T&M -wk11 Essay Example | Topics and Well Written Essays - 500 words

T&M -wk11 - Essay Example I would use Rorscharch’s Ink blot test which is an effective instrument for assessing personality in forensic settings. It is the best known projective test in which a series of ten irregular but proportioned inkblot designs are shown to the subject, who is then asked to explain their understanding of it (Cordon, 2005, pp. 201–204). Subjective interpretations of the ambiguous pictures, the response time taken and response to a picture by a subject relative to responses by other subjects would enable me to infer the thought structure and feelings. I might also use the Minnesota Multiphasic Personality Inventory-2 (MMPI-2 RF), which is the latest revision of the MPPI personality tests that was released in 2003. It is popularly applied in forensic psychology as a self-report assessment of psychopathology (Goldstein, 2007, pp 73.). It consists of 567 items with true or false questions arranged on a hierarchical set of scales (Tellegan, 2003). I prefer it because its objectivity saves time and is easier to administer. It addresses adolescent problems more effectively through well-researched clinical and substance abuse measures as well. Psychological tests should be appropriately selected for issues that are relevant to the plaintiff. Tests should account for plaintiff’s language, culture and its own appropriateness to legal decision-making. Failure to regard these issues may result in unreliable assessment (Goldstein, 2007, pp 272-273). I have chosen to respond to Sharon’s posting to industrial settings. I agree with her point that testing plays a significant role in assessing trainees and applicants, and test their knowledge and skills in this area. Her choice of Assembly and Matching test and Blueprint test are important accordingly. However, the tests chosen by my colleague are not useful in psychological assessment of the employees as they are an assessment of job-specific skills, and do not test their

Waiting for Godot by Samuel Beckett Essay Example | Topics and Well Written Essays - 2000 words

Waiting for Godot by Samuel Beckett - Essay Example Waiting for Godot stands alone among the rest of thirty-two dramatic works produced by the author. Outstanding value of this longest ever written by Beckett play was officially recognized by the Swedish Academy in 1969, when the author was awarded the Nobel Prize for literature. Waiting for Godot is arguably the most controversial and complex for understanding piece of playwriting produced during the last century. Actually, the whole plot and action of the play is reflected by the title - waiting for Godot. Two homeless and jobless males named Estragon (Gogo) and Vladimir (Didi) are waiting for someone named Godot on the country road. While waiting for this person, the two tramps talk to each other, discuss different things and meet two other characters of the play: Pozzo and Lucky, the master and servant. This couple and a boy whom informs Gogo and Didi that Godot will not come to meet them are the only characters of the play. The play is far from being intensive at all. The characters discuss various topics, tell jokes and do absolutely meaningless things, but the reader can feel a sort of laziness in absolutely all discussions and actions. As for Godot who is supposed to be the main character of the play, the reader never knows whom he is, what he is and why he has to meet the tramps. Despite countless interpretations ... Consequently, Beckett and other writers of that epoch tended to put their literary characters in paradoxical and absurd circumstances. From this perspective, Waiting for Godot is a typical absurdist play in which the author reveals isolation of individuals in contemporary world, absence of hopes, absurdity of life and many other universal problems of human existence. MAIN DISCUSSION In order to understand what makes Waiting for Godot an absurdist play and if it is an absurdist play we must reveal the meaning of the term 'absurdist'. The term 'theatre of the absurd' was coined in 1962 by Martin Esslin whom applied it to a group of post-war plays written by different authors. Esslin believed that the philosophical meaning underlying all those plays was common and relied upon the philosophy of Albert Camus (Esslin, 1969:18). Camus' theory of absurd is perfectly illustrated in his well-known work The Myth of Sisyphus. Sisyphus was a mythological king of the Greek city of Corinth. The gods did not like his cruelty and invented a torture for Sisyphus to suffer until the end of time. He had to roll a heavy stone up a huge hill in the kingdom of Hades, but he never reached the peak: each time Sisyphus was on the verge of rolling the stone over the top, the resistance became overwhelming and the stone rolled downhill, and Sisyphus had to start his toil over and over again (Camus, 1955). Camus thinks that the human life has much in common with the toil of Sisyphus. Men and women of the modern world are doing nearly the same the mythological king did. They try to find some universal meaning and purpose of human existence despite the fact that no universal meaning or purpose really exists. Human life is irrational and absurd, and any

Chemistry Energy Levels Essay Example for Free

Chemistry Energy Levels Essay The energy of the subshell increases as follows:4slt;4plt;4dlt;4f * â€Å"4s† has the greatest probability of being close to the nucleus * Subshells are limited to # of electrons they can hold ( 2 electrons per orbital) s=21s orbital d=105d orbital p=63p orbitals f=147f orbitals Assessment * How many p subshells are in the 4th energy level (n=4)? 34px 4py 4pz * What is the maximum number of electrons that can occupy the 4p subshell? each p subshell can hold 2 electrons and therefore there are 3p orbitals with 2 electrons * What is the maximum number of electrons that can occupy the 4th energy 322n2=2(4)2 =2(16) =32 Creating Energy Level Diagrams * Used to show the relative energies of electrons in various orbitals under normal conditions * Each orbital is indicated by a separate circle/square * All orbitals of a given subshell have the same energy. Ie. The 3p orbitals in the 3p sublevels have the same energy * The spacing between successive subshells decreases as the number of subshells increases overlapping of shells having different values of n. Assessment 1. How many d orbitals exist? 5 2. How many electrons can exist in the 3d orbitals? 10-2 in each of the 5d orbitals 3. How many electrons can exist in the n=2 level? 8-remember 2n2=2(2)2=8 4. How many electrons can one 4f orbital hold? 14-2 in each of the 7f orbitals 5. Which has a higher energy a px, py, or pz orbital? They all have the same energy. 6. Which electron can be found furthest from the nucleus:2s or 3s? 3s electrons 7. Which electrons can be found furthest from the nucleus:2s or 2p. 2p is further. Fig. 3. 19 Arrow Orbital Notation Aka Orbital Diagrams * Use circles or squares for the orbitals and arrows for the electrons * RULES: * The Aufbau Principal- electrons will occupy lowest available energy level * Pauli Exclusion Principal- no two electrons have the same quantum numbers * Hund’s Rule – electrons remain unpaired for as long as possible. Ex: One electrons goes in each Px, Py, Pz, before they start to pair up Fig 3. 21 Electron Configuration Provides the same information as an energy level diagram but in a more concise format. * Li: 1s2 2s1 C:1s2 2s2 2p2 * Ne: 1s2 2s2 2p? Use the following concept map to help to determine the filling order of the orbitals: * The similarity among elements within groups and the structure of the periodic table can be explained by electron configuration * Li: 1s2 2s1 * Na: 1s2 2s2 2p? 3s1 Short Hand Notation -Use symbol of noble gas with the same core electron configuration: Ex. Na [1s2 2s2 2p? ]3s1 Or [Ne] 3s1 Some unexpected Electron Configuration * Example: Cru and Cu Expected Actual Cr: [Ar] 4s2 3d? [Ar] 4s1 3d? Cu: [Ar] 4s2 3d? [Ar] 4s1 3d10 In each case, an electron is borrowed from the 4s subshell and placed in the 3d subshell. * Cr-3d subshell becomes half-filled * Cu-3d subshell becomes full * Half-filled and fully filled subshells tend to be more stable * Other expectations: Ag: [Kr] 4s2 3d10 Au: [Xe] 4f14 5d10 6s1 Explaining Ion Charges * Remember s electrons are lost before d electrons when dealing with transition metals. Ex1. Zn Zn: [Ar] 4s2 3d10 Zn2+: [Ar] 3d10 (4s electrons are lost so that the 3d orbital remains full) Ex2. Pb Pb: [Xe] 6s2 4f14 5d10 6p2 Pb2+: [Xe] 4f14 5d10 6p2 (The 6s electrons are lost) Pb4+: [Xe] 4f14 5d10 (The 6p electrons are lost as well as the 6s electrons) Quantum Numbers * Electron waves (orbitals) can be characterized by a set quantum numbers, n, l, ml, ms Principle quantum number (n): * Identifies the energy of an electron in an orbital * All orbitals that have the same value of n are said to be in the same shell * Range from n=1 to n=infinity * Determines the size of the electron wave how far the wave extends from the nucleus * As n increases the energies of the orbitals also increase Secondary quantum number (l): Divides the shells into smaller groups called subshells * n determines the values of l * for any given n, l may range from l=0 to l=n-1 * identifies the shape of the orbital Value of l| 0| 1| 2| 3| Letter designation| s(shape)| p(principle)| d(diffuse)| f(fundamental)| Magnetic quantum number (ml): * splits the subshells into individual orbits * identifies the orientation of the orbital * for any given value of l, ml has a value ranging from +l to –l * e. g. If l=0, ml=0; for l=1, ml=+1, 0, -1 which correspond to the x, y and z orientations of the p orbitals.

