Number Of Causes Raising This Financial Crisis Finance Essay - Free Essay Example

Sample details Pages: 4 Words: 1311 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? It is said by Penman that there is a bubble largely in financial markets during 2005 to 2007(Penman, 2013). The boom in the real-estate market in the United States resulted in the high housing prices, poor lending practices, and more risk taking by banks. After the bubbles bursting, a financial crisis reduced the market value of stocks by 37 per cent in 2008 (Penman). According to the Oxford dictionary of finance and banking, financial crisis is a collapse in the price of financial obligations, which may lead to a collapse in the economy. In this essay, it will explain the macroeconomic and microeconomic causes accounting to the above mentioned crisis; and then show the measures the UK government taking to solve the problem. In conclusion, the assessment of these actions will be made. Reasons There are a number of causes raising this financial crisis, which will be analyzed from macroeconomic and microeconomic aspects, especially the role of the securitizat ion will be highlighted as a trigger to the crisis. Macroeconomic reasons Long period of low real interest rate Referring to Buckley, the roots of the crisis were planted in the decade before 2007. Table 1 in appendices shows the low real interest rates in the USA in the first seven years of the 21st century, which was not only a feature of the US economy, but also a global phenomena due to the co-ordination of governments around the world. This accelerates the increase of housing prices and asset prices (recall the inverse relationship between bond prices and interest rates) in the USA, in the UK and elsewhere. Furthermore, banks made use of these low rates by increasing their debt levels as a proportion of total financing, for the debt was cheap. However, debt interest is decided by dividends, and debt repayment ranks above shareholders capital on liquidation, so there could be another increased risk to shareholders. Global financial imbalance On the one hand, influ enced by the low real interest rates, the West tended to import from capital-poor emerging market countries, for example China; on the other hand, through being a purchaser of bonds, surplus countries were willing to buy deficits countries securities, such as the US dollar government securities, instead of exchanging for their own currency. It means that deficits countries were able to get their fund to balance their deficits more cheaply. Therefore, the American and European governments were immersed in the booming economics, which also hastened the deregulation of their banking system. Microeconomic factors Consumer Inertia It is convinced by the financial institutions that the customers deposits or transactions were safe. Take securitization for example. During the process of securitization, there are several means being used to ensure consumers inertia. Firstly, the special purpose vehicle (SPV) made a true sale, which aims to guarantee the separation of the cash flow. Secondly, credit-rating agencies and insurance companies played crucial roles in keeping consumers confidence. High levels of corporate leverage To attract their shareholders, through enlarging the ratio of assets to equity, the managers of financial firms tried to increase return on equity (ROE), which is the net income generated for shareholders and equals the return on assets (ROA) (Introduction). It is noted that this measure not only creates more profits, but also raises more risk. Take Lehman Brothers for example. Assume its capital fund was 1000 billion, and the usual leverage ratio was 3 to 1, so it can finance 3000 billion (1000 billion * 3); while now it raise the ratio to 6 to 1, without changing other assumption, Lehman Brothers is able to double its financing amount (6000 billion). In fact, according to causes, it is reported that a post-war figure for banks debt to equity ratios of 10 to 1 moved nearer to 25 to 1, with some institutions having ratios of more than 33 to 1. So banks were taking on burgeoning debt, since too much equals too much financial risk. Compensation schemes and volumetric targeting Due to the boosted firms, managers at banks and other financial firms were further encouraged to take on greater short-run risks. Firstly, wage packages were linked to ROE and/or stock price regardless of the long-term risk. Secondly, more deregulation happened in aspect of asset management, despite it was known that there were bubbles, which like led to a collapse. Skewed incentives of the rating agencies There were two products eager to be highly rated, on is collate debt obligations (CDOs); the other is asset-backed commercial paper (ABCP). CDOs was viewed as resecuritized securities, because it mixed of different tranches of mortgage backed securities (MBS) and asset-backed securities (ABS). It seemed that the creation of