Entrepreneurship And Innovation Management Globalization and Competi

Question: Describe about the Entrepreneurship And Innovation Management for Globalization and Competition. Answer: Introduction Globalization and increasing number of start-ups across the world have led to increased competition in every aspect of business(Zott, 2011). Due to relaxation of international laws in business cross border sales and trade have increased and companies are now deploying variety of strategies to expand their business. However starting up or development of successful entrepreneurial endeavors requires tremendous commitment of resources and overcoming immense challenges. Research reflects that amongst start-ups success rates are low to the tune of merely 33% failing within their first six months of business, rest within the next three years fail to survive. There is a strong perception regarding luck prevailing amongst entrepreneurial mind-set in running their businesses. Successful process of entrepreneurial business initiates with the process of creating an innovative business model. The scope of this report has undertaken the case company of Campbell Soup Company(Ross, 2006). Campbell is an American canned soup company. It was established in 1869 with headquarters in Camden, New Jersey, USA. The company produces soups and various products that are distributed across 120 countries worldwide. Its products consist of soups, V8, porridge pot, baked snacks and so on. The companys has an employee base of over 23,000 people. The entrepreneurial stages of the company is understood and its business model innovation. The essay further analyses strengths and weaknesses of the ventures business model and the way they have developed in the future. The company was a successful food producer with aggressive acquisition and pricing strategy. The company had suffered huge losses in the year 1996 to 2000 which made the company go into a state of turmoil. The then, CEO of the company Douglas Conant helped the company recover and becoming profitable again(Dollinger, 2008). Though this is not a case of an ideal startup but the revival process can be seen in the light of entrepreneuri al life cycle. Analysis Entrepreneurs generally innovate new ideas or ways of doing things and the execute them differently to form businesses. The most important aspect of entrepreneurial ventures lies in the execution part of their formed strategy. Execution includes three basic processes involving people, strategy and operations. Hence, an entrepreneur needs to ensure that he has a successful team who can successfully implement strategy formed by the entrepreneur(Hoy, 2006). In Campbell Soups after failing of the businesses once, the new CEO devised steady strategies targeting at company improvement, he needed to indulge in employee engagement programs. While incorporating in new and variable products of the company it needed tremendous commitment from employees which was only possible through employee engagement programs. Thus, the CEO realized the need of having an effective team for the companys success. Entrepreneurship life cycle comprises of five distinct stages of visualizing business opportunities, ideation and testing, business model generation, resource acquisition and management and execution. In the first stage of the life cycle an idea is generated by inspiration using various tools and techniques as mind mapping, visual thinking, and customer journey and so on(Kiron, 2013). For Campbell Soups this idea was centralized around improvising product quality. This poised a major challenge for the company, which was extremely difficult to attain as they had continued four years of worse performance. Belonging to the grocery sector that grows at 2% annually, the required target seemed impossible. Once an idea is generated its goes for ideation and testing, in this stage solution to the problem is identified and formed. Returns from the food industry were based on value that investors derive from their investments. Thus, success or failure of any business was entirely dependent on its shareholders profits, in order to uplift the same the company started implementing employee engagement programs. Ideation and testing for the company began by setting continuous improvement goals for the company(Ricart, 2011). Figure 1 : Approach of Entrepreneurship Innovation Source : (Alexander, 2010) The third and most vital step of the entrepreneurial cycle is Business Model Generation which is an implementation stage for the business. It requires creation of the Business Model Canvas that requires Value Chain Analysis to be applied. Business model generating is the fundamental stage for an entrepreneurial cycle and an entrepreneur should ideally develop, design and tests possible models for the business. Having various models for the business allows entrepreneurs with choice of options to test each prior to their application. While generation of innovative ideas for the business, an entrepreneur should recognize disruptive technologies, innovations(Alexander, 2010). For Campbell Soups business model innovation centered on creating extraordinary shareholder value. The company aimed to develop business model by being a leader in the marketplace, along with winning in its own workplace. Thus, they linked success at their workplace to create winning ambience in the external environ ment of the company. Figure 2 : Business Model Canvas Source : (Vargas, 2015) A Business Model Canvas (BMC) is a strategic management tool that entrepreneurs use for documenting their businesses. It includes companys products value proposition, customer, finances, infrastructure by aligning them with their potential trade-offs. The above figure is an ideal depiction of BMC that uses key strategic resources of the firm to provide value to its customers. Campbell