Relationship Between Documentary And Reality Film Studies Essay

Relationship Between Documentary And Reality Film Studies Essay By exploring the relationship between documentary and reality define the genre. (Please note the term reality here does not mean the genre reality television). Documentary has become so scattered and diverse that it is hard to define the genre, Documentary film has often been looked at as that which communicates the real not the imagined, (Pearce McLaughlin 2007, p.47) it tells stories, makes claims or remarks about the real historical world rather than the contrived areas of fiction. The documentary filmmaker gathers, structures and edits the material in a manner that changes it from a simple record of actuality into a form which we can refer to as documentary dialogue. Therefore it is seen as an engaging sort of cinema but its customary techniques to enhance its aim or purpose has led to issues surrounding verisimilitude. I intend to analyse further the relationship between documentary and reality exploring the conventions and modes used to define the genre. Automatically when we view documentaries we feel closer to the truth for two reasons: first that there is a lack of fictionalised features and second because the events shown have not been coordinated by the filmmaker. But this is a naÃÆ' ¯ve approach we have to be aware that the account offered is one that is seen from a particular perspective. A documentary film is one that offers information about factual topics with a variety of aims, to record important events and ideas; to inform viewers; to convey opinions. To achieve these aims a number of common conventions are used including: actuality (occurrences in front of the lens be it events, people or places), voice-over (the filmmaker offering information, explanations and opinions), interviews (witnesses or participants directly relate their experiences), archival footage (show historical events or to add detail without additional filming), reconstructions (false scenes that provide the viewer with factual information and give a sense of realism), montage (visual representation of characters thoughts helping the viewer understand what the character is saying) and the exposition (creates the viewers first impression and introduces the content) these all create a sense of presence. The overall impact of these devices is to heighten the effect of realism for the viewer; making declarations about the real world and offering filmed evidence to support it. In order to explain documentary further Bill Nichols identified six documentary modes That function something like sub-genres of the documentary film genre itself: poetic, expository, participatory, observational, reflexive, performative. (Nichols, 2001, p.99) I will briefly consider these modes each in turn. The poetic mode is a skewed and creative expression; its desire is to grasp the hidden truth through poetic manipulation as seen in Walter Ruttmanns (1927) film Berlin: Symphony of a Great City which presents an extended montage chronicling the daily life of this German city. In the scenes such as the policeman guiding traffic followed by two rows of matching bobble head toys nodding suggests a tone of conformism and ashamed loyalty of the citizens. Expository documentaries on the other hand use rhetorical methods to create realism, this mode has a straight narrative structure with a direct relationship between the images and voice-over where interviews are only used to support the films argument An Inconvenient Truth is an example of expository documentary as it trusts on verbal commentary and challenging judgment to make its case about global warming. This frankness is similar to the observational mode known as Direct Cinema. Here it appears documentary is impassive, having an impa rtial attitude on its subject which can be seen in Richard Pennebackers Dont Look Back (1967). The participatory mode is where the filmmaker does not stay aloof but rather engages with it. Micheal Moores film Roger and Me (1989) displays this trait with a frankly moralistic documentary. The reflexive mode comments on the means of representation itself; it uses techniques that query the notion of documentary as a category or mode. For instance Errol Morris The Thin Blue Line (1988) an account of the breakdown of justice, urges the viewer to think about comparative points of truth and deceit by using reconstruction and repetition of scenes. Finally there is the performative mode which introduces concerns around the filmmaker and subject performance stressing the emotive and shared impact on the audience. In turn each mode uses the means of the narrative and realism in different ways, using conventional elements to create a range of text with ethnical matters, textual structures and ty pical expectations among the viewers. In the documentary genre, it is observed that reality is seemingly evident, wholesome without any manipulation; compared to fiction film however the margins between reality and fiction are indefinite Documentarys selection and ordering of the images and sounds of reality constitute an account of the world; however, it thereby becomes prey to loss of the real in its narratives of reality. (Cowie, 2011, p.1) It is the degree that these events are affected or directed by the filmmaker that causes concern for documentary. In Nanook of the North (1992) Robert Flaherty engrossed himself in the lives of the Inuit people, devoting a year living with them. This implies a participant observation attitude, where the filmmaker notes modestly and forms as impartial a record as possible. However for the purpose of dramatization Flaherty manipulated events, all of Nanook of the North is said to be one gigantic re-enactment (Nichols, 2001, p.13) for instance he filmed Nanook hunting with customary harpoon rather than the more modern weapons that he actually used. Such devices are actually central and perhaps inevitable practices in documentary production but the use of reconstruction has remained controversial raising issues on ethics as to whether a documentary filmmaker should engineer things in order to realising the truth of the subject matter. Documentary footage can only have a claim on the real if it is somehow taken unawares but this is untrue, all documentaries treat their material artistically. The experts in direct cinema alleged that the occurrence of the camera and filmmakers did not impact on their subject matter. Grey Gardens (1975) by the Maysles Brothers is a very famous fly-on-the-wall documentary about Edith Beale and Edie Beale, Jackie Kennedys aunt and cousin; it is a far cry from observational documentary. As the filmmakers constantly relate with these obviously psychologically troubled women which rears important questions about the morals of documentary filmmaking. Sometimes while filming they just want to clarify information, such as a photograph but frequently their contact is more difficult Because the womens hold on reality is so tenuous the Maysles walk a fine line in the film between examination and exploitation, foregrounding an issue that is always inevitably present in direct cinema (Grant Hillier 2009, p.74) Grey Gardens is a film that employs notions of performance and self-representation where both filmmakers and subjects are delighting in their individual presentations. There are different points to which the subjects of a documentary may be seen to be performing for the cameras A person does not present in exactly the same way to a companion on a dateand a filmmaker in an interviewà ¢Ã¢â€š ¬Ã‚ ¦they modify their behaviour as the situation evolves. (Nichols 2001, p.9) The participation in shared roles has remained vital to the documentary project. Similarly there have been degrees of self-consciousness or acknowledgment by the filmmakers of the role they are performing in the production of a documentary. The fact that documentaries will always be about the real world, real people and real issues, the idea of enactment with them is hypothetically profound and spontaneous as it appears opposed to concepts of truthfulness and undistorted reality. However in Nick Broomfields films Aileen Wuornos: The Selling of a Serial Killer (1992) and Aileen: Life and Death of a Serial Killer (2003) we are time and again drawn to his role as the filmmaker and moderator. At the end of the day his films are much more about him and the process of filming as they are about Aileen this offers a sense of truth, as behind the story is an condemnation of the media and the legal system of America. Consequently Broomfields films focus the role of the documentarist and the wa ys in which the filmmakers contact with the reality they are capturing influences the subsequent film. Documentary has always had an awe inspiring outcome on its audience the relationship between documentary and reality is debateable as most documentaries do integrate particular fictional elements to elevate the visual effect and entertainment value of their film. Though they claim to present the world as it is and try to hold the attention of their audiences by the strength of their argument, documentaries can never accomplish the level of impartiality to which they from time to time desire it can tell the truth but not the entire truth. (Chapman 1988, p.23) Therefore by analysing some of the conceptual and practical issues involved in defining the genre along with its relationship with reality across a variety of documentary modes the genre of documentary will always cause debate regarding its definition. Therefore all we can expect is that it will be a fair and honest representation of someone elses experience of reality.

Role of Women in Chinua Achebes Things Fall Apart :: Things Fall Apart essays

Role of Women in Things Fall Apart Chinua Achebe's Things Fall Apart portrays Africa, particularly the Ibo society, right before the arrival of the white man. Things Fall Apart analyzes the destruction of African culture by the appearance of the white man in terms of the destruction of the bonds between individuals and their society. Achebe, who teaches us a great deal about Ibo society and translates Ibo myth and proverbs, also explains the role of women in pre-colonial Africa. In Things Fall Apart, the reader follows the trials and tribulations of Okonkwo, a tragic hero whose tragic flaw includes the fact that "his whole life was dominated by fear, the fear of failure and weakness." (16) For Okonkwo, his father Unoka embodied the epitome of failure and weakness. Okonkwo was taunted as a child by other children when they called Unoka agbala. Agbala could either mean a man who had taken no title or "woman." Okonkwo hated anything weak or frail, and his descriptions of his tribe and the members of his family show that in Ibo society anything strong was likened to man and anything weak to woman. Because Nwoye, his son by his first wife, reminds Okonkwo of his father Unoka he describes him as woman-like. After hearing of Nwoye's conversion to the Christianity, Okonkwo ponders how he, "a flaming fire could have begotten a son like Nwoye, degenerate and effeminate" (143)? On the other hand, his daughter Ezinma "should have been a boy." (61) He favored her the mos t out of all of his children, yet "if Ezinma had been a boy [he] would have been happier." (63) After killing Ikemefuna, Okonkwo, who cannot understand why he is so distraught, asks himself, "When did you become a shivering old woman?" (62) When his tribe looks as if they are not going to fight against the intruding missionaries, Okonkwo remembers the "days when men were men." (184) In keeping with the Ibo view of female nature, the tribe allowed wife beating . The novel describes two instances when Okonkwo beats his second wife, once when she did not come home to make his meal. He beat her severely and was punished but only because he beat her during the Week of Peace. He beat her again when she referred to him as one of those "guns that never shot." When a severe case of wife beating comes before the egwugwu, hefound in favor of the wife.

A Comparison of Christians and Buddhists Essay -- comparison compare c

Christians Live for Today, Buddhists Live for Tomorrow    Death is perhaps the most difficult aspect of life humans are forced to deal with. In order to help us cope, we have implemented the grieving process--a series of events with the purpose of making death easier to deal with--into our lives. Not everyone handles death in the same fashion, and each culture has rituals characteristic to itself that may differ greatly from another culture's rituals. Christianity and Buddhism are two religions that have completely different grieving processes, and in a conversation with Ms. Sit-Sen Wong, a Buddhist from Malaysia, this idea was confirmed as a fact. Through life, Buddhists constantly prepare for death and the afterlife, while Christians, although concerned about that, focus on enjoying the present life as much as possible. Many factors have contributed to this deduction and all are based on the differences in the grieving process rituals between American Christians and Malaysian Buddhists.    Until someone close to us passes away, we forget just how important every minute is that we have. Life is short, therefore, it is necessary not to spend too much time on any one thing. The amount of time spent mourning in America is considerably less than that spent in Malaysia. For example, the funeral and burial, the final outward phases of grieving, takes place, on average, a week after the death of the individual. The Buddhists, however, pray for the soul of the individual every day for six entire weeks. While the Christian view is to grieve, but quickly continue with one's life, the Buddhists feel that they cannot continue until the prayer process is complete. While a Christian may continue to pr... ... during the service, as the Buddhists focus entirely on prayer.    It is evident that the grieving process for Buddhists is far more structured than that for Christians. This is because the family and friends of the deceased are the main concern and the soul of the individual is not. The funeral service helps to reassure everyone that the soul is going to heaven, and that we will all meet again. There is much comfort found in this that allows Christians to carry on, focusing on this life to reserve their spots in heaven. The Buddhists, however, are certain that the soul will be reincarnated, so it is extremely important to ensure its safe journey. The focus is placed on prayer for the soul, as what one did in life makes little difference in the end. It is because of these factors that the Christians live for today, the Buddhists live for tomorrow.

