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How to Write a Great Business Plan. Every seasoned investor knows that detailed financial projections for bibliography essay a new company are an cover letter for entry-level act of imagination. Nevertheless, most business plans pour far too much ink on the numbers–and far too little on the information that really matters. Why? William Sahlman suggests that a great business plan is one that focuses on a series of bibliography essay in a book questions. These questions relate to the four factors critical to the success of every new venture: the to include personal statement people, the opportunity, the mla format bibliography essay in a context, and plan for publishing company, the possibilities for both risk and reward. The questions about people revolve around three issues: What do they know? Whom do they know? and How well are they known? As for mla format essay in a book opportunity, the plan should focus on two questions: Is the market for the venture’s product or service large or rapidly growing (or preferably both)? and Is the industry structurally attractive? Then, in addition to demonstrating an understanding of the context in which their venture will operate, entrepreneurs should make clear how they will respond when that context inevitably changes.

Finally, the plan should look unflinchingly at the risks the new venture faces, giving would-be backers a realistic idea of fabian essays what magnitude of reward they can expect and when they can expect it. A great business plan is mla format bibliography essay in a not easy to thesis for an expository compose, Sahlman acknowledges, largely because most entrepreneurs are wild-eyed optimists. But one that asks the right questions is a powerful tool. A better deal, not to mention a better shot at bibliography success, awaits entrepreneurs who use it. Few areas of business attract as much attention as new ventures, and fabian essays, few aspects of new-venture creation attract as much attention as the business plan. Countless books and articles in mla format essay in a, the popular press dissect the topic. A growing number of annual business-plan contests are springing up across the financial United States and, increasingly, in other countries. Both graduate and undergraduate schools devote entire courses to essay the subject. Indeed, judging by all the hoopla surrounding business plans, you would think that the expository only things standing between a would-be entrepreneur and essay in a book, spectacular success are glossy five-color charts, a bundle of things in a personal meticulous-looking spreadsheets, and a decade of month-by-month financial projections. Nothing could be further from the truth. In my experience with hundreds of entrepreneurial startups, business plans rank no higher than 2—on a scale from 1 to mla format essay in a 10—as a predictor of a new venture’s success.

And sometimes, in fact, the and thesis more elaborately crafted the mla format bibliography essay book document, the more likely the venture is statement essay to, well, flop, for lack of a more euphemistic word. What’s wrong with most business plans? The answer is relatively straightforward. Most waste too much ink on numbers and devote too little to the information that really matters to intelligent investors. As every seasoned investor knows, financial projections for a new company—especially detailed, month-by-month projections that stretch out for mla format in a book more than a year—are an act of imagination. Business Plan? An entrepreneurial venture faces far too many unknowns to predict revenues, let alone profits. Moreover, few if any entrepreneurs correctly anticipate how much capital and time will be required to mla format bibliography essay book accomplish their objectives.

Typically, they are wildly optimistic, padding their projections. Investors know about the padding effect and therefore discount the figures in fabian essays, business plans. These maneuvers create a vicious circle of inaccuracy that benefits no one. Don’t misunderstand me: business plans should include some numbers. But those numbers should appear mainly in bibliography in a book, the form of a business model that shows the entrepreneurial team has thought through the key drivers of the venture’s success or failure. In manufacturing, such a driver might be the yield on a production process; in magazine publishing, the anticipated renewal rate; or in software, the impact of using various distribution channels.

The model should also address the break-even issue: At what level of sales does the business begin to make a profit? And even more important, When does cash flow turn positive? Without a doubt, these questions deserve a few pages in product development process, any business plan. Near the back. What goes at the front? What information does a good business plan contain?

If you want to speak the language of investors—and also make sure you have asked yourself the right questions before setting out on the most daunting journey of a businessperson’s career—I recommend basing your business plan on the framework that follows. Mla Format Essay In A Book? It does not provide the kind of “winning” formula touted by some current how-to books and software programs for entrepreneurs. Development Thesis? Nor is it a guide to brain surgery. Rather, the framework systematically assesses the bibliography in a four interdependent factors critical to every new venture: The People. The men and fabian essays, women starting and running the venture, as well as the book outside parties providing key services or important resources for it, such as its lawyers, accountants, and suppliers.

The Opportunity. Fabian Essays? A profile of the business itself—what it will sell and to whom, whether the bibliography essay in a book business can grow and product, how fast, what its economics are, who and what stand in the way of success. The Context. The big picture—the regulatory environment, interest rates, demographic trends, inflation, and the like—basically, factors that inevitably change but cannot be controlled by the entrepreneur. Risk and Reward. An assessment of everything that can go wrong and mla format book, right, and a discussion of how the entrepreneurial team can respond. Business Plans: For Entrepreneurs Only? The accompanying article talks mainly about business plans in a familiar context, as a tool for entrepreneurs. But quite often, start-ups are launched within established companies. Do those new ventures require business plans? And if they do, should they be different from the plans entrepreneurs put together?

The answer to thesis statement for an the first question is an mla format essay emphatic yes; the answer to the second, an equally emphatic no. All new ventures—whether they are funded by venture capitalists or, as is the case with intrapreneurial businesses, by shareholders—need to pass the same acid tests. Thesis Expository? After all, the marketplace does not differentiate between products or services based on bibliography essay book who is pouring money into them behind the scenes. The fact is, intrapreneurial ventures need every bit as much analysis as entrepreneurial ones do, yet they rarely receive it. To Include In A Personal Statement? Instead, inside big companies, new businesses get proposed in the form of capital-budgeting requests. These faceless documents are subject to bibliography detailed financial scrutiny and a consensus-building process, as the project wends its way through the product development chain of command, what I call the “neutron bomb” model of project governance. However, in the history of such proposals, a plan never has been submitted that did not promise returns in excess of corporate hurdle rates.

It is only after the new business is launched that these numbers explode at the organization’s front door. That problem could be avoided in large part if intrapreneurial ventures followed the guidelines set out in the accompanying article. For instance, business plans for such a venture should begin with the résumés of mla format essay in a book all the people involved. What has the team done in the past that would suggest it would be successful in the future, and so on? In addition, the new venture’s product or service should be fully analyzed in terms of its opportunity and context. Going through the thesis statement for an process forces a kind of discipline that identifies weaknesses and strengths early on and helps managers address both. It also helps enormously if such discipline continues after the intrapreneurial venture lifts off. When professional venture capitalists invest in mla format bibliography book, new companies, they track performance as a matter of business plan for publishing course. But in large companies, scrutiny of in a a new venture is often inconsistent. That shouldn’t or needn’t be the case. A business plan helps managers ask such questions as: How is the new venture doing relative to business plan for publishing projections?

What decisions has the team made in response to new information? Have changes in the context made additional funding necessary? How could the team have predicted those changes? Such questions not only essay in a keep a new venture running smoothly but also help an organization learn from its mistakes and triumphs. Many successful companies have been built with the help of things to include in a personal venture capitalists. Many of the underlying opportunities could have been exploited by large companies. Why weren’t they? Perhaps useful lessons can be learned by studying the world of mla format book independent ventures, one lesson being: Write a great business plan. The assumption behind the statement essay framework is mla format book that great businesses have attributes that are easy to letter analyst identify but hard to assemble.

They have an experienced, energetic managerial team from the mla format bibliography book top to the bottom. The team’s members have skills and experiences directly relevant to the opportunity they are pursuing. Ideally, they will have worked successfully together in the past. Fabian Essays? The opportunity has an attractive, sustainable business model; it is possible to create a competitive edge and defend it. Many options exist for expanding the scale and scope of the business, and these options are unique to essay in a book the enterprise and its team. Value can be extracted from the business in a number of ways either through a positive harvest event—a sale—or by scaling down or liquidating. The context is favorable with respect to both the regulatory and the macro-economic environments. Risk is understood, and the team has considered ways to mitigate the letter for entry-level financial analyst position impact of difficult events. In short, great businesses have the four parts of the framework completely covered. If only reality were so neat.

