Financial forecasting & planning Essay

Financial forecasts are, quite simply, your forecast of how your business will perform financially over, say, the year ahead. Preparing forecasts will help you to assess your likely sales income, costs, external financing needs and profitability. Financial forecasts are essential if you need to raise money from a third party, such as a bank. But they also provide you with the means to monitor performance on, say, a monthly basis and thereby exercise effective financial control – arguably the second most important management function in running a business. Objectives The aim of this section is to help you to prepare financial forecasts. It will enable you to: †¢Understand costing and pricing; †¢Use break-even analysis as a way of setting sales targets; †¢Understand financial forecasting; †¢Assess working capital requirements. Assignment The purpose of these assignments is to ensure that you are able to prepare the necessary financial forecasts for your business. Satisfactory completion of the set of assignments will demonstrate that you know and understand how to: †¢Identify and calculate the financial outlines it will be necessary to prepare. †¢Calculate your own personal survival budget. †¢Determine the funding/materials requirements of starting in business. †¢Consider how you will take and keep effective financial control of the business. †¢Consider and plan to deal with alternative scenarios. 1. Personal budget How much money do you need for yourself. Think about food, clothes, holidays, personal travel, etc. Draw up a personal budget. Don’t skimp. You may be in business to have fun – but you need to make money as well. Use this budget in calculating your costs and prices. Of course you may not have enough sales at the start to be able to take that amount of money, so you should also calculate the minimum requirement that you must take from the business. 2. Costing and pricing Calculate all your costs and determine a suitable price for your product or service. Think about your raw material requirements as part of your direct costs; think about your likely overhead costs. 3. Break-even Now that you have calculated all your costs and set a price, you should be in a position to prepare a break-even chart. Is your forecast of sales above or below break-even? Do you have a reasonable margin of safety? How much profit will you make if you achieve your sales forecast? 4. Forecasting profit and loss You should have all the figures that you need to prepare a forecast of profit and loss. What is your anticipated gross profit margin? What is your operating profit? How much money will be retained in the business? 5. Cash flow forecasting You should have all the figures that you need to prepare a cash flow forecast. Remember to think about everything shown on the profit and loss account, expenditure items not shown on the profit and loss and, in particular, to think about timing or receipts and payments. You will also need to think carefully about your stock holding requirements and your capital expenditure. The first time you prepare the cash flow, ignore any investment or borrowing other than that required for capital equipment. The worst cumulative deficit will indicate the minimum level of working capital required. 6. Forecasting your balance sheet Once you have completed the profit and loss and cash flow forecasts, you  should be able to prepare a balance sheet forecast. What level of working capital requirement is suggested by the balance sheet? 7. Sensitivity analysis Have another look at your profit and loss and cash flow forecasts. What happens if sales are 15% less than you have forecast? Do you still make a profit? What happens if raw material prices go up by 25%? What does this do to your profitability? Can you pass on such increases to your customers or will they switch suppliers? 8. Effective financial control You should now be in a position to exercise control over your business. Will you use a simple manual book-keeping system or a computerised one? As a brief reminder, write down the key reasons for keeping effective financial control. What are the critical numbers at which to look to ensure you retain effective financial control? Break Even Analysis Break-even analysis identifies the point at which your business starts to make a profit. You can work out the break-even point using any timescale, e.g. weekly, monthly, yearly, etc. To calculate the break-even point you need to know the following: †¢The total fixed costs of your business – these include rent and rates, your drawings, loan repayments, etc; †¢The total variable costs for producing your product – these include labour, materials and packaging; and †¢The selling price of your product. Once you have these figures, you can work out your break-even point using four simple calculations and plotting the findings on a graph. Example: Ron from Widgets ‘R’ Us want to work out how many widgets he needs to sell in order to break-even every month. He works his fixed costs out as follows: †¢Rent –  £167 per month †¢Salary –  £834 per month †¢Rates –  £70 per month †¢Loan repayment –  £100 per month †¢Total –  £1,171 ( £1 = Rs.84) (Note: It is better to round figures up rather than down, as this will increase your safety margin.) This figure can be plotted as follows: Ron then works out his variable costs for the production of each widget: †¢Materials –  £9.00 †¢Packaging –  £1.00 †¢Labour –  £11.00 †¢Total cost –  £21.00 per widget ( £1 = Rs.84) He selects a value on the ‘number of widgets’ axis (in this case, 250) and does the following calculation: †¢250 widgets x  £21.00 per widget =  £5,250 Ron plots this figure on the graph and draws a straight line from it to zero. The next step is for Ron to work out his total costs. To do this, he adds his fixed costs to his variable costs:  £1,171 +  £5,250 =  £6,421 ( £1 = Rs.84) He plots this figure on the graph and draws a straight line from it to  £1,171 on the ‘Pounds’ axis. Ron now needs to work out his