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Unknown on Sabtu, 26 Februari 2011
In 2008, a result of a misunderstanding SNMPTN information, dozens of participants of the National Selection State University Entrance exam the first day of absence following the SNMPTN. Those who are disappointed this question to the Secretariat of the Local Committee Bandung SNMPTN 2008, Thursday (3 / 7).
Participants who come to the Secretariat Panlok SNMPTN 2008 in Bandung, Bandung Institute of Technology Labtek V amounted to 16 people. Some accompanied their parents. They came rollicking, yesterday afternoon, after the exam tests the ability of the IPS. They are entirely a participant of the IPS line that har i did not take the test on Wednesday (2 / 7) because one perceives errata schedule.
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Basic Math
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Science Math
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Ilham Maulana (17), participants who came all the way from Gunung Halu, Bandung regency, was disappointed with the exam schedule errata committee who judged incomplete. Because, in the correction was only written tests IPS Wednesday. "Only then was told the schedule matched with the manual. In fact, because the copies, I get error below it there is no need to match the writing manual," he complained.
Hendri Kusmayadi (19), participants from Pontianak, express, errata committee who has made it confusing. Therefore, only the written exam schedule at 10.30 on Thursday (3 / 7). He felt aggrieved over this incident. Because, will close his chance to pass SNMPTN 2008. "Moreover, this year they follow the national selection this PTN. We ask that the policy committee to follow-up tests," he said.
Confirmed separately, Chairman Panlok Bandung SNMPTN 2008 Adang Surahman asserted, authority and such supplementary exam on the central committee. Bandung Panlok will only deliver the minutes of this issue to the center.
He explained that these cases occur due to typographical errors in the exam schedule IPS group participants card. Meanwhile, printing of forms, cards of participants, test scripts and manual were all conducted in the central committee. "We include the revision. The revised it's just wrong," he said.
On the card the original participants (before revision), the written exam first and second day are equally at 07.30 pm. In fact, specifically the IPS, should test the second day was at 11.00. Typographical errors also occurred on 11 page guidebook.
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Yet this year, the number of incoming PTN increases, namely Kuala University in Aceh, Jambi University, and the State Islamic University (UIN) Makassar. Chairman of the Committee of UMB-PTN 2009 Sucipto said the decline in capacity is much influenced by the absence of Hasanuddin University is the accommodation of this year.
"I do not remember the exact figures at UMB Unhas capacity last year, but big enough," said Sucipto in the press release in SMPB Nusantara Room, Saturday (6 / 6).
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Basic Math
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Science Math
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Vice Rector for Academic UNJ Rafli Zainal also recognize that it also reduces the amount of capacity through UMB-PTN. This year, UNJ only provides 612 seats through UMB-PTN or declined about 20 percent of capacity last year.
"UNJ carrying capacity at UMB as a whole declined due to decreased capacity. We want to focus on improving quality," said Zainal to Kompas.com.
Vice Chancellor for Academic Affairs, University of Indonesia M Anis said that the capacity provided by the UI via the UMB-PTN 2009 only 850 seats. However, Anis said forget whether there was a decrease of capacity by the same route last year.
Meanwhile, the committee ensures that the number of seats provided by the University of North Sumatra to 2,000 seats. The ratio between the capacity and number of participants does not change, namely 1:9, due to decreased capacity through UMB-PTN followed by a decrease in the number of participants who register. This year, participants from the figure amounted to 74,544 people 98,426 people last year.
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University of Indonesia opened an entry point for prospective freshmen anymore. By 56 percent of prospective new UI undergraduate students will be accepted through a pathway called the Selection of Entry Consider the University of Indonesia or the UI. Admission selection test conducted by the University of Indonesia itself is open for registration from 19 January 2009.
Moreover, the acceptance by the National Selection Entrance State University or SNM PTN about 5 percent, the Joint Entrance Examination by 5 percent, and the rest through Regional Cooperation and Industry, track and academic achievement. Each year, the UI receives about 5,000 new students a degree program.
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Basic Math
Soal Matematika Dasar Package 1
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Science Math
Soal Matematika Package 1
Soal Matematika Package 2
Soal Matematika Package 3
Soal Matematika Package 4
Rector of the University of Indonesia Gumilar Rusliwa Soemantri said on Tuesday (6 / 1), the universities will remain concerned with the quality and high standards in the selection process, rather than financial ability. Tuition will be adjusted to the direction you take and the economic ability of students. "There is also a scholarship," he said.
Consider the revenue model through the UI that is integrated into the UI selection test was applied for admission in all educational programs that exist in the UI. For S1, online registration and open from 19 January to 19 February 2009, while the selection test was held on March 1, 2009. There are local committees in 40 cities across Indonesia, which can help participants who want to register. Especially for areas that are still difficulties accessing the internet. Information regarding the acceptance of new models that can be accessed via http://penerimaan.ui.ac.id.
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SNMPTN born out of criticism of PTN about financial management in the selection process of new admissions (SNCA) in the last two years. After going through a long discussion, 57 agreed to hold SNMPTN PTN with a transparent financial management system.
UMB is entered with a written test to five PTN, namely UI, UNJ, UIN Syarif Hidayatullah Jakarta, Medan USU, and Hasanuddin University in Makassar.
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Basic Math
Soal Matematika Dasar Snmptn 2008 Package 1
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Soal Matematika Dasar Snmptn 2008 Package 3
Soal Matematika Dasar Snmptn 2008 Package 4
Soal Matematika Dasar Snmptn 2008 Package 5
Soal Matematika Dasar Snmptn 2008 Package 6
Science Math
Soal Matematika Snmptn 2008 Package 1
Soal Matematika Snmptn 2008 Package 2
Soal Matematika Snmptn 2008 Package 3
Soal Matematika Snmptn 2008 Package 4
Soal Matematika Snmptn 2008 Package 5
Soal Matematika Snmptn 2008 Package 6
These days will be as oppressive for those who want to seek higher education.
"Now more and more how to register with the PTN, but it must find its own information or ask the school. But, what makes us dizzy, PTN is now beginning commercial, "said Arif.
"I just hang up the results from UMB and SNMPTN this, hopefully I stay out SNMPTN baseball," said Kartini Barrel.
Each system has a capacity of recruitment is different. GMU, for example, received 30 percent of new students from the search path seeds, 65 percent through the written test, and 5 percent of the remainder through the SNMPTN.
UNJ open lines of search revenue interests and abilities (PMDK) with a quota of 10 percent, UMB 30-35 percent, and the rest SNMPTN.
Actually if you go PTN first target for any reason, such as low fees, you must have a strategy. For example, installing the first choice with major prestigious (high passing grade) and second choice for the department which is roughly enthusiasts quiet (low passing grade.)
Therefore, ask your teacher or guidance counselor in learning to know the passing grade for each course of study. Know your capacity before, just adjust to the passing grade for each course of study.
Indeed, many ways to get in the PTN. To be able to enter PTN kemungkinanmu higher, you do have to hold information on procedures for incoming PTN, which have various lane entrance that way.