Elearning Business Plan

DECLARATION OF ORIGINALITY OF WORK: I affirm that the attached work is entirely my own, except where the words or ideas of other writers are specifically acknowledged according to accepted citation conventions. This assignment has not been submitted for any other course at Robert Kennedy College or any other institution. I have revised, edited and proofread this paper. Veronika Olenika, 10/08/2012 CERTIFICATION OF AUTHORSHIP I certify that I am the author of this paper and that any assistance I received in its preparation is fully acknowledged and fully disclosed in this paper.I have also cited any sources (footnotes or endnotes) from which I used data, ideas, theories, or words, whether quotes directly or paraphrased. I further acknowledge that this paper has been prepared by me specifically for this course. Veronika Olenika, 10/08/2012 Midterm examination: Entrepreneurship Word count: 3016 (excluding bibliography, table of contents, appendices, exhibits) Page 1 Table of Contents 1 Executive Summary †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 4 1. 1 1. 2 1. 3 1. 4 1. 5 1. 2 Service †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 4 Business Case †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 4 Market Size †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦ 5 Start-up costs †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 6 Pay-off †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Management Team †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 7 Business Plan †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 8 2. 1 2. 2 2. 3 2. 4 2. 5 2. 6 Overview †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 8 Business Model †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 8 Market Analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Financial Statements †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 11 General Strategy (Development Plan) †¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 13 Competitive Advantage †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 15 Appendix 1 – Management Team †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 16 Exhibits†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 8 Bibliography †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 24 Exhibits’ List Table 1 Forecasted Income Statements †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 5 Table 2 Calculated Market Share †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 Table 3 Survey Participants' per Age Group †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 10 Table 4 Survey Results †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 0 Page 2 Table 5 Projected 3 years Income Statement †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 11 Table 6 Projected 3 Years Balance Sheet †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 12 Table 7 Projected 3 years Cash Flow †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 12 Figure 1 Survey Results †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 4 Figure 2 Forecasted break-even chart †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Figure 3 Start-up Roadmap †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 14 Figure 4 Calculated NPV for the start-up †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 18 Figure 5 Projected Monthly Financial Statement of Accounts for 2012/2013 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 18 Figure 6 Projected Monthly Financial Statement of Accounts for 2014 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 19 Figure 7 Projected Monthly Financial Statement of Accounts for 2015 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 0 Figure 8 Projected Monthly Income Statement for 2013 à ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 20 Figure 9 Projected Monthly Income Statement for 2014 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 21 Figure 10 Projected Monthly Income Statement for 2015 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 21 Figure 11 Projected Monthly Cash Flow 2012/2013 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 22 Figure 12 Projected Monthly Cash Flow 2014 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 2 Figure 13 Projected Monthly Cash Flow 2015 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦ 23 Page 3 1 Executive Summary 1. 1 Service ‘e-Individual Language Course’ is a new service for the market in my country. This services will help people who are willing to learn foreign languages (Russian, English, German, French, Italian, Spanish, Norwegian, Finnish and other languages) to accomplish this directly from their offices and/or homes with no need to go to the special course place and to spend time for the way to and from the course venue. 1. 2 Business CaseAnalysis of the market has revealed that the need in foreign languages knowledge is growing constantly. This is required for business expansion to other markets and in order to keep the competitive advantage of already existing businesses. It became obvious to the different people that foreign language knowledge is required to seize the lucrative opportunities. There is a plenty of proposals on the market for foreign language courses, but you have to arrive to a certain place – Languag e course office: 1. to join the group and the time of the course which is not always comfortable 2. o have an individual language course session for the price that is higher than for group training According to the recent research 81% of people are willing to learn the selected language individually and not within the group, however they are constrained with the price of the individual language session. The same research revealed that 90% of the aforementioned people are ready to take an advantage of distance learning in order to save their time and to have the flexibility for other tasks and duties they are obliged to fulfill.Besides that, they are ready to pay slightly higher price that is defined for the group trainings and slightly lower price that is defined for the individual trainings. Figure 1 Survey Results Would you take a disctance learning course? 6% 1% 3% Would you select the individual language course if this would cost 2/3 from the current price? 1% 5% 13% 90% 81% Rat her Yes Yes Rather No No Rather Yes Yes Rather No No Page 4Our proposal: – To provide individual language course sessions at two thirds of the currently existing price on the market (15 EUR vs. 20 EUR excl. VAT) This potentially attracts to us 30% of currently lost market and also 50% of the people who are willing to change their educational sessions from group to individual approach. The forecasted Income statement is presented for your reference below, please refer to the 2. 4 Financial Statements Chapter for details. Table 1 Forecasted Income StatementsIncome Statement for years ended Dec-12 Sales (50% of average sales is expected in the first operational year) Electricity Utilities Internet Rent Advertisment Salaries (teachers) Salaries (managing director/ HR manager) Salary (Assistant) Salary (Accountant) Depreciation (equipment) Profit before Interset Interest (2%) Profit befor Tax Taxes (35%) Profit/Loss after Tax Dec-13 Dec-14 Dec-15 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â ‚ ¬ â‚ ¬ (10,000. 00) â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ (10,000. 00) â‚ ¬ â‚ ¬ (10,000. 00) â‚ ¬ â‚ ¬ (10,000. 00) â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 114,660. 00 (330. 00) (330. 0) (240. 00) (6,000. 00) (3,000. 00) (61,600. 00) (5,500. 00) (3,850. 00) (6,600. 00) (4,620. 00) 22,590. 00 (1,242. 00) 21,348. 00 (32,844. 00) (11,496. 00) â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 176,400. 00 (360. 00) (360. 00) (240. 00) (6,000. 00) (1,200. 00) (67,200. 00) (12,000. 00) (4,200. 00) (7,200. 00) (4,620. 00) 73,020. 00 (1,242. 00) 71,778. 00 (32,844. 00) 38,934. 00 â‚ ¬ 176,400. 00 â‚ ¬ (360. 00) â‚ ¬ (360. 00) â‚ ¬ (240. 00) â‚ ¬ (6,000. 00) â‚ ¬ (1,200. 00) â‚ ¬ (67,200. 00) â‚ ¬ (12,000. 00) â‚ ¬ (4,200. 00) â‚ ¬ (7,200. 00) â‚ ¬ (4,620. 00) â‚ ¬ 73,020. 0 â‚ ¬ (621. 00) â‚ ¬ 72,399. 00 â‚ ¬ (32,844. 00) â‚ ¬ 39,555. 00 1. 3 Market Size The potential for the market is huge for the service proposed, due to the fact that we are not constrained with students and teachers physical presence at one place, these constraints are resolved by means of world wide web internet access and social networking applications like Skypeâ„ ¢ and others. However in order to start with a prototype for our service we are aiming to the audience of around 635000 inhabitants of our country who fall within the 19-60 age group. 