† However, Candy refuses to acknowledge his offer, strengthening the already tense atmosphere in the bunkhouse. How Does Steinbeck Create Tension in Chapter Three in Of Mice and Men Steinbeck creates tension by making the atmosphere before Curley’s dog gets shot very awkward. He does this by writing about how small noises draw everyone’s attention in the room to it: â€Å"He rippled the edge of the deck nervously, and the little snapping noise drew the eyes of all men in the room, so that he stopped doing it.† This quote gives a sense of tension, since tiny things like rippling cards can drew everyone’s attention. This makes it seem like a  very quiet atmosphere. While everyone’s attention is drawn to the small sounds, Candy just stares at the ceiling and eventually rolls over. This makes the reader feel that all Candy can think about is his dog being shot, and this also brings a tense feel. Tension is also created by Steinbeck using the word ‘silence’ to describe the atmosphere of the room leading up to the dog being shot. The characters do not want the silence present, meaning the shot will be heard by Candy. This will increase the awkward atmosphere in the room because no one is quite sure as to how Candy can be comforted. Slim tries to break the silence in the room by telling Candy that he can have one of his puppies. Slim tells Candy that he â€Å"can have any of them pups he wants.† However, Candy refuses to acknowledge his offer, strengthening the already tense atmosphere in the bunkhouse.