When I receive a business plan, I always read the book résumé section first. Not because the people part of the new venture is the most important, but because without the right team, none of the other parts really matters. I read the résumés of the and thesis venture’s team with a list of questions in mind. (See the insert “Who Are These People, Anyway?”) All these questions get at the same three issues about the venture’s team members: What do they know? Whom do they know? and How well are they known? Fourteen “Personal” Questions Every Business Plan Should Answer.

Where are the founders from? Where have they been educated? Where have they worked—and for whom? What have they accomplished—professionally and personally—in the mla format in a book past? What is their reputation within the business community? What experience do they have that is directly relevant to the opportunity they are pursuing? What skills, abilities, and knowledge do they have? How realistic are they about the venture’s chances for things to include statement success and the tribulations it will face? Who else needs to essay in a book be on the team? Are they prepared to recruit high-quality people? How will they respond to adversity?

Do they have the mettle to make the inevitable hard choices that have to be made? How committed are they to this venture? What are their motivations? What and whom they know are matters of insight and experience. How familiar are the team members with industry players and dynamics? Investors, not surprisingly, value managers who have been around the block a few times. A business plan should candidly describe each team member’s knowledge of the new venture’s type of product or service; its production processes; and cover financial position, the market itself, from competitors to mla format bibliography in a customers. Thesis Statement Expository? It also helps to indicate whether the team members have worked together before. Not played—as in roomed together in college—but worked . Investors also look favorably on a team that is known because the bibliography essay in a real world often prefers not to deal with start-ups. They’re too unpredictable. That changes, however, when the new company is run by people well known to suppliers, customers, and employees.

Their enterprise may be brand new, but they aren’t. The surprise element of working with a start-up is somewhat ameliorated. Finally, the people part of a business plan should receive special care because, simply stated, that’s where most intelligent investors focus their attention. A typical professional venture-capital firm receives approximately 2,000 business plans per year. These plans are filled with tantalizing ideas for product process thesis new products and services that will change the world and reap billions in bibliography book, the process—or so they say. But the cover for entry-level analyst position fact is, most venture capitalists believe that ideas are a dime a dozen: only execution skills count. Bibliography Book? As Arthur Rock, a venture capital legend associated with the formation of such companies as Apple, Intel, and Teledyne, states, “I invest in plan company, people, not ideas.” Rock also has said, “If you can find good people, if they’re wrong about the product, they’ll make a switch, so what good is it to understand the product that they’re talking about in the first place?” Business plan writers should keep this admonition in mind as they craft their proposal. Talk about the people—exhaustively. And if there is nothing solid about their experience and abilities to herald, then the entrepreneurial team should think again about launching the venture.

When it comes to the opportunity itself, a good business plan begins by focusing on two questions: Is the total market for bibliography essay book the venture’s product or service large, rapidly growing, or both? Is the industry now, or can it become, structurally attractive? Entrepreneurs and investors look for large or rapidly growing markets mainly because it is often easier to obtain a share of a growing market than to business for publishing fight with entrenched competitors for mla format bibliography a share of a mature or stagnant market. Fabian Essays? Smart investors, in fact, try hard to identify high-growth-potential markets early in their evolution: that’s where the big payoffs are. And, indeed, many will not invest in a company that cannot reach a significant scale (that is, $ 50 million in annual revenues) within five years. HBR Guide to Building Your Business Case Ebook + Tools. As for mla format bibliography essay in a book attractiveness, investors are obviously looking for statement for an markets that actually allow businesses to make some money. In A Book? But that’s not the thesis statement for an expository essay no-brainer it seems.

In the late 1970s, the bibliography in a book computer disk-drive business looked very attractive. The technology was new and exciting. Dozens of companies jumped into fabian essays the fray, aided by an army of professional investors. Twenty years later, however, the thrill is gone for managers and investors alike. Disk drive companies must design products to mla format bibliography in a book meet the perceived needs of original equipment manufacturers (OEMs) and end users. Statement? Selling a product to OEMs is complicated.

The customers are large relative to most of their suppliers. There are lots of competitors, each with similar high-quality offerings. Moreover, product life cycles are short and mla format bibliography essay, ongoing technology investments high. The industry is subject to product development thesis major shifts in technology and customer needs. Intense rivalry leads to lower prices and, hence, lower margins. In short, the disk drive industry is simply not set up to make people a lot of money; it’s a structural disaster area. The information services industry, by contrast, is paradise. Companies such as Bloomberg Financial Markets and First Call Corporation, which provide data to the financial world, have virtually every competitive advantage on their side. Mla Format Bibliography Book? First, they can assemble or create proprietary content—content that, by thesis for an expository the way, is like life’s blood to thousands of money managers and stock analysts around the world. And although it is often expensive to develop the service and to mla format bibliography essay in a acquire initial customers, once up and running, these companies can deliver content to thesis statement for an customers very cheaply. Also, customers pay in advance of receiving the service, which makes cash flow very handsome, indeed.

In short, the structure of the information services industry is mla format in a beyond attractive: it’s gorgeous. The profit margins of Bloomberg and First Call put the disk drive business to shame. The Opportunity of a Lifetime—or Is It? Nine Questions About the Business Every Business Plan Should Answer. Who is the fabian essays new venture’s customer? How does the customer make decisions about bibliography essay, buying this product or service?

To what degree is the product or service a compelling purchase for the customer? How will the business for publishing product or service be priced? How will the venture reach all the identified customer segments? How much does it cost (in time and resources) to acquire a customer? How much does it cost to produce and mla format bibliography in a book, deliver the product or service? How much does it cost to support a customer? How easy is it to retain a customer?

Thus, the business plan for publishing first step for entrepreneurs is to essay book make sure they are entering an industry that is large and/or growing, and one that’s structurally attractive. The second step is to make sure their business plan rigorously describes how this is the case. Projects? And if it isn’t the case, their business plan needs to specify how the venture will still manage to make enough of a profit that investors (or potential employees or suppliers, for that matter) will want to participate. Once it examines the new venture’s industry, a business plan must describe in mla format essay in a book, detail how the and thesis company will build and launch its product or service into the marketplace. Again, a series of mla format bibliography in a book questions should guide the discussion. (See the insert “The Opportunity of a Lifetime—or Is It?”) Often the for an essay answers to these questions reveal a fatal flaw in bibliography in a, the business. I’ve seen entrepreneurs with a “great” product discover, for example, that it’s simply too costly to find customers who can and will buy what they are selling. Economically viable access to customers is the key to business, yet many entrepreneurs take the Field of Dreams approach to this notion: build it, and they will come.

That strategy works in the movies but is not very sensible in thesis for an, the real world. It is not always easy to answer questions about the likely consumer response to new products or services. Book? The market is as fickle as it is unpredictable. (Who would have guessed that plug-in room deodorizers would sell?) One entrepreneur I know proposed to introduce an electronic news-clipping service. He made his pitch to a prospective venture-capital investor who rejected the plan, stating, “I just don’t think the dogs will eat the dog food.” Later, when the entrepreneur’s company went public, he sent the venture capitalist an anonymous package containing an empty can of dog food and projects and thesis, a copy of his prospectus. If it were easy to essay book predict what people will buy, there wouldn’t be any opportunities. The market is as fickle as it is unpredictable. Who would have guessed that plug-in room deodorizers would sell? Similarly, it is tough to guess how much people will pay for something, but a business plan must address that topic. Sometimes, the dogs will eat the dog food, but only at a price less than cost.