Soups business model was designed by complying with the BMC for the company(Chesbrough, 2007). Key Activities: Its key activities in business, which includes implementing companys value proposition as for Campbell Soups its value proposition was centralized on creation of soups of varying types that could satisfy the taste buds of customers and thereby increase companys market share. Key Resources: These can be viewed as resources that helps create value for customers and these are assets for the company(Sharma, 2011). Campbell Soups CEO realized that employees are the most valued resource for the company and can initiate and help bring a change into the current business processes. Thus the key resources, being human resources once they were diagnosed, there were engagement programs for helping them execute the strategies for being an extraordinary company. Competitors of the company had high engagement ratios for its employees to derive competitive strengths for their companies as well(Drucker, 2014). Partner Network: This proposition in the canvas helps businesses reduce risks of its business model by enhancing buyer-supplier relationship. Campbell Soups was focused on deriving value from its entire value chain with a widely engaged network. The CEO of the company believes that for the entire company and its processes to be innovative and extraordinary value needs to be derived from the entire value chain and not just from only products. Value Propositions: These are collection of products to meet customers demands and expectations. This helps a company establish its core competency and distinguish itself from its competitors by considerable competitive advantage(Trimi, 2012). Campbell Soups first kind of innovation was microwaveable soups which was started in 2002 called Soup at Hand. This product attracted high number of customers and led the company to becoming $250 million microwaveable soup business. Second innovative product of the company was soups with low sodium content, this attracted a lot of senior buyers. They created 43 types of low sodium variety soups with the help of natural sea salt and other technology(Nguyen, 2010). This product created a buzz and ended up being another $400million product band. Then he company introduced V8 vegetable juice and V8 Fusion which was vegetable juice with fruit juice. This product was very well accepted by customers as it had high health benefits associated with it an d a sweet flavor that appealed to their taste buds. Customer Segment: Customers are the source of revenue for any type of business, hence a business needs to identify its target market segment(Kirzner, 2015). For Campbell Soups products was offered for all types of customers genders, income groups, age groups and geographic segments. Its soups have good taste and are a healthy snacking alternative that easily satisfy taste buds of individuals. Its further product addition helps in attending to a broader market segment. Channels: A company needs to establish relationship with its customers through a proper channel. Campbell Soups has an established channel for distribution of its various types of soups and juices. It markets its products by use of retail distributors, supermarkets, stores and other outlets(Johnson, 2008). Customer Relationships: For creating sustenance for their businesses, companies need to identify relationships it wants to create with its customers segments. Campbell Soups engages in communities to help receive feedback from its customers. Further it has a website and email address where customers can provide feedback and any grievances for the company. Finances: It encompasses the consequences for functioning under the specified business model. For Campbell Soups the primary focus was to improve year on year and to deliver returns to investors. By implementing its business plans and model it has been able to achieve 16% per year overtaking all competitors in the market(Frederick, 2007). The most important criteria for the company was to get adequate returns on the capital invested in the firm and through proper planning it has been able to achieve the same. Revenue Streams: It comprises of the various incomes that a company makes from each of its customer segment. For Campbell soups it new product developments have crated tremendous potential and market capabilities for the company enhancing its effectiveness. Thus, all such products and consumer segment helps generate revenues for the company. Resources: Another integral step to entrepreneurial success is resource acquisition, which is critical to apply any plan and strategy for the company. Finance and other resources required by the company is integral to success of the company as in absence of any required resource, it will not be able to successfully implement its plans and strategies. Campbell Soup Company made significant amount of investment in order to revive their business. Its further investment in resources included its employee engagement programs. The strength of applying Business Model is primarily focus. Its design helps guide and drawing attention to the key activities of the business(Chesbrough, 2010). It also establishes concept regarding one aspects relation to the other. The other strength of Business Model includes speed and agility as its key principle focuses on quality rather on quantity. It helps determine key inputs for each building block that will help attain possible results unlike SWOT that is a filling up exercise merely. Third and most important aspect of Business Model is that it is focused on common language and helps get adequate feedback(Parker, 2006). Thus, its applicability is greater than other processes in creating business model. Hence it is centered on value proposition for the business by depicting control variables on left and relating them to market