Jay’s Treaty, Between Britain and the U.S.

Jay’s Treaty was an agreement between the United States and Great Britain signed on November 19, 1794 intended to avert war and resolve issues between the two countries that had lingered since the end of the American Revolutionary War. While it was unpopular with the American public, the treaty succeeded in ensuring a decade of peaceful and mutually profitable trade between the United States and Britain during the French Revolutionary Wars. The treaty was signed by President George Washington on November 19, 1794 and approved by the U.S. Senate on June 24, 1795. It was then ratified by the British Parliament and took effect on February 29, 1796. Officially titled, â€Å"Treaty of Amity, Commerce, and Navigation, Between His Britannic Majesty and the United States of America,† and also called â€Å"Jay Treaty,† the pact draws its name from John Jay, its chief U.S. negotiator. Key Takeaways: Jay's Treaty Jay’s Treaty was a diplomatic agreement reached in 1794 between the United States and Great Britain.Jay’s Treaty was intended to resolve disputes between the two nations that remained after the 1783 Treaty of Paris had ended the American Revolutionary War.The treaty was signed on November 19, 1794, approved by the U.S. Senate on June 24, 1795, and approved by the British Parliament, thus placing it into full effect on February 29, 1796.The treaty draws its name from its chief U.S. negotiator, first Chief Justice of the Supreme Court, John Jay.   Bitter objections to the treaty by the French government led to the XYZ Affair of 1797 and the 1798 Quasi-War with France. In the United States, political conflict over ratification of the treaty contributed to the creation of America’s first two political parties: the pro-treaty Federalist Party, led by Alexander Hamilton, and the anti-treaty Democratic-Republican Party led by Anti-federalists Thomas Jefferson and James Madison. International Issues Driving Jay’s Treaty After the American Revolutionary War ended, tensions between the United States and Great Britain remained understandably high. Specifically, three main issues remained unresolved even after the 1783 Treaty of Paris had ended military hostilities: Goods exported from America were still being blocked by Britain’s wartime trade restrictions and tariffs. At the same time, British imports were flooding American markets, leaving the U.S. facing a significant trade deficit.  Ã‚  British troops were still occupying several forts on U.S.-claimed territory from the Great Lakes region to modern-day Ohio, which they had agreed to vacate in the Treaty of Paris. The British occupation of the forts left American frontier settlers living in those territories open to recurrent attacks by Indian tribes.Britain continued to seize American ships carrying military supplies and force or â€Å"impress† the American sailors into the service of the British Royal Navy to fight against France. When France went to war with Great Britain in 1793, the long period of global peace that had helped the newly-independent United States flourish in both trade and revenue ended. America’s intent to remain neutral in the European war was tested when between 1793 and 1801, the British Royal Navy, without warning, captured nearly 250 American merchant ships carrying goods from French colonies in the West Indies. The combination of these and other lingering issues and animosities brought the U.S. and Britain back to the brink of war in the late 1700s. US Response and Politics The American public was outraged, especially by Britain’s seizure of American ships, cargo, and impressment of sailors. In Congress, Thomas Jefferson demanded passage of a declaration of war. James Madison, however, called for a trade embargo on all British goods as a more moderate response. At the same time, British officials made matters even worse by selling rifles and other weapons to the First Nations Indian tribes near the Canadian—American border and telling their leaders that they no longer needed to respect the border. American political leaders were bitterly divided on how to respond. Led by Jefferson and Madison, the Democratic-Republicans favored aiding the French in its war with Britain. However, Hamilton’s Federalists argued that negotiating for peaceful relations with Britain—especially trade relations—could turn the British into a lasting and powerful ally. President George Washington agreed with Hamilton and sent Chief Justice of the Supreme Court John Jay to London to negotiate an all-encompassing treaty—Jay’s Treaty. Negotiations and Terms of the Treaty Despite his well-known command of diplomacy, Jay faced a daunting negotiating task in London. He believed that his best bargaining chip was the threat that America would assist the neutral Danish and the Swedish governments in preventing the British from forcibly seizing their goods. However, what Jay did not know was that in a well-intentioned attempt to establish good-will with Britain, Hamilton had independently informed British leadership that the U.S. government had no intention of helping any of the neutral European nations. In doing this, Hamilton left Jay with little clout in demanding concessions from the British. When Jay’s Treaty was finally signed in London on November 19, 1794, the American negotiators had won only two immediate concessions. The British agreed to vacate its forts in the northern United States territories by June 1796. In addition, Britain agreed to grant the United States the advantageous â€Å"most favored nation† trading status, but greatly limited U.S. trade to emerging lucrative markets in the British West Indies.   