Enter a variety of ordinances that also apply to the diploma program. Please remember, every college has a procedure that was different entrance.
To obtain various information, most easily via the website PTN desired.
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In 2008, a result of a misunderstanding SNMPTN information, dozens of participants of the National Selection State University Entrance exam the first day of absence following the SNMPTN. Those who are disappointed this question to the Secretariat of the Local Committee Bandung SNMPTN 2008, Thursday (3 / 7).
Participants who come to the Secretariat Panlok SNMPTN 2008 in Bandung, Bandung Institute of Technology Labtek V amounted to 16 people. Some accompanied their parents. They came rollicking, yesterday afternoon, after the exam tests the ability of the IPS. They are entirely a participant of the IPS line that har i did not take the test on Wednesday (2 / 7) because one perceives errata schedule.
Download Soal Matematika Snmptn 2009
Basic Math
Package 1
Package 2
Package 3
Package 4
Package 5
Package 6
Solutions of Package 1
Solutions of Package 2
Solutions of Package 3
Solutions of Package 4
Science Math
Package 1
Package 2
Package 3
Package 4
Package 5
Package 6
Solutions of Package 1
Solutions of Package 2
Solutions of Package 3
Ilham Maulana (17), participants who came all the way from Gunung Halu, Bandung regency, was disappointed with the exam schedule errata committee who judged incomplete. Because, in the correction was only written tests IPS Wednesday. "Only then was told the schedule matched with the manual. In fact, because the copies, I get error below it there is no need to match the writing manual," he complained.
Hendri Kusmayadi (19), participants from Pontianak, express, errata committee who has made it confusing. Therefore, only the written exam schedule at 10.30 on Thursday (3 / 7). He felt aggrieved over this incident. Because, will close his chance to pass SNMPTN 2008. "Moreover, this year they follow the national selection this PTN. We ask that the policy committee to follow-up tests," he said.
Confirmed separately, Chairman Panlok Bandung SNMPTN 2008 Adang Surahman asserted, authority and such supplementary exam on the central committee. Bandung Panlok will only deliver the minutes of this issue to the center.
He explained that these cases occur due to typographical errors in the exam schedule IPS group participants card. Meanwhile, printing of forms, cards of participants, test scripts and manual were all conducted in the central committee. "We include the revision. The revised it's just wrong," he said.
On the card the original participants (before revision), the written exam first and second day are equally at 07.30 pm. In fact, specifically the IPS, should test the second day was at 11.00. Typographical errors also occurred on 11 page guidebook.
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Indonesian Education University Entrance Examination (UM-UPI) aims to obtain prospective students excel by giving opportunities to the community more broadly to become students, and contribute in improving the quality of education in the UPI.
Education University of Indonesia was established on October 20, 1954 in Bandung, was inaugurated by the Minister of Education Teaching Mr. Muhammad Yamin. Originally called the Higher Education Teacher Education (PTPG), was established with the background history of the growth of the nation, who realize that efforts to educate and educate the nation is an important part in the independence. Some reasons for the establishment of PTPG among others:
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First, after Indonesia achieved independence, the Indonesian people are very hungry for education. Second, the need for qualified teachers prepared and university level to improve the quality of education that will pioneer the establishment of a prosperous society.
UPI main building debris originated from a villa called Villa Isola, is a relic of a former era before World War II. (In the struggle against the occupiers, the building was once used as headquarters of the freedom fighters). Debris was rebuilt and later transformed into a building called Earth Siliwangi magnificent architectural style of the original.
It was here for the first time the boys got gemblengan teacher education at university level, as the realization of the Decree of the Minister of Education Teaching and Culture of the Republic of Indonesia (No. 35 742 dated 1 September 1954 regarding the establishment PTPG / High school Teacher Education).
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Based on Government Regulation no. 66 years of 2010 and Regulation of Minister no. 34 of 2010 concerning the pattern of acceptance of new student program (S1) to college, then to new admissions process S1 Undip in 2011 will be arranged through a national selection and selection of local / independent.
Selection paths into programs Diponegoro University Strata 1 (S1) for the year 2011 are as follows:
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a. Selection By Local / Independent
1. Line PSSB (Potential Student Selection Program) Tier 1 partnership program. Potential Student Selection Program (PSSB) Partnership is one of the selection of incoming students to the University of Diponegoro without the written exam. Aside from the Gaza SNMPTN Invitation, PSSB partnership will still be held but time after SNMPTN. S1 PSSB Undip Partnership is a new candidate selection program conducted basing interest, academic potential, and potential cooperation for development UNDIP donations in the form of participation. Interests and academic potential of prospective students in the selection PSSB-Partnership is seen from the academic reputation of the prospective student during his education at the high school indicated by the value of report cards and other awards earned by the achievement of certain accomplishments. Interest in prospective students to enter one of the courses of study at UNDIP will also be considered with the capacity and level of competition among applicants. Consideration of potential co-operation will mainly be focused on the willingness of donors / sponsors or prospective parents of students in participating to contribute to the development of Diponegoro. Thus, PSSB PARTNERSHIP is a new student selection process is based on two aspects, namely the academic potential and interest of prospective students, and aspects of participation in the development of the university.
2. Line UM (Self Test) is an independent selection lines through a written test to participate in educational programs in Undip S1. Registration will begin May 2 to June 24. Further information can be accessed at: http://um.undip.ac.id
b. Selection Nationally
1. SNMPTN (National Selection Entrance State University) Path Invitation Based Penjaringan Academic Achievement. Registration opened on 1 February - 12 March 2011. Registration and information can be accessed on the web: www.snmptn.ac.id
2. SNMPTN (National Selection Entrance State University) point written examination and / or skills. Registration opened on May 2 to 24 2011. Registration and information can be accessed www.snmptn.ac.id.
3. Line Scholarship Shoot Mission. Elucidation of the complete registration mechanism can be accessed at http://bidikmisi.dikti.go.id/portal. Year 2011 has a quota of 225 people Undip students who will receive scholarships Shutter Mission
For selection into the Diploma program in 2011 Undip all done locally / independently through selected channels as follows:
1. Line PSSB (Potential Student Selection Program) Academic Diploma III program. Selection has been open from 3 January 2011 to February 28, 2011 online. Full details can be read on the menu PSSB D3 in this web site.
2. Line UM D-III (Self Examination Diploma III) is the point of selection through a written test for entry into the diploma program Undip III. Registration will open around July-August 2011. Registration will be done online at the web site: http://um.undip.ac.id
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Registration for New Students follow the Joint Selection Telkom (Telkom SMBB) 2011/2012 Academic Year in Higher Education under the Education Foundation of Telkom
* Institut Teknologi Telkom (IT Telkom)
* Telkom Institute of Management (IM Telkom)
* Polytechnic Telkom (Politel)
* High School of Art and Design Indonesia Telkom (Telkom Stisi)
* Telkom Professional Development Center (PDC Telkom)
There are 2 (two) methods you can follow to enter into a new student, Academic Year 2011/2012 are:
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1) DCBT (Daily Computer Based Test) and
2) OPBT (Offline Paper Based Test)
DCBT method is only implemented in Bandung (DCBT test locations on campus IM Telkom, Telkom Polytechnic, STISI Telkom and Telkom PDC). DCBT method lets you know the outcome of graduation in realtime, after you finish the test. How to follow DCBT:
1) You go to the location of the test by paying a registration fee of Rp. 300,000 (three hundred thousand dollars) at the test location
2) You are welcome to fill in biographical data directly in the test, and then you take the test DCBT
Method DCBT will be open from early November 2010 and you can follow DCBT more than once, but each of you follow DCBT have to pay again.