aspects to the right. Thus, for Campbell Soups it serves immense purpose of serving adequate resources identification for driving growth for its bus iness. Its proposed business model has helped it grow and catered to its goals. The weaknesses of Business Model are that it does not include the companys strategic purpose. The vision, mission of the company is excluded from the model. Hence it focuses on revenue or profits as goals for the company. Secondly Business model excludes competitive notions. It ignores competition and considers internal aspects of the company on the money-making logic. Thirdly Business model mixes levels of abstraction. All nine elements in the Business model are explained at same level of aggregation compared to other elements thus certain parts receive much more emphasis compared to other parts(Stevenson, 2007). Campbell Soups has not nee able to define its strategic plans by the use of this model and has also excluded its competitive strategy which is a major drawback of its model. In order to grow further the business needs to identify and adopt tools of innovation from entrepreneurial life cycle theories. Various theories of innovation suggests ways and means by which companies can further expand their capacities and grow. There are processes of innovation as open innovation and closed innovation. Further, entrepreneurs can apply lean start-up theories to apply and grow in their current businesses. Lean start-up theories is based on lean manufacturing processes and helps in reducing waste in businesses. Companies can also capitalize on Absorptive Capacity that can help recognize new innovation and help them grow. Customer Journey Mapping is another popular way of helping companies recognize ways and means to grow from their current state(Colombo, 2008). Conclusion Entrepreneurship is the process by which an individual forms or sets-up business. Every entrepreneur has their own sets of ideas and innovative processes. While innovation continues to be the heart of entrepreneurial processes its execution if lacks the correct essence then the whole ventures gets failed. Hence, research has a high depiction of business start-ups failing. Entrepreneurial life cycle is a step by step process that guides and entrepreneur to reach the envisioned goals of the company. In order to do so a business model is prepared, to put in papers deliverables of an entrepreneurial venture. Business Model Canvas on the other hand is a depiction all key resources and capabilities of the firm put into practice that can help deliver value propositions to customers. Case study for Campbell Soups provides valuable insight into various processes followed by a company to form a business model canvas and execute the same by having tremendous importance attached to them. Though there are underlying strengths and weaknesses of business model as it does not help attain to business strategic plans, but it provides a meaning direction to attaining companys tangible benefits as profits, market share, returns on investment, revenue and so on. Thus, for future growth and development using such alternatives needs to be highly focused on the process of innovation by deploying various norms and practices. References Alexander, O. and Yves, P., 2010. Business model generation.Business Model Canvas, explanation and concept of the Business Model canvas, pp.89-107. Chesbrough, H., 2007. Business model innovation: it's not just about technology anymore.Strategy leadership,35(6), pp.12-17. Chesbrough, H., 2010. Business model innovation: opportunities and barriers.Long range planning,43(2), pp.354-363. Colombo, M.G. and Piva, E., 2008. Strengths and weaknesses of academic startups: a conceptual model.IEEE Transactions on Engineering Management,55(1), pp.37-49. Dollinger, M.J., 2008.Entrepreneurship: Strategies and resources. Marsh Publications. Drucker, P., 2014.Innovation and entrepreneurship. Routledge. Frederick, H.H., Kuratko, D.F. and Hodgetts, R.M., 2007.Entrepreneurship: Theory, process, practice. Nelson Australia. Hoy, F., 2006. The complicating factor of life cycles in corporate venturing.Entrepreneurship Theory and Practice,30(6), pp.831-836. Johnson, M.W., Christensen, C.M. and Kagermann, H., 2008. Reinventing your business model.Harvard business review,86(12), pp.57-68. Kiron, D., Kruschwitz, N., Reeves, M. and Goh, E., 2013. The benefits of sustainability-driven innovation.MIT Sloan Management Review,54(2), p.69. Kirzner, I.M., 2015.Competition and entrepreneurship. University of Chicago press. Nguyen, D.K. and Slater, S.F., 2010. Hitting the sustainability sweet spot: Having it all.Journal of Business Strategy,31(3), pp.5-11. Parker, S. ed., 2006.The life cycle of entrepreneurial ventures(Vol. 3). Springer Science Business Media. Ricart, J. and Casadesus-Masanell, R., 2011. How to design a winning business model.Harvard business review,89, pp.1-2. Ross, J.W., Weill, P. and Robertson, D., 2006.Enterprise architecture as strategy: Creating a foundation for business execution. Harvard Business Press. Sharma, P. and Salvato, C., 2011. Commentary: Exploiting and exploring new opportunities over life cycle stages of family firms.Entrepreneurship Theory and Practice,35(6), pp.1199-1205. Stevenson, H.H. and Jarillo, J.C., 2007. A paradigm of entrepreneurship: Entrepreneurial management. InEntrepreneurship(pp. 155-170). Springer Berlin Heidelberg. Trimi, S. and Berbegal-Mirabent, J., 2012. Business model innovation in entrepreneurship.International Entrepreneurship and Management Journal,8(4), pp.449-465. Vargas, I.S., Calva, A.L.G. and Camacho, J.H., 2015. Business model canvas.Ciencias Huasteca Boletn Cientfico de la Escuela Superior de Huejutla,3(5). Zott, C., Amit, R. and Massa, L., 2011. The business model: recent developments and future research.Journal of management,37(4), pp.1019-1042.