CDOs or the further securitization of already securitized assets (ABS and MBS) brought more unpredicted risks to the market. As to ABCP, it was explained that it typically used short-term debt to finance a pool of credit assets, such as trade receivables. From this basic point, many banks (particularly in the US) dealt with long-term paper by issuing short-term ABSP, rather paying attention to the capital requirements. Limitations of risk measurement, management and regulation During the process of securitization, the whole financial system was involved in the great risk in order to gain more profits. In the meantime, some new legal structures and products were created, but they were difficult to measure risk hidden behind them accurately. UK governments responses After the financial crisis, the UK government recapitalized its banks rather than implementing the troubled asset relief program (TAFP) like the USA. Furthermore, it did its best to apply quantitative easing policy to keep the normal financial flow and prevent deflation or even national economic collapse. Referr ing to causes, in the UK, the interest rates were cut from 5 percent to 1/2 per cent between October 2008 and March 2009 by the Bank of England, but it needed time to work through the economy; whilst by open market operations, the central bank offered cash to buy government debt and other debt held by banks and financial institutions, aiming at increase the banks capacity to lend. In the UK, it was GBP 200 billion, which is about 13 per cent of GDP (1.5 trillion). Moreover, the four largest banks in the UK Barclays, HSBC, Lloyds and RBS requested their shareholders to boost their equity capital. It is reported that 43 per cent of the equity in Lloyds, after its rescue takeover of HBOS, and 84 per cent in RBS owned by the British government would be sold to the public in due course. Then as a further important problem, the banks would use this new equity capital to reduce their liabilities, rather than lending them to retail and wholesale customers, although the UK government encou raged them to lend. In order to promote the transaction, the UK government reduced the Value Added Tax from 17 per cent to 15 per cent for 13 months from December 2008 until the end of 2009, though the result was not significant. Conclusions Since the start of the financial crisis, the global financial markets are suffering, although there is a recovery in the global market in recent years. This financial crisis was caused by several factors, which can be viewed in both macroeconomic and microeconomic aspects. From the basic point, it could be summarized that due to the Long period of low real interest rate and global financial imbalance, the financial institutions violated regulations to chase profits regardless of risks. Facing the difficult problem, the UK government gave a response to protect and adapt its national economic environment. However, the lessons the financial crisis gives to us need to draw attention. Firstly, regulation and supervision in global financial syst em should be addressed. On the one hand, all the large financial institutions need to create and use financial derivatives properly; on the other hand, the coordination of mechanisms for international bank regulation and supervision ought to be improved. Secondly, the financial institutions are slavishly on probability distributions. It can be seen that they judged the securities only by the short-term returns and ignoring long-term risks. Don’t waste time! Our writers will create an original "Number Of Causes Raising This Financial Crisis Finance Essay" essay for you Create order

Sophocles Antigone - The Tragic Hero - 1306 Words

The Tragic Hero in Antigone Being a human incorporates drama. It is part of living in society, and often inevitable. In theatre, successful drama plays use timeless issues that can still be found present in most civilization. Amongst the seven Sophocles’ plays that managed to survive 25 centuries in complete form, lies one of the most famous tragedies in human-history, Antigone. The main controversial conflict in this historically-influential play is the importance of divine law versus man-made state laws. These are presented through the characters Antigone and Creon, respectively. According to Aristotle, a tragedy is defined as: â€Å"A hero destroyed by the excess of his virtues†. The dictionary definition of the word hero is â€Å"a person noted†¦show more content†¦The sentry was just doing his job of telling the king about what had happened, but Creon’s way of dealing with it is by threatening his life, generating fear in the people around him. Sub sequently, the most relevant example takes place in Scene two, when he sentences Antigone to death: ANTIGONE. Creon, what more do you want than my death? CREON. Nothing. That gives me everything. (2.106-108). Creon takes these measures to make sure that no one dares to break his rules. He could’ve forgiven Antigone, considering that she is his son’s bride and has a valid reason for her actions, but decides not to. He doesn’t forgive her just to show the people that he is to be taken seriously and to show his power through fear. â€Å"If I permit my own family to rebel / How shall I earn the world’s obedience?