The path is held on the method OPBT Exam Writing (UTG UTG 1 and 2), the entrance exam (USM USM 1 and 2), Line Search Academic Potential (JPPA Superior, National JPPA, and JPPA OSN)
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Universitas Indonesia (UI) back to open opportunities to students all over Indonesia to study at UI through Entrance Selection, University of Indonesia (See UI) 2011. Consider the UI is a selection test that is integrated into the UI of education Vokasi/D3 to Doctoral education.
"This is not an independent line with the cost of expensive because it has been determined through a just education costs," said Head of Communications Office of the UI Vishnu Juwono to Kompas.com on Thursday (30/12/2010).
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Vishnu explained, the cost of education for the S-1 Regular students who netted through the same UI Consider students accepted through a national selection or SNMPTN and AEOS (Equal Opportunities Learning Program).
Consider The UI 2011 will be held simultaneously on July 3, 2011 in several major cities in Indonesia. Registration permanent selection is done online via the page http://penerimaan.ui.ac.id. Prospective students can choose a minimum of two courses of study to pay Rp 200,000.
"The announcement of the selection was held on July 24, 2010,"said Vishnu.
The concept of new admissions at the University of Indonesia are:
1. Integration
Selection is centralized with a consistent standard operating procedures.
2. Excellence
Selection of candidates who are able to capture that is ready to grow together with leading the University of Indonesia, and in line with international standards and practices.
3. Enterprising
Implementation of an efficient selection based on cost recovery.
Education Program in the Univ. Indonesia is:
1. Vocational (D3)
2. S1 Regular
3. Parallel S1
4. International Class S1
5. S1 Extension
6. Master (S2)
7. Profession
8. Specialist
9. Doctoral (S3)
For students / graduates from high school, a pathway that can be used are:
1. Entrance Path Selection AEOS (Achievements and Equitable Learning Opportunities / PMDK) for S1 Regular Programme, the International Class S1 and vocational. Schools that qualify are invited to send its best students to follow the selection AEOS.
2. Entrance Path Selection SIMAK for S1 Program Regular, Parallel S1, S1 and vocational International Class (D3), a nationally implemented simultaneously in major cities in Indonesia. SIMAK not independent route, because the cost of education has been established according to the Rector's Decree (see BP). Special to Regular S1 available BOP Justice (education costs at least Rp 100.000/semester and Money Jetty NOL, depends on the ability of parents). With one test, high school students can choose max 8 in 4 Studies Program Education Program. Selection is planned to be conducted on July 3, 2011. Registration is done online in http://peneriman.ui.ac.id the planned date of 3 to 24 June 2011.
3. Entrance Path Selection SNMPTN consisting of lines of invitations and track test. More information about can be seen in http://snmptn.ac.id/ SNMPTN
For those who already have a diploma level Diploma / vocational
* Selection Entrance exams Line Extensions are planned to be August 7, 2011. While online registration is planned date http://penerimaan.ui.ac.id 4 to 29 July 2011.
For those who already have a diploma graduate level
1. Selection of the Graduate School Entrance (S2, S3, Specialist, and Professional) wave 1 (one) semester exams Odd planned for FY 2011/2012 is 17 April 2011. Register online at http://penerimaan.ui.ac.id planned date of 14 February to 1 April 2011.
2. Entrance Path Selection SIMAK, for Master Program (S2), Doctoral (S3), Specialist, and Professional nationally executed simultaneously in major cities in Indonesia. Exam to be held July 3, 2011. Registration is done online in http://peneriman.ui.ac.id the planned date of 3 to 24 June 2011.
3. Selection of the Graduate School Entrance (S2, S3, Specialist, Professional) Even semester exams planned for FY 2011/2012 of December 4, 2011. Register online at http://penerimaan.ui.ac.id planned date of 10 October to 25 November 2011.
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University of Islam (UIN) Alauddin Makassar, no longer come with P-SNCA Nusantara in the selection of new admissions Joint Entrance Examination lane State University (UMB-PTN) this year.
This was said by the administration bureau chief academic and student affairs, Drs HM Yusuf Rahim MPd. "This year, UIN Alauddin no longer follow the path UMB PTN Maba acceptance," he said recently at the Campus II UIN, Samata, Gowa.
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It is said, not participation UIN Alauddin at UMB PTN as in the previous two years.
Joseph, said that UMB PTN exercise along with two tracks namely acceptance of Maba National Selection Entrance State University (SNMPTN) together with state universities in Indonesia and Selection College Admissions Islamic State Islamic Religious Affairs (SPBM-PTAIN) under the Ministry of Religious Affairs .
"Because the track along with the track selection and reception SNMPTN SMPTN-PTAIN, then the UIN Alauddin decided not to participate in the path PTN UMB this year, because he wanted to focus Maba acceptance through SNMPTN and SNCA-PTAIN," he said.
Joseph added that the current focus UIN through SMPTN Maba acceptance and receipt of Maba PTAIN UML path. "So the quota previously provided to UMB path PTN, will be transferred to the SNCA-PTAIN and UML" added Joseph.
He said, with, cancellation UIN Alauddin following the path of new revenue channels UMB, means this year, UIN only accept Maba through six lanes of PMJK, SNMPTN, SNCA-PTAIN, UML, MSEs and reception path Scholarship Shoot Mission.
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Admission form through a national selection into public universities is expected to facilitate students' invitation to register at the community college choice. However, only the good students who could meet the criteria to register this point.
Thus expressed teachers' guidance and counseling (BK) RSBI SMAN 12 Jakarta Utara, Dwi Daryani, to Kompas.com, Monday (14/02/2011). He said that so far the selection of the national college entrance track invitations to 2011 (SNMPTN invitation 2011) assessed to be profitable, both for schools and students and parents.
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Basic Math
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Science Math
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"For parents certainly beneficial because if it had, when still with independent channels, there is the cost incurred. While overall it's been paid," said Dwi.
In terms of academics, the magnitude of the portion of the invitation was profitable lines of students, especially for students whose achievement is always good in school. With an average quota of 60 percent, this path ultimately the most desirable students rather than write SNMPTN path.
"Indeed, many who choose the path invitation, but my school are selected first. We also see for yourself, IPB just give 70 percent quota, UI 65 percent. This means a greater chance invitation path to be chosen according to student achievement," said Dwi.