revenue line. To do this, he simply multiplies his products’ selling price by the example number of widgets he chose earlier (250):  £32.50 x 250 =  £8,125 ( £1 = Rs.84) He then plots this figure on the graph and draws a straight line from it to zero. Ron can now find his break-even point simply by locating the exact point where the revenue line disects the total costs line. In this case, Ron must sell 100 widgets each month if his business is to break-even. If he sells more than 100, he makes a profit; if he sells less he makes a loss. Costing And Pricing Costs Although accountants define costs in several different ways, there are, effectively, just two types of cost. The first cost is that which is directly attributable to the product or service. Direct costs include, for example, raw materials and sub-contract work. If you make desks, for example, the cost of wood will be a direct cost. Within reason, the cost will be the same for each desk, no matter how many desks you make. When you make a sale the income first has to cover the direct costs relating to that sale. Whatever is left is called gross profit or contribution. All other costs are overheads. These include, for example, staff salaries, marketing, rent, rates and insurance. They also include depreciation; that is, an allowance for wear and tear on capital equipment. Overheads are often called fixed costs because, generally, they are fixed for the business. Interest is often regarded as a deduction from net profit rather than an overhead cost. You need to include it as an overhead in your costing calculations, even though it varies with the size of your overdraft or loan. If you are self-employed, you will take drawings from the business. Whilst, strictly speaking, drawings are an advance against profit, include them (and an allowance for income tax) as an overhead when calculating total costs. The contribution is so-called because it contributes towards covering the overhead costs. Each sale generates a contribution. When enough contributions have been made, and all the overhead costs are covered, they start to contribute to net profit. Price The price at which you sell your product or service clearly needs to exceed the total costs of providing it. But the price should also reflect what the market can stand. If you are selling a differentiated product or have  adopted a strategy of market focus then you may also be able to charge a premium price. If you are pursuing a cost leadership strategy you will need to be ruthless in keeping your costs down and under control. In calculating your price you will need to follow a number of steps: †¢Estimate your likely sales for a period, say, one year; †¢Calculate the total direct costs and divide by the sales volume to give direct costs per unit (say per product or per hour of service); †¢Calculate your total overhead costs and divide by the sales volume to give overhead costs per unit; †¢Add direct costs per unit and overhead costs per unit to give total cost per unit; and, †¢Add a further profit margin (to allow for reinvestment, etc). If necessary, add VAT as well. You now have a first stab price. How does that compare with your competitors? Will customers buy at that price? Do you need to reduce costs? Can you achieve a higher profit margin? What happens if you fail to achieve sales at the determined price? Remember that the overhead costs are fixed, so if sales fall the overheads will be spread over fewer items and the unit cost effectively increases. The converse is also true. Increasing the volume of sales means that the overheads are spread over more units, so the unit cost falls. This means that you can, if you choose, reduce the price. And reducing the price might increase your level of sales. It’s a fine balancing act. Depreciation Depreciation is an allowance for wear and tear on the equipment used in your business. As time passes, your equipment will usually lose value, and this can be considered a cost to your business. You need to think about how long you expect your assets to last. For example, if you purchase a computer system, you may forecast that in 5 years it will be obsolete. That means the depreciation rate is 20% per year. If you determine it to be 2 years, then it will be 50% per year. This does not have any effect on cash flow, just on how profits are calculated. Deprecation is an accounting cost that must be included to give a Profit & Loss account more relevance. Finance Action Planner (FAP) The Finance Action Planner (FAP) is a learning tool that will help you to: †¢Develop your all-round financial skills †¢Learn more about a range of financial issues †¢Identify suitable sources of finance †¢Create a set of financial forecasts †¢Test out different financial scenarios Financial forecasts Once you have an idea of your likely costs and an idea of how much you need to sell to make a profit you are in a position to prepare financial forecasts. There are three basic financial statements (the profit and loss account (P&L); the cash flow statement; and the balance sheet) that describe the activities and financial state of any business. These can be prepared on a historical basis – to show how a business performed during a defined period – or as forecasts – as estimates of how the business will perform in the future. 3 steps to forecasting 1. Businesses often start by forecasting their cash flow and then aim to derive other forecasts from it. It makes more sense, however, to start by forecasting the income and expenditure of the business, which will indicate whether you will make a profit, then worry about when money will be received or paid out – to discover if you will have enough cash when it is needed. Income and expenditure is summarised in a profit and loss account. 2. You will also need to look at your likely sales for, say, the year ahead. This needs to relate back to your market research and, if you are already in business, to previous performance. The direct costs can then be estimated (usually as a percentage of sales) to give gross profit. 