†(3.32-33). At this point in scene three, Creon explains to his son that he will not change his mind because it will make him look weak to the people. Creon’s fear-inducing method establishes a barrier between him and his advisors that makes it hard for them to give feedback. This helps assembling his tragic flaw, and eventually his downfall. Creon’s heedlessness plays a big part in the inflexibility of his authoritharian decision-making. After deciding to kill Antigone, he gets plenty of advice against, but decides to ignore it. Being king of Thebes, CreonShow MoreRelatedThe Tragic Hero Of Sophocles Antigone1835 Words   |  8 Pagesbecome a hero until he can see the root of his own downfall.† Aristotle believed that a tragic hero was one who was noble by nature yet endowed with a tragic flaw or hamartia. This hero is oftentimes more dignified than us average people, but his/her* personality and character traits make their stories relatable. Over the course of his life, different virtues are revealed, but they eventually exhibit an imperfection which leads to his inevitable downfall. In Sophocles s tragic play of Antigone, Oedipus’sRead MoreThe Tragic Hero Of Antigone By Sophocles1075 Words   |  5 PagesGreek philosopher Aristotle, â€Å"A man cannot become a hero until he can see the root of hi s own downfall.† Thus, according to Aristotle, the tragic hero must be able to discern how his actions caused his demise. The tragic hero has a tragic flaw, known as hamartia, recognizes that this flaw contributes to his misfortune because of an error in judgment, but is nonetheless deserving of sympathy. Creon, the hero of the drama Antigone by Sophocles, fulfills this definition. He exhibits hubris, hisRead MoreThe Tragic Hero Of Sophocles Antigone876 Words   |  4 Pagesunlike figures found in mythology with such tales as Sophocles’ Antigone.They do what they believe is beneficial or right despite the adversity they will meet. Sometimes their fight results in their death. This is true not only of Antigone, but also of Abraham Lincoln. While Abraham Lincoln may not be considered a tragic hero he is similar to Antigone because both were fulfilling a divine order. Antigone is the title character of Sophocles’ Antigone. She is the daughter of Oedipus, who coupled withRead MoreThe Tragic Hero Of Sophocles Antigone1056 Words   |  5 Pagesthe title of tragic hero in the play Antigone Author by Sophocles. I would like to start off by saying that it will be very challenging for me to have the passion that I usually have. But I will still stand in front of you. As I said before I am here to argue the title of tragic hero in the play Antigone. I could see that some of you are confused by the word tragic hero. No need to concern for I will tell you. The great Aristotle was one of the earliest men who defined a tragic hero. His descriptionRead MoreThe Tragic Hero Of Sophocles Antigone1805 Words   |  8 PagesOne of the authors at the forefront of Greek tragedies was Sophocles. One of Sophocles most famous pieces of work is, Antigone. Written in 440 B.C in Athens, Greece, Sophocles uses this play to dramatize a series of events that unfold s when pride becomes more important than loyalty to family. Controversy still remains today of whom the tragic hero of Antigone is, but some scholars believe that Antigone herself is the tragic hero. Antigone goes past conventional expectations to stand up for her brotherRead MoreThe Tragic Hero Of Sophocles Antigone1521 Words   |  7 PagesAn Aristotelian tragic hero is a literary character who makes a judgment that ultimately leads to his or her own destruction. An example of a true Aristotelian tragic hero is Creon from Sophocles’ play, Antigone. Creon is the tragic hero because he goes through the five stages of a tragic hero which leads to his destruction. His tragic flaw is him being afraid to admit that he has made a mistake. He is too proud of his power and his ability to make laws which leads to his son and wife committingRead MoreThe Real Tragic Hero Of Sophocles Antigone3370 Words   |  14 PagesCarlberg English 102 9 December 2014 The Real Tragic Hero in the Play Antigone A tragic hero according to Aristotle is someone who is of high nobility, and has a major internal character flaw. That flaw will eventually by the characters ultimate demise which is most likely death. If their demise doesn’t end in a death the tragic hero usually goes through a catharsis. The most common flaws of a tragic hero are hubris, pride, and stubbornness. Tragic heroes can be found throughout most tragedy themedRead MoreThe Tragic Hero Of Sophocles Antigone Essay1357 Words   |  6 Pagesdraws on the emotions of the audience is to get them to relate to the tragic hero, and that is why it was so important for a tragedy to have a proper one. Antigone features the perfect example of a hero in a tragedy. In Antigone, King Creon is the tragic hero since he is adherent to a moral mean, he is life-like, he exhibits a tragic quality which results in a plot reversal, and ends in a moment of lament. Creon is the ideal tragic hero, since he’s morally upstanding but not blameless at the same timeRead MoreEssay on Creon as the Tragic Hero of Sophocles Antigone997 Words   |  4 PagesCreon as the Tragic Hero of Sophocles Antigone   Ã‚  Ã‚  Ã‚   Who is the true tragic hero in Sophocles Antigone?   