He said the invitation to join track, students should always be included in that class rank is calculated from the fifth semester. For that, said Dwi, currently being finalized phase entering student data.
"Later, tracked student achievement, ranging from a single semester. Only the entrance to 30 major classes that can come with an invitation lines," said Dwi.
As is known, SNMPTN invitation lines that used only for SMA / MA / SMK / MAK accredited A and B now also open to schools accredited C. However, the quota of students allowed to register via the invitation is determined based on school accreditation.
As for all students in schools with accreditation A type of accelerated classes can follow the path SNMPTN invitation. A school accredited by the type class RSBI / seed can transmit 75 percent of the best students at the school.
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Unknown on Selasa, 15 Februari 2011
The vast majority of an educated modern populace has developed a pretty vivid tapestry of what life was like during the "Great Depression". The visions of struggling dirt farmers like the Joad's in Steinbeck's "The Grapes of Wrath", the big city soup lines, the tent cities for thousands of homeless and photographs of men selling apples on street corners have burnished in many of us a searing image of hopelessness and despair.
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Today, the United States is sharing the most serious economic malady since the "Great Depression" with countries all over the world. While not approaching the absolute calamity of the 1930's, the damage done to our wallets and psyches is nevertheless daunting and bruising. Businesses, organizations and individuals are understandably fearful and have curtailed spending in lieu of conserving capital. Risk taking, the key to maximizing gain, has been virtually shut down. Small business growth and development has been strangled. In times like these it pays to study the lessons of history. People were desperate to make every purchase count, to leverage every dollar spent and obtain maximum value. The result was that an exciting array of creative breakthroughs came to market to satisfy the greater demand for economy.
The importance of consumer advertising was magnified and became a much more critical tool utilized by packaged goods manufacturers to woo value conscious consumers. Heinz ketchup, Palmolive soap, Campbell soup, Westinghouse appliances, Revlon and Max Factor cosmetics and Hormel Spam enjoyed an explosion of growth created by new sales promotion concepts. Billboards, mass advertising, coupons and sampling became ubiquitous. Local, regional and national agencies evolved to assist manufacturers in promoting their products in new, exciting ways. Barn advertising for tobacco products and Burma Shave road signs added needed revenue to beleaguered farmers and roadside landowners.
The Studebaker Motor Company had evolved from a 19th century maker of hand carts and wheelbarrows to a struggling auto carriage manufacturer. The Company enjoyed modest success until the Great Depression. Recognizing opportunity, Studebaker went back to its roots as a maker of work conveyances and began to produce the Studebaker paneled work truck. At a price of around $600, this workhorse vehicle enabled thousands of laborers, handymen and small contractors to eke out a living hauling, building and scratch farming.
The ball point pen, nylon, the radio, radar, the Land camera, the photocopier, sticky tape, the television, FM radio band, the helicopter, the jet engine and the electric razor are only a few of the inventions that were perfected and came to market during the 1930's. Inventors did not stop their pursuit of fresh, valuable innovations. They seized the reality they were confronted with and targeted practical solutions to problems that needed to be addressed at that time.
The opportunity to create products or services that offer great utility and excellent value is appreciated by the consumer more than at any time in recent memory. There is a rush to basics, store brands, no frills products that perform and are sturdy. The inventor that can address these contemporary needs will find a willing acceptance from investors, consumers and retailers.
There is never a better time than NOW to launch a product, start a business or license a product. There are always excuses made for not making a sale, not closing a deal or not taking that chance, that chance that can change one's life. Every economic age offers the opportunity for success for those willing to address real needs with inventiveness. History offers us plenty of proof.
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The Great Depressions, by far was the biggest economic downturn of the 21st century. Jobs were gone overnight. Banks ruined. Companies became bankrupt. Stock market plunged. Entire economic system paralyzed. Life for many was never the same.
The aftermath of the Depression in 1930 was that people stopped trusting the bank and started saving money for the future. Then the economy again picked up. The industry was at once rewarding, innovative, and frustrating. Then the recession again struck the market. A situation like this floods your mind with questions like: Is your industry strong enough to emerge from recession? Is your job recession proof and should you stick on to it?
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Every cloud has a silver lining. Even in gloom and doom people and organizations are finding their way out. As the market is recovering from recession we are seeing a sea of change in the financial psychology worldwide. People are saving and keeping a close watch on the market. Many became risk-averse and are refusing debt.
Take advantage of this tough experience. Now is the time to reevaluate your career and the future of your industry, your company, your job, and your skills.
Be frugal and save for tomorrow
This recession has taught everyone to be penny-pinching. Layoffs has given the idea to people that spending more than they can earn is not smart as everything can be snatched away overnight. If you are lucky enough not to be hit by layoff, yet chances of escaping the pay-cuts was thin. Hence, all these point towards only one thing that saving and spending smartly is wise. This is the high time to realize the importance of living below your means and putting some money in the bank for emergencies.
Acknowledge the power of change
Change is the integral part of business. Modification of policies and compliance are the biggest challenge for any company. Many organizations are realizing that adherence to policies was missing. There were not much loopholes in the policies and procedures but in its compliance. Moreover, the business model which has made the company successful so far does not guarantee a steady success in future. However this fear should not be so great that the companies go into survival mode. Reassessing policies and business model and improvising on them for a better future is the responsibility of all organization.
People are looking for job opening and willing to change their career. Thus to retain employees organizations has to restructure their HR policies and work on upgrading their skill-sets. Thus when confronted with change a wise person should think about the desired outcome and figure out strategies ways to reach it. Even when a job seeker needs to change in career, lots of research and planning is required. Check out the pros and cons of the new industry and the embrace change.
Take calculated risk
When it comes to money, after recession nobody wants to be a risk taker and is suspicious of any kind of investments. But playing it safe without trying more prospective options is a risk not worth taking. Taking no risk is worse than taking any risk. Instead of hiding from risk it is better to understand and learn to manage them. As the saying goes don't put all your eggs in one basket, hence, look for additional income-generating opportunities and invest accordingly.
Plan for the road ahead
No point for guessing that poor planning led to the dilapidated financial conditions of many in the recession. With proper planning such situations can be avoided in future. However, when it comes to finance planning people find it hard to seek out assistance. A good planner will educate you about the hazards and rewards involved with investing. It was all about business
When the economy was staggering, creditors and lenders started showing their true colors. Interest rates were raised and credit limits were reduced. People were shocked to learn that creditors and lenders meant only business and no sympathy was extended. Even people with excellent credit limit were hit and lenders are not extra careful about confirming creditworthiness. Some important lessons learnt here are:
Just because a lender approves your loan doesn't mean that you can afford to pay it back. Learn to manage your finances. Keep an eye on your expenses and take responsibility of your expenses and try to pay it off as soon as possible.
Prioritize debt, start from paying off your highest interest rate first.
This too shall pass
Trust me, the nation has seen tough economic times before and has emerged successfully from it. This time too it will survive. The economy will change and will open the door for new opportunities.