0% of this amount has to know at least two languages due to the geographical position of the country and the services/products this country is focusing on, thus our audience is 508000 people. Let’s assume that according to the statistics only 3rd part of them has their own PCs Workstations, Notebooks or iPads, thus our audience now is limited to 152400 people. Page 5 These people will come from different ar eas, but due to the fact that the main service areas for our country are tourism, woods and IT services we do have a good opportunity for the service proposed.With the planned teachers’ capacity we will cover 7% (refer to Calculated Market Share) of the market per year with assumption that every customer will stay with us at least for one year. Thus, we have a very good outlook for our service extension. Table 2 Calculated Market Share teachers working days sessions a day capacity for one year* calculated market size % of the available market 8 230 6 11040 152400 7% 1. 4 Start-up costs Start-up costs for the service are 62’100 EUR to be prepared to start the business on a high quality level.The start-up costs include but are not limited to: – Company legal authorization – Office re-engineering/adaptation costs – Language programs’ adaptation for on-line sessions – Internet connection set-up – Office arrangements (furniture, sta tionery, etc. ) – Advertisement expenses The start-up investment will be covered by National Bank with Interest rate 2% and for 2 years deferred payment for the borrowed amount. 1. 5 Pay-off We are planning to break-even in 2 years and 10 months.The assumptions are as follows: – First operational year: Jan-Jun’13 in average 50% of planned sales are realized – First operational year: Jul-Dec’13 in average 80% of planned sales are realized – Second and subsequent operational years are operated on 100% of the planned sales level. Page 6 Figure 2 Forecasted break-even chart EUR, K 90 60 Potential Reward 30 Break-even 0 t Dec’13 Dec’14 Dec’15 Dec’16 Dec’17 -30 -60 Depth of hole NPV for the project covering 5 years forecast is equal 31’449. 0 EUR (please refer to the Figure 4 Calculated NPV for the start-up). 1. 6 Management Team The Managing Director and HR manager is a Project Management Professional sin ce 2009 (PMIâ„ ¢) with extensive experience in IT company management. She is a second year ‘General MBA’ student at Robert Kennedy College, Switzerland. The Accountant is a professional accountant, with an extensive experience in accounting for more than 10 years, operating within the companies up to 250 employees.The Team Lead of the teachers’ group – English language teacher, graduate of the State University with extensive experience of educational programs development and courses conduction. (Please refer to the Appendix 1 – Management Team for detailed team members’ information) Page 7 2 Business Plan 2. 1 Overview Our ‘e-Individual Language Course’ service will tackle at least two issues: 1. Provides an opportunity to learn the foreign language individually at a lower price (2/3 from the current market price) 2.Provides flexibility in learning sessions due to individual approach to each and every customer we have. At the moment we are planning to have nine [9] languages in our service, these are: – English – German – French – Latvian – Russian – Italian – Spanish – Norwegian – Finnish The languages listed above are of a great interest for our inhabitants due to the reason that the main business focus of the country is Tourism. Another driver to learn the Scandinavian languages is an opportunity to find jobs in neighbor countries and to raise the level of living.One individual language session shall last for 60 minutes, i. e. one astronomic hour. The desired time of the session is agreed in advance with the teacher. The session itself is run via Skypeâ„ ¢ hence all the required files could be shared either thru the communication tool or via e-mail in advance. The communication tool, that we are planning to use is designed for video transmission, thus the teacher and the student will see and hear each other like they are in one room. 2. 2 Business ModelThe value proposition of the ‘e-Individual Language Course’ service is to provide our customers the high quality language course at lower prices than currently exists and schedule the sessions independently from student physical presence capabilities. Every language teacher has his/her own schedule, which has to be filled with six ‘one hour’ sessions in a timeframe from 8:00 until 22:00. Having such flexibility in a time table let both the student and the teacher to find the most appropriate time slot for the studies.Moreover, the studies’ sessions must not be scheduled always to one and the same timeslot, but could vary depending on the student availability. Another important thing is that student may select a number of sessions per week/month, so his/her studies will proceed in the most efficient way. Our teachers will provide a recommendation on the frequency of the language sessions/ lessons, however the final decision will alway s stay with the student. Page 8 An office space is a savings item for our start-up.We do not need to rent a big office and setup separate rooms for the individual or group language sessions, like our competitors do, due to the fact that teacher’s and student’s physical presence is required while the session. We will limit our office space to three rooms and our teachers will be placed in a so called ‘boxes’ in order they will be able to conduct the language sessions efficiently with their students and would not disturb their colleagues, working at the same time. In addition, for early mornings’ and late evenings’ sessions it is allowed to conduct these from teachers’ homes.The aforementioned saving is quantifiable. We will require 55 m 2 of the office space for all our employees, however if the physical presence would be required for students and their teachers, we would need at least seven 10 m2 spaces, meaning 90 m2 together with MD/ HR and Accountant rooms. The price for the chosen office space is 10 EUR per square meter per month, when we are talking about the distance learning model. When the physical presence is required we are talking about the language office preferably in the city centre with much higher prices – 30 EUR per square meter per month.Thus there is an overt saving of 2150 EUR a month, 25’800 EUR a year. We do not consider our growth at the current moment. However, we do see the potential in extension of the languages’ set and the geographical extension, covering neighbor countries, due to the fact that we have a good knowledge of their language, because of our joint history during a long period of time (from 1917 till 1990). 2. 3 Market Analysis The respective market analysis has been performed. Our analysis has revealed a good potential for our opportunity of ‘e-Learning individual Course’ service.There are no language course companies with the similar propos als on the market at the moment, thus we are in a good position with our start-up from the market niche point of view. Our country population we are interested in is limited to 635000 inhabitants form the 19-60 years age group. 80% of this amount has to know at least two languages due to geographical position of the country and the services/products this country is focusing on, thus our audience is 508000 people.Let’s assume that according to the statistics only every 3rd has their own PCs Workstations, Notebooks or iPads, with respective internet connection and video facilities, thus our audience now is limited to 152400 people. These people arise from different areas, but due to the fact that the main service areas for our country are tourism, woods and IT services we do have a good opportunity for the service proposed. In order to confirm our assumption, the small survey has been held. The following questions were addressed: 1. Are you planning to take a language course wi thin next year? 2.Do you need this for your professional growth/ opportunities? Page 9 3. Would you select the individual language course if this would cost 2/3 from the current price? 1 4. Would you take a distance learning language course? 2 5. If Yes, for Nr. 4: Would this save significantly your time due to unnecessary travel? 3 6. If Yes, for Nr. 4: Would this save significantly your time due to flexible individual schedule? 