Investors always look for opportunities for value pricing—that is, markets in which the costs to produce the product are low, but consumers will still pay a lot for product development process thesis it. No one is dying to invest in a company when margins are skinny. Still, there is money to be made in mla format bibliography in a book, inexpensive products and services—even in product development thesis, commodities. A business plan must demonstrate that careful consideration has been given to the new venture’s pricing scheme. The list of questions about the new venture’s opportunity focuses on mla format bibliography essay book the direct revenues and the costs of producing and fabian essays, marketing a product. That’s fine, as far as it goes.

A sensible proposal, however, also involves assessing the business model from a perspective that takes into mla format book account the investment required—that is, the balance sheet side of the equation. The following questions should also be addressed so that investors can understand the development process thesis cash flow implications of pursuing an opportunity: When does the business have to buy resources, such as supplies, raw materials, and bibliography, people? When does the business have to pay for them? How long does it take to thesis for an acquire a customer? How long before the customer sends the business a check?

How much capital equipment is required to support a dollar of sales? Investors, of bibliography course, are looking for businesses in development thesis, which management can buy low, sell high, collect early, and pay late. The business plan needs to spell out how close to that ideal the new venture is expected to come. Even if the mla format essay in a answer is “not very”—and it usually is—at least the truth is out there to discuss. The opportunity section of a business plan must also bring a few other issues to product development process thesis the surface. First, it must demonstrate and analyze how an opportunity can grow—in other words, how the mla format book new venture can expand its range of products or services, customer base, or geographic scope. Often, companies are able to create virtual pipelines that support the economically viable creation of new revenue streams. In the publishing business, for example, Inc. magazine has expanded its product line to include seminars, books, and videos about entrepreneurship. Similarly, building on the success of its personal-finance software program Quicken, Intuit now sells software for electronic banking, small-business accounting, and tax preparation, as well as personal-printing supplies and fabian essays, on-line information services—to name just a few of bibliography book its highly profitable ancillary spin-offs. Now, lots of business plans runneth over on the subject of the new venture’s potential for growth and expansion.

But they should likewise runneth over in explaining how they won’t fall into fabian essays some common opportunity traps. One of those has already been mentioned: industries that are at their core structurally unattractive. But there are others. The world of invention, for example, is fraught with danger. Over the past 15 years, I have seen scores of individuals who have devised a better mousetrap—newfangled creations from inflatable pillows for use on airplanes to mla format bibliography essay in a book automated car-parking systems. Process? Few of these idea-driven companies have really taken off, however. I’m not entirely sure why. Sometimes, the mla format book inventor refuses to spend the to include in a personal money required by mla format bibliography or share the rewards sufficiently with the business side of the for an essay company.

Other times, inventors become so preoccupied with their inventions they forget the customer. Whatever the reason, better-mousetrap businesses have an in a book uncanny way of malfunctioning. Another opportunity trap that business plans—and entrepreneurs in general—need to pay attention to is the tricky business of arbitrage. Projects? Basically, arbitrage ventures are created to take advantage of some pricing disparity in the marketplace. MCI Communications Corporation, for instance, was formed to offer long-distance service at a lower price than ATT. Some of the mla format in a industry consolidations going on today reflect a different kind of arbitrage—the ability to buy small businesses at a wholesale price, roll them up together into a larger package, and take them public at a retail price, all without necessarily adding value in the process. Whatever the reason, better-mousetrap businesses have an uncanny way of malfunctioning. Taking advantage of arbitrage opportunities is a viable and potentially profitable way to enter a business. In the letter for entry-level financial position final analysis, however, all arbitrage opportunities evaporate. Essay Book? It is not a question of in a whether, only when. The trick in these businesses is to mla format essay in a book use the arbitrage profits to build a more enduring business model, and business plans must explain how and fabian essays, when that will occur.

As for competition, it probably goes without saying that all business plans should carefully and thoroughly cover this territory, yet some don’t. That is a glaring omission. For starters, every business plan should answer the following questions about the competition: Who are the new venture’s current competitors? What resources do they control? What are their strengths and weaknesses? How will they respond to essay in a book the new venture’s decision to enter the business? How can the new venture respond to its competitors’ response? Who else might be able to observe and exploit the same opportunity? Are there ways to product co-opt potential or actual competitors by forming alliances?

Business is like chess: to be successful, you must anticipate several moves in mla format bibliography essay in a book, advance. A business plan that describes an fabian essays insuperable lead or a proprietary market position is by definition written by naïve people. That goes not just for the competition section of the business plan but for the entire discussion of the opportunity. All opportunities have promise; all have vulnerabilities. A good business plan doesn’t whitewash the latter. Rather, it proves that the entrepreneurial team knows the good, the mla format bibliography essay in a bad, and process, the ugly that the venture faces ahead.

Opportunities exist in a context. At one level is the macroeconomic environment, including the level of economic activity, inflation, exchange rates, and interest rates. At another level are the wide range of government rules and regulations that affect the opportunity and how resources are marshaled to exploit it. Examples extend from tax policy to bibliography essay in a book the rules about raising capital for a private or public company. And at yet another level are factors like technology that define the limits of what a business or its competitors can accomplish. Context often has a tremendous impact on every aspect of the expository essay entrepreneurial process, from identification of opportunity to harvest. In some cases, changes in some contextual factor create opportunity. More than 100 new companies were formed when the airline industry was deregulated in the late 1970s. The context for financing was also favorable, enabling new entrants like People Express to go to the public market for bibliography essay capital even before starting operations.

Conversely, there are times when the cover letter for entry-level financial analyst position context makes it hard to start new enterprises. The recession of the essay book early 1990s combined with a difficult financing environment for new companies: venture capital disbursements were low, as was the business plan company amount of capital raised in the public markets. (Paradoxically, those relatively tight conditions, which made it harder for new entrants to get going, were associated with very high investment returns later in the 1990s, as capital markets heated up.) Sometimes, a shift in context turns an unattractive business into an attractive one, and vice versa. Consider the case of a packaging company some years ago that was performing so poorly it was about to be put on the block. Then came the mla format bibliography essay in a Tylenol-tampering incident, resulting in multiple deaths. The packaging company happened to have an efficient mechanism for and thesis installing tamper-proof seals, and in a matter of weeks its financial performance could have been called spectacular. Conversely, U.S. Book? tax reforms enacted in 1986 created havoc for companies in the real estate business, eliminating almost every positive incentive to invest.

Many previously successful operations went out of business soon after the new rules were put in place. Every business plan should contain certain pieces of evidence related to context. First, the entrepreneurs should show a heightened awareness of the new venture’s context and how it helps or hinders their specific proposal. Second, and development process thesis, more important, they should demonstrate that they know the venture’s context will inevitably change and describe how those changes might affect the business. Further, the business plan should spell out what management can (and will) do in the event the context grows unfavorable. Mla Format Bibliography In A Book? Finally, the business plan should explain the statement expository essay ways (if any) in which management can affect context in a positive way. For example, management might be able to have an impact on regulations or on essay in a industry standards through lobbying efforts.

The concept that context is fabian essays fluid leads directly to the fourth leg of the framework I propose: a discussion of risk and mla format in a book, how to manage it. I’ve come to think of a good business plan as a snapshot of an event in projects and thesis, the future. Mla Format Bibliography In A Book? That’s quite a feat to business plan company begin with—taking a picture of the unknown. But the best business plans go beyond that; they are like movies of the future. They show the people, the opportunity, and mla format, the context from multiple angles. They offer a plausible, coherent story of what lies ahead. They unfold possibilities of action and reaction. Good business plans, in other words, discuss people, opportunity, and context as a moving target. All three factors (and the relationship among them) are likely to things personal change over time as a company evolves from start-up to ongoing enterprise. Mla Format Bibliography? Therefore, any business plan worth the time it takes to write or read needs to focus attention on the dynamic aspects of the entrepreneurial process.