In the difficult times, the companies have lowered their budgets and worked within the limited means yet they survived by re-planning and not compromising on the training and development. On the individual level, proper financial and debt management helped many to sail through this recession and avoid crisis. Lessons from past will help anyone to resurface from recession.
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Let's say you are at an auction. This auction features rare painting, unique artwork and period pieces. 1. You only have 25 dollars to bid with.
2. You can only use that 25 dollars to bid. You cannot use your own outside or other people's money.
The first piece comes out. The curator describes the piece and the artist and how meticulously and lovingly the artist has worked on this one piece over the last 2 years. The auctioneer then begins the auction. people look at each other as the bidding begins. The auctioneer starts the auction at 5 dollars. The bid is 5 dollars. A nod from a gentleman in the corner raises the bid to 7.50. A matron in a comely dress raises the bid to 10 dollars. The auctioneer continues his spiel but there are no further bids. The delicate piece of art is sold to the woman for 10 dollars.
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Another piece of art is presented. Again this astonishing, valuable piece is described in complete detail. It is considered highly valuable; one of the most highly valued pieces at this auction. Again the bidding begins; 5 dollars, 6 dollars, 7 dollars, 10. The bid finally rests at 12 dollars, nearly half of what any one person can spend in the room.
The next piece, a rare commodity, is presented. The auction begins at 7 dollars and quickly increases to 15 dollars. At this point it slows to a crawl but continues its upward climb. At 20 dollars there is another bidding war and the price finally reaches the maximum of 25 dollars. A very pleased young man has won the auction. Being the sole bidder at the maximum allotment, he is very pleased to be able to take this distinguished artwork home.
The lesson to be learned here is that no one individual can bid anymore than 25 dollars. No piece of artwork, regardless of its estimated value can be worth any more than 25 dollars because that's the maximum that can be spent on any one piece.
This is what happens in a zero inflation economy. The prices of commodities and goods remain connected to the price of the currency. Only extraordinary events in supply or demand or outside factors can influence the price of the artwork in the room. Of course, a zero inflation economy is impractical in a modern world of fluctuating supply and demand from one market to another, but price hikes and shortages would not be dependent upon the value of the currency, they would solely be dependent on factors Other than the value of the currency.
Now let's say a wealthy gentleman enters the room. He gives each person in the room an additional 25 dollars. The rules are adjusted permitting each person to bid up to 50 dollars. The auction continues but the prices of artwork sold have increased. Does this mean the artwork has increased in value? Did the inherent worth of the art suddenly jump up in value? No, the artwork is still made of the same material. The same artists still created their beautiful pieces. And the time involved in creating each piece has not changed. The only thing that has changed is the amount of money in the room. More money equals inflation; nothing else can affect inflation. Only the money supply in the marketplace establishes the rate of inflation.
We are back at the auction. This time, instead of entering the room the wealthy gentleman stands just outside of it. Each person in the room has their 25 dollars but each hour they are given another dollar. Not only that, but the wealthy gentleman outside of the room has declared that whatever the price of a piece may rise to, within "reasonable" limits, he will guarantee that the winning bidder can borrow the money to cover the difference.
The auctioneer, the auction house owner and the curator meet for a hurried conference. they understand that each person in the room will receive 1 dollar for each hour that passes. They decide to extend several breaks to extend the duration of the auction. This alone will put more money in their pocket. The auctioneer, auction house owner and curator also decide upon an additional strategy: Over time, they can raise the initial bid on each piece - within "reasonable limits." After all, the wealthy gentleman - an uncle of several people in the room - has guaranteed to loan the money for a winning bidder to purchase a piece they really like by allowing them to borrow the money. The auctioneer, the auction house owner and the curator all resume their positions. The auction house owner stands at the back of the room, a big smile on his face. The auction begins anew.
First, the first piece of art does indeed begin at a higher bid, 7 dollars rather than the customary 5 dollars for a rather ordinary piece. The people in the room, not entirely certain of how this process will play out bid warily. This piece goes to 20 dollars, a little high perhaps but still within the range of the maximum it could have been. The next piece is also introduced at 7 dollars. Bidding goes a little higher with each piece until the magic 25 dollar limit is passed. The next bidder bids 27 dollars and glances at his uncle who nods his head, his bid will be covered, acknowledging his bid he wins the bid. The auction continues.
The auction continues and more and more people bid on each piece. More and more people become accustomed to the process; the old way of bidding is becoming a forgotten memory. The auction seems to be taking on an almost game like atmosphere. With the guarantee of the rich uncle at the back of the room, bidders feel encouraged to bid the price of the art higher and higher. Because the rich uncle has guaranteed their bid, the bidders bid more and more with some even bidding more than their 25 dollars and borrowing 25 dollars or more from their uncle. The auctioneer, the auction house owner and the curator are of course, quite pleased because each of them will receive a portion of the profits.
As the auction continues, the auctioneer begins each bid at a slightly higher bid than the previous bid - at a price he feels is "reasonable" If the rich uncle at the back of the room indicates the bid is unreasonable, the auctioneer lowers the bid until the wealthy uncle agrees that the bid is reasonable. This newer "reasonable" starting point is always, of course, a bit higher than the previous initial bidding price.
What we see is this: with the rich uncle guaranteeing the price of each purchased artwork, it is inevitable that the price of the artwork will rise over time. Another event we may not have expected is that some people bid everything they have, knowing that anything they "really" need or want will be covered by the rich uncle. They are discouraged from saving money because they know their rich uncle will cover their needs, and they are encouraged to spend money freely to generate a higher standard of living. They are also encouraged to borrow money freely to increase their "income." But their income is not actually increasing, it is in fact declining, because their money buys less and less at a rate which cannot keep pace with the increases.
Others not only bid everything they have, they also borrow heavily from the rich uncle simply to achieve more expensive artwork. An unintended consequence and perhaps one that will escape our attention is this: because the rich uncle has lent money to the winning bidders, the winning bidders have used the artwork they have won as collateral for the loan the uncle provided them. In essence, the uncle now owns nearly all the artwork in the room. All the assets have transferred to the rich uncle while much of the cash has transferred to the auctioneer, the auction house owner and the curator. The winning bidders are essentially left only with loan notes which they must pay back to their uncle. The winning bidders can enjoy their fine artwork, they may display their artwork proudly, but they are all living on borrowed time because the rich uncle is the true owner of the artwork and may call in the loan at any time.
To complicate things further what if the auctioneer, the auction house owner and the curator are all working in conjunction with the rich uncle? Wouldn't these four then split all the cash and all the assets between them leaving the bidders with worthless pieces of paper? Now what would happen if at some point - after the majority of bidders find themselves indebted to the uncle but still borrowing heavily - the rich uncle suddenly stops supplying the bidders with more money? The auction probably won't stop as a few dollars are most likely still in possession of many people in the room, but the affect would be to cause a large downturn in the process. prices may drop, more and more people would find themselves "inactive", unable to participate in the auction because the weight of the debts is too heavy and the income they were receiving was only borrowed money from their uncle. In order to raise cash, the bidders can sell their few pieces of artwork to the auction house. This then transfers some of the artwork back to the auction house where they can hold it or sell it again at auction as they see fit. After a time, the uncle begins loaning money again and the process begins anew. With the auction house and the uncle working together, these "boom and bust" cycles can be initiated at regular intervals calculated to move the most amount of assets and cash to both the rich uncle and the auction house partners.