This question has been the subject of a great debate for numerous years.   Equal arguments exist that portray Antigone as the tragic heroine in the play and Creon as the tragic hero.   Aristotle, in his study of Greek drama entitled Poetics, provided the framework that determines the tragic hero of a work.   Though Antigone definitely possesses the characteristics and qualities thatRead More Creon is the Tragic Hero in Sophocles Antigone Essay627 Words   |  3 Pages Creon is the Tragic Hero of Antigone nbsp; When the title of a play is a characters name, it is normally assumed that the character is the protagonist of the play. In Sophocles Antigone, most people probably believe Antigone to be the tragic heroine, even after they have finished watching the play. It may be argued, however, that Creon, not Antigone, is the tragic character. When we examine the nature and concept of the Greek Tragedy and what it means to be a tragic character, it becomes

Explore the ways in which Faulks uses nature within the novel Free Essays

Alternatively, he might inferring that; the world is in peace when nature is allowed to flourish and It’s in disharmony during war, where birds are chased away by the treating sounds Of guns and the hostile weather conditions which makes the birds stop singing, this creates an unnatural environment. The way Faults uses nature during the soldiers’ time in the front is a complete paradox to the way he uses nature during Stephens visit at the English countryside when he’s on leave. During Stephens time in England, Faults uses nature in an optimistic manner to convey a sense of exemption and alleviation. We will write a custom essay sample on Explore the ways in which Faulks uses nature within the novel or any similar topic only for you Order Now This is evident in the nine ‘the air had a feeling of purity as though it had never been breathed’. The air was ‘pure’ because this is an environment where conflict is not as sever and atrocious; where nature was not being constantly disturbed by the petrifying sounds of guns and being intoxicated by gas. Unlike in France where there was not enough oxygen’ provided by nature for the soldiers to survive . The lack of oxygen shows how much man has damaged the environment and the restricting of oxygen to man shows that nature has given up on them ; this enforces that the arrival of the soldier’s death is near. It’s almost like the soldiers are betraying nature by damaging it while it’s playing a motherly role to them. Faults is trying to convey the idea life is futile without nature and humans bring annihilation within themselves. Faults uses nature in the line ‘overhanging trees’ to create a graphic imagery of dead bodies overlapping each other. This adds emphasis on the multitude of lives that were lost during the World War one, too many men died that their bodies became part of the landscape, they became part of nature. The powerful adjective ‘overhanging’ mimics the soldiers’ feelings as depressed ND melancholic due to the strain and tediousness as they had to strive under horrific conditions. On the other hand, the reader creates an unusual imagery of trees ‘overhanging’ each other, which is unnatural. This represents a dyspepsia environment which shows that war changed nature. Faults wants the reader to understand the untold horrors of war, which creates a subtle anti war message throughout the novel. Alternatively, the adjective ‘overhanging’, might infer that the trees were growing rapidly in the soldiers’ favor to provide oxygen in order for them to survive. This shows that nature as on their side, although they were the ones damaging it. Here the reader begins to despite and oppose war as they start to notice the selfishness in humanity. Nature was being destroyed and a multitude number of innocent people were dying just because the government was eager to gain power. They had the power to stop this catastrophe but because they didn’t want to embarrass or ‘show weakness’ by surrendering . They had the decency to carry on despite how the conflict was destroying the earth. Similarly, the idea of nature keeping the soldiers alive is conveyed in Siegfried Caisson’s poem France’ when he describes the forest as ‘radiant forest’. The powerful adjective ‘radiant’, might