3. The next step is to estimate the likely overheads. Deducting these gives an operating profit forecast. If the net profit is too low you will either need to assess whether you can achieve higher sales or whether you can reduce the overheads. When preparing your forecasts, remember to allow for increased costs, for instance, due to inflation or future pay awards. If you do need a loan, then you will also need to allow an amount for loan interest. If you use equipment, remember to allow for depreciation. Whilst depreciation is  not included in the P&L, you may need to allow for the replacement or repairs of machinery, so you may wish to include a contingency. The P&L forecast will show whether you are likely to achieve your first key financial requirement: making a profit. Preparing cash flow forecasts In preparing your forecasts, you will need to think carefully about all your costs, about your price and likely sales at that price and about the timing of both receipts and payments. As mentioned above, the first forecast that you set out should ideally be a P&L, summarizing income and expenditure for, say, the year ahead. You might do this monthly or annually. The P&L is important for demonstrating profitability; over the very short term, however, the key requirement is to generate cash and know the business’s working capital requirements. This can best be done by preparing cash flow forecast which should set out all the information, month by month, regarding cash inflows and outflows. The cash flow forecast should include: †¢Receipts of cash from customers; †¢Payments for raw materials; †¢Payments for all other expenses; †¢Drawings and wages; †¢Capital expenditure; †¢Capital, loans or grants introduced; †¢Loan repayments; †¢VAT receipts and payments (if VAT registered); and, †¢Tax payments. All of these items should normally be shown separately and in the month into which the money will be received, or paid by, your business. For businesses with a modest turnover and that demonstrate profitability in the year, it is normal only to forecast one year ahead, with a monthly cash flow. Larger businesses, especially those seeking equity investments and/or which do not show profitability in the year, may need to prepare forecasts  for two or three years. The first year cash flow is usually shown monthly, the second year quarterly and the third year just a single annual figure. It is often helpful when preparing cash flow forecasts initially to ignore any finance that is available from the bank or other lenders. The cash flow forecast then shows the true position of the business. It can then be used to decide if the budget is viable and can be adjusted to reflect the true position and to assess the total funding requirement. If you do not have sufficient money of your own, then you will need to seek loan finance or an equity investor. Most small businesses simply look for loan finance. Aim to match the term of the loan to the life of the asset for which it is required. It would be normal to look for a short-term loan, for example, to purchase equipment, or a long-term loan to purchase premises. You will also need to buy stock and pay overheads whilst awaiting payment from your customers. The money required is called working capital and is typically funded by an overdraft. When preparing your cash flow forecast, you may like initially only to include personal investment or loan finance for fixed assets and to ignore funds for working capital. The worst cumulative deficit will then give an indication of your total working capital requirement. Of course, the amount that you need to borrow can be reduced if you have more available to invest yourself. If you have a term loan, the capital repayments will not figure in your profit and loss account – they are not a business expense – although the interest portion of the repayments will be charged as an expense. However, the repayments do need to be included in your cash flow forecast. Balance sheet The money in a business can only come from three sources: capital introduced by the owner(s); loans (whether from the bank or, effectively, from creditors); and, retained earnings; that is, profit which has been generated by, and retained within, the business. That money is used to finance the fixed and current assets of the business. Current liabilities include: †¢Creditors †¢Overdrafts †¢Loans due within one year †¢Money owed under hire purchase agreements †¢Any amounts owed in VAT or tax, etc. In larger businesses, loans falling due in more than one year are usually shown separately. You will, however, have a better idea of your business’s performance if you show all loans as current liabilities. Current assets less current liabilities show your working capital requirement. Since the balance sheet is merely a snapshot, however, it may be better to deduce your working capital requirement from the cash flow forecast. The net assets are always equal to the capital introduced plus reserves; that is, the net finance, sometimes known as net worth or the equity of the business. The net finance, together with any long-term loans, is called the capital employed. All borrowing should be included when calculating capital employed. Pricing strategies The greatest danger when setting a price for the first time is to pitch it too low. Raising a price is always more difficult than lowering one, yet there are great temptations to undercut the competition. It is clearly important to compare your prices to your competitors’, but it is essential that your price covers all your costs. There are a number of possible pricing strategies from which you might choose. These include: 1. Cost based pricing – total costs are calculated and a mark up is added to give the required profit. 2. Skimming – you charge a relatively high price to recover set up costs quickly if the product is good or new. As more competitors enter the market, you lower the price. 