When it comes to the matter of risk and reward in things to include personal, a new venture, a business plan benefits enormously from the inclusion of mla format bibliography in a two graphs. Perhaps graphs is the wrong word; these are really just schematic pictures that illustrate the most likely relationship between risk and reward, that is, the relationship between the opportunity and its economics. High finance they are not, but I have found both of these pictures say more to investors than a hundred pages of charts and prose. The first picture depicts the amount of money needed to launch the fabian essays new venture, time to positive cash flow, and the expected magnitude of the payoff. This image helps the investor understand the depth and duration of negative cash flow, as well as the relationship between the mla format bibliography essay in a investment and the possible return. The ideal, needless to say, is to have cash flow early and to include in a personal statement, often. But most investors are intrigued by the picture even when the cash outflow is high and mla format bibliography essay book, long—as long as the cash inflow is projects more so. Of course, since the world of new ventures is populated by wild-eyed optimists, you might expect the in a book picture to and thesis display a shallower hole and a steeper reward slope than it should. It usually does. But to be honest, even that kind of picture belongs in the business plan because it is a fair warning to investors that the new venture’s team is completely out of touch with reality and should be avoided at all costs.

The second picture complements the first. It shows investors the bibliography in a range of possible returns and the likelihood of achieving them. The following example shows investors that there is and thesis a 15 % chance they would have been better off using their money as wall-paper. The flat section reveals that there is a negligible chance of losing only in a book a small amount of money; companies either fail big or create enough value to achieve a positive return. The hump in the middle suggests that there is a significant chance of earning between 15 % and 45 % in the same time period.

And finally, there is a small chance that the fabian essays initial outlay of cash will spawn a 200 % internal rate of return, which might have occurred if you had happened to invest in Microsoft when it was a private company. Basically, this picture helps investors determine what class of investment the mla format essay in a business plan is presenting. Is the new venture drilling for and thesis North Sea oil—highly risky with potentially big payoffs—or is it digging development wells in Texas, which happens to be less of a geological gamble and mla format essay book, probably less lucrative, too? This image answers that kind of question. It’s then up to the investors to decide how much risk they want to live with against what kind of odds. Again, the people who write business plans might be inclined to skew the picture to make it look as if the probability of a significant return is downright huge and the possibility of loss is fabian essays negligible. And, again, I would say therein lies the book picture’s beauty. What it claims, checked against the investor’s sense of reality and experience, should serve as a simple pictorial caveat emptor. Of course, the future is hard to letter financial predict.

Still, it is possible to give potential investors a sense of the kind and class of risk and reward they are assuming with a new venture. Mla Format Essay Book? All it takes is for entry-level financial a pencil and two simple drawings. (See the insert “Visualizing Risk and Reward.”) But even with these drawings, risk is, well, risky. In reality, there are no immutable distributions of outcomes. It is ultimately the responsibility of management to mla format bibliography essay change the distribution, to increase the likelihood and thesis, consequences of success, and to in a book decrease the development thesis likelihood and implications of problems. One of the mla format essay book great myths about entrepreneurs is that they are risk seekers. All sane people want to avoid risk. Thesis Statement Essay? As Harvard Business School professor (and venture capitalist) Howard Stevenson says, true entrepreneurs want to capture all the reward and give all the risk to others.

The best business is a post office box to which people send cashier’s checks. Yet risk is unavoidable. So what does that mean for a business plan? It means that the plan must unflinchingly confront the risks ahead—in terms of people, opportunity, and context. Mla Format Bibliography Book? What happens if one of the new venture’s leaders leaves?

What happens if a competitor responds with more ferocity than expected? What happens if there is a revolution in Namibia, the source of a key raw material? What will management actually do ? Those are hard questions for an entrepreneur to thesis pose, especially when seeking capital. But a better deal awaits those who do pose them and then provide solid answers. A new venture, for example, might be highly leveraged and therefore very sensitive to interest rates. Essay In A Book? Its business plan would benefit enormously by stating that management intends to hedge its exposure through the financial-futures market by purchasing a contract that does well when interest rates go up. Things To Include? That is the equivalent of offering investors insurance. (It also makes sense for the business itself.) Finally, one important area in the realm of risk/reward management relates to harvesting.

Venture capitalists often ask if a company is “IPOable,” by which they mean, Can the company be taken public at some point in the future? Some businesses are inherently difficult to take public because doing so would reveal information that might harm its competitive position (for example, it would reveal profitability, thereby encouraging entry or angering customers or suppliers). Some ventures are not companies, but rather products—they are not sustainable as independent businesses. One of the greatest myths about entrepreneurs is essay book that they are risk seekers. All sane people want to avoid risk. Therefore, the business plan should talk candidly about the end of the process.

How will the investor eventually get money out of the business, assuming it is successful, even if only marginally so? When professionals invest, they particularly like companies with a wide range of exit options. They like companies that work hard to preserve and enhance those options along the way, companies that don’t, for example, unthinkingly form alliances with big corporations that could someday actually buy them. Investors feel a lot better about risk if the thesis for an venture’s endgame is bibliography in a book discussed up front. There is an old saying, “If you don’t know where you are going, any road will get you there.” In crafting sensible entrepreneurial strategies, just the opposite things to include is true: you had better know where you might end up and have a map for getting there. Bibliography Essay? A business plan should be the for publishing company place where that map is mla format essay in a drawn, for, as every traveler knows, a journey is a lot less risky when you have directions. Once a business plan is written, of course, the plan company goal is to land a deal. That is a topic for another article in itself, but I will add a few words here. When I talk to young (and old) entrepreneurs looking to finance their ventures, they obsess about the valuation and terms of the deal they will receive.

Their explicit goal seems to be to minimize the dilution they will suffer in raising capital. Implicitly, they are also looking for investors who will remain as passive as a tree while they go about building their business. Mla Format Bibliography Essay In A? On the food chain of investors, it seems, doctors and dentists are best and venture capitalists are worst because of the things to include degree to which the latter group demands control and a large share of the returns. That notion—like the idea that excruciatingly detailed financial projections are useful—is nonsense. From whom you raise capital is bibliography often more important than the and thesis terms.

New ventures are inherently risky, as I’ve noted; what can go wrong will. When that happens, unsophisticated investors panic, get angry, and often refuse to advance the company more money. Sophisticated investors, by contrast, roll up their sleeves and help the company solve its problems. Often, they’ve had lots of experience saving sinking ships. Essay In A? They are typically process literate. They understand how to letter position craft a sensible business strategy and a strong tactical plan. They know how to recruit, compensate, and book, motivate team members. They are also familiar with the fabian essays Byzantine ins and outs of going public—an event most entrepreneurs face but once in in a, a lifetime. This kind of know-how is worth the money needed to buy it. There is an old expression directly relevant to entrepreneurial finance: “Too clever by half.” Often, deal makers get very creative, crafting all sorts of payoff and option schemes.

That usually backfires. My experience has proven again and again that sensible deals have the following six characteristics: They do not blow apart if actual differs slightly from plan. They do not provide perverse incentives that will cause one or both parties to behave destructively. They are written on a pile of papers no greater than one-quarter inch thick. But even these six simple rules miss an important point. A deal should not be a static thing, a one-shot document that negotiates the disposition of a lump sum. Instead, it is incumbent upon entrepreneurs, before they go searching for funding, to think about capital acquisition as a dynamic process—to figure out how much money they will need and when they will need it.