Super Techno Essays - Forteana, Web Search Engine, The Unexplained

Super Techno BULLSHITYahoo! Site Matches (1 - 6 of 6) Science * Alternative * Paranormal Phenomena * Extraterrestrial Life Are We Alone In The Universe? - discover some of the most intriguing UFO mysteries of this century, and possibly walk the path to becoming an astronaut to discover the vast corners of our universe. Science * Space * Deep Space Mysteries of Deep Space - from black holes to supernovas, PBS examines the unexplained facets of the universe. Business and Economy * Companies * Books * Shopping and Services * Booksellers * Religion and Spirituality * Titles * Spirituality Meaning of Life, The - addresses matters of the Soul, mysteries of the universe and life's everyday challenges. Science * Astronomy Tour the Cosmos - a multimedia foray into the mysteries of the universe. Science * Alternative * Paranormal Phenomena Supernatural Realm, The - a site about the paranormal and mysteries of the universe. Includes discussions on ghosts, vampires, aliens, and werewolves. Society and Culture * People * Personal Home Pages Schwartz, Brian - Samubri's Suite of Sin - enter here to find out the mysteries of my universe as well as cool links to NIN, Antonio Banderas, and more! Go To Web Page Matches Categories Web Sites Web Pages Related News Net Events advanced search - help Other Search Engines Alta Vista - GoTo.com - Infoseek - Deja.com - HotBot - More... Yellow Pages - People Search - City Maps - Get Local - Today's Web Events & Chats - Image Surfer - More Yahoos Copyright ? 1994-1999 Yahoo! Inc. All Rights Reserved. - Company Information - Help - Search Feedback Yahoo! Site Matches (1 - 6 of 6) Science * Alternative * Paranormal Phenomena * Extraterrestrial Life Are We Alone In The Universe? - discover some of the most intriguing UFO mysteries of this century, and possibly walk the path to becoming an astronaut to discover the vast corners of our universe. Science * Space * Deep Space Mysteries of Deep Space - from black holes to supernovas, PBS examines the unexplained facets of the universe. Business and Economy * Companies * Books * Shopping and Services * Booksellers * Religion and Spirituality * Titles * Spirituality Meaning of Life, The - addresses matters of the Soul, mysteries of the universe and life's everyday challenges. Science * Astronomy Tour the Cosmos - a multimedia foray into the mysteries of the universe. Science * Alternative * Paranormal Phenomena Supernatural Realm, The - a site about the paranormal and mysteries of the universe. Includes discussions on ghosts, vampires, aliens, and werewolves. Society and Culture * People * Personal Home Pages Schwartz, Brian - Samubri's Suite of Sin - enter here to find out the mysteries of my universe as well as cool links to NIN, Antonio Banderas, and more! Go To Web Page Matches Categories Web Sites Web Pages Related News Net Events advanced search - help Other Search Engines Alta Vista - GoTo.com - Infoseek - Deja.com - HotBot - More... Yellow Pages - People Search - City Maps - Get Local - Today's Web Events & Chats - Image Surfer - More Yahoos Copyright ? 1994-1999 Yahoo! Inc. All Rights Reserved. - Company Information - Help - Search Feedback Yahoo! Site Matches (1 - 6 of 6) Science * Alternative * Paranormal Phenomena * Extraterrestrial Life Are We Alone In The Universe? - discover some of the most intriguing UFO mysteries of this century, and possibly walk the path to becoming an astronaut to discover the vast corners of our universe. Science * Space * Deep Space Mysteries of Deep Space - from black holes to supernovas, PBS examines the unexplained facets of the universe. Business and Economy * Companies * Books * Shopping and Services * Booksellers * Religion and Spirituality * Titles * Spirituality Meaning of Life, The - addresses matters of the Soul, mysteries of the universe and life's everyday challenges. Science * Astronomy Tour the Cosmos - a multimedia foray into the mysteries of the universe. Science * Alternative * Paranormal Phenomena Supernatural Realm, The - a site about the paranormal and mysteries of the universe. Includes discussions on ghosts, vampires, aliens, and werewolves. Society and Culture * People * Personal Home Pages Schwartz, Brian - Samubri's Suite of Sin - enter here to find out the mysteries of my universe as well as cool links to NIN, Antonio Banderas, and more! Go To Web Page Matches Categories Web Sites Web Pages Related News Net Events advanced search - help Other