3. Individual – you negotiate prices individually with customers based on how much they are prepared to buy. 4. Loss leaders – if you wish to sell to a particular market then you might sell one product or service cheaper to gain market entry. You balance this by selling other products or services at a higher price. This can be risky as the danger is that everything becomes a loss leader. 5. Expected price – what does the customer expect to pay? If you are selling a quality product, do not under price. Often the customer expects to pay a lot as the product or service has a certain ‘snob’ value and this may be diminished if you under price. 6. Differential pricing – you charge different segments of your market different prices for the same service. For example, offering discounts to certain people like pensioners or the unemployed, or charging lower rates for quiet periods. If, after working out your costs, the price you charge is much greater than your competitors’ then you will have to look at ways of reducing costs. Sensitivity analysis It is important to know how sensitive your forecast is to changes. Sensitivity analysis looks at ‘what if?’ scenarios. What happens to your cash position, for example, if sales fall by 10%? What happens if your main supplier increases raw material prices by 12%? Financial institutions when considering propositions for a loan particularly use sensitivity analysis. If your business is particularly susceptible to small changes, then you probably do not have a sufficiently large profit margin. You will thus be less likely to receive the loan required. You may find it difficult to cut costs. You may not be able simply to increase prices to improve your margins – that might deter customers. Are there other ways in which you can push up the margins, e.g. by increasing output? Having undertaken your sensitivity analysis, you may need to review elements of your forecast. Sensitivity analysis can help in making decisions. You may want to consider, for example, the effect of increased raw material, labour or overhead costs; of reducing prices, with constant volumes, to counteract competitors; or reducing volumes, with constant prices, due to over optimistic forecasts. Furthermore, if you are about to spend a large sum of money on equipment, you may want to look ahead several years, if at all possible. Including a sensitivity analysis in your business plan will demonstrate that  you have thought about some of the potential risks – and that is half way to avoiding them. VAT (Value Added Tax) VAT is tax paid on the value added at each stage of delivery of a product or service. It is a method whereby businesses act as tax collectors for the Government. If you are registered for VAT, by submitting a VAT return you can claim back what you have paid in VAT, and hand over what you have collected. Not all goods are taxable – for example, insurance, some education and training, and postal services are exempt. If items are VAT-able, then, ignoring VAT on fuel, there are two rates – standard (currently 17.5%), and zero-rated. Zero rated items are different from exempt items. It is only necessary to register if your output is taxable. If you do register, you will be able to recover VAT on your purchases including materials, capital equipment and overheads. You will, however, have to charge VAT on your sales. The difference between what you collect and what you pay out in VAT is passed on in due course to Customs & Excise. There is more paperwork involved if you are VAT registered – you need tax invoices showing your VAT number, an analyzed VAT account, and VAT return forms. It may, however, be advantageous to register voluntarily if your sales are below the turnover limit, because VAT paid on purchases can be reclaimed. You may also reclaim VAT on capital equipment, raw materials and stocks bought before registration, provided the business still owns them. If you are selling to VAT registered businesses, it is likely to be more attractive for you to register. If you are selling to the general public, it probably will not be. This is, however, an area where you should seek professional advice. CASE STUDY Brian’s Book-keeping Business Brian runs a book-keeping service for several small businesses. His overheads are as follows: Costs £ Per year ( £1 = Rs.84) Office costs5,000 Advertising 1,100 Insurance550 Telephone650 Vehicle running costs900 Other3,000 Brian works 40 hours per week. He spends 8 hours per week on administration, marketing, etc. He works 45 weeks each year allowing for holidays and illness. Brian draws  £200 out of the business each week. Brian has been asked to undertake a specific task and estimates he will need to spend 12 hours on it. What is the cost of providing the service? How much should he charge? Solution: What is the cost of providing the service? 1. Total hours worked per annum = 32 hours per week x 45 = 1,440 hours 2. Total drawings = 200 x 52 =  £10,400 3. Total fixed costs =  £11,200 4. Total costs =  £21,600 5. Costs per hour = 21,600/1,440 =  £15 6. For a job lasting 12 hours, the cost is  £ 180 ( £1 = Rs.84) How much should he charge? Brian has decided that he should also add a further 20% profit margin in case his costs go up and to make a little extra for reinvestment. 180 + 20% = 216 He is also registered for VAT and needs, therefore, to add VAT at the standard rate (17.5%) 216 + 17.5% =  £253.80 So the price he charges to his customer is  £ 253.80 Useful tips: 1. Some readers of your business plan will regard the financial forecasts as the most important component. It is where you summarise the expected income, dependent on your market research, and where you set out your expected costs. 2. The forecasts need to demonstrate that the business is viable and that there is a sufficient margin of comfort to allow for fall in demand or increase in costs. 3. Take care to prepare your financial forecasts as accurately as you can. Then compare your actual results with your forecasts and, if necessary, take corrective action at an early stage to keep yourself on course.