How is that accomplished? The trick is for for entry-level financial analyst the entrepreneurial team to treat the new venture as a series of experiments. Before launching the whole show, launch a little piece of mla format essay book it. Convene a focus group to test the product, build a prototype and watch it perform, conduct a regional or local rollout of a service. Such an exercise reveals the true economics of the business and can help enormously in determining how much money the new venture actually requires and in what stages. Entrepreneurs should raise enough, and investors should invest enough, capital to fund each major experiment. Experiments, of course, can feel expensive and thesis statement, risky. But I’ve seen them prevent disasters and help create successes. Mla Format Book? I consider it a prerequisite of putting together a winning deal. Among the many sins committed by cover letter business plan writers is mla format bibliography in a arrogance. In today’s economy, few ideas are truly proprietary.

Moreover, there has never been a time in recorded history when the and thesis supply of bibliography essay book capital did not outrace the supply of opportunity. Letter For Entry-level Analyst? The true half-life of opportunity is decreasing with the bibliography in a passage of time. A business plan must not be an product process thesis albatross that hangs around the neck of the entrepreneurial team, dragging it into oblivion. Instead, a business plan must be a call for action, one that recognizes management’s responsibility to fix what is broken proactively and in real time. Mla Format Essay Book? Risk is inevitable, avoiding risk impossible. Risk management is the key, always tilting the product thesis venture in favor of reward and away from risk. A plan must demonstrate mastery of the entire entrepreneurial process, from identification of opportunity to harvest. It is not a way to separate unsuspecting investors from their money by hiding the fatal flaw. For in the final analysis, the only one being fooled is the entrepreneur. We live today in the golden age of entrepreneurship. Although Fortune 500 companies have shed 5 million jobs in the past 20 years, the overall economy has added almost 30 million.

Many of those jobs were created by bibliography essay entrepreneurial ventures, such as Cisco Systems, Genentech, and Microsoft. Each of those companies started with a business plan. Is that why they succeeded? There is no knowing for sure. Process? But there is little doubt that crafting a business plan so that it thoroughly and candidly addresses the ingredients of mla format in a success—people, opportunity, context, and the risk/reward picture—is vitally important.

In the absence of a crystal ball, in development, fact, a business plan built of the right information and analysis can only be called indispensable. William A. Sahlman is the Dimitri V. D’Arbeloff-MBA Class of 1955 Professor of Business Administration at the Harvard Business School.

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Essay: English language teachers’ perceptions of an activity to elicit beliefs. In this small-scale study six English teachers working at mla format bibliography book, a Turkish private middle school elicited their own teacher beliefs using an adapted version of a repertory grid as proposed by Donaghue (2003). The repertory grid was introduced and used in a session in projects and thesis, which the participants individually generated their constructs and compared them with another teacher. The participants were asked to write an evaluation of the activity as an instrument to elicit beliefs. Furthermore a semi-structured interview was conducted which aimed to detect the participant’s perceptions of the activity and to shed further light on the value of mla format bibliography in a book, this instrument. Conclusions about the applicability of the repertory grid technique and, in particular, the instrument used in this study in second language teacher education and teacher development are drawn. Key words: Teacher beliefs, ELT, Elicitation Technique, Teacher Education, Professional Development.

It is development thesis widely accepted that people’s beliefs have an impact on their behaviour. Thought and action are interactively related: ‘What people think, believe, and feel affects how they behave’ (Bandura, 1986, p. 25). Reviewing the relevant literature, Gabillon (2012) has recently explicated the of nature foreign language teacher beliefs and their influence on teaching practice in a set of five dichotomies: (1) teacher beliefs are personal as they represent an individual understanding and interpretation of teaching practice and social, as the understanding and interpretation is shaped in a social and cultural context; (2) teacher beliefs are practical and theoretical in a way that theoretical knowledge (e.g. teaching methods or learning theories) is interpreted and modified in essay in a book, the light of practical knowledge (i.e. experienced knowledge) to fit it to teacher beliefs; (3) there are teacher beliefs that are implicit, i.e. unconscious and difficult to verbalise, and those ones being explicit, i.e. teachers are able to verbalize them, to for entry-level financial analyst position, provide a rationale and to relate them to previous experience (professional or life experience); (4) teacher beliefs are dynamic, i.e. open to change; however, it is uncontested that teacher beliefs are not easily changed and deep-rooted key beliefs or core beliefs might be resistant; (5) teacher beliefs are systematic, i.e. Bibliography Book? there are belief factors that are organised around themes rather systematically so that practice is projects and thesis linked to mla format in a, the belief system, while other belief factors are complex organised and indeed contain conflicting perceptions which cause a mismatch between beliefs and practice. Borg (2006; 2003) has coined the term teacher cognition referring to the ‘unobservable cognitive dimension of teaching ‘ what teachers know, believe and things in a personal think’ (ibid, p. 81). As such, teacher cognition plays an essential role in the practice of teaching and teacher education. Mla Format In A? It is shaped by schooling (the teacher’s experience gained when she was a pupil/student) and professional coursework (the teacher’s experience gained in statement for an essay, teacher education programs). Bibliography Essay Book? Furthermore, teacher cognition is in dependence to contextual factors (physical conditions, material, curriculum etc. faced in the institutional context the teacher is projects and thesis employed in), and own classroom practice (which shapes cognition unconsciously, or consciously through reflection). Essay Book? Teacher cognition stands in an interactional relation to teacher learning and practice as it both informs them and is informed through them. It is expository important to uncover teachers’ beliefs in mla format bibliography essay, order to initiate reflection on own teaching and, consequently, to facilitate professional development. When teacher beliefs remain undetected or are ignored, teacher training and professional development programs are likely to be ineffective because input (e.g. new approaches or techniques) cannot be connected to existing teacher beliefs; consequently, new content is for entry-level unlikely to be transferred into classroom practice (Freeman, 2002; V??lez-Rend??n, 2002). Uncovering beliefs and assumptions is, however, difficult since they might be subconscious or it might be challenging to articulate them (Donaghue, 2003).

Furthermore teacher beliefs might consist of mla format bibliography essay, espoused theories which are in contrast to theories in action (Williams Burden, 1997). Among other instruments, the use of in a personal statement, belief inventories (e.g. Richards Lockhart, 1996, pp. 48-51) or awareness raising activities (e.g. Taggart Wilson, 2005; Roberts, 1998; Wallace, 1991) have been suggested to explore teacher beliefs.

Donaghue (2003) has introduced an adapted version of the repertory grid technique to elicit teacher beliefs and assumptions (see Appendix A). Instead of using given constructs (as in questionnaires), in mla format bibliography in a book, repertory grids participants develop and articulate their own, personal constructs. The instrument developed by Donaghue is loosely based on Kelly’s (1991) theory of personal construct, according to which an business individual makes sense of the world by mla format bibliography essay generating constructs which shape an things in a individual’s personal theory. Constructs are viewed as ‘dichotomous abstractions’ (ibid., p. Bibliography Essay? 75), i.e. individuals perceive elements of their experience in such a way that they ‘never affirm anything without simultaneously denying something’ (Fransella, Bell Bannister, 2004, p.7). For example, an effective teacher might be considered as someone who motivates students, while an ineffective teacher might be considered to be teaching without motivating students (example taken from Roberts, 1998, p. And Thesis? 31).

Accordingly, in the repertory grid activity proposed by Donaghue (2003) the participants are asked to compare three different people and to affirm a construct in which two persons are alike, and the third is mla format bibliography book different. The adapted version of the repertory grid was developed as an fabian essays instrument to be used as an awareness-raising activity at the beginning of courses in teacher training or professional development. It aims at informing participants about mla format, their (often covert) beliefs and statement expository assumptions about language teaching. Bibliography Essay Book? Differently from other repertory grids it does not contain a scale through which participants indicate how near a construct is related to an element. For this reason, conclusion from results of the instrument must be drawn with caution. It is product rather ‘a catalyst to thought and reflection’ (Donaghue, 2003, p. 350) than a research tool to gain generalisable results. Consequently, this study is bibliography essay in a concerned with the applicability of the instruments and business company not with the gained beliefs themselves.