Great Depression Essay Tips and Sample

Great Depression Essay Tips and SampleThe period of Great Depression marked by two world wars was a time when writers had to take a huge step backwards in terms of education. There were no such opportunities as are the ones we have today, so what these writers did was to reinvent themselves.The Great Depression essay tips and sample come from the writings of these writers. Now, it is not easy to write about something that happened several years ago. The era is long gone and most people do not know anything about the depression except that it had a terrible effect on the lives of many people.Writing about this era is difficult because there are no precedents for the research and fact-finding that one has to do. It is a good thing that many writers also tried to write about it. Thus, an essay has been created that documents the various periods of the great depression. It gives a perspective on these periods and the impact they had on society.The essays on the Great Depression sample co me from American writers such as Dorothy O'Shaughnessy, Andrew Ainsworth, and John Muir. Writers such as William Faulkner were influenced by this period because he lived in a house full of writer's block during his years. It would be hard to find any writer today who would claim that he or she did not experience this. Nevertheless, such authors tried to make some improvements in their writing styles in order to write about the period.The Great Depression essay tips and sample essay has been formulated and structured in such a way that all aspects of life are covered, even though it was a period of depression. As such, the essay covers everything from the ways of living, the social conditions, and the roles played by different personalities.One of the things to remember while writing GreatDepression is that it is only fiction. It cannot be used as source material for history or other academic works. It does not contain any source material that can be traced back to its original sourc e.However, the essays on the Great Depression sample are useful sources of information, especially for historians and other scholars. By studying such essays, one gets an idea about how the society was living at the time and how they dealt with certain events. The Great Depression essay tips and sample are a great source of inspiration and insight on how different people managed to survive the depression period.The essays on the Great Depression sample are useful because they give insights on what the citizens of the times were dealing with and how they dealt with certain situations. No more information can be found on the internet and in books that deal with the Great Depression period. Such pieces can only be sourced from the writings of some notable writers.