Natives and the Justice System Essay

The Angus viewed the relationship between Aboriginal people and the Europeans in various ways. The Europeans in the particular context appeared to be superior since they had instigated many activities during the fur trade. An interaction between the particular cultures existed. It saw the union of marriage arise between a young girl of Ojibwa origin and a certain Scottish fur trader. She resided on the shores of the Georgian Bay. The union derived various benefits to her community but the marriage life of Ikwe was marked with isolation and destitution. The Scottish people did not approve the union. Various values and customs often contradicted and drove the relationship that existed between the Scottish trader and Ikwe. The Europeans had at that time embraced and adopted oppression with slavery and forced trade being the mode of operation. The marriage was not perceived well since there was no unity at that time between the European settlers and the Africans. Any collaboration between the Aboriginal people and the European settlers was viewed negatively by the indigenous people who resided in that particular community. The white settlers and traders ruled the lands at that time and treaties were a rare occurrence. Marriage between a trader and an aboriginal girl had various perceptions and it was evident that no form of collaboration would exist between the two families there by dismantling the very basic principles of marriage and family. From Angus’ perspective, various elements stayed hidden between the Aboriginal people’s relationship with the Europeans. The tension that existed between the people superseded the benefits that the community derived from the Europeans. The local traditions feared for the life of Ikwe since she would adopt new ways and forget the customs within which she was bread. Angus did not view Aboriginal people to be equal to the Europeans. According to him the Europeans were more superior. In the movie, the aboriginals were offered less attention by the government compared to the Europeans. The Europeans were given priority in the public offices1. The others were perceived and treated as inferior and irrelevant. The aboriginals had low paying jobs and others were enslaved by the Europeans. This explains why the Europeans opposed the marriage between Ikwe and the trader. Ikwe was an aboriginal and they were regarded as inferior and less intelligent compared to the Europeans. The aboriginals were seen as workers and employees of the Europeans and they criticized the marriage especially the Scottish trader for stooping too low to marry an aboriginal. This clearly depicts that the European society was considered to be superior and more appreciated compared to the other people. In the film, the aboriginals were alienated and separated from the Europeans. They had separate residential areas where the Europeans leaved under better and conducive areas compared to the aboriginals. The aboriginals have restricted movement and they mainly staid in shanties where the living conditions were very poor and high level of poverty and insecurity. In the places of work, the Europeans were considered for the bigger positions and responsibilities. Only Europeans took the leadership positions and the aboriginals were treated as minorities whose rights were ever infringed. In the video, Angus views the aboriginal people as inferior to the Europeans. They are alienated and treated as minorities with no rights. The Europeans considered themselves superior and more intelligent1 References   Milward, David. Aboriginal Justice and the Charter: Realizing a Culturally Sensitive Interpretation of Legal Rights. UBC Press, 2012. Ikwe. Directed by Norma Bailey. 1986. Source document

Venn Diagram

Visual tool to help students organize complex information in a visual way. The Venn diagram comes from a branch of mathematics called a set theory. John Venn developed them in 1891 to show the relationship between sets. The information is normally presented in linear text and students make the diagram to organize the information. It makes it easier when there is a lot of information, because with linear text it is not as easy to see the relationship.The Venn diagram is an important tool for dents because it is another way for them to problem solve in life. If you are presented with a lot of information that is confusing you can use the Venn diagram to organize the information and once you have the information it is easy for you to see it all laid out before you. This diagram is something that also helps students who are more of a visual learner. If you are able to put all of the information out in a diagram and then you are able to not only see all of the information, you are able to have it all organized in a diagram and right here for you to see.This method is helpful for all students, even those who are not visual learners. With the Venn diagram you are also able to see how the information relates to each other, as well as where the information does not relate. Have always found the Venn diagram an easy method of learning for lots of information. An example would be if you had a list of students who were good in math, a list of students who are good in English and then a group of students who are good in science and along with that list you have a sit of students who are good in all three subjects.