infer that the forest gave the soldiers energy and provided them with heat in order to keep them warm while they were fighting; this reinforces a motherly nature as the ‘radiant forest’ comforted them even though they were near death. Here Swanson uses nature in an optimistic manner to decrease the cruelty of war by not creating a sinister atmosphere. Faults makes the reader understand the brutality of war by using powerful adjectives to create a ghastly imagery. This is evident in the nine ‘Shattered flesh that lay in sinking stinking shell holes in beet crop soil’ The powerful phrase ‘shattered’, emphasis on the brutality of war and the multitude of violence. It creates a powerful image of mutilated body parts and rotting and decaying dead bodies decomposing in the soil. The adjective ‘stinking’ emphasis on the foul smell of the dead bodies which damaged the nature by polluting the air. Faults uses graphic violent imagery to demonstrate the horrors of war. Additionally, the fact that the dead bodies are sinking the soil conveys the idea that the soldiers die but nature remains tagging or it gets damaged but it grows back again, but once a human being is dead they can never be brought back to life. As the reader is reading these they start understanding the impacts war had on nature which makes them unaffected by the euphoria of war. Nature is used positively , in the line ‘a lark was singing in the unharmed air above him’ According to Biblical references , a ‘lark’ is a symbol of hope, happiness and good fortune; which might mean that during the battle God was on the soldiers’ side, their faith never betrayed them. The soldiers were just a sacrifice to God in order for everyone to have redeem. This is supported by the powerful phrase ‘unharmed air above him’. How to cite Explore the ways in which Faulks uses nature within the novel, Papers

Business Entrepreneur Success of Business

Question: Discuss about the Business Entrepreneur for Success of Business. Answer: Introduction This study has developed based on the concept of business entrepreneur. In this purpose, this study has been considered the Richard Goyder, the entrepreneur of Wesfarmers conglomerate company of Australia. In order to understand the concept of the study, the history, development and the growth of the entrepreneur has been discussed. In addition, this study is helpful to identify the role and the socio cultural background for the development of the entrepreneur. The competitive advantage of the definite mentioned company compared to the other entrepreneurs within the car manufacturing industry has also been discussed (Ayala and Manzano 2014). On the other hand, this essay is assumed to be beneficial as this study has tried to recommend the Wesfarmers manufacturing company to start different type of business in the future. In this purpose, the opportunity of the entreprenuer has also mentioned. Discussion of the history, development and the growth of the entrepreneur According to Boyett (2013), Richard Goyder, who is the entrepreneur of Wesfarmers always aimed to the business growth. As per Richards words, the work of the Australian Business Council has completed the implemented business policies within the industry. As a result, this reflects its business. Wesfarmers is a multinational company and specialised in the manufacturing of the chemicals and the fertilisers. In addition, Wesfarmers is also famous for the coal mining. The head quarter of this organisation is in Perth, Western Australia. It was founded in the year of 1914 as a cooperative organisation. After that, the company aimed to the service provision as well as the merchandise western Australian rural group. In the words of Casson and Casson (2013), after getting the achievement of becoming of the public sector organisation, Wesfarmers focused to the start their new business in the different sectors. In this context, the company has started the business of coal mining. In order to discuss the growth and development of the company, it is necessary to evaluate the revenue, sales value, net profitability statement of the company. From the financial statement of the company, it can be observed that the amount of total asset has been increasing over time (Jayawarna, Rouse and Kitching 2013). Therefore, from this outcome, it can be stated that the economic valuation of the company has also been rising. As a result, the company has obtained higher rate of total assets and the value is 23.75% in the year of 2016, whereas this value of total asset was 22.51% in 2015. On the other hand, total revenue of the company has also been increased from the year of 2015 to the year of 2016. The revenue was AS$ 62,102 in 2015 whereas the value is AS$ 65,512 in 2016 (Financials.morningstar.com. 2016). The operating expenses have also increased from the year of 2015 to 2016. Therefore, it can be stated that Wesfarmers is at a good financial position and the company is de veloping