If the government stopped loaning many to schools and hospitals, for healthcare and tuition, we may experience a difficult period in which we need to relearn the rules of personal finance and the principles of a new economy, but in the long term, it would be much better for us as a people.
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The file of behavioral economics repeatedly shows that we are not as rational as we think when making financial decisions. No big surprise there. But can we become more rational with our money? We can if we learn to spot our irrational tendencies and correct them. The Sunk-Cost Fallacy
The idea of "sunk costs" in economics is that once money is spent it is gone and should no longer be a part of a rational decision making process. For example, if you have spent a thousand dollars repairing your old car, and it now has more problems, you are inclined to keep spending because of the money already "invested." But that money is gone, and shouldn't be a part of the question of whether you should spend more on the car or just sell it.
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You will likely feel you have to continue spending on the car, especially if you just spent a thousand dollars and the car could only be sold for $500. Scientists have studied this effect of sunk costs in a number of ways. In one experiment they found that people are much more likely to attend a concert or other event if they paid for tickets rather than getting them free - even though the objective value of a given event is clearly not changed by how a person gains admittance. Again, the money is spent and so rationally has no relevance to whether or not a person should attend. But we feel a greater loss throwing away tickets that are paid for than those we got free.
To get back to the car repairs, let's put some numbers to the scenario. Suppose you just spent a thousand dollars on repairs, and you just discovered that the car needs six hundred more in repairs. You could sell the car for five hundred dollars as it is. Do you sell or put more money into it? Most people would be tempted to throw another six hundred at the problem car so they don't "lose" the thousand already spent. But of course that money is already "lost."
Think of it this way: if the car will still be worth just five hundred dollars when repaired, does it make sense to effectively buy it for eleven hundred? You should be able to buy a car that is worth eleven hundred for eleven hundred, right? You can see that it's easy to get sucked into the sunk cost fallacy, thinking you somehow can salvage money already spent. Watch for this in yourself if you want to avoid expensive mistakes.
Extremeness Aversion
Another of the many ways in which we act irrationally in the marketplace is through what economists call "extremeness aversion." To state it simply, we have a tendency to avoid the extremes for no rational reason. In other words, we are more likely to buy something other than the cheapest or most expensive couch when shopping for furniture. This may not seem like a problem, but behavioral economics research shows exactly how pervasive and irrational this tendency is.
For example, suppose you are looking at patio tables and the store has four models, priced at $140, $170, $200, and $500. The chances are good that you'll buy one of the ones that costs $170 or $200. But interestingly, the research shows that if the store owners want to sell more of the $500 tables, all they have to do is add one that costs say $900. The technique has been proven to increase sales. If the $200 one is sufficient and a good value, this tendency to value things by comparisons with the extremes can be expensive.
These are just two examples of the kinds of tendencies being explored by the science of behavioral economics.
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While people in other parts of the United Kingdom and in Europe enjoyed a relatively high standard of living Ireland lagged far behind. Today Ireland is rated one of the best countries in the world in which to live. Ireland boasts the fourth highest gross domestic product per person and very low unemployment. University tuition is free and there are a high percentage of skilled positions available.
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How did Ireland accomplish such a dramatic turnaround?
New Economic Policies
Economists who have analyzed the emergence of the "Celtic Tiger" (a popular nickname for this period of unprecedented economic growth) have identified economic policies that encouraged growth. Beginning in the 50's and 60"s Ireland began to shift away from protectionism and started to plan long-term for expansion and to increase international trade. Corporate tax rates were lowered and tax incentives were offered to foreign investors. Initiatives to expand exports were adopted.
In the 70's the currency was strengthened and stabilized with Ireland's entry into the EU. EU membership also provided Ireland access to substantial subsidies from France and Germany which was invested into public works projects to improve and expand infrastructure and education. Ireland now had greatly expanded access to European markets and began to increase exports. As its economy began to respond, Ireland focused on lowering its public debt and eventually achieved a 35% debt ratio, lower than most of other countries in the EU. As her financial position improved Ireland initiated several new programs that were aimed specifically at attracting high tech businesses and other growth industries. Ireland now offered an unbeatable combination of stability, favorable tax and trade policies, and a well educated English speaking labor force available at relatively low wages. This brought in employers from all over the world to do business in Ireland. Ireland is not the only country to follow this basic formula for economic expansion (think of China, Brazil, Russia, India, and Mexico). Yet Ireland seemed to reap much higher dividends than most of the other counties adopting a similar approach. Looking at other changes in Irish society that occurred in concert with the changes in economic policy reveals that other factors may have played a critical role in the phenomenal success of the Celtic Tiger expansion.
Long-Term Planning and Investment in Basic Infrastructure
It is important to note that Ireland committed to a long-term plan for growth nearly 20 years before the Celtic Tiger expansion really took off. Ireland was willing to commit to new economic policies and maintain fiscal discipline for many years before substantial results were forthcoming, although there were clear signs of growth after the first five year plan was implemented. Ireland also invested for the long-term by initiating many public works projects designed to strengthen her infrastructure and education system. This increased Ireland's production capacity and the quality of its workforce while creating jobs - which in turn increased income per capita and with it, consumer spending. By investing in the long-term Ireland was perfectly poised to take full advantage of favorable economic conditions when they occurred years later.
Energy Independence
Some of the public works projects that Ireland committed to prior to the expansion included investing in her capacity to generate energy. Ireland invested in hydroelectric plants. The island's numerous peat bogs were utilized to create a fuel for heating from dried peat products, and local off-shore gas fields were tapped. Prior to and during Celtic Tiger Ireland could operate without the financial burden of dependence on foreign oil. It is worth noting that as Ireland's demand for energy began to surpass the capacity of her local energy sources her economic growth slowed in concert with her increasing dependence on foreign oil. Apparently these lessons on energy production were not wasted on the Irish. Today, Ireland is creating new capacity by developing wind based power generation facilities.
Political and Social Reforms
Prior to this renaissance Ireland had suffered from rampant corruption in high political offices. Civil liberties were restrictive compared to other modern countries. These factors coupled with high unemployment and low wages caused Ireland to suffer from a kind of social and economic pessimism.
By the 80's Ireland had cleared up much of its political corruption and began to develop a more cooperative political climate. Government, employers and trade unions forged landmark compromises to work together to bring in trade and investment. Universal education made it possible to maintain a highly educated workforce. More women pursued advanced education and entered the workforce. Birth rates per capita dropped as more women pursued careers. This reduced the ratio of dependents to wage earners and helped to lift the gross domestic product per capita.