The Hunters: Moonsong Chapter Ten

The pub where Elena and Damon ended up was lively and ful of people, but of course Damon made sure they didn't have to wait for a table. He lounged across one side of the booth, looking as arrogant and relaxed as a big gorgeous cat, and listened peaceably as Elena talked. Elena found herself gaily chatting away, fil ing him in on al the minutia of her campus life so far, from finding out that Professor Campbel knew her parents to the personalities of the other students she'd met in her classes. â€Å"The elevator was real y crowded, and slow, and my lab partner's back was against the buttons. Somehow she accidental y pushed the alarm button, and the alarm started going off.† Elena took a sip of her soda. â€Å"Suddenly, a voice came out of nowhere and asked, ‘Do you have an emergency?' And she said, ‘No, it was an accident,' and the voice said, ‘What? I can't hear you.' It went on like that, back and forth, until she started shouting ‘Accident! Accident!'† Damon stopped tracing patterns in the condensation on his glass with one finger and glanced up at her through his lashes, his lips twitching into a smile. â€Å"When the doors opened on the ground floor, there were four security men standing there with a medical kit,† Elena finished. â€Å"We didn't know what to do, so we just walked past them. When we got out of the building, we started to run. It was so embarrassing, but we couldn't stop laughing.† Damon let his slight smile expand into a grin – not his usual cool twist of the lips or his brief, bril iant, and enigmatic there-then-gone smile, but an honest-to-God cheek-puffing, eye-squinching grin. â€Å"I like you like this,† he said suddenly. â€Å"Like what?† Elena asked. â€Å"Relaxed, I suppose. Ever since we met, you've been in the middle of some crisis or another.† He raised his hand and brushed a curl away from her face, gently touching her cheek. Elena was vaguely aware of the waiter standing by the booth, waiting for them to look up, as she answered with just a touch of flirtation, â€Å"Oh, and I suppose you had nothing to do with that?† â€Å"I wouldn't say I am the one who's been most to blame, no,† Damon said cool y, his grin fading. He looked up, his eyes sharp and knowing. â€Å"Hel o, Stefan.† Elena froze in surprise. Not the waiter, then. Stefan. One look at him, and she winced, her stomach dropping. His face could have been carved from stone. He was looking at Damon's hand, stil stretched across the table toward Elena. â€Å"Hey,† she said tentatively. â€Å"How was your study group?† Stefan stared at her. â€Å"Elena, I've been looking everywhere for you. Why didn't you answer your phone?† Pul ing out her phone, Elena saw that there were several messages and texts from Stefan. â€Å"Oh, no, I'm so sorry,† she said. â€Å"I didn't hear it ring.† â€Å"We were supposed to meet,† Stefan said stiffly. â€Å"I came to your room and you were just gone. Elena, people have been disappearing al over campus.† He had been scared, afraid that something terrible had happened to her. His eyes were stil anxious. She started to reach out to comfort him. The fact that she'd lost the Power she'd had so briefly was hard for Stefan to accept, she knew. He thought her mortality made her fragile, and he was afraid he'd lose her. She should have thought it through, should have left him more of a message than a quick text saying she would return soon. Before she could touch him, Stefan's gaze turned to Damon. â€Å"What's going on?† he asked his brother, his voice ful of frustration. â€Å"Is this why you fol owed us to col ege? To zero in on Elena?† The look of hurt that crossed Damon's face was only a subtle shadow and was gone so quickly that Elena wasn't entirely sure she had actual y seen it. His features settled into an expression of lazy disdain, and Elena tensed. The peace between the brothers was so fragile – she knew that – and yet she had let Damon flirt with her. She'd been so stupid. â€Å"Someone should be keeping her safe, Stefan,† Damon drawled. â€Å"You're too busy playing human again, aren't you? Study groups.† He lifted an eyebrow scornful y. â€Å"I'm surprised you've even noticed that there's something going on around this campus. Would you rather have Elena alone and in danger than have her spending time with me?† Tense lines were forming around Stefan's mouth. â€Å"You're saying you don't have an ulterior motive here?† he asked. Damon waved a hand disparagingly. â€Å"You know what I feel for Elena. Elena knows what I feel for Elena. Even that sports-loving Mutt of yours knows how things are between us. But the problem isn't me, little brother – it's you and your jealousy. Your wanting to be an ‘ordinary human'† – Damon made quote marks with his fingers – â€Å"and stil carry on with Elena, who is hardly ordinary. You want to have your cake and eat it, too. I haven't done anything wrong. Elena wouldn't have come with me if she didn't want to.