4 The number of people participating in the Survey was 650 from different age groups (19-60 years). Here is the breakdown of the participants per age-group: Table 3 Survey Participants' per Age GroupAge group Number per age group % per age group 19-25 225 35% 26-40 325 50% 40-60 100 15% You may look into the survey results below: Table 4 Survey Results Nr. Questions / Answers Rather Yes Yes Are you planning to take a language course 1 within the next year? 200 Do you need this for your proffesional growth / 2 opportunities? * 150 Would you select the indivi dual language course if this would cost 2/3 from the current 3 price? * 80 Would you take a distance learning language 4 course? * 20 If Yes, for Nr. 4: Would this save significantly 5 your time due to unnecessary travel? * If Yes, for Nr. 4: Would this save significantly your time due to flexible individual 6 schedule? ** Rather No No 350 420 80 40 20 20 Rather Yes (%) 31% 24% Yes (%) 54% 67% Rather No (%) 12% 6% No (%) 3% 3% 510 570 10 35 30 5 13% 3% 81% 90% 2% 6% 5% 1% 300 236 44 10 51% 40% 7% 2% 120 400 50 20 20% 68% 8% 3% As you may see 85% of the survey participants are planning to take a language course within one year and 94% from them are ready to pay 2/3 of the price that currently is set for the individual lessons on the market.Moreover, our assumption that flexible schedule and time savings due to travel is also important to the respondents has been confirmed – 91% and 88% accordingly. The survey results above are very optimistic for our start-up, however in order to attract these people to our service we need to launch the respective advertisement campaign. Our focus for the advertisement campaign is as follows: 1 2 3 4 100% constitute the answers: ‘Rather Yes', ‘Yes', ‘Rather No' 100% constitute the answers: ‘Rather Yes', ‘Yes', ‘Rather No' 100% constitute the answers: ‘Rather Yes', ‘Yes' 100% constitute the answers: ‘Rather Yes', ‘Yes' Page 10Adds within the public transportation, covering 35% of our potential customers (1625 age group) – Adds on radio/TV/Internet (social networks, e-mails), covering the 50% of our potential customers’ (26-40 years) – Post notes, cards, etc. delivered to the mail boxes, covering the rest 15% of our potential customers’ (40-60 years) We are planning to continue the advertisement of our service further in 2013 – 2015 depending on the outcome of the first advertisement phase, selecting one or two most effective adv ertisement channels. – 2. Financial Statements The following projected financial statements have been developed for the ‘e-Individual Language Course’ service, covering 3 years projection of business operations: Projected Financial Statements of Accounts (please refer to Figures 4 to 6 in Exhibits section, page 18 for monthly breakdown) Projected Income Statements (please refer to Figures 7 to 9 in Exhibits section, page 20 for monthly breakdown) Projected Cash flows (please refer to Figures 10 to 11 in Exhibits section, page 22 for monthly breakdown. – –The yearly summary for all the financial statements mentioned above could be found here: Table 5 Projected 3 years Income Statement Sales Electricity Utilities Internet Rent Advertisment Salaries (teachers) Salaries (managing director/ HR manager) Salary (Assistant) Salary (Accountant) Depreciation (equipment) Profit before Interset Interest (2%) Profit befor Tax Taxes (35%) Profit/Loss after Tax â ‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ Dec-12 (10,000. 00) (10,000. 00) (10,000. 00) (10,000. 00) â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ Dec-13 114,660. 00 (330. 0) (330. 00) (240. 00) (6,000. 00) (3,000. 00) (61,600. 00) (5,500. 00) (3,850. 00) (6,600. 00) (4,620. 00) 22,590. 00 (1,242. 00) 21,348. 00 (32,844. 00) (11,496. 00) â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ Dec-14 176,400. 00 (360. 00) (360. 00) (240. 00) (6,000. 00) (1,200. 00) (67,200. 00) (12,000. 00) (4,200. 00) (7,200. 00) (4,620. 00) 73,020. 00 (1,242. 00) 71,778. 00 (32,844. 00) 38,934. 00 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ Dec-15 176,400. 00 (360. 00) (360. 00) (24 0. 00) (6,000. 00) (1,200. 00) (67,200. 00) (12,000. 00) (4,200. 00) (7,200. 00) (4,620. 0) 73,020. 00 (621. 00) 72,399. 00 (32,844. 00) 39,555. 00 Page 11 Table 6 Projected 3 Years Balance Sheet Balance sheet as at 31-Dec-12 ASSETS Non-current assests Computers, Cofee-machine, etc Accumulated Depreciation (straight-even, 5 years) Language Programs Current assets Trade receivables Cash at bank and in hand Total Assets EQUITY AND LIABILITIES Equity Retained Earnings (Profit/Loss) Non-current liabilities Current Liabilities Borrowings (all bank overdraft) Trade payables Total Equity and liabilities Table 7 Projected 3 years Cash Flow 1-Dec-13 31-Dec-14 31-Dec-15 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 23,100. 00 â‚ ¬ 6,300. 00 29,400. 00 21,800. 00 51,200. 00 (10,000. 00) â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 23,100. 00 â‚ ¬ (4,620. 00) 6,300. 00 24,780. 00 14,924. 00 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 23,100. 00 â‚ ¬ (9,240. 00) 6,300. 00 20,160. 00 33,478. 00 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 23,100. 00 (13,860. 00) 6,300. 00 15,540. 00 41,453. 00 56,993. 00 â‚ ¬ 39,704. 00 â‚ ¬ â‚ ¬ â‚ ¬ (21,496. 00) 61,200. 00 – 53,638. 00 â‚ ¬ 17,438. 00 â‚ ¬ 36,200. 00 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 56,993. 00 56,993. 00 â‚ ¬ â‚ ¬ 61,200. 00 â‚ ¬ â‚ ¬ 51,200. 00 â‚ ¬ 39,704. 00 â‚ ¬ 3,638. 00 â‚ ¬ Cash flows statement for the year ended Operating profit Depreciation costs Interest payable Cash generated from operations Interest paid Taxation paid Net cash from operation activities Cash flows from investing activities Intangible assets (additions) Net cash used in investing activities Cash flows from financing activities Re-payment of Loan notes Net cash outflow from financing activities Net decrease in cash and cash equivalents Reconciliati on 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 â‚ ¬ (10,000. 0) â‚ ¬ 21,348. 00 â‚ ¬ 71,778. 00 â‚ ¬ 72,399. 00 â‚ ¬ â‚ ¬ 4,620. 00 â‚ ¬ 4,620. 00 â‚ ¬ 4,620. 00 â‚ ¬ â‚ ¬ 1,242. 00 â‚ ¬ 1,242. 00 â‚ ¬ 621. 00 â‚ ¬ (10,000. 00) â‚ ¬ 27,210. 00 â‚ ¬ 77,640. 00 â‚ ¬ 77,640. 00 â‚ ¬ â‚ ¬ (1,242. 00) â‚ ¬ (1,242. 00) â‚ ¬ (621. 00) â‚ ¬ â‚ ¬ (32,844. 00) â‚ ¬ (32,844. 00) â‚ ¬ (32,844. 00) â‚ ¬ (10,000. 00) â‚ ¬ (6,876. 00) â‚ ¬ 43,554. 00 â‚ ¬ 44,175. 00 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ (10,000. 00) â‚ ¬ (6,876. 00) â‚ ¬ 43,554. 00 â‚ ¬ 44,175. 00 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ (25,000. 00) â‚ ¬ (36,200. 00) â‚ ¬ â‚ ¬ â‚ ¬ (25,000. 00) â‚ ¬ (36,200. 00) â‚ ¬ (10,000. 00) â‚ ¬ (6,876. 00) â‚ ¬ 18,554. 00 â‚ ¬ 7,975. 0 â‚ ¬ (6,876. 00) â‚ ¬ 18,554. 00 â‚ ¬ 7,975. 00 Page 12 All the above financial stat ements have been calculated based on the following assumptions: The number of personal (11 people) requires at least 5 m2 of the working space according to our country’s labor law, thus the rent was calculated for 55 m 2 office space. Notebooks with headsets and respective software will be required for 10 out of 11 employees, due to the fact that the Managing Director/HR Manager will use her personal notebook during the start-up activities.The language programs’ adaptation costs will be spent and paid out during the preparation phase to the respective teachers in December’2012 The advertisement campaign will be launched in December 2012 to attract as many potential students as possible in order to fulfill our assumption for the teachers’ load for the first half of the operational year 2013 (50% respectively). – – – Considering all of the above our goal is to reach a break-even point in 2 years 10 months and to cover fully the initial investment that was assigned by the National Bank to the company within the same period of time.The Return on Invested Capital5 (http://www. accountingscholar. com/roic. html, accessed on 8-Aug-2012) for years 2014 and 2015 is 64% and 65% accordingly, what is really an impressive number for the service provider company. 2. 5 General Strategy (Development Plan) It is essential to define the major milestones for our start-up. At this major milestones we will cross check our actual Financial Statements with the forecasted ones in order to understand whether we are moving forward as planned or some adjustments are required. 5 ROCI=After Tax Net Income / Capital Invested Page 13Figure 3 Start-up Roadmap 1 Business Plan is Ready 2 The funding is received 3 †¢ Office is available †¢ Language Programs are adapted †¢ Advertisements are designed and launched 4 †¢50% teachers’ capacity workload is reached †¢2013 H1 actuals are as forecasted 5 †¢80% teachers ’ capacity workload is reached †¢2013 H2 actuals are as forecasted 6 2014 and beyond: actuals are as forecasted Milestone 1 – BP is ready: No doubts the current business plan is a prototype for one more detailed, however it gives the main idea of the opportunity, start-up and its potential development.Milestone 2 – The funding for the start-up is available. This is one of the milestones when the start-up really has a chance to grow into a business. The management team of the start-up has to use the available funds according their initial plan to reach their objectives. Of course, some adjustments could be required while moving to further milestones, but this one is a confirmation of the sustainability of your business by the investors/bank. Milestone 3 – Here we have to have a re-constructed office space according to the size we are planning to have, with all the facilities in place and working.The facilities in our case are of utmost importance, due to the fact that our ‘e-Learning Language Course’ requires very good internet connection (100 Mbs) and video transmission. The furniture and ‘office-boxes’ for our teachers have to be ready as well. In parallel, to reach Milestone 3 we have to adapt the standard ‘face-to-face’ language programs to the distant-learning programs. The last but not the least the advertisement has to be ready for launch via 3 advertisement channels mentioned in 2. 