The study sought to find out how the bibliography in a adapted repertory grid by Donaghue (2003) was perceived as an instrument to elicit teacher beliefs by six teachers at a Turkish middle school. For this reason, the participants were asked to evaluate the projects instrument and mla format book it was intended to find out to product development process thesis, what dimensions of teacher cognition the participants related their own beliefs to. It was assumed that the participants’ comments might be understood as an indicator for evaluating in how far the instrument is capable of initiating reflective thinking. No less importantly, the participants’ perceptions might contribute to developing the instrument. Following these considerations the mla format in a study sought to answer the following questions:

1. How do the participants evaluate the thesis elicitation technique used in this study? 2. How do the participants perceive the mla format bibliography elicitation technique for their professional development? The participants in this study were six teachers at a private middle school in personal, a southeastern city in Turkey. Mla Format In A? The pupils attending the cover financial position school come from families belonging to the middle and upper middle class. Mla Format Essay In A Book? In order to get some background information, the participants were asked to fill in repertory grid evaluation form (Appendix B), which requested besides an evaluation of the activity some biographical information. Background of the Participants in the Study. Participant Sex Age Qualification Teaching experience. 1 female 33 bachelor 11 years.

2 male 45 bachelor 17 years. 3 female 27 bachelor 4 years. 4 female 29 bachelor 7 years. 5 female 29 bachelor 4 years. 6 male 32 bachelor 6 years. Table 1 shows that all participants have a bachelor’s degree in ELT and vary in teaching experience as evidenced by the years of teaching. Participants 1, 3 and 5 have had exclusively worked at private schools while participant 4 had worked at a private teaching institution (dershane) for five years and participant 6 at a public school for three years before they started their current job at the private school.

Participant 2 is fabian essays of Syrian nationality. He had worked at essay in a, state schools abroad (e.g. Kuwait), and has been working at the private school for two years. Data Collection Procedures and Tools. The participants were invited to statement, a session in bibliography essay in a, which the activity was carried out. The activity procedure followed these steps (cf. Donaghue, 2003, p. 347f.): 1. Company? The researcher introduces the aim of the study and bibliography book explains all steps. He also introduces the repertory grid activity and explains the concept of thesis statement for an, personal constructs. 2. Mla Format Essay Book? Participants are divided into pairs.

Each pair receives one set of cards containing the elements of the grid (cf. Appendix A). They think of a real person that matches the fabian essays element best. Participant A writes the mla format bibliography in a book name of the person at expository essay, the top of the card, participant B writes it at the bottom. Bibliography In A? For confidentiality, the participants are allowed to write a pseudonym if the partner knows the and thesis person. An example is given in Figure 1. A teacher you learned well with. Figure 1. Card used in repertory grid activity (sample) 3. Cards are shuffled. Each participant is given a grid (Appendix A).

Pairs choose three cards at random, and bibliography in a individually think how two persons are similar and projects one is different writing their personal constructs in the ‘construct’ column. Participants put a tick to the elements that are the mla format bibliography essay book same and a cross to the one that is different. 4. Pairs compare their constructs and discuss. 5. Pairs return the business for publishing company cards, shuffle them and repeat steps 3 and 4 (Donaghue, 2003, suggests 6 turns). Repertory Grid Evaluation. At the end of the session, the participants were asked to evaluate the repertory grid by completing the Repertory Grid Evaluation Form (see Appendix B). Each participant was interviewed separately.

The aim of the semi-structured interview was to find out if the repertory grid activity had initiated a reflective process in each of the participants. Mla Format Bibliography Book? For this purpose, the participants were invited to comment on their beliefs (see questions in Appendix C). The interviews were hold in and thesis, English and audio-recorded. The interviews were then transcribed to mla format bibliography essay in a, prepare them for business plan company the data analysis. During the repertory grid activity the researcher took field notes in order to document how the participants responded to the activity. Four types of data were collected during the study: the repertory grids, the field notes, the repertory grid evaluation and the transcription of the semi-structured interview. The repertory grids were not analysed in order to detect the participants’ beliefs; it was not assumed that they were valid tools to research the participants’ teacher beliefs (cf. the related remarks in the introduction of this paper).

The data gained from the mla format bibliography essay book other data collection tools were analysed through content analysis in order to answer the research questions. For this purpose, coding categories were established after initial coding (Saldana, 2009). The coding categories were attributed to six themes: repertory grid evaluation, schooling, professional coursework, contextual factors, classroom practice and suggestions. This section is product process organised as follows: It starts with the participants’ general evaluation of the repertory grid activity using data both from the repertory grid evaluation form and essay in a the interview as there were overlaps in the data coming from both collection tools. Then, it is and thesis reported how the teachers related the activity to their learning experience (schooling and professional coursework) as well as past and mla format essay in a book current contexts and classroom practices. The participants’ views on how to use the development process thesis elicited beliefs and suggestions on how to develop the instrument conclude this section. How did the participants evaluate the repertory grid activity in general?

All the participants gave positive comments on the activity in the repertory grid evaluation form, and these perceptions were repeated and mla format bibliography accentuated in the interviews. The evaluations can be summarised under three categories: its usefulness as an elicitation tool, its (potential) value as part of professional development, and its quality as an enjoyable activity. The activity as an Elicitation Tool. The participants regarded the tool as a powerful instrument to elicit beliefs as the elicitation process is business plan for publishing company based on real people the essay in a participants are familiar with. Participant 1, for example, stated that she was not aware of the importance of fabian essays, social skills for teaching before the activity: I didn’t think about some of the qualities of my teachers, my colleagues (…) I didn’t think that my colleagues are cheerful persons or friendly persons. (…) For teaching being helpful, being kind to the students, listening to them carefully [are important] (Interview, participant 1). Two participants emphasised that that the procedure helped them to formulate honest answers; a teacher noted: I felt that I was giving away my experiences about my job (Repertory Grid Evaluation Form, participant 6). Two participants pointed to the part during the activity when the teachers shared their constructs with a partner. They recognised sharing beliefs as a central point of the activity as the following excerpt from the mla format bibliography essay in a book interview illustrates:

I learned much from the activity because one of my colleagues wrote interesting constructs and by the way I learned them and I think this activity is something like a psychological test, but not individual-psychological, it’s just prepared for thesis statement expository the profession and our experiences (Interview, participant 6). While the responses in the previous paragraph indicate the usefulness of the activity as an elicitation tool, the activity was also perceived as incentive to reflection, i.e. it was perceived as going beyond a mere verbalisation of beliefs and, thus, as potentially contributing to essay in a book, professional development: You think, you remember and you evaluate yourself and product process thesis the other person (Interview, participant 3). Since the elicitation of constructs is bibliography in a combined with comparison of in a personal, three teachers (the elements), the activity forced the participants to challenge ideas. Mla Format Bibliography Essay In A Book? Participant 2 illustrates this by discussing a personality trait that is negatively connoted, but in fact might be valuable as a quality of a teacher: In my point of view I think I have to think again and again of so many things; for example one of the characteristics of the teacher I ticked ‘ a strict teacher, for business company example, I learned a lot from mla format a strict teacher in the past; he never laughed, but really I loved him very much, although he was not so friendly with the students, but as a teacher he was a good teacher. So, sometimes like parents, I think there doesn’t have to be laughing all the time with the kids in order to fabian essays, teach them. Sometimes we have to be strict a little bit. Essay Book? Of course, we have to be patient, kind, friendly and so on. But some of the characteristics we will consider as bad characteristics, they are very useful for us teachers (Interview, participant 2).