During the most robust phase of the expansion Ireland benefited from the leadership of President Mary Robinson who garnered a 93% approval rating during her term. President Robinson was a true diplomat bringing together parties within Ireland and forming cooperative relationships with other nations. Robinson was also instrumental in expanding civil liberties. Shortly after Robinson left office to become the United Nations High Commissioner on Human Rights, the Belfast Agreement was signed bringing together political and religious foes to work to end the violence in Northern Ireland. All of these changes lifted the spirits of the Irish people and helped them feel better about their future.
The Power of Optimism
One could characterize the Celtic Tiger expansion as a journey from pessimism to optimism. An optimistic social climate is a powerful economic stimulus. What made the Celtic Tiger different is that the economic policies were supported by a cooperative political and social climate, a willingness to invest for the long-term and social policies and leaders who fostered optimism.
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The impact of the crises started to diminish. Still, all key players, including top executives, regulators and investors, have much to learn from the global financial failures. The Organisation for Economic Co-operation and Development (OECD) Steering group has issued a report entitled Corporate Governance Lessons from the Financial Crisis. This Report concludes that among major contributors to the financial crisis are failures and weaknesses in corporate governance arrangements. When they were put to a test, corporate governance routines did not serve their purpose to safeguard against excessive risk taking in a number of financial services institutions.
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Other key contributors to the global financial crises include failures in transparency, failures in lending standards; failures in prudential standards; failures in risk-management.
As to the remuneration of top executives, the real problem was not the amount they receive; it is how companies pay them. The bad bonus culture encourages a short-term thinking: hit as many deals as you can this year and get a larger bonus! That approach pushed executives to focus their attention to achieving short term objectives at the expense of sustainable growth objectives.
Most financial institutions link compensation to quarterly performance, encouraging short-term gambles. When the bets win, executives get the rewards, but when the bets sour, as they have in the latest financial crunch, the executives who took the risks do not have to return their fat-cat bonuses. The executives were, in most cases, no longer gambling with their own net worth. The right approach if we are going to keep the financial system from being misused by top executives' greed again is to maintain a partnership between the top executives and have their net worth tied to the organisations' well-being. As a result, they would be cautious about taking big risks and discourage the malpractice of running after short terms gains. Also, we need to replace bonuses with better, longer-term compensation such as deferred cash pay and restricted stock.
The directors of the troubled institutions appear to have provided only the thin-surfaced supervision to control the greed of top executives. The boards of the collapsed firms carry the full responsibility. However the troubled firms just ticked the boxes for good corporate governance in their annual reports. In other words, there organisations presented an obvious example of the cosmetic corporate governance to fool different stockholders including investors, rating agencies and regulators!
The current global financial crisis has shed light on how poor risk management could lead to catastrophic results. The risk management systems have failed in many cases due to corporate governance procedures rather than the inadequacy of computer models alone.
With the advent of new products such as sophisticated derivatives and certificate of deposits, they posed unknown risks. Risk management may not have been up to the task since many of the standard quantitative models and users of these models regularly misjudged the systematic nature of risks. To some extent this was due to product complexity and over-reliance on quantitative analysis. Sadly, many risk evaluations were wrong including those provided by rating agencies.
The directors of the collapsed financial institutions should have better understanding of the risk implication at the time of taking decisions related to sophisticated products such as derivatives. The reality is many board members had inadequate knowledge on the sophisticated new products and likely were embarrassed to show that they lack the adequate knowledge! Here where directors' education and orientation fails as best corporate governance best practice. Each director must receive customized orientation programs in areas where he\she lack adequate knowledge in order to be able to effectively undertake the fiduciary oversight role.
Finally, the concept that in bad times companies would be more interested in supporting their profitability and accordingly will not have time for corporate governance is irrational. The integrity cannot be compromised because corporate governance is not seasonal - it is for all times and must be embedded in senior corporate executives and directors. Companies must not put corporate governance on the shelf in bad times.
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The world economy, particularly that of developed countries has faced a serious downturn during 2008. Many hope that it is a temporary situation that will go away soon. The fact that the developed countries faced an unprecedented period of prosperity over the last half a century may be a historical exception rather than the rule. Children who grew up in this period, that includes most of us, have become accustomed to this prosperity and now find ourselves at a loss as to what to do.
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Always, there are lessons to be learnt from any bad situation in life. The first lesson from this economic downturn is that we would have to return to basics such as darning our clothes rather than depositing them in a donation bin, cooking food from scratch like flour, growing our own vegetables, warming ourselves by the fireside rather than through central heating etc. All such measures will cut down on expenses.
The second lesson to be learnt is that one cannot live on credit. It is a habit that vested business interests have encouraged for their own gain. Even governments have become great adepts at it. Living on credit presupposes an uninterrupted and increasing source of future income. No doubt the change to a new way of life will be painful. However eventually it will be good for mankind. It will return mankind to the simpler pleasures of life and real joy rather than a life fueled by unsustainable consumption, greed, stress and unhappy human relationships.
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In November 1989 I thought was living through one of history's defining moments. I was in Berlin the night the Berlin Wall came down and memories of that night will be with me forever. Like the Berlin Wall coming down when JFK was assassinated, or when Princess Diana died, everyone remembers where they were when they heard the news.
Yesterday history was made again. It came at the end of what must be the most expensive marketing campaign the world has ever seen and resulted in the election of Barack Obama as the US President elect. The campaign lasted eighteen months and if we examine it we can learn a lot about marketing, not only of an election , but also how to market your product or service.
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Leading up to that event over $1500million was spent by those striving for, what is arguably, the most powerful job on the planet.
We ended with two 'products' with substantially different features and benefits... two potential Presidents and two potential Vice Presidents ..... and despite all the money spent we will remember just a few sound bites, photographs and quotes.
For me the photographs of Sarah Palin with a gun delivered a powerful message. If you are part of the gun lobby then the image was positive; but if you are anti-gun this is the image that lost the Republicans your vote.
Photographs are powerful and are a bit like a first impression - they create a powerful emotion that it takes a lot to dispel.
So what's the lesson here? Be very careful of the images you use in your literature, on your website and elsewhere. For part of my career I was attached to the Cabinet Office in London. Guess what; this is what politicians do all the time. They pose for photographs. Wise politicians however avoid certain photo "opportunities". No politician, not even an agricultural minister, wants to be photographed with a pig! Photos like this have a habit of appearing again years later when a scandal brews and headlines like "Snouts in the trough", "And pigs might fly" etc will surely follow.
Look not only at the content in their existing context but how unscrupulous people might twist them in future.
Over the years the Republican Party has built a reputation for clever direct mail tactics. They have used them to raise funds far more efficiently than the Democrats. This time the tables turned. The Democrats worked at building a permission based email list - exactly as I often suggest you do with autoresponders on your website. They tracked who opened their emails, when they did so and, more importantly, who responded with donations. And they milked the list for all it was worth.
Barack Obama had another challenge. He knew that the traditional Democratic voter wouldn't be sufficient to get him elected (it had failed John Kerry). So he too set out to find new voters (i.e. customers) and included not only black voters but also the young, those that had never registered before, war veterans and many more. Finding new customers always a time consuming, expensive and often risky exercise. But he had plenty of money rolling in from his email campaigns.