My Favorite Childhood Memory essays

My Favorite Childhood Memory essays Childhood is packed with memories of events and activities that have touched their lives. These events have shaped them into the person that they are today. For me, it was attending Vacation Bible School from the time I was in pre-school until I was in the sixth grade. I truly believe that I would be a different person if I did not attend Vacation Bible School as a young child. Vacation Bible School was a week long event, three to hours each night, when children were taught the word of the Lord through songs, lessons, and skits. The program would begin with everyone meeting in the sanctuary and sing bible songs. Then we separated into different groups (depending on their ages) and went off to their classes. Within the classes, I learned the stories of the bible and how they related my lives. Also, I memorized different bible verses, ate snacks, and made crafts that related to the bible story that I learned about. Before we went home for the night, we gathered back in the sanctuary and said a prayer. On the last night, we performed a closing program for their parents. I enjoyed Vacation Bible School, and it became an event that not only I looked forward to all summer, but all year as well. I met new kids, played games, sang songs, and laughed at the adults who performed funny skits. Could I have had any more fun? Even though I had a great time, sometimes there were slow moments. At the time, some of the stories may have been long and boring, but I got a free snack; hence, I always had something to look forward to. Vacation Bible School was a time when I could gather with friends, learn about the Lord, and have a good time; however, at the time I was more interested about being with friends and the snacks than the values and lessons of the Lord. As I grew older, I realized how much Vacation Bible School affected my life. All of the lessons I learned at Vacation Bible School stayed with me. Vacation Bible School gave me a found...

Auschwitz Concentration Camp

Auschwitz concentration camp Auschwitz could not rest safely even in the country's silence in Poland. Only this name is recognized immediately - this is an abbreviation of criminal atrocities in the 20th century. If there are out-of-place and unnecessary myths, the facts can be simple, that is, the Auschwitz concentration camp. This has not been the case for 50 years. The list of myths and misunderstandings about Nazi's largest concentration camp is long. The Soviet investigators announced that 4 million people died in the Auschwitz concentration camp in May 1945 and Polish Communist authorities claimed this exaggerated number before losing power in 1989. The Auschwitz concentration camp was a network of concentration camps and extinction camps founded and operated by Nazi Germany in Poland occupied during the Second World War. This includes Auschwitz I (the original concentration camp), Auschwitz II - Birkenau (central colony / extinction camp), Auschwitz III - Monowitz (labor camp using IG Farben's factory), and 45 Of satellite camps. Auschwitz I originally came for Polish prisoners in Poland and arrived in May 1940. The extinction of the first prisoners in September 1941. Auschwitz II - Birkenau continued the Nazi as the main place to eventually solve the Jewish problem. Problems during the massacre. From the beginning of 1942 until the end of 1944, transportation trains carried the Jews from various parts of Europe to the gas chambers of the camp, where they were killed together with the cyanide-based poison Zyklon B developed as an insecticide. The Auschwitz concentration camp (Auschwitz concentration camp) started activities in the outskirts of Auschwitz in Poland. As most European Jews live in Poland and Eastern Europe, there will be six concentration camps known as camps of death: Auschwitz - Birkenau, Chelmuno, Belzec, Treblinka, Sobibor and Maedanek. Sir Harold McMichele, UK High Commissioner for Palestine, was frustrated by the entry of illegal immig rants into Palestine, leaving Hungary and returning two Jews who settled in Palestine with a tourist visa in 1934 We insisted on accepting. The Hungarian government said that its Jews are too numerous and the goal of the government is encourage immigration as far as possible. The Auschwitz concentration camp, also known as Auschwitz-Birkenau, opened in 1940 and is the largest among Nazi concentration camps and des camps. Auschwitz is located in the southern part of Poland and was originally a police prison camp. But it evolved into a camp network where the Jews and other perceived Nazi enemies are usually cleaned out in the gas chambers or used as slave labor. Several prisoners led by Josef Mengele (1911-79) also accepted barbaric medical experiments. Over the course of the Second World War (1939 - 1945), more than 1 million people died in the Auschwitz concentration camp. In January 1945, when the Soviet Army approached, Nazi officials ordered the camp to abandon and sent about 60, 000 prisoners of war to other places. When the Soviets entered Auschwitz, they found thousands of detainees and the mountains of the bodies left behind.