† Elena winced again. Was this the way it was always going to be? Was any minor misstep on her part going to set Damon and Stefan at each other's throats? â€Å"Stefan†¦ Damon,† she implored, but they ignored her. They were glaring at each other. Stefan stepped closer, flexing his fists, and Damon clenched his jaw, silently daring Stefan to make a move. For the first time, Elena saw a resemblance between them. â€Å"I can't do this,† she said. Her voice sounded smal and soft to her own ears, but both Salvatore brothers heard her and whipped their heads toward her with inhuman speed. â€Å"I can't do this,† she said again, louder and more firmly this time. â€Å"I can't be Katherine.† Damon scowled. â€Å"Katherine? Believe me, darling, nobody here wants you to be Katherine.† Stefan, his face softening, said, â€Å"Elena, sweetheart – † Elena interrupted him. â€Å"Listen to me.† She wiped her eyes. â€Å"I've been walking on eggshel s, trying to keep this – this thing between the three of us from tearing us apart. If anything good has come out of al the stuff that's happened, it's that you found each other, you started being brothers again. I can't – † She took a deep breath and tried to find a sensible matter-of-fact voice somewhere inside herself. â€Å"I think we should take a break,† she said flatly. â€Å"Stefan, I love you so much. You're my soul mate, you're it for me. You know that.† She looked up at him pleadingly, silently begging him to understand. Then her eyes moved past him to Damon, who was staring at her with a furrowed brow. â€Å"And Damon, you're part of me now. I †¦ feel for you.† She looked back and forth between them, her hands clutching each other. â€Å"I can't lose either of you. But I need to figure out who I am now, after everything that's happened, and I need to do it without worrying about destroying the relationship between you. And you need to figure out how you can be friends with each other, even if I'm in both of your lives.† Damon let out a skeptical noise, but Elena kept talking. â€Å"I'l understand† – she gulped – â€Å"if you can't wait for me. But I wil always, always love you. Both of you. In different ways. But for now, I just can't be with you. Either of you.† She was tearing up again, and her hands shook as she wiped her eyes. Damon leaned across the table, a smal twisted smile hovering on his lips. â€Å"Elena, did you just break up with both of us?† The tears dried up instantly. â€Å"Damon, I never dated you,† she said angrily. â€Å"I know,† he replied, and shrugged. â€Å"But I've definitely just been dumped.† He glanced at Stefan, then quickly away, his expression closed off. Stefan looked devastated. For a moment, his face was so bleak that it wasn't hard to believe he was more than five hundred years old. â€Å"Whatever you want, Elena,† he said. He started to reach for her, then pul ed his own hand back to his side. â€Å"No matter what, I wil always love you. My feelings aren't going to change. Take whatever time you need.† â€Å"Okay,† Elena said. She stood up shakily. She felt like she was going to be sick. Half of her wanted to pul Stefan to her, kiss him until that broken expression on his face went away. But Damon was watching her, his own face inscrutable, and touching either of them felt †¦ wrong. â€Å"I need to be by myself for a while,† she told them. At any other time, she knew, both of them would have objected to the idea of her walking the campus alone. They would have argued, fol owed her if she wouldn't walk with them – anything to keep her safely under their protection. Now, though, Stefan moved aside to let her out of the booth, his head bowed. Damon sat very stil and watched her go, his eyes hooded. Elena didn't look back at them as she crossed to the door of the pub. Her hands were shaking, and her eyes were brimming with tears once more. But she also felt as if she'd carried something very heavy for a while and had final y been able to put it down. This might be the best choice I've made in a long, long time, she thought. Dear Diary, Every time I remember the look on Stefan's face when I told him I needed space, my chest aches. It's like I can't breathe. I never wanted to hurt Stefan. Never. How could I? We're so close, so wrapped up in each other that he's like a piece of my soul – without him, I'm not complete. But†¦ I love Damon, too. He's my friend – my dark mirror image – the clever, plotting one who will do whatever it takes to get what he wants, but who has a kindness deep inside him that not everybody sees. I can't imagine living without Damon, either. Stefan wants to hold on to me so tightly. He cares for his brother – he does – and Damon cares for him, too, and having me between them is messing that up. All three of us have been held so closely together by the crises we've had to deal with recently – my death and rebirth, Klaus's attack, Damon's return from the edge of death, the phantom's attack – that every move we've made, every thought we've had, has been wrapped up with the other two. We can't go on like this. I know I've done the right thing. Without me between them, they can become brothers again. And then I can sort out the tangled threads of my relationships with both of them without having to worry that any move I make will snap the tenuous bond between us. It's the right decision. But still, I feel like I'm dying a slow death. How can I live for even a little while without Stefan? All I can do is try to be strong. If I just keep going, I'll get through this time. And in the end, everything will be wonderful. It has to be.