3 Market Analysis Chapter. Milestone 4 – Now we are in our first operational year.The responsibility of the managing director with the start-up accountant is to monitor closely the sales, expenses, teachers’ workload and respective financial statements. This is one of the major milestones in a way that if the expected sales are not as high as we have planned or the forecasted expenses Page 14 are higher and increase our operational losses we will have to make a weighted decision whether we h ave to stay on the market or close the start-up or to change our business model. Milestone 5 – Is another important milestone that is planned to be reached by the end of the first operational year of the start-up.The same rules as for Milestone 4 are applied here. Milestone 6 – Another check point for the start-up operations. We may consider our services extension and geographical expansion at this milestone in case we are proceeding according to the forecasted financial statements. As you may see from the top, our strategy is pretty simple and straightforward. We do see the opportunity for the ‘e-Learning Language Course’ service – the most difficult thing would be really to accomplish all the planned milestones one by one making the right decisions at every milestone. â€Å"Milestone reviews are pointless unless managers use them for making decisions.The decisions help planners determine what they can do to ensure success or reduce the cost of fa ilure. † (Block and MacMillan, Milestones for Successful Venture Planning, 1998, Harvard Business Review, p. 132) 2. 6 Competitive Advantage At the moment there are no companies on the market, rendering the similar services, thus we are in a very good competitive position at the moment. However, due to the fact that this service could not be patented, we do expect that other companies from the educational branch will start to propose the same service to their customers.Hence our competitive advantage is the time and the quality – we are first on the market and we have the best teachers in our industry. Page 15 Appendix 1 – Management Team Managing Director / HR Manager Summary Major achievements during the last 5 years of my carrier in several words could be expressed as management, analysis and continuous improvement of the competence areas like Company Business Administration, Portfolio/Project Management, Company Operations and Financial Management. I possess management, business administration, leadership, analysis and communication skills developed up to high levels.Since 2006 I’ve contributed into successful project/program management practices, by means of introduction of a comprehensive estimation, planning and monitoring framework for company projects. It is worth mentioning that since 2007 more than 10 projects (up to 2m ? ) with multiple releases have been delivered to our customers successfully under my supervision and mentoring. Project Management Framework setup is another achievement I was able to accomplish. It is very important not only to detect the problems, it is much more important to make people understand that they have problems and o organize them in efficient way to resolve these. My personal Project Management experience as far as Project Management Professional [PMP] certification and participation in conferences and workshops enabled to accomplish this non trivial task. The last but not the least, Iâ€℠¢ve put in order our Contract Management and Financial Management systems what resulted in tangible financial savings for the company and my current studies on General MBA program of University of Wales at Robert Kennedy College, Switzerland supported me in these endeavors.Education General MBA UoW – 2nd year in progress Master of Computer Science, Master degree in Telecommunications (Programming Languages, Math, Diploma on Characters Recognition) Bachelor of Radio electronics (Aviation, Electrical Circuits, Economics, Diploma on Transmission-Line Antennas) Social Skills Strong leadership and communication skills, experience being a mediator between management, customer representatives Page 16Team Lead of Teachers’ Group Summary An articulate qualified English teacher who is able to effectively communicate with students from diverse backgrounds or varying degrees of ability. A committed and dedicated professional with a proven ability to teach, motivate and direct stud ents to maximum performance by encouraging a positive and energetic environment. Teaching English Language & Literature from KS3, KS4 and Entry level. Helping pupils to define and identify different types of verbs. Tailoring English teaching methods to suit the needs of individual students.Planning, preparing and delivering lessons to a range of English classes. Conducting up to 6 classes in one day. Marking work and giving appropriate feedback to pupils. Devising and writing new curriculum materials. Preparing pupils for external examinations, such as GCSE and A-level. Leading a group of different language teachers. Country State University, PhD in Modern Languages Master degree in English language and Literature Strong leadership and communication skills Able to use computer-assisted educational resources.Researching new topic areas and maintaining up-to-date subject knowledge. Able to teach vulnerable and sometimes challenging students. A committed and organized professional. Edu cation Social Skills Page 17 Exhibits Figure 4 Calculated NPV for the start-up Dec'12 Year 2013 Year 2014 Year 2015 â‚ ¬ (61,200. 00) â‚ ¬ â‚ ¬ (11,496. 00) â‚ ¬ 38,934. 00 â‚ ¬ â‚ ¬ (72,696. 00) â‚ ¬ (33,762. 00) â‚ ¬ Year 2016 39,555. 00 â‚ ¬ 5,793. 00 â‚ ¬ Year 2017 40,176. 00 â‚ ¬ 86,145. 00 â‚ ¬ 86,145. 00 31,449. 00 Start-up investment Profit/Loss after taxes NPV 40,176. 00 â‚ ¬ 45,969. 00 â‚ ¬Figure 5 Projected Monthly Financial Statement of Accounts for 2012/2013 Statements of Financial position Dec'12 EUR ASSETS Non-current assests Computers, Cofee-machine, etc Accumulated Depreciation (straight-even, 5 years) Language Programs Current assets Trade receivables Cash at bank and in hand Total Assets EQUITY AND LIABILITIES Equity Profit/Loss Non-current liabilities Current Liabilities Borrowings (all bank overdraft) Trade payables Total Equity and liabilities 23,100. 00 23,100. 00 (385. 00) 6,300. 00 29,015. 00 28,526. 50 28,526. 50 57 ,541. 0 23,100. 00 (770. 00) 6,300. 00 28,630. 00 28,143. 00 28,143. 00 56,773. 00 23,100. 00 (1,155. 00) 6,300. 00 28,245. 00 19,248. 50 19,248. 50 47,493. 50 23,100. 00 (1,540. 00) 6,300. 00 27,860. 00 18,565. 00 18,565. 00 46,425. 00 23,100. 00 (1,925. 00) 6,300. 00 27,475. 00 17,881. 50 17,881. 50 45,356. 50 23,100. 00 (2,310. 00) 6,300. 00 27,090. 00 8,987. 00 8,987. 00 36,077. 00 23,100. 00 (2,695. 00) 6,300. 00 26,705. 00 12,713. 50 12,713. 50 39,418. 50 23,100. 00 (3,080. 00) 6,300. 00 26,320. 00 16,440. 00 16,440. 00 42,760. 00 23,100. 00 (3,465. 0) 6,300. 00 25,935. 00 11,955. 50 11,955. 50 37,890. 50 23,100. 00 (3,850. 00) 6,300. 00 25,550. 00 15,682. 00 15,682. 00 41,232. 00 23,100. 00 (4,235. 00) 6,300. 00 25,165. 00 19,408. 50 19,408. 50 44,573. 50 23,100. 00 (4,620. 00) 6,300. 00 24,780. 00 14,924. 00 14,924. 00 39,704. 00 Jan'13 Feb'13 ? m Mar'13 Apr'13 May'13 Jun'13 Jul'13 Aug'13 Sep'13 Oct'13 Nov'13 Dec'13 6,300. 00 29,400. 00 21,800. 00 21,800. 00 51,200. 00 61200 (10,000. 00) (10,000. 00) 61200 61,200. 00 61,200. 00 51,200. 00 (3,658. 50) (3,658. 50) 61,200. 00 61,200. 00 57,541. 50 (4,427. 0) (4,427. 00) (13,706. 50) (13,706. 50) (14,775. 00) (14,775. 00) (15,843. 50) (15,843. 50) (25,123. 00) (25,123. 00) (21,781. 50) (21,781. 50) (18,440. 00) (18,440. 00) (23,309. 50) (23,309. 50) (19,968. 00) (19,968. 00) (16,626. 50) (16,626. 50) (21,496. 00) (21,496. 00) 61,200. 00 61,200. 00 56,773. 00 61,200. 00 61,200. 00 47,493. 50 61,200. 00 61,200. 00 46,425. 00 61,200. 00 61,200. 00 45,356. 50 61,200. 00 61,200. 00 36,077. 00 61,200. 00 61,200. 00 39,418. 50 61,200. 00 61,200. 00 42,760. 00 61,200. 00 61,200. 00 37,890. 50 61,200. 00 61,200. 0 41,232. 00 61,200. 00 61,200. 