Most other outstanding issues, including British seizures of American ships and repayment of U.S. pre-Revolutionary War debts to Britain, were left to be decided later through the relatively new process of international arbitration. Jay was forced to concede that during the undefined period of arbitration, Britain could continue to seize U.S. goods headed for France on American ships if they paid for them and could seize French goods transported on American ships without payment. However, Jay failed in his attempt to negotiate an end to Britain’s impressment of American sailors into the Royal Navy, a sore point which would slowly fester into a key issue driving the War of 1812. While the American public, feeling it overly advantageous to Britain loudly objected to Jay’s Treaty, it passed in the U.S. Senate by a 20 to 10 vote on June 24, 1795. Despite the many objections against doing so, President Washington implemented the treaty, considering it to be the price of a period of peace during which the United States could rebuild its funds and military forces in the event of future conflicts. Jay’s Treaty and Indian Rights Article III of Jay’s Treaty granted all Indians, American citizens, and Canadian subjects the perpetual right to freely travel between the United States and Canada, then a British territory, for purposes travel or trade. Since then, the United States has honored this agreement by codifying its provision in Section 289 of the Immigration and Nationality Act of 1952, as amended. As a result of Jay’s Treaty, â€Å"Native Indians born in Canada are therefore entitled to enter the United States for the purpose of employment, study, retirement, investing, and/or immigration.† Today, Article III of Jay’s Treaty is cited as the basis of many legal claims filed against the U.S. and Canadian governments by Indians and Indian tribes. Impact and Legacy of Jay’s Treaty Historians generally agree that in terms of modern international diplomacy, Jay got the â€Å"short end of the stick,† by having achieved only two minor immediate concessions from the British. However, as Historian Marshall Smelser points out, Jay’s Treaty did achieve President Washington’s primary goal—preventing another war with Great Britain, or at least delaying that war until the United States could become financially, politically, and militarily able to fight it.   In 1955, historian Bradford Perkins conclude that Jay’s treaty brought the United States and Great Britain from within a sword’s point of war in 1794 to the brink of the true and lasting friendship and cooperation that endures today. â€Å"Through a decade of world war and peace, successive governments on both sides of the Atlantic were able to bring about and preserve a cordiality which often approached genuine friendship,† he wrote.   Sources Bemis, Samuel Flagg. â€Å"Jays Treaty and the Northwest Boundary Gap. Harvard College Library First Nations and Native Americans United States Embassy, Consular Services Canada.Karl S. Hele.Lines Drawn upon the Water: First Nations and the Great Lakes Borders and Borderlands Wilfrid Laurier University PressElkins, Stanley M. and Eric McKitrick. The Age of Federalism: The Early American Republic, 1788–1800 February 1, 1995. Oxford University Press, USA. ISBN-13: 978-0195093810Smelser, Marshall. The Democratic Republic, 1801-1815 Waveland Press. March 1, 1992. ISBN-13: 978-0881336689Perkins, Bradford. The First Rapprochement: England and the United States, 1795–1805 University of California Press. ISBN-13: 978-052000998

Characteristics Of A Good Coach Essay - 1046 Words

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He sees the journey to coaching excellence as a never ending story; seen not only in terms of a chosen sport and coaching theory and practice, but in understanding how to successfully live a balanced and full life, while facing tougher and tougher challenges in the chosen field of endeavour. 4. Mentally Tough The coach is focussed, determined, tenacious, hard – even ruthless- but never cruel. His resolve to overcome all obstacles and challenges in pursuit of the agreed goal is unshakeable. No matter how many setbacks, he has the resilience to keep coming back, to keep fighting. He always has heart for the fight. He persistently seeks for the advantage and no matter how small that is, he will seize it and maximise its value. He is devoted toShow MoreRelatedAssistant Coach : A Realistic Perspective Essay1270 Words   |  6 PagesMany coaches in start of careers have begun as a head coach or as an assistant coach. 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Back to the Future Business Modifications