The market capitalism and the economic system of Islam. Similarities Essay

The market capitalism and the economic system of Islam. Similarities and differences - Essay Example Under the market capitalism, the price mechanism remains largely functional to maintain the reins of the market capitalism. The price mechanism is used as a signalling system distributing resources between the different market participants and users. Under the market capitalism, the workers are free to enter and are free to exist and they are at their will to earn and expand their earnings as they wish to. Market capitalism largely also relies on the political authority to develop, provide and regulate the market rules and regulations so that they encompass all related societal costs and benefits. Both systems share that an individual is entitled to keep private property, the provision of social security and economic freedom. However, it is a strikingly interesting that the economic system of Islam only allows the use or control of private property and at the same time strongly discourages applying the concept of ownership. Under the economic system of Islam and Islamic finance which have gained roots in the global finance recently (Asutay 3), the right of ownership is the exclusive prerogative of Almighty Allah and humans are only allowed to establish and exercise the control o f the private property. The economic system of Islam also suggests the state or government is responsible to provide social security to the masses and develop such employment policies so that the masses can easily access to the basic human needs. The market capitalism differs with the economic system of Islam when it comes to the distribution of wealth among the masses. The market capitalism does not believe in fair and equitable distribution of wealth. An individual has unrestricted and unlimited authority to earn and amass money and at the same time claim its full ownership as well. The economic system of Islam differs on this aspect with the market capitalism and opines that the individual is not allowed to keep unlimited wealth as it creates imbalance in the society and the practice s such as hoarding, profiteering, exploitation largely appears. The market capitalism also give right to an individual to keep to exercise the right of the exclusive ownership which is totally against the concept promoted and supported by the economic system of Islam. In the following parts of this paper, first the definition and framework of market capitalism is provided. In which, the basic definition and different aspects of the market capitalism are discussed. Subsequent to that, emergence of market capitalism is highlighted. In this part, the history and evolution of market capitalism is provided. After that, similarities between the economic system of Islam and the market capitalism are provided. Before the conclusion part, difference between the economic system of Islam and the market capitalism are elaborated. Market Capitalism Market capitalism is a system of governance for economic affairs emerged in different setting and continues to evolve over time (Scott 2). The Macmil lan Dictionary of Modern Economics defines it as an economic system in which, property including capital assets, is owned and controlled by the private persons. Under the market capitalism, the price mechanism is utilized as a signalling system allocating resources between the different uses. The extent to which the price mechanism as its fundamental coordinating device instead of command and control, provides that capitalist systems are not similar from one another based on the limit and nature of the governmental interventions and the presence

The art history Essay Example | Topics and Well Written Essays - 1000 words

The art history - Essay Example Arts are revolving but language is also evolving. This means that it exists in different definitions. It depends on the understanding of an individual. At some point, it is seen as a therapeutically process. It could be with corrective or treatment aim that involves painting. The process can be satisfying or frustrating for an individual depending on a person’s interest. The end product is the part that will produce an exhibition of the art. Therefore it can be considered as the process of creating in a secondary manner. It still does nit change that it is a non verbal form of communication that aims at stating the objective or purpose. This type of art is defined to produce certain changes in the personality of an individual. Aesthetics is a form of art that is connected to contemporary arts. Contemporary arts describe painting to posses two definitions which could be rated as inspirational (aesthetic) of craft. This means that it is an inspiration to create something beautif ul. All this should be stated behind the mind of an artistic personality. The real definition of aesthetics reveals that it is a form of philosophy that deals with beauty, taste and art. Appreciation and creation of beauty should also come along in the definition for it to be complete. Scholars in the field define it as critical definition of art and beauty that comprises f nature and culture. Aesthetics can be traced back to pre-historic arts that were done in ancient arts. Since then, it underwent a slow revolution. as it is considered the philosophy of art. Most artists in this field believed that beauty is a factor that should be disclosed as an inner sense hence a subjective fact. William Hogarth believed that it consists of many attributes including fitness of some of its part into the design system. By the beginning of the 18thcentury, art had a totally different meaning. It revolved around pursuing a skill that was directed to the aim of creating taste or a clear production of what is considered beautiful. This is the first time that taste and beauty are mentioned in association with art. Artists like Francoise Bouncher were part of bringing out the taste and elegance in art. By the 19th century, art was aimed at pleasing with beauty as the major object. The relevance in this is that the idea in the art is the center for what is shown in the piece of art. Avant Garde was the brain behind the idea of skills exhibited by an artist. According to him, these skills were for the purpose of providing moral and