Participant 1 pointed to a further advantage of the activity: She said that she had difficulties to things, criticise other people or to be criticised. As the activity helped her to find own weaknesses, she concluded that it might be suitable for people having problems with criticism. Two participants perceived the activity as enjoyable, as expressed in this excerpt: Also it was enjoyable because it made me think of the mla format essay past and sometimes I laughed at those days (Repertory Grid Evaluation Form, participant 1). The enjoyment the participants found can be confirmed by the researcher’s observations of the teachers’ active participation in the activity and cover financial analyst position the willingness to elaborate on their constructs in the interviews; the following comment indicates that the feeling of enjoyment was linked to the perception of contributing to mla format, professional development: It was enjoyable. I liked being a participant in such an activity. I want to make another one, not just repertory grid, another scientific one.

I want to be a participant for my profession (Interview, participant 6). What did the participants relate their beliefs to? A major aim of the interview was to find out to what areas in their past experience and/or current situation the statement participants would relate their beliefs to. It was assumed that areas mentioned by the participants would match those in the framework suggested by Borg (2003, p. Mla Format Essay In A? 82), who sees teacher beliefs (as a subcategory in the all-embracing notion of teacher cognition) generated through schooling, professional coursework, contextual factors and classroom practice. The second question of the interview asked for the sources of the personal statement beliefs, but did not direct the participants to mla format book, any of the areas teacher cognitions are located in. Table 2 displays to what areas the fabian essays participants attributed their beliefs of their own accord. Participant’s Initial Attribution of Beliefs to Areas. participant area mentioned initially. 1 professional coursework.

2 contextual factors. 3 contextual factors. 5 contextual factors. 6 professional coursework. Table 2 shows that different teachers came up with different references for their beliefs when asked initially. This does not mean that there were not any other sources for their beliefs, but those ones were asked directly in the course of the interview; it can be assumed that particularly contextual factors mentioned by participants 2, 3 and 5 were foregrounded for these teachers as they focused on them extensively during the interview. The participants’ perceptions are reported in more detail in the following sections.

Schooling was mentioned by using a concrete example by essay in a participant 4, who said that her belief that teachers should be friendly was generated by and thesis her 7th grade English teacher who made her like learning English. She also talked about one of her teachers who the pupils made fun of because of her glasses. The participant concluded that physical appearance played a role in bibliography essay, teaching. And Thesis? Two participants argued that the mla format in a book view of schooling experience had been changed as they now appreciated teacher practice (observed in their teachers in childhood) they had not appreciated when they were children. These responses suggest that schooling experience can be modified through teaching experience; in a way, the teachers critically reflected their own beliefs they had when they were younger. Even though mentioned, professional coursework was not highlighted in the interviews; on enquiry, the participants did not deny an projects and thesis influence of teacher education on their beliefs but they did not exemplify it, for example by referring to their constructs in the repertory grid. Participant 4 mentioned the name of one of her academic teachers at university who. taught a lot of things, he taught me to teach, he taught me how to behave towards the mla format bibliography essay book students. We learned by living, by acting (Interview, participant 3). This response, particularly the last sentence, indicates the importance of not only content but also of method in teacher education.

In the interviews, contextual factors were most prominently elaborated on. Cover For Entry-level Analyst Position? The participants claimed that their beliefs and assumptions were shaped by bibliography in a cultural norms and their immediate environment (parents, friends, colleagues), and that the plan company context of essay, private school had an statement for an expository influence on teacher behaviour and, consequently, teaching practice. Two participants addressed the mla format essay impact of culture; in their explanations they did not only refer to business plan for publishing company, the teacher profession. The following excerpt summarises the responses: I think our beliefs come from our experiences, this is one of the mla format sources ‘ one of them is cover letter our home. That is very important: How did our parents teach us in the past? The morals, the essay in a ethics and something like that; one source is plan our experience in life in general; one of them is our culture.

For example, we are Muslims, our culture is different from that of book, others, from Jews or Christians or other people; one of them comes from our close friends ‘ the people we love. Sometimes we find good beliefs we didn’t believe in the past (Interview, participant 2). The excerpt illustrates that the emergence of teacher beliefs is perceived as not restricted to letter analyst position, the immediate school context. Virtually all areas of life can contribute to professional beliefs. A further contextual factor mentioned by book the participants was the context of private school which was contrasted with public schools. Participant 5 said that state school teachers were sometimes ineffective, and she linked her belief to and thesis, a variety of conditions. According to mla format in a book, her, public school teachers do not care about their students’ success as they rather transmit knowledge, i.e. And Thesis? grammar, than teaching the four language skills; they are not supervised by principals and parents do not come to school and ask about their children’s progress; additionally, public school teachers are ‘relaxed’ as concerns salary, which contributed to their attitude of indifference towards their profession. Mla Format Bibliography? In a similar vein participant 3 pointed to the reduced amount of class hours and and thesis restricted use of material in bibliography essay book, public schools on letter for entry-level financial the one hand and the willingness of private school students to learn English on the other hand. Participant 1 said that she tried to do her best because she worked at a private school. What all these voices have in common is the conviction that contextual factors influence teacher beliefs and it can be concluded that beliefs generated through contextual factors affect teaching practice.

Similar as for schooling and professional coursework, the participants did not come up with concrete examples how their beliefs interacted with their own classroom practice. From a general perspective, participant 1 (a rather experienced teacher) described classroom practice as having an essay book ongoing impact on beliefs and assumptions and consequently on teaching practice. She claimed she adapted her beliefs as a response to change in student behaviour: I change my ideas because every generation is things in a personal statement different (…) I have to change my style, my ideas, my behaviour almost every year. So I have to be careful about everything during the lesson, after lesson and before lesson. So, they change my ideas, I can say day by day (Interview, participant 1). What suggestions did the participants make on how to use the elicited beliefs and to develop the activity? The participants did not come up with ideas on how to bibliography essay in a book, use the elicited beliefs in a separate follow-up activity; however, they stated that this activity would help them as a reminder of what to business plan for publishing, do and mla format essay in a how to behave in the teacher profession.

The participants mainly saw the activity as a starter to reflect and to challenge own teacher beliefs. Some of the suggestions to develop the activity in the next section can also be understood as follow-up activities to be carried out in process, the session. Participant 1 suggested adding a task in which the participants summarise their strengths and weaknesses after the activity in a sentence. As mentioned above she perceived herself as a person that has difficulties in criticising and being criticised, and she linked her suggestion to that perception. She also suggested applying an instrument to elicit learner beliefs to get the view from the other side of the essay classroom. Similarly, participant 4 suggested finding out about beliefs of things to include in a statement, public school teachers and even people from other than school contexts to get outsider views. To elicit beliefs of teachers coming from different contexts was also suggested by participant 3 who held strong beliefs that the contextual factors at bibliography in a book, public school had the for publishing potential to ‘produce’ ineffective teachers. Participant 2 reflected how outcomes of the bibliography activity could be utilised in the classroom:

Maybe we could add something to it [the activity], for example how to make your students better, how to make them better students every day (…). You can improve yourself, but you also have to think of the other part, I mean the business plan students. Essay In A? How can we attract our students more? Sometimes some teachers are excellent teachers, but unfortunately they cannot attract the attention of all of their students, so maybe the thesis statement for an essay suggestions of the mla format bibliography in a colleagues can help us to do this (Interview, participant 2). Obviously, he referred to the part of the activity in which the partners share their beliefs. His comment indicates the need to work with the beliefs, not only by confirming or questioning them but also by transforming reflection on teacher beliefs into business plan for publishing instructional practice.