with the increase of time. Koester (2016) mentioned that the profitability statement of this company has also increased in 2016 from the previous year and the amount was increased by AS$ 1030. Moreover, from the review of the annual report, it can be also observed that Goyder performed the responsibility for the retail business by 83 percent fall in profitability statement. Moreover, from the group of the business of Coles, Kmart and Target, Goyder has earned AS$ 407 million profitability. Therefore, Goyder added that with the reduction of the profitability statement of the business, the salary of the shareholders also reflected. As a result, it is necessary to earn higher profitability from the business in order to make the shareholders happy. Discussion of the role of family and the socio cultural background in the development of the entrepreneurial passion In order to discuss the role of family in case of the development of the Richard Goyders entrepreneurial passion, he mentioned that his great grandfather and his great uncle influenced him. Moreover, these family members helped Richard Goyder to think that his farm is a type of investment. From the view of his family members, Richard Goyder predicted that this investment would make a decent return against the capital growth over time. According to McGowan et al. (2012), in order to discuss the socio cultural environment of the entrepreneur, it is necessary to discuss the companys background. Wesfarmers has the faith on sustainable advantage. In this regard, Wesfarmers always tried to focus to the performance improvement of the workers. Therefore, the socio cultural background of the company is developed upon the four core valuations such as integrity, openness, accountability and the boldness. As per the law of principles, Wesfarmers deals ethically with their clients and with the suppliers. The principle of openness is based upon the organisations honesty. The management of the company always tried to aim to the feedback and the ideas (Wesfarmers.com.au. (2016). The further feedback is helpful to rectify the difficulties and the shortcomings of the business. After the identification, Wesfarmers recognises the mistakes of the workers and helps them to rectify their faults in order to flourish their skills in further. This is helpful to develop the business. As it can be observed previously that, the financial performance of this company is quite appreciable. St-Jean and Audet (2012) opined that the accountability valuation is helpful in case of decision-making procedure. In addition, the performance of the authority of Wesfarmers is seemed to be delegated. On the other hand, the management of the organisation can protect the as well as can enhance the reputation. Furthermore, the boldness valuation is beneficial in case of making of strong as well as the bold decisions. In addition, Wesfarmers can challenge the status for the sake of growth and development of the company. Moreover, Sajjad, Shafi and Dad (2012) opined that Wesfarmers support and also encourage the working environment in order to make the socio cultural business atmosphere free of fear. As per the statement of Parker and Van Praag (2012), Wesfarmers can identify and then develop the talent in terms of investment. As a result, the management also expects a probable return for the company as well as for the employees. On the other hand, in order to discuss the role of the family, the organisation is concerned for the improvement of skills and efficiencies of the workers. This communication and the relationship skill is needed to influence the workers to deliver optimum quality of outcomes (Sajjad, Shafi and Dad 2012). Discussion the type of the developed business and the competitive advantage of the business compared to other entrepreneurs In order to analyse the competitive advantage of Richard Goyder, it is necessary to identify and understand the competitive advantage of the company. This will positively describe the entrepreneurs advantage. Mitchelmore and Rowley (2013) mentioned that Wesfarmers purchased the Coles group retail business to make a greater success in the Australian corporation history. Coles business includes the Coles online, Vintage cellars, Coles supermarkets etc. The Bunning of warehouse, which is retailer for the improvement of home, servicing of the home, office products etc are the products (Parker and Van Praag 2012). On the other hand, in order to discuss the competitive advantage of Wesfarmers, it can be mentioned that this organisation has the source of the sustainability, which is absent in case of the business of the competitors. More specifically, it can be stated that Wesfarmers recruits the quality of the workers in the organisation. Ayala and Manzano (2014) cited that sustainable competitive advantage is necessary for a company to flourish the business in the global market. In a synopsis, it can be stated that sustainable competitive advantage is