00 44,573. 50 61,200. 00 61,200. 00 39,704. 00 Page 18 Figure 6 Projected Monthly Financial Statement of Accounts for 2014 Statements of Financial position Jan'14 EUR ASSETS Non-current assests Computers, Cofee-machine, etc Accumulated Depreciation (straight-even, 5 years) La nguage Programs Current assets Trade receivables Cash at bank and in hand Total Assets EQUITY AND LIABILITIES Equity Profit/Loss Non-current liabilities Current Liabilities Borrowings (all bank overdraft) Trade payables Total Equity and liabilities 23,100. 0 (5,005. 00) 6,300. 00 24,395. 00 21,290. 50 21,290. 50 45,685. 50 23,100. 00 (5,390. 00) 6,300. 00 24,010. 00 27,657. 00 27,657. 00 51,667. 00 23,100. 00 (5,775. 00) 6,300. 00 23,625. 00 25,812. 50 25,812. 50 49,437. 50 23,100. 00 (6,160. 00) 6,300. 00 23,240. 00 32,179. 00 32,179. 00 55,419. 00 23,100. 00 (6,545. 00) 6,300. 00 22,855. 00 38,545. 50 38,545. 50 61,400. 50 23,100. 00 (6,930. 00) 6,300. 00 22,470. 00 36,701. 00 36,701. 00 59,171. 00 23,100. 00 (7,315. 00) 6,300. 00 22,085. 00 43,067. 50 43,067. 50 65,152. 50 23,100. 00 (7,700. 0) 6,300. 00 21,700. 00 49,434. 00 49,434. 00 71,134. 00 23,100. 00 (8,085. 00) 6,300. 00 21,315. 00 47,589. 50 47,589. 50 68,904. 50 23,100. 00 (8,470. 00) 6,300. 00 20,930. 00 53,956. 00 53 ,956. 00 74,886. 00 23,100. 00 (8,855. 00) 6,300. 00 20,545. 00 60,322. 50 60,322. 50 80,867. 50 23,100. 00 (9,240. 00) 6,300. 00 20,160. 00 33,478. 00 33,478. 00 53,638. 00 Feb'14 Mar'14 Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Dec'14 (15,514. 50) (15,514. 50) 61,200. 00 61,200. 00 45,685. 50 (9,533. 00) (9,533. 00) 61,200. 00 61,200. 00 51,667. 0 (11,762. 50) (11,762. 50) (5,781. 00) (5,781. 00) 200. 50 200. 50 (2,029. 00) (2,029. 00) 3,952. 50 3,952. 50 9,934. 00 9,934. 00 7,704. 50 7,704. 50 13,686. 00 13,686. 00 19,667. 50 19,667. 50 17,438. 00 17,438. 00 61,200. 00 61,200. 00 49,437. 50 61,200. 00 61,200. 00 55,419. 00 61,200. 00 61,200. 00 61,400. 50 61,200. 00 61,200. 00 59,171. 00 61,200. 00 61,200. 00 65,152. 50 61,200. 00 61,200. 00 71,134. 00 61,200. 00 61,200. 00 68,904. 50 61,200. 00 61,200. 00 74,886. 00 61,200. 00 61,200. 00 80,867. 50 36,200. 00 36,200. 00 53,638. 00 Page 19Figure 7 Projected Monthly Financial Statement of Accounts for 2015 Statements of Financial position Jan'15 EUR ASSETS Non-current assests Computers, Cofee-machine, etc Accumulated Depreciation (straight-even, 5 years) Language Programs Current assets Trade receivables Cash at bank and in hand Total Assets EQUITY AND LIABILITIES Equity Profit/Loss Non-current liabilities Current Liabilities Borrowings (all bank overdraft) Trade payables Total Equity and liabilities 23,100. 00 (9,625. 00) 6,300. 00 19,775. 00 39,844. 50 39,844. 50 59,619. 50 23,100. 00 (10,010. 00) 6,300. 00 19,390. 00 46,211. 00 46,211. 00 65,601. 00 23,100. 0 (10,395. 00) 6,300. 00 19,005. 00 44,366. 50 44,366. 50 63,371. 50 23,100. 00 (10,780. 00) 6,300. 00 18,620. 00 50,733. 00 50,733. 00 69,353. 00 23,100. 00 (11,165. 00) 6,300. 00 18,235. 00 57,099. 50 57,099. 50 75,334. 50 23,100. 00 (11,550. 00) 6,300. 00 17,850. 00 55,255. 00 55,255. 00 73,105. 00 23,100. 00 (11,935. 00) 6,300. 00 17,465. 00 25,525. 00 25,525. 00 42,990. 00 23,100. 00 (12,320. 00) 6,300. 00 17,080. 00 31,995. 00 31,99 5. 00 49,075. 00 23,100. 00 (12,705. 00) 6,300. 00 16,695. 00 30,254. 00 30,254. 00 46,949. 00 23,100. 00 (13,090. 00) 6,300. 00 16,310. 00 36,724. 00 36,724. 00 53,034. 00 23,100. 00 (13,475. 0) 6,300. 00 15,925. 00 43,194. 00 43,194. 00 59,119. 00 23,100. 00 (13,860. 00) 6,300. 00 15,540. 00 41,453. 00 41,453. 00 56,993. 00 Feb'15 Mar'15 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 Dec'15 23,419. 50 23,419. 50 36,200. 00 36,200. 00 59,619. 50 29,401. 00 29,401. 00 36,200. 00 36,200. 00 65,601. 00 27,171. 50 27,171. 50 33,153. 00 33,153. 00 39,134. 50 39,134. 50 36,905. 00 36,905. 00 42,990. 00 42,990. 00 49,075. 00 49,075. 00 46,949. 00 46,949. 00 53,034. 00 53,034. 00 59,119. 00 59,119. 00 56,993. 00 56,993. 00 36,200. 00 36,200. 00 63,371. 50 36,200. 00 36,200. 00 69,353. 00 36,200. 00 36,200. 0 75,334. 50 36,200. 00 36,200. 00 73,105. 00 42,990. 00 49,075. 00 46,949. 00 53,034. 00 59,119. 00 56,993. 00 Figure 8 Projected Monthly Income Statement for 2013 First operat ional year (2013) Sales Electricity Utilities Internet Rent Advertisment Salaries (teachers) Salaries (managing director/ HR manager) Salary (Assistant) Salary (Accountant) Depreciation (equipment) Profit before Interset Interest (2%) Profit befor Tax Taxes (35%) Profit/Loss after Tax Jan'13 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 7,350. 00 (20. 00) (500. 00) (385. 00) 6,445. 00 (103. 50) 6,341. 50 6,341. 50 Feb'13 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 7,350. 0 (30. 00) (30. 00) (20. 00) (500. 00) (5,600. 00) (500. 00) (350. 00) (600. 00) (385. 00) (665. 00) (103. 50) (768. 50) (768. 50) Mar'13 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 7,350. 00 (30. 00) (30. 00) (20. 00) (500. 00) (300. 00) (5,600. 00) (500. 00) (350. 00) (600. 00) (385. 00) (965. 00) (103. 50) (1,068. 50) (8,211. 00) (9,279. 50) Apr'13 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 7,350. 00 (30. 00) (30. 00) (20. 00) (500. 00) (300. 00) (5,600. 00) (500. 00) (350. 00) (600. 00) (385. 00) (965. 00) (103. 50) (1,068. 50) (1,068. 50) May'13 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 7,350. 00 (30. 00) (30. 00) (20. 00) (500. 00) (300. 0) (5,600. 00) (500. 00) (350. 00) (600. 00) (385. 00) (965. 00) (103. 50) (1,068. 50) (1,068. 50) Jun'13 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 7,350. 00 (30. 00) (30. 00) (20. 00) (500. 00) (300. 00) (5,600. 00) (500. 00) (350. 00) (600. 00) (385. 00) (965. 00) (103. 50) (1,068. 50) (8,211. 00) (9,279. 50) Jul'13 â‚ ¬ 11,760. 00 â‚ ¬ (30. 00) â⠀š ¬ (30. 00) â‚ ¬ (20. 00) â‚ ¬ (500. 00) â‚ ¬ (300. 00) â‚ ¬ (5,600. 00) â‚ ¬ (500. 00) â‚ ¬ (350. 00) â‚ ¬ (600. 00) â‚ ¬ (385. 00) â‚ ¬ 3,445. 00 â‚ ¬ (103. 50) â‚ ¬ 3,341. 50 â‚ ¬ â‚ ¬ 3,341. 50 Aug'13 â‚ ¬ 11,760. 00 â‚ ¬ (30. 00) â‚ ¬ (30. 00) â‚ ¬ (20. 00) â‚ ¬ (500. 00) â‚ ¬ (300. 00) â‚ ¬ (5,600. 00) â‚ ¬ (500. 00) â‚ ¬ (350. 00) â‚ ¬ (600. 00) â‚ ¬ (385. 0) â‚ ¬ 3,445. 00 â‚ ¬ (103. 50) â‚ ¬ 3,341. 50 â‚ ¬ â‚ ¬ 3,341. 50 Sep'13 â‚ ¬ 11,760. 00 â‚ ¬ (30. 00) â‚ ¬ (30. 00) â‚ ¬ (20. 00) â‚ ¬ (500. 00) â‚ ¬ (300. 00) â‚ ¬ (5,600. 00) â‚ ¬ (500. 00) â‚ ¬ (350. 00) â‚ ¬ (600. 00) â‚ ¬ (385. 00) â‚ ¬ 3,445. 00 â‚ ¬ (103. 50) â‚ ¬ 3,341. 50 â‚ ¬ (8,211. 00) â‚ ¬ (4,869. 50) Oct'13 â‚ ¬ 11,760. 00 â‚ ¬ (30. 00) â‚ ¬ (30. 00) â‚ ¬ (20. 00) â‚ ¬ (500. 00) â‚ ¬ (300. 00) â‚ ¬ (5,600. 00) â‚ ¬ (500. 00) â‚ ¬ (350. 00) â‚ ¬ (600. 00) â‚ ¬ (385. 00) â‚ ¬ 3,445. 00 â‚ ¬ (103. 50) â‚ ¬ 3,341. 50 â‚ ¬ â‚ ¬ 3,341. 50 Nov'13 â‚ ¬ 11,760. 00 â‚ ¬ (30. 00) â‚ ¬ (30. 00) â‚ ¬ (20. 00) â‚ ¬ (500. 00) â‚ ¬ (300. 00) â‚ ¬ (5,600. 00) â‚ ¬ (500. 00) â‚ ¬ (350. 00) â‚ ¬ (600. 00) â‚ ¬ (385. 00) â‚ ¬ 3,445. 00 â‚ ¬ (103. 50) â‚ ¬ 3,341. 0 â‚ ¬ â‚ ¬ 3,341. 50 Dec'13 â‚ ¬ 11,760. 00 â‚ ¬ (30. 00) â‚ ¬ (30. 00) â‚ ¬ (20. 00) â‚ ¬ (500. 00) â‚ ¬ (300. 00) â‚ ¬ (5,600. 00) â‚ ¬ (500. 00) â‚ ¬ (350. 00) â‚ ¬ (600. 00) â‚ ¬ (385. 00) â‚ ¬ 3,445. 00 â‚ ¬ (103. 50) â‚ ¬ 3,341. 50 â‚ ¬ (8,211. 00) â‚ ¬ (4,869. 50) Page 20 Figure 9 Projected Monthly Income Statement for 2014 Second operational year (2014) Sales Electricity Utilities Internet Rent Advertisment Salaries (teachers) Salaries (managing director/ HR manager) Salary (Assistant) Salary (Accountant) Depreciation (equipment) Profit before Interset Interest (2%) Profit before Tax Taxes (35%) Profit/Loss after Tax Jan'14 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 14,700. 0 (30. 00) (30. 00) (20. 00) (500. 00) (100. 00) (5,600. 00) (1,000. 00) (350. 00) (600. 00) (385. 00) 6,085. 00 (103. 50) 5,981. 50 5,981. 50 Feb'14 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 14,700. 00 (30. 00) (30. 00) (20. 00) (500. 00) (100. 00) (5,600. 00) (1,000. 00) (350. 00) (600. 00) (385. 00) 6,085. 00 (103. 50) 5,981. 50 5,981. 50 Mar'14 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 14,700. 00 (30. 00) (30. 00) (20. 00) (500. 00) (100. 00) (5,600. 00) (1,000. 00) (350. 00) (600. 00) (385. 00) 6,085. 00 (103. 50) 5,981. 50 (8,211. 00) (2,229. 50) Apr'14 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â⠀š ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 14,700. 0 (30. 00) (30. 00) (20. 00) (500. 00) (100. 00) (5,600. 00) (1,000. 00) (350. 00) (600. 00) (385. 00) 6,085. 00 (103. 50) 5,981. 50 5,981. 50 May'14 Jun'14 â‚ ¬ 14,700. 00 â‚ ¬ â‚ ¬ (30. 00) â‚ ¬ â‚ ¬ (30. 00) â‚ ¬ â‚ ¬ (20. 00) â‚ ¬ â‚ ¬ (500. 00) â‚ ¬ â‚ ¬ (100. 00) â‚ ¬ â‚ ¬ (5,600. 00) â‚ ¬ â‚ ¬ (1,000. 00) â‚ ¬ â‚ ¬ (350. 00) â‚ ¬ â‚ ¬ (600. 00) â‚ ¬ â‚ ¬ (385. 00) â‚ ¬ â‚ ¬ 6,085. 00 â‚ ¬ â‚ ¬ (103. 50) â‚ ¬ â‚ ¬ 5,981. 50 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 5,981. 