As regards the procedure, participant 6 suggested carrying out the activity not in written form by writing down constructs and putting ticks and crosses, but orally as interviews. Mla Format Bibliography Essay? That means teachers research their colleagues’ beliefs and elicit beliefs in business for publishing company, dialogic form, and write their constructs afterwards. This suggestion is remarkable as the mla format in a participant recognised the repertory grid technique as a form of interview (cf. Fransella et al, 2004, p. Plan Company? 5: ‘The grid is perhaps best regarded as a particular form of structured interview’). So far the participants’ perceptions of the repertory grid have been reported. In the following section, conclusions are drawn and implications for second language teacher education are discussed. This study was carried out to bibliography essay book, explore the elicitation process six middle school teachers at a Turkish private school went through.

The participants evaluated the elicitation tool and reflected on their beliefs and the elicitation process. The elicitation tool, which was an adapted version of the things in a personal repertory grid, was positively evaluated as the mla format participants perceived it as capable of eliciting beliefs and acting as incentive to reflection about own beliefs. This is in line with the participant feedback reported in the study by Donaghue (2003). It qualifies the things instrument for further application, e.g. in pre-service or in-service. The fact that the activity was perceived as enjoyable is of particular relevance as the willingness of teachers to participate in professional development is not a matter of essay in a book, course (Karaaslan, 2003). It was seen that the participants in this study gave a variety of product, explanations and references while they were talking about the activity and their beliefs. However, some participants had more to say than others and bibliography essay in a different participants focused on different issues. This is not surprising when the letter for entry-level financial analyst position ‘inconsistency’ of teacher beliefs as a personal construct (that is e.g. strongly linked to an experienced anecdote or mentally presented as an abstract idea) is taken under consideration, and it is book also not surprising that, independently from each other, participants related their beliefs to the same issues (e.g. culture or private school context) as beliefs do not emerge in a void but in a context that teachers share (Pajares, 1992; Gabillon, 2012). Donaghue (2003) addresses the question of what to do with the elicited beliefs as a crucial point.

She reports that a trainer in business, her study had the participants sort the constructs into bibliography in a book positive and negative ones. One of the participants in the current study suggested writing in a sentence what own strengths and weaknesses emerged from the activity. From my own considerations, which however emerged not before the data analysis, participants could classify beliefs and label the emerging categories (labels might be ‘interpersonal traits’, ‘classroom management’, ‘approaches’. These labels, or themes, then, can be operationalised in a following course to trace changes in constructs under a theme or, for instance, in order to research in how far beliefs match teaching practices (cf. Product Development? Farell Bennis, 2013, who summarise statement beliefs under themes). From my personal experience I have gained in this study, I believe it is mla format bibliography book inevitable to contrast the beliefs with what research has to say about them.

There has been an projects and thesis ongoing discussion on to what extent second language teacher education should provide a theoretical knowledge basis and to what extent it should be guided by mla format essay in a reflective practice (Thompson Pascal, 2013; Lawes, 2003; Day, 1993). In fact, reflective practice is for entry-level financial position necessary to make theoretical knowledge accessible and theoretical knowledge is mla format in a necessary to things, evaluate practical reflection. The instrument dealt with in this study can contribute to bring reflection and theory together. Bandura, A. (1986). Bibliography? Social foundations of thought and action: A social cognitive theory. Englewood Cliffs, NJ: Prentice Hall. Borg, S. (2003). Teacher cognition in language teaching: A review of research on what language teachers think, know, believe and do.

Language Teaching 36(2), 81-109. Borg, S. (2006). Teacher cognition and language education. Research and practice. London: Continuum. Day, R. (1993).

Models and the knowledge base of second language teacher education. University of things statement, Hawaii’s Working Papers in essay in a book, ESL, 11(2), 1’13. Donaghue, H. (2003). An instrument to elicit teachers’ beliefs and assumptions. Product Development Process? ELT Journal 57(4), 344-351.

Fransella, F. Mla Format Bibliography In A? Bell, R., Bannister, D. (2004). A manual for process thesis repertory grid technique. (2nd ed.), West Sussex: John Wiley Sons, Ltd. Freeman, D. (2002). The hidden side of the work: Teacher knowledge and learning to teach. Language Teacher 35(1), 1-13.

Gabillon, Z. (2012). Bibliography Essay Book? Revisiting foreign language teacher beliefs. Frontiers of business plan, Language and Teaching 3, 190-203. Karaaslan, A. D. (2003). Teachers’ perceptions of self-initiated professional development: a case study on Ba??kent University English language teachers (Unpublished MA dissertation.) Ba??kent University, Ankara.

Retrieved 21 January, 2014 from: http://etd.lib.metu.edu.tr/upload/1217736/index.pdf. Kelly, G. A. In A? (1991). The psychology of and thesis, personal constructs (Vol. 1: A theory of personality). London: Routledge. Lawes, S. (2003). Essay? What, when, how and thesis essay why? Theory and foreign language teaching.

Language Learning Journal 28, 22-28. Pajares, M. F. (1992). Bibliography Essay? Teachers’ beliefs and educational research: cleaning up a messy construct. Review of Educational Research 62(3), 307-332. Roberts, J. Process? (1998). Language teacher education. New York: Arnold.

Saldana, J. (2009). The coding manual for qualitative researchers. Los Angeles, CA: Sage. Taggart, G.L., Wilson A.P. (2005). Promoting reflective thinking in teachers. 50 action strategies. Thousand Oaks, California: Corwin Press. Thompson, N. Pascal, J. Bibliography In A? (2012).

Developing critically reflective practice. Reflective Practice: International and Multidisciplinary Perspectives 13(2), 311-325. V??lez-Rend??n, G. (2002). Second language teacher education: A review of the literature. Foreign Language Annals 35(4), 457-467. Wallace, M. J. (1991).

Training foreign language teachers. A reflective approach. Cambridge: Cambridge University Press. William, M., Burden, R.L. (1997). Psychology for language teachers: a social constructivist approach. Cambridge: Cambridge University Press. Appendix A: Repertory Grid. Construct A colleague you consider a good teacher A colleague you consider ineffective A teacher you learned well with A teacher you didn’t learn well with Your present self as a teacher Your ideal self as a teacher.

Appendix B: Repertory Grid Evaluation. Repertory Grid Evaluation. The aim of this study is to cover for entry-level financial analyst position, have you evaluate a tool to bibliography in a, elicit your beliefs and assumptions. Please fill in fabian essays, the requested information. In A Book? Your responses and biographical information will remain anonymous and business company they will be used for this research only. Thank you for your cooperation. Academic qualification: ….. Bachelor’s degree ….. Master’s degree. ….. Doctorate degree Other; please specify.

Number of years of mla format essay in a, teaching experience: ….. years. Number of thesis statement for an essay, years teaching at private/state school: ….. Bibliography? years. Please evaluate the repertory grid activity by answering this question: What do you think of this activity’? Appendix C: Semi-structured interview. 1. Did this activity help you uncover and reflect on your attitude and beliefs about teaching? 2. Do you have an idea where your beliefs come from?/What are the sources for your beliefs? 2.1.

Can you identify beliefs coming from your own experience as a pupil/student? 2.2. Can you identify beliefs coming from your teacher education? 2.3. Can you identify beliefs coming from your own classroom experience? 2.4. Cover Financial? Can you identify beliefs coming from your experience as a teacher at (name of the mla format bibliography in a school)? 3. And Thesis? What do we do with the constructs after they have been elicited? (Explanation: The activity was originally developed to mla format bibliography essay book, elicit teacher beliefs at the beginning of a development course)

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