He also managed to engage Word of Mouth. For example, one local barber in North Carolina, kept telling his customers that the time for change has come and they should vote Obama. Every time they came in he badgered them to vote and he made sure those not registered got registered and voted for the first time in their life. Obama recognised his weakness as being his relative inexperience as a politician compared with McCain. So he called in Joe Biden of Delaware. Biden is one of the longest-serving members of the U.S. Senate and balanced Obama's weakness.
McCain on the other hand chose Sarah Palin. His rationale was to embrace the Bush supporter. He was hoping for a side effect, which was to attract Hillary Clinton's previous supporters and to build his voter base.
If it had worked, it would have been the masterstroke that landed the Presidency. In McCain's case, it failed dismally.
His decision cost him the economically minded middle voter who then went to Obama.
The lesson for the rest of us is that trying to win new customers is risky. It can work but your customers have to be sure of your product and the voters didn't like the McCain/Palin product.
McCain was acclaimed as delivering in the televised head to head meetings with Obama; but to my mind Obama is a great orator and McCain couldn't match him. People follow great orators.
And in Sarah Palin the voters didn't see a President in waiting; ready to step into the Presidents shoes if anything happened to him.
Of course in your business you don't need to be a great orator. But you do need to be a great communicator; able to communicate the benefits of your product or service through your website, adverts, signage, customer service etc. So ask yourself does your business run on autopilot when you are not there? Does your marketing keep working? Yours may not be that sort of business but the lesson is to communicate well and serve your customer seamlessly at all times.
There was one other feature of this election that plagues politicians. When their backs are against the wall they rubbish the opposition. Since political campaigns have been televised voter turnout has dropped across the globe. People have become disenchanted the verbal attacks. In the UK Prime Minister Questions have become an excuse for gutter tactics and the same happened in the US elections. It has to be said that voter turnout was better than previous recent elections but voters didn't like the Republican's attacks on Obama.
The lesson here is not to knock the opposition with your marketing. Show the benefits of your product or service and leave rubbishing your competitors to those with no benefits to sell.
This election was a great lesson in marketing and we can all learn a lot from it.
Diposting oleh
Unknown
Early in June this year, the Nigerian government reassumed control of the once divested state-run telecom giant NITEL, blaming unpaid debts and investment shortfalls. Abuja had sold off a 51% stake in this national asset during former president OJ Obsanjo's tenure in 2006 as part of a massive reforms and disinvestment process. Transcorp, the local firm that bought majority control for a fee of $500 million was accused of failing to meet payment obligations to the tune of $60 million, besides accumulating debts totalling 17 billion naira1. NITEL suffered huge subscriber losses for both fixed line and mobile phone services since 2001. The development came as yet another shocking national debacle, not just in terms of monetary loss, but also official economic policy and administrative foresight. The current government has since signalled the appointment of a technical board to manage NITEL until new investment is forthcoming.
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The 35 year old flagship national carrier with a history of failed mergers and service safety concerns saw numerous resuscitation attempts before finally ceasing operations in 2003. Parrying allegations of massive corruption and mismanagement leading to the airline's ruin, the government managed secure Virgin Atlantic Airways as a partner for a strategic re-launch. However, Virgin's recently announced intention to withdraw its share holding from Nigeria Airways perhaps sounds the death knell to another miserably-failed public undertaking.
For Nigeria, the failure is two-fold. More importantly, it questions the design and impact of the much vaunted Nigerian reforms process, ironically initiated to undo precisely the same economic reversals it appears to be engendering.
The fate of the economy in general and of large enterprises in particular has been remarkably disappointing in this petrodollar rich sub-Saharan nation of prodigious natural resources. While decades of political tumult and civil strife are partly to blame, rampant corruption and non-inclusive policies have added up to leave Nigeria at the nether rungs of economic indicators and human development indices. In such a climate, and despite recent redirections in government policy, Nigeria's Millennium Development Goals and its 2020 target of making it to the top 20 world economies present monumental challenges.
With the long-term repercussions and viability of recent disinvestments in oil, steel and port entities still in question, large enterprises are obviously not the way to these goals. Of critical importance here is the fact that MSMEs offer a distinct macroeconomic profile and potential, and are not merely scaled-down versions of larger enterprises. The financial flexibility, employment potential and innovative capacity of MSMEs have contributed substantially to both developed and developing economies around the world. According to the European Network for Social and Economic Research (ENSR), MSMEs with up to 250 employees created 68 million jobs in the European Union2. Comparable data for South Africa indicates that small enterprises accounted for 55% of its total employment and 22% of GDP in 2003.
Allowing for local and circumstantial variables, MSMEs have shown greater profitability across national barriers owing to higher human capital efficiency and product transformation capacity. Although there is no determinable link between financial structure and profitability, the calculation of gross profits over capital employed has always worked to the advantage of MSMEs over large enterprises.
On the flip side, small enterprises suffer two basic disadvantages that large enterprises by definition are without: elevated rates of employee costs as well as working capital requirements. Large enterprises have lower costs per unit turnover and substantially larger cash flow capacities. Moreover, MSMEs represent a high risk factor in terms of debt repayment capacity, often because of inadequate financial know-how and limited access to guidance and consultation. Long term success of MSMEs is additionally contingent upon a heightened degree of financial flexibility that enables rapid adaptation to changing market needs.
The disappointment with large scale, capital intensive and often import-dependent businesses had been growing long before the current global economic downturn set in. While Nigeria has a lot to blame on itself for its experience with large enterprises, reports of their diminishing impact on inclusive economic growth is emerging unmistakably from across the globe. In the European Union for instance, 99% of its 20 million enterprises are small and medium scale operations that currently account for two-thirds of total employment in the private sector3. As new economic realities begin to hold sway, slowly but surely the practicality of mammoth ventures running on gigantic employee and capital turnovers is slipping away.
MSMEs, contrarily, hold out a multitude of short and long term benefits that are of especial relevance to Nigeria - wider utilization of natural and human resources, entrepreneurship and rural development, increased savings and greater regional balance. In the context of both immediate and long term goals, a policy shift in favor of rapid promotion of smaller enterprises is perhaps the only policy priority standing between Nigeria and a rapidly prospering economy.
Further practical problems are in the form of skilled manpower shortage, a disturbing enterprise mortality rate4 and devastating infrastructural deficiencies, especially in terms of security, power and roads. Improving availability and access to finance and equity remains the most critical challenge by far, in response to which Abuja initiated a bank consolidation program in 2004 to fortify financial institutions and enhance credit access to the private sector.
In order to ensure rapid entrepreneurship development, the Nigerian government must effect swift fiscal, monetary and industrial policy changes in order to capitalize on its huge MSME potential. A lot depends on the effective management of its human resource capital - its sizeable population that has been traditionally dependent on extremely small, subsistence-level enterprises. It is a matter of fact that the fate of Nigeria's ambitious economic goals rests largely on its ability to convert this talent into tangible economic growth.