Introduction to Entrepreneurial Finance

Entrepreneurial Finance Philippe Gregoire Louvain School of Management – Universite catholique de Louvain Reference book : Entrepreneurial finance, a casebook. Paul A. Gompers and William A. Sahlman. John Wiley & Sons, Inc. 2002 1 Entrepreneurial finance Project assessment (POCD) Funding (amount, firm’s value, best partner) Deal (ownership / control / incentives) Exit (IPO) Project Assessment †¢ 4 critical success factors for entrepreneurial ventures ? ? ? ? People Opportunity Deal Context 3 People I’d rather back a ‘A’ team with a ‘B’ idea than a ‘B’ team with an ‘A’ idea †¢ Who are the key players What is their experience †¢ How does this experience prepare or not prepare them for the opportunity that exists †¢ What are strengths and weakness of the people involved on all sides of the transaction †¢ Are there key individuals that the company should add or replace 4 Opportunity †¢ New product / service ? Smartphone, †¢ New method of delivery ? Amazon. com †¢ New production technique ? Ernest Solvay patent (1861) to manufacture soda ash (enter in detergent, glass, †¦) †¢ Is there a sustainable competitive advantage †¢ Must the opportunity be exploited immediately †¢ Are there intermediate milestones 5Deal †¢ Spending money is not enough. Incentives and contingencies are important considerations. ? Key to all these structural features is the concept of the entrepreneur earning his/her equity through value creation. †¢ Moral hazard and adverse selection ? Entrepreneur bear the downside risk †¢ Choice of appropriate investors ? for whom you raise capital is often more important than the terms †¢ Selection of the proper financial instrument ? ? ? Debt Equities Convertibles / preferred convertibles 6 Securities held by Venture Capitalists †¢ (Source: Kaplan-Stromberg, 2003) Context †¢ Competition †¢ R egulation †¢ International environment †¢ Economic conditions 8 Introduction to entrepreneurial finance †¢ Finance ? Study of value and resources allocation (capital budgeting) †¢ †¢ †¢ Value of cash stream = f(magnitude, timing, riskiness) Economic value = Expected return = PV ? ? T t ? 1 E? Rt ? ? rf ? Risk premium CFt ? 1 ? E ? Rt t ? Cost of capital †¢ Capital rationing †¢ Entrepreneurship ? Focus on opportunities rather than controlling existing resources †¢ Entrepreneurial finance ? ? Financial management within entrepreneurial firmsStudy on both sides of the balanced sheet 9 The Balance Sheet of a Corporation Assets = use of funds Current (Short-term) assets Cash Accounts receivable Inventories Others (various claims) Fixed (long-term) assets Land Buildings Machineries & Equipment Liabilities = sources of funds (Capital structure) Current (Short-term) Liabilities Accounts payable Short-term debt †¦ Long-term Liabilities: Equi ty: Provided by shareholders (= owners of the company) Long-term Debt: Provided by creditors such as banks 10 Others Accounting Income versus Cash Flow †¢ Cash income ? ccounting income †¢ Whereas accountants try to match revenues with expenses, managers and investors focus on the difference between cash inflow and cash outflow. †¢ Cash flow = the amount of cash income (= inflow – outflow of cash) that is generated in any period †¢ Formally, 11 The Cash Cycle of a Firm †¢ Cash cycle: average time between when a firm pays for its inventory and when it receives cash from the sale of its product 12 Sources of Entrepreneurial Finance Bootstrapping Stock markets (IPO) 3Fs Leasing Governmental organizations 13 Section 1. Investment analysis Module 1. A : Source of value ? ? Introduction to entrepreneurial finance Case study †¢ Module 1. B : Financial statements and pro forma models ? Case study †¢ Module 1. C : Purchasing firms, buyouts, and valua tion ? ? Valuation in entrepreneurial finance Case study †¢ Additional (Optional) Reading and References: Smith/Smith: Entrepreneurial Finance, Wiley Edition. Sahlman/Stevenson/Roberts/Bhide: The Entrepreneurial Venture, HBS Press. 14 Section 2. Financing the entrepreneurial firm †¢ Module 2. A : Venture capital ? ? Private equity Case study †¢ Module 2.B : Angel financing ? Case study 15 Section 3. Harvesting †¢ Module 3. A : Initial Public Offerings ? ? IPO process Case study †¢ Module 3. B : Acquisitions ? Case study 16 Module 1A. Sources of value †¢ 4 stages of entrepreneurship ? ? ? ? Identifying opportunities Acquiring the financial, professional, and productive resources Implementing a plan of actions Harvesting the rewards †¢ 4 critical success factors for entrepreneurial ventures ? ? ? ? People Opportunity Deal Context 17 The Knot – People – Opportunity – Valuation – Deal structuring – Source of capital 1 8 Business Case Success as one of the early AOL Greenhouse companies – 3-book deal with Bantam Doubleday – Strong interest from advertisers – Significant traffic at its website 2 issues – Out of cash within 3 months – Race for scale economies on the internet To build the country ‘s number-one wedding resource, Liu needs 10 millions 19 People (Core founding team) †¢ †¢ All media people with experience in software, video, etc. Good understanding of design and presentation †¢ Lack of operational expertise, retail experience, and marketing 20 Opportunity †¢ †¢ †¢ Stable number of weddingRecessions have very little impact Event tied to significant expenditures ? ? Wedding party Guests †¢ †¢ †¢ †¢ Size of the market (35 billion) High advertising rate Stagnant competition, lethargic and not very innovative Couples planning to get married ? ? ? have relatively high income Are fairly young plan major l ife purchases ? are not very price sensitive 21 Opportunity ? Cash Flow Transformed the opportunity into cash flow = Business model = set of factors that together determine the cash flows a company can generate and create value The Knot : registry / advertising / merchandise / publishing and others 2 22 The Knot – People – Opportunity – Valuation – Deal structuring – Source of capital 23 Valuation †¢ Cash flow is the source of value †¢ To date, the Knot has posted losses and is expected to post losses for at least 2 more years †¢ It is difficult to use earnings to estimate the probability of generating future cash flows. †¢ Revenues and mix of revenues appear to be a better measure †¢ Multiple of revenues method. Compare to firms on the basis of ? ? ? ? Stage of development Business model Target market size Size of the investment round 24 List of comparable transactions 25Discount cash flow analysis Most forecasts are widel y optimistic. Discounted cash flow valuations only work when one gets an estimate of the expected CF 26 Actual income statement 27 Split of Revenues 28 Forecasted statement of cash flows 29 Actual statement of cash flows In Millions of USD (except for per share items) Net Income/Starting Line Depreciation/Depletion Amortization Deferred Taxes Non-Cash Items Changes in Working Capital Cash from Operating Activities 2011 5. 99 3. 74 0. 96 2. 78 11. 89 -1. 31 24. 05 2010 3. 65 3. 43 1. 78 2. 3 8 -8. 11 11. 06 2009 -4. 87 4. 75 5. 09 -1. 6 13. 83 -4. 92 12. 33 2008 4. 13 4. 84 3. 98 0. 56 6. 16 0. 2 19. 87 30 The Knot – People – Opportunity – Valuation – Deal structuring – Source of capital 31 Initial deal †¢ Initial investment : strategic partner ? Expect from AOL money, exposure and distribution  « more than just dollars to the deal  » AOL invested 1. 85 million in return for 45%, for royalties amounting to 20% of ad revenues on The Knotâ₠¬â„¢s AOL site and a lesser % of ad revenues on The Knot’s internet site. ? †¢ The deal with AOL provided instant reach and credibility to The Knot †¢ Is the deal expensive for The Knot? 32Ownership after AOL deal 33 Financing the Knot (new deal) 34 Convertible preferred †¢ Preferred has higher priority than common stock ? In the event of a firm’s sale or liquidation, holders of preferred stock get paid before common stockholders do. Entrepreneurs have greater incentive because if things don’t go well, the investor will be paid first Downside risk is borne by the entrepreneur ? ? †¢ Tax considerations ? Entrepreneurs pay taxes on the value of common stock that they have received. ? Investing in preferred stock does not change the price of common stocks. 35 Financing the Knot Why should they invest? To develop The Knot brand, to build out the technological infrastructure, to develop the gift registry business ? Practically, The Knot needs capi tal to fund the payroll and pay for day-to-day operating expenses †¢ How much money? Forecasted statement of cash flow †¢ Who should invest in The Knot? Business Angel, Venture Capitalist, Strategic Partner †¢ How should they value The Knot? Comparable deals on the market, multiple of revenues 36 Investor’s profile †¢ Angels + Higher valuation + – Someone with an experience in the registry business Limited capital ? ay not be able to provide capital in the future if needed Less helpful in recruiting others to the team †¢ Venture Capitalist + + – Large pools of capital and make multiple rounds of investment Network of contacts in the management and financial community Lower valuation †¢ Strategic partner + + – Experience in the business (retailer, wedding registries,†¦) Provide distribution and name recognition Conflicts of interest 37 What happened? May 1998, Venture Capitalist invested $3m for 22% ? $10. 6m pre-money va luation (3/(10. 6+3)=22%) April 1999, Venture Capitalist invested $15m December 1999, IPO 38