Question: Describe about the Article for Back to the Future in the use of Business Modifications. Answer: Introduction Nowadays, organizations and groups are experiencing fast modification than it was in the past. The Economic process has inflated the markets and the chances for income and growth, progressively varied markets have diverse expectations and needs that are to be understood if they are to become strong customers. At the same time, examination of shareholders has inflated as various executives are guilty of illicit activities in their firms. Therefore the compensation of administrators is increasing whereas salaries of others are leveling off and decreasing subsequently. Thus, the power to manage modification, and still continue in satisfying the stakeholders needs, may be an important ability needed by managers in the current state. Administrators frequently build determinations to achieve successful change since it is their responsibility. Some are perfect achieving while others work hard but still fail to achieve. That is typically the distinction between those that prosper in their responsibility and people that get carried around, ultimately sinking into a task. To perceive structure amendment and start guiding successful change efforts, the amendment agent ought to have the comprehensive understanding of the situation of the amending effort. It consists of understanding the essential structures and systems in the organizations, together with their distinctive roles. This demand relates to the proper understanding of the management of an organization. If the agent of change is collaborative and is operating with associates of the client's association, there is a possibility that it will be fruitful (Niven, 2010, pg. 32) Agent of change should always work together with the customer so that he may know a lot regarding the general priority of the amending effort and the way both will address the process of change effectively. It would be a significant drawback within the organization exciting vision to realize. Together, they may collect data, scrutinize it to spot answers and conclusions, and then create recommendations from that data. Typically the effort of data collection is extremely fast, for instance, the organization of a large meeting within the organization. Alternatively, the determination may be extensive, for example, evaluating a whole team and evolving an entire set up for the amendment. The character of innovation additionally is subject to the viewpoint of the organization at large. For instance, subscribers changes would possibly conduct discovery, not considering the causes of issues within the body, and not interviewing employees in finding the visions and desires of individuals wit hin the organization (Shore, 2012, pg91). Normally, people tend to reduce such significance, this dangerous encounter phases and begin modification of management by expressing a comprehensive and ambitious vision for change. Several argue that it is not ethical to initiate a scheme for structure modification while not examining the present state within the organization. Concentrating most of the modification and determinations on achieving a strong vision is usually harmful to the customer's organization. As a result, the project agent ends up handling indications of any current problems, instead of the basic causes. Likewise, the project might make the agent push a compelling visualization while motivating and inspiring to some, who can be entirely unrealistic to realize (Houser, 2010, pg76). Currently, with the complicated challenges faced by organizations and also the vast diversity of standards, views and sentiments amongst the participants of such agencies, it is important that amending managers work from a dominant set of values to confirm that they function in an extremely efficient and moral manner. There might be regular activities perpetuating with the success address varieties of problems in organizations. The development does not lie on designated right selection of activities. However, it lies with honest and participative people in the project, the proportion they learned and the way they were dynamical to their plans for amendment (Canary, 2010, pg. 49). Conclusion Currently, with the complexity of the challenges that organizations are facing and the broad diversity of standards, viewpoints and sentiments amongst the participants of the corporations, it is important that transformation agents may work from a robust set of moralities in ensuring that they function in a highly ethical and efficient manner. The achievement of development lies on how participative and honest individuals are throughout the process, the much education they have and the openness they had while implementing their strategies for change. References Canary, H.E. MacPhee, R. D. (2010). Communication and Organizational Knowledge: Contemporary Issues for Theory and Practice. Routledge. Houser, J. Oman, K. S. (2010). Evidence-Based Practice. Jones Bartlett Learning. Shore, L.M., Jacqueline A-M.Coyle-Shapiro Tetrick, L.E. (2012). The Employee-Organization Relationship: Applications for the 21st Century. Routledge. Niven, P. R. (2010). Balanced Scorecard Step-by-Step: Maximizing Performance and Maintaining Results. John Wiley and Sons.