50 â‚ ¬ 14,700. 00 (30. 00) (30. 00) (20. 00) (500. 00) (100. 00) (5,600. 00) (1,000. 00) (350. 00) (600. 00) (385. 00) 6,085. 00 (103. 50) 5,981. 50 (8,211. 00) (2,229. 50) Jul'14 â‚ ¬ 14,700. 00 â‚ ¬ (30. 00) â‚ ¬ (30. 00) â‚ ¬ (20. 0) â‚ ¬ (500. 00) â‚ ¬ (100. 00) â‚ ¬ (5,600. 00) â‚ ¬ (1,000. 00) â‚ ¬ (350. 00) â‚ ¬ (600. 00) à ¢â€š ¬ (385. 00) â‚ ¬ 6,085. 00 â‚ ¬ (103. 50) â‚ ¬ 5,981. 50 â‚ ¬ â‚ ¬ 5,981. 50 Aug'14 â‚ ¬ 14,700. 00 â‚ ¬ (30. 00) â‚ ¬ (30. 00) â‚ ¬ (20. 00) â‚ ¬ (500. 00) â‚ ¬ (100. 00) â‚ ¬ (5,600. 00) â‚ ¬ (1,000. 00) â‚ ¬ (350. 00) â‚ ¬ (600. 00) â‚ ¬ (385. 00) â‚ ¬ 6,085. 00 â‚ ¬ (103. 50) â‚ ¬ 5,981. 50 â‚ ¬ â‚ ¬ 5,981. 50 Sep'14 â‚ ¬ 14,700. 00 â‚ ¬ (30. 00) â‚ ¬ (30. 00) â‚ ¬ (20. 00) â‚ ¬ (500. 00) â‚ ¬ (100. 00) â‚ ¬ (5,600. 00) â‚ ¬ (1,000. 00) â‚ ¬ (350. 00) â‚ ¬ (600. 00) â‚ ¬ (385. 00) â‚ ¬ 6,085. 00 â‚ ¬ (103. 50) â‚ ¬ 5,981. 50 â‚ ¬ (8,211. 00) â‚ ¬ (2,229. 50) Oct'14 â‚ ¬ 14,700. 00 â‚ ¬ (30. 00) â‚ ¬ (30. 00) â‚ ¬ (20. 0) â‚ ¬ (500. 00) â‚ ¬ (100. 00) â‚ ¬ (5,600. 00) â‚ ¬ (1,000. 00) â‚ ¬ (350. 00) â‚ ¬ (600. 00) â‚ ¬ (385. 00) â‚ ¬ 6,085. 00 â‚ ¬ (103. 50) â‚ ¬ 5,981. 50 â‚ ¬ â‚ ¬ 5,981. 50 Nov'14 â‚ ¬ 14,700. 00 â‚ ¬ (30. 00) â‚ ¬ (30. 00) â‚ ¬ (20. 00) â‚ ¬ (500. 00) â‚ ¬ (100. 00) â‚ ¬ (5,600. 00) â‚ ¬ (1,000. 00) â‚ ¬ (350. 00) â‚ ¬ (600. 00) â‚ ¬ (385. 00) â‚ ¬ 6,085. 00 â‚ ¬ (103. 50) â‚ ¬ 5,981. 50 â‚ ¬ â‚ ¬ 5,981. 50 Dec'14 â‚ ¬ 14,700. 00 â‚ ¬ (30. 00) â‚ ¬ (30. 00) â‚ ¬ (20. 00) â‚ ¬ (500. 00) â‚ ¬ (100. 00) â‚ ¬ (5,600. 00) â‚ ¬ (1,000. 00) â‚ ¬ (350. 00) â‚ ¬ (600. 00) â‚ ¬ (385. 00) â‚ ¬ 6,085. 00 â‚ ¬ (103. 50) â‚ ¬ 5,981. 50 â‚ ¬ (8,211. 00) â‚ ¬ (2,229. 50) Figure 10 Projected Monthly Income Statement for 2015Third operational year (2015) Sales Electricity Utilities Internet Rent Advertisment Salaries (teachers) Salaries (managing director/ HR manager) Salary (Assistant) Salary (Accountant) Depreciation (equipment) Profit before Interset Interest (2%) Profit before Tax Taxes (35%) Profit/Loss after Tax Jan'15 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ ↚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 14,700. 00 (30. 00) (30. 00) (20. 00) (500. 00) (100. 00) (5,600. 00) (1,000. 00) (350. 00) (600. 00) (385. 00) 6,085. 00 (103. 50) 5,981. 50 5,981. 50 Feb'15 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 14,700. 00 (30. 00) (30. 00) (20. 00) (500. 00) (100. 00) (5,600. 00) (1,000. 00) (350. 00) (600. 0) (385. 00) 6,085. 00 (103. 50) 5,981. 50 5,981. 50 Mar'15 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 14,700. 00 (30. 00) (30. 00) (20. 00) (500. 00) (100. 00) (5,600. 00) (1,000. 00) (350. 00) (600. 00) (385. 00) 6,085. 00 (103. 50) 5,981. 50 (8,211. 00) (2,229. 50) Apr'15 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 14,700. 00 (30. 00) (30. 00) (20. 00) (500. 00) (100. 00) (5,600. 00) ( 1,000. 00) (350. 00) (600. 00) (385. 00) 6,085. 00 (103. 50) 5,981. 50 5,981. 50 May'15 Jun'15 â‚ ¬ 14,700. 00 â‚ ¬ â‚ ¬ (30. 00) â‚ ¬ â‚ ¬ (30. 00) â‚ ¬ â‚ ¬ (20. 00) â‚ ¬ â‚ ¬ (500. 00) â‚ ¬ â‚ ¬ (100. 00) â‚ ¬ â‚ ¬ (5,600. 00) â‚ ¬ â‚ ¬ (1,000. 00) â‚ ¬ â‚ ¬ (350. 00) â‚ ¬ â‚ ¬ (600. 00) â‚ ¬ â‚ ¬ (385. 00) â‚ ¬ â‚ ¬ 6,085. 0 â‚ ¬ â‚ ¬ (103. 50) â‚ ¬ â‚ ¬ 5,981. 50 â‚ ¬ â‚ ¬ â‚ ¬ â‚ ¬ 5,981. 50 â‚ ¬ 14,700. 00 (30. 00) (30. 00) (20. 00) (500. 00) (100. 00) (5,600. 00) (1,000. 00) (350. 00) (600. 00) (385. 00) 6,085. 00 (103. 50) 5,981. 50 (8,211. 00) (2,229. 50) Jul'15 â‚ ¬ 14,700. 00 â‚ ¬ (30. 00) â‚ ¬ (30. 00) â‚ ¬ (20. 00) â‚ ¬ (500. 00) â‚ ¬ (100. 00) â‚ ¬ (5,600. 00) â‚ ¬ (1,000. 00) â‚ ¬ (350. 00) â‚ ¬ (600. 00) â‚ ¬ (385. 00) â‚ ¬ 6,085. 00 â‚ ¬ â‚ ¬ â‚ ¬ Aug'15 â‚ ¬ 14,700. 00 â‚ ¬ (30. 00) â‚ ¬ (30. 00) â‚ ¬ (20. 00) â⠀š ¬ (500. 00) â‚ ¬ (100. 00) â‚ ¬ (5,600. 00) â‚ ¬ (1,000. 00) â‚ ¬ (350. 00) â‚ ¬ (600. 00) â‚ ¬ (385. 00) â‚ ¬ 6,085. 00 Sep'15 â‚ ¬ 14,700. 00 â‚ ¬ (30. 00) â‚ ¬ (30. 00) â‚ ¬ (20. 00) â‚ ¬ (500. 00) â‚ ¬ (100. 00) â‚ ¬ (5,600. 00) â‚ ¬ (1,000. 0) â‚ ¬ (350. 00) â‚ ¬ (600. 00) â‚ ¬ (385. 00) â‚ ¬ 6,085. 00 Oct'15 â‚ ¬ 14,700. 00 â‚ ¬ (30. 00) â‚ ¬ (30. 00) â‚ ¬ (20. 00) â‚ ¬ (500. 00) â‚ ¬ (100. 00) â‚ ¬ (5,600. 00) â‚ ¬ (1,000. 00) â‚ ¬ (350. 00) â‚ ¬ (600. 00) â‚ ¬ (385. 00) â‚ ¬ 6,085. 00 Nov'15 â‚ ¬ 14,700. 00 â‚ ¬ (30. 00) â‚ ¬ (30. 00) â‚ ¬ (20. 00) â‚ ¬ (500. 00) â‚ ¬ (100. 00) â‚ ¬ (5,600. 00) â‚ ¬ (1,000. 00) â‚ ¬ (350. 00) â‚ ¬ (600. 00) â‚ ¬ (385. 00) â‚ ¬ 6,085. 00 Dec'15 â‚ ¬ 14,700. 00 â‚ ¬ (30. 00) â‚ ¬ (30. 00) â‚ ¬ (20. 00) â‚ ¬ (500. 00) â‚ ¬ (100. 00) â‚ ¬ (5,600. 00) â‚ ¬ (1,000. 00) â‚ ¬ (350. 00) â‚ ¬ (600. 00) â‚ ¬ (385. 00) â‚ ¬ 6,085. 00 6,085. 00 (8,211. 00) (2,126. 00) 6,085. 00 â‚ ¬ â‚ ¬ 6,085. 00 â‚ ¬ 6,085. 00 â‚ ¬ 6,085. 00 â‚ ¬ 6,085. 00 â‚ ¬ 6,085. 00 â‚ ¬ â‚ ¬ (8,211. 0) â‚ ¬ â‚ ¬ â‚ ¬ 6,085. 00 â‚ ¬ (2,126. 00) â‚ ¬ 6,085. 00 â‚ ¬ 6,085. 00 â‚ ¬ Page 21 Figure 11 Projected Monthly Cash Flow 2012/2013 Cash flows statements Operating profit Depreciation costs Interest payable Cash generated from operations Interest paid Taxation paid Net cash from operation activities Cash flows from investing activities Intangible assets (additions) Net cash used in investing activities Cash flows from financing activities Re-payment of Loan notes Net cash outflow from financing activities Net decrease in cash and cash equivalents Dec'12 Jan'13 Feb'13 Mar'13 Apr'13 May'13 Jun'13 Jul'13 Aug'13 Sep'13 Oct'13 Nov'13 Dec'13 (10,000. 0) 6,341. 50 (768. 50) (1,068. 50) (1,068. 50) (1,068. 50) (1,068. 50) 3,341. 50 3,341. 50 3,341. 50 3,341 . 50 3,341. 50 3,341. 50 385. 00 385. 00 385. 00 385. 00 385. 00 385. 00 385. 00 385. 00 385. 00 385. 00 385. 00 385. 00 103. 50 103. 50 103. 50 103. 50 103. 50 103. 50 103. 50 103. 50 103. 50 103. 50 103. 50 103. 50 (10,000. 00) 6,830. 00 (280. 00) (580. 00) (580. 00) (580. 00) (580. 00) 3,830. 00 3,830. 00 3,830. 00 3,830. 00 3,830. 00 3,830. 00 (103. 50) (103. 50) (103. 50) (103. 50) (103. 50) (103. 50) (103. 50) (103. 50) (103. 50) (103. 50) (103. 50) (103. 50) (8,211. 0) (8,211. 00) (8,211. 00) (8,211. 00) (10,000. 00) 6,726. 50 (383. 50) (8,894. 50) (683. 50) (683. 50) (8,894. 50) 3,726. 50 3,726. 50 (4,484. 50) 3,726. 50 3,726. 50 (4,484. 50) (10,000. 00) 6,726. 50 (383. 50) (8,894. 50) (683. 50) (683. 50) (8,894. 50) 3,726. 50 3,726. 50 (4,484. 50) 3,726. 50 3,726. 50 (4,484. 50) Figure 12 Projected Monthly Cash Flow 2014 Jan'14 Feb'14 Mar'14 Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Dec'14 5,981. 50 5,981. 50 5,981. 50 5,981. 50 5,981. 50 5,981. 50 5,981. 50 5 ,981. 50 5,981. 50 5,981. 50 5,981. 50 5,981. 50 385. 00 385. 0 385. 00 385. 00 385. 00 385. 00 385. 00 385. 00 385. 00 385. 00 385. 00 385. 00 103. 50 103. 50 103. 50 103. 50 103. 50 103. 50 103. 50 103. 50 103. 50 103. 50 103. 50 103. 50 6,470. 00 6,470. 00 6,470. 00 6,470. 00 6,470. 00 6,470. 00 6,470. 00 6,470. 00 6,470. 00 6,470. 00 6,470. 00 6,470. 00 (103. 50) (103. 50) (103. 50) (103. 50) (103. 50) (103. 50) (103. 50) (103. 50) (103. 50) (103. 50) (103. 50) (103. 50) (8,211. 00) (8,211. 00) (8,211. 00) (8,211. 00) 6,366. 50 6,366. 50 (1,844. 50) 6,366. 50 6,366. 50 (1,844. 50) 6,366. 50 6,366. 50 (1,844. 50) 6,366. 50 6,366. 0 (1,844. 50) 6,366. 50 Operating profit Depreciation costs Interest payable Cash generated from operations Interest paid Taxation paid Net cash from operation activities Cash flows from investing activities Intangible assets (additions) Net cash used in investing activities Cash flows from financing activities Re-payment of Loan notes Net cash outflow f rom financing activities Net decrease in cash and cash equivalents 6,366. 50 (1,844. 50) 6,366. 50 6,366. 50 (1,844. 50) 6,366. 50 6,366. 50 (1,844. 50) 6,366. 50 6,366. 50 (25,000. 00) (25,000. 00) (26,844. 50) Page 22Figure 13 Projected Monthly Cash Flow 2015 Jan'15 Feb'15 Mar'15 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 Dec'15 5,981. 50 5,981. 50 5,981. 50 5,981. 50 5,981. 50 5,981. 50 6,085. 00 6,085. 00 6,085. 00 6,085. 00 6,085. 00 6,085. 00 385. 00 385. 00 385. 00 385. 00 385. 00 385. 00 385. 00 385. 00 385. 00 385. 00 385. 00 385. 00 103. 50 103. 50 103. 50 103. 50 103. 50 103. 50 6,470. 00 6,470. 00 6,470. 00 6,470. 00 6,470. 00 6,470. 00 6,470. 00 6,470. 00 6,470. 00 6,470. 00 6,470. 00 6,470. 00 (103. 50) (103. 50) (103. 50) (103. 50) (103. 50) (103. 50) (8,211. 00) (8,211. 0) (8,211. 00) (8,211. 00) 6,366. 50 6,366. 50 (1,844. 50) 6,366. 50 6,366. 50 (1,844. 50) 6,470. 00 6,470. 00 (1,741. 00) 6,470. 00 6,470. 00 (1,741. 00) 6,366. 50 Operating profit Depre ciation costs Interest payable Cash generated from operations Interest paid Taxation paid Net cash from operation activities Cash flows from investing activities Intangible assets (additions) Net cash used in investing activities Cash flows from financing activities Re-payment of Loan notes Net cash outflow from financing activities Net decrease in cash and cash equivalents 6,366. 50 (1,844. 50)