Division and Classification Essay

â€Å"Your Future Is In Your Hands! † A term that many of us know. That saying is true and accurate when it comes to deciding on going back to school. â€Å"Should I go back to school? † A question that tons of people are asking themselves. It is a question that only they, themselves can answer. But there are many benefits of furthering your education. A sense of accomplishment is one of the many reasons people choose to go back. Self accomplishment is a gratifying feeling for most people. Yet many people struggle with the decision of going or not going. People with a higher education tend not only to get the better jobs but the higher paying ones as well. Who wouldn’t want a better, higher paying job? The better paying jobs seem to be the ones everyone is after. Nowadays in order to get those jobs, you need some sort of higher education. The economy can affect your choice in furthering your education. If the economy is not good your chances of going back to school are much better than getting a job, or in some situations, keeping your job. You can further your education and have a better chance of getting a better more satisfying job. Lots if jobs encourage a higher education and are willing to help an employee obtain it. They are willing to work with you by arranging your schedule, being flexible, and in some cases the employer even pays for the schooling. It is a great way to advance within your company. Who wouldn’t want to climb the corporate ladder? Personal satisfaction is a great benefit. Saying, â€Å"I have a college degree or certificate,† is very self-satisfying. It is a pleasing feeling to be satisfied and happy in your life. Many people learn to handle the pressure of deadlines and commitment along with learning social skills. Students learn to socialize with many different types of people, that vary in age. They learn to get along with people they normally would not get along with. People that they may never had met if it weren’t for going to school. Commitment is not always an easy thing to do. Who wants to take the time not only to attend school but pay for it and not totally commit themselves? Not many people. You invest your time, money, and self and you are committed. Your going to succeed. Self-confidence, another benefit, is something many people lack. Going back to school can make one feel good about themselves. The projects, the oral exams and practical exams that are part of college help people build confidence in themselves. Once you accomplish your project, whatever it may be, you will succeed and feel good about it when it’s done. Furthering your education can set a good example for your children, friends and family. They will see you making the choice to further or continue your education and in most cases will do the same. When you pass up playing a video game or watching television because you have homework to do, they will be more likely to do the same. It teaches them responsibility, commitment, time-management, and how to be goal oriented and how to set their priorities, among other things. Education may be a necessity for some and a true passion for others. There are many of opportunities as well as choices when it comes to furthering ones education. It is truly possible for anyone to further their education if they want to. It is never too late to go back to school. There are many benefits of continuing or furthering your education. Though there are quite a few benefits listed here, there are many more. You have to choose the one or ones that are right for you.

Patents and their role Essay Example | Topics and Well Written Essays - 2000 words

Patents and their role - Essay Example Introduction Writers, inventors, artist, scientists transform their idea into tangible products or property which is reflective of all the research and effort done in achieving that final product. When this property is protected under the law it is called intellectual property rights (IP). Patents, copyrights, trademarks and trade secrets are all examples of intellectual property rights. Inventions, innovations, discoveries and artistic work etc. are as old as human history then why patents are required now. With the onset of globalization and communication mediums such as internet etc. information and knowledge transfers very easily at a very high speed. Patent rights prevent others from copying, making, using or selling the property. Patent is basically a reward to the inventor. This paper aims at studying in detail what exactly patent rights are? What was the need of their development and implementation? Some research related to rules and regulations of the patent law will also be conducted. The paper will also discuss the importance and benefits of patents. Intellectual Property Rights Intellectual property can be defined as the product of human intellect which have commercial value and that is protected by law. Intellectual property generally includes creative works, products, processes, imagery, inventions and services. These intellectual properties are protected through patents, copyrights and trademarks. Intellectual property rights along with other regulations and court decisions secure the rights through following activities. Firstly it includes restriction on selling or licensing of intellectual properties. Secondly, resolution of conflict between companies over intellectual properties and services. Lastly it involves administrative procedures such as registration and administration of intellectual property rights. There are three types of intellectual property rights patent law, copy right law and trademark law. Patent types Patent law is further di vided into three categories according to the type of the product. The three categories are utility, design and plant. The most common type of patent right is utility patent. Utility patent is usually reserved for the invention of a new yet non-obvious product. The inventor of this innovative product is granted the exclusive right of selling, using and making of this product for a period of about 17-18 years. The patent granted for new but nonfunctional design is for the period of 14 years. The expiry date of the patent of plant is the longest it lasts for twenty years (Stim). Utility patents as described above are reserved for new, non-obvious, innovative and useful discoveries. These discoveries are further categorized into five types namely processes, machines, manufacturers, compositions of matter or improvement into any of these types. Design pattern is granted for an article of manufacturer (Law). Features of Patent A patent is not just a legal document but it is a technical pu blication and it even serves the purpose of a sales brochure. It is called a technical document because it must contain sufficient information about the product which is useful for person interested in making and using the patent. Such a document is a source of technical information for the public which is not available otherwise. It also serves the purpos

The poetry Essay Example | Topics and Well Written Essays - 250 words

The poetry - Essay Example However, contemporary forms have poetry have managed to win over more enthusiasts due to its flexibility. Unlike traditional poetry, contemporary poetry allows the use of free verse and do not emphasize the use of rhymes. Contemporary forms of poetry have also prevailed outside the academic realms due to their provocative nature and their use of more grounded imagery. The fact that these poems are mostly brief, accessible, suggestive, and strongly depict imagery explains their preference. The poem Dream Variations has a nostalgic feel. The singer yearns for a life where color discrimination does not exist. Hughes expresses his desire for a playful and carefree life by talking about his desire â€Å"to whirl and to dance† (Hughes et. al. 3). The end of racial discrimination is symbolized by the end of the white day. However, the poem ends in a pessimistic mood as he talks of â€Å"Rest at pale evening/ a tall, slim tree/ Night coming tenderly† (Hughes et. al. 14-16).The poetry heavily uses symbolism to explain the racial discrimination and freedom without emphasizing rhyme and