seemed to the assets of the organisation or the capabilities, which are difficult and provide an optimum long-term position compared to the competitors (Wesfarmers.com.au. 2016). Discuss the future suggestions for the entrepreneur including different types of business For the further development, Richard Goyder can start another business such as manufacturing of healthy products. In order to the discussion of future recommendation, it can be suggested that with the increase of time, the citizens of Australia are seeking for the healthy products. On the other hand, as Wesfarmers is a renowned organisation and manufacture quality of products, therefore, it can be predicted that the production of the healthy products by this company will also maintain the quality (St-Jean and Audet 2012). As a result, Richard Goyder requires to develop the business objectives. Without the ideal business objective, the business will not be successful. After that, the management can recruit highly skilful and efficient employees, who are eligible for the production. During the making of objective of the business, it is necessary to remember that consumers are willing to purchase the quality of products in turn of affordable prices as mentioned by Parker and Van Praag (2012). Moreover, in this case, as the production of the healthy products is considered for the manufacturing, therefore, the company needs to focus on hygiene. Moreover, it can be observed that as most of the citizens are concerned about their health, they do not want to take additional calorie. In order to discuss the background of healthy food manufacturing industry in Australia, it can be observed that the industry has been developing with the increasing of time. In this connection, it can be observed that if Richard has planned to start his business also in the production of healthy food, then it can be predicted that he can earn higher profit and also can make the business successful (Wesfarmers.com.au. 2016). Conclusion This overall study is helpful to understand the behaviour of the entrepreneur, Richrard Goyder in his business. In this regard, to understand his development strategy, the background of the mentioned company has been discussed. In addition, the financial position of the company has also been mentioned along with his development strategy within the industry, which is helpful to estimate the financial performance of Richard. After the evaluation, it can be observed that the company has been developing with the increasing of time. In addition, the socio cultural business environment of Wesfarmers has been discussed to understand the influential factors of his development. It depends upon the four major core valuations and the footsteps of his great grandfather and great uncle, which have been mentioned in this study. Lastly, this study has tried to demonstrate and recommend the different types of business for the mentioned organisation, from which Wesfarmers can also be successful. References Ayala, J.C. and Manzano, G., 2014. The resilience of the entrepreneur. Influence on the success of the business. A longitudinal analysis.Journal of Economic Psychology,42, pp.126-135. Boyett, I., 2013. The public sector entrepreneurà ¢Ã¢â€š ¬Ã‚ a definition.International Journal of Entrepreneurial Behavior Research. Casson, M. and Casson, C., 2013.The entrepreneur in history: From medieval merchant to modern business leader. Springer. Financials.morningstar.com. (2016).Income Statement for Wesfarmers Ltd ADR (WFAFY) from Morningstar.com. Available at: https://financials.morningstar.com/income-statement/is.html?t=WFAFYregion=usaculture=en-US [Accessed on 6 Sep. 2016]. Jayawarna, D., Rouse, J. and Kitching, J., 2013. Entrepreneur motivations and life course.International Small Business Journal,31(1), pp.34-56. Koester, E., 2016.Green entrepreneur handbook: the guide to building and growing a green and clean business. CRC Press. McGowan, P., Redeker, C.L., Cooper, S.Y. and Greenan, K., 2012. Female entrepreneurship and the management of business and domestic roles: Motivations, expectations and realities.Entrepreneurship Regional Development,24(1-2), pp.53-72. Mitchelmore, S. and Rowley, J., 2013. Entrepreneurial competencies of women entrepreneurs pursuing business growth.Journal of Small Business and Enterprise Development,20(1), pp.125-142. Parker, S.C. and Van Praag, C.M., 2012. The entrepreneur's mode of entry: Business takeover or new venture start?.Journal of Business Venturing,27(1), pp.31-46. Sajjad, S.I., Shafi, H. and Dad, A.M., 2012. Impact of culture on entrepreneur intention.Information Management and Business Review,4(1), p.30. St-Jean, E. and Audet, J., 2012. The role of mentoring in the learning development of the novice entrepreneur.International Entrepreneurship and Management Journal,8(1), pp.119-140. Wesfarmers.com.au. (2016).Our impact. Available at: https://www.wesfarmers.com.au/our-impact/our-impact [Accessed on 6 Sep. 2016].