Marx on Class. essays

Marx on Class. essays The propertied class and the class of the proletariat present the same human self-alienation. But the former class finds in this self alienation its confirmation and its good, its own power...the class of the proletariat feels annihilated in its self alienation, it sees in its own powerlessness... This extract is taken from Karl Marx, The Holy Family (1845). It was written at a time of upheaval in Karl Marxs life. Just after he was editor of the Rheinische Zeitung at Cologne in 1842. He worked there until his extreme radical views led to the suppression of the paper, and Marx went to Paris, where he met Engels and collaborated with him in works of political philosophy. Engels was a (German philosopher) the son of a factory owner who, went on to supervised his father's business in Manchester and wrote influential essays on the social and political conditions in Britain in the 1840s, including The Condition of the Working Class in England (1845), that influenced Marxs work on class at the time. Other influences at the time would have been Feuerbach on whom he wrote a thesis on in 1845. Feuerbach had a materialistic out look on history. He held to the philosophical theory that only physical matter is real and that all phenomena and processes can be explained by reference to it. Related to this is the doctrine that political and social change is triggered by change in the material and economic basis of society. Also Hegel, Marx also based his theory of dialectical materialism on Hegel's work such as The Phenomenology of Mind (1807), which describes the progression of the human mind from consciousness through self-consciousness, reason, spirit, and rel igion to absolute knowledge although he later then rejected aspects of the philosophy claiming it was to abstract. In the gobbet statement Marx is saying that the property owner class (the aristocracy, the upper class) and the class of the masses (the working cl...

Electric Cars and Electrical Engineers

Electric Cars and Electrical Engineers Electric Cars and Electrical Engineers Electric Cars and Electrical Engineers By Maeve Maddox Jeffrey asks: What is the proper use of the words electric and electrical? I am an engineer and do not know when to use one form or the other.   We say electric car but also say electrical wiring.   If I have a new device: is it an electric device or an electrical device?   Is the equipment in the electric room or the electrical room? Is there a proper distinction or at least a rule of thumb? Merriam-Webster lists electrical as a variant of electric, but the Institute of Electrical and Electronics Engineers (IEEE) makes this useful distinction: electric: containing, producing, arising from, actuated by or carrying electricity. electrical: relating to, pertaining to, or associated with electricity but not having its properties. With this distinction in mind we would speak of an electrical engineer, but an electric typewriter. Etymological note: Essayist Sir Thomas Browne (1605-1682) was the first to use the word electric in English. A Latin version, electricus, was coined by English physicist William Gilbert (1540-1603). He took the word from Latin electrum, â€Å"amber.† The Greek word for amber was elektron. Electricity was first generated by rubbing amber. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:Types of RhymeIn Search of a 4-Dot EllipsisCharles's Pen and Jesus' Name

Using ACE to Improve Communication Results Case Study

Using ACE to Improve Communication Results - Case Study Example I would also issues a direct answer to Q2 and inform the employees that, attending the workshop is very essentials because the management plans to revise the working procedures and those that fail to adhere to the new working conditions might be laid off. The internal website is reliable and covers a wider audience as opposed to using the Memo. The information communication will reach to the employees present and those that are absent. In addition, the information provided is detailed and the employee’s questions and objections are responded to before even they ask them. In essence, the information provided is clear and can be reviewed from time to time, as opposed to using the Memos which are issued once. Even though, most companies may prefer using company’s internal website in communication, it is not a reliable communication channel. Some employees may not get a chance to visit the website. Together with that, those that are not within the company and do not have an access to the internet may not get the information. In addition, in case the websites breaks down, the communication also breaks down and it becomes difficult to reach out to everyone. It is an efficient way of communicating to each employee since the management is aware that every person is aware of the meeting held. The employees prepare in advance and lack an excuse of failing to attend. It is a clear indication that the meeting is vital and intendance is least expected. It is ineffective and one is not quite certain to reach out to all the employees. There is likelihood that the absent employees may not get the information. It is expensive considering that memos are to be printed and issued to all the employees. In connection to that, it is tiresome to address a memo to each and every employee within the company. The information sent via the email is detailed and responds to the possible questions and objections that the employees might have. Also, employees have a chance of asking