Start up business in Saudi Arabia challenges of finding finance

Background overview Entrepreneurs share similar problems in terms of access to sufficient capital to start their business, ability to attract customers, developing a sufficient cash flow to sustain their venture and a variety of other issues that are involved in the process of developing a business (Zahra Wright 2011, pp. 67-83).Advertising We will write a custom dissertation sample on Start up business in Saudi Arabia: challenges of finding finance. specifically for you for only $16.05 $11/page Learn More In this section the various methods of capital access available to entrepreneurs within Saudi Arabia, and the difficulties that are associated with the process of obtaining sufficient funds to start a profitable business venture will be analyzed. Considering the fact that it is one of the wealthiest nations in the world, and part of the G20 group of states, the low rate of growth for its entrepreneurial sector engenders a number of questions that nece ssitates further research and analysis. It is expected that this section will act as the basis behind an assessment that would create effective suggestions as to how entrepreneurs within the country can best respond to various financial opportunities and challenges. Saudi Arabian Economy and SME SMEs in Saudi Arabia A majority of the start up businesses in Saudi Arabia are in form of SMEs. Within the study Leading the way (2005, pp. 78-79), it was explained that in most market economies, small to medium scale enterprises (SMEs) make up the bulk of a country’s enterprises. This constitutes 80 to 90 percent of local businesses (Leading the way 2005, pp. 78-79). Such an orientation can also be seen in the case of Saudi Arabia, wherein SMEs make up 92 percent of local businesses within the country, and employ up to 80 percent of the workforce (Leading the way 2005, pp. 78-79). H.M. King Abdullah bin Abdul Aziz Al-Saud himself has been quoted as stating that â€Å"entrepreneurs a re the backbone of the Saudi Arabian economy and are instrumental towards its continued growth and prosperity† (Kayed Hassan 2010, pp. 379-413). (Kayed Hassan 2010, pp. 379-413)Advertising Looking for dissertation on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More It must be noted that despite the fact that SMEs constitute 92 percent of local businesses, they are still overshadowed by the country’s oil and natural gas industry which accounts for 90 percent of export earnings, 45 percent of the GDP and 80 percent of the government’s budget revenues (Kayed Hassan 2010, pp. 379-413). This is in sharp contrast to the situation found in countries such as the U.S., U.K., China and other industrialized countries where local SMEs makeup more than 70 percent of GDP, 60 to 70 percent of local government revenue and 75 percent of export earnings (Kayed Hassan 2010, pp. 379-413). While Saudi Arabia’s s tatus as an oil exporter does entail a decidedly different economic structure, it must be noted that given the non-renewable state of its oil reserves, it is absolutely necessary to implement some measure of encouraging the development of start up businesses in order to have a strong local economy in place that is not dependent on resource that will inevitably dry up (Lindsey 2011, pp. 1). Entrepreneurial Growth Rate (Saudi Arabia 2012, pp. 1-18) (Outlook for 2011-15: Economic policy outlook 2010, pp. 7-9) Unfortunately, an examination of the development of local industries within the country reveals that entrepreneurial growth has remained low at 3.3 to 3.5 percent annually, with the much lauded Saudi Fast Growth 100 group (a listing of the top 100 locally owned corporations that were started by entrepreneurs) gaining a combined annual revenue of $2.4 billion equivalent to $9 billion Saudi Riyals) with 90 percent of their revenue originating from within Saudi Arabia itself (Outloo k for 2011-15: Economic policy outlook 2010, pp. 7-9). While $2.4 billion may seem like a significant sum for the accumulated revenue of the top 100 companies within Saudi Arabia, this pales in comparison to the hundreds of billions accumulated by the top 100 companies started by entrepreneurs in countries such as the U.S., U.K, and China. Even a developing country such as the Philippines has a local SME industry where the top 100 companies started by entrepreneurs reach revenues of $10 billion or more.Advertising We will write a custom dissertation sample on Start up business in Saudi Arabia: challenges of finding finance. specifically for you for only $16.05 $11/page Learn More The fact that the revenue of these companies mostly originate from within the Saudi Arabian economy itself rather than through international exports shows how relatively â€Å"young† the companies started by local entrepreneurs are within country considering the fact tha t focusing on local instead of external markets is one of the first stages of entrepreneurial activity. Such factors can be considered indicative of a major problem existing within the Saudi Arabian entrepreneurial landscape which can be connected to the lack of sufficient access to funding for local entrepreneurs in order to sufficiently grow their businesses to a level that can be considered internationally competitive. Saudi Arabia’s economy According to Economic Structure and Context (2012, pp. 16-17), Saudi Arabia’s economy is heavily dependent on its oil reserves. This is because oil is the major export commodity in this economy. Additionally, the oil industry provides employment to a majority of the citizens. This implies that this economy is susceptible to the volatile oil prices in the world market, and any changes in the production of oil by the oil industry. To address this vulnerability, the government has acquired a number of foreign assets which help in c ushioning the economy against changes in the oil prices, which affect the economy adversely. For this reason, the economy is able to withstand shocks in the oil world market provided that it is not for an extended period (‘Chapter 2: Economic Outlook’ 2011, pp. 15-23). It must be pointed that the government continues to be the major player in the economy. This implies that the economy is not fully liberalised. However, the government is at the forefront in encouraging entrepreneurship with a view to increasing employment opportunities for the youth, who form the bulk of the kingdom’s population. This increased employment level, as a result of increase in private investment, will have the effect of enhancing the standard of living in the kingdom (Economic Structure and Context 2012, pp. 16-17). Government’s involvement in the economy has helped in improving the standards of living for the Saudi nationals (Jacknis 2011, pp. 107-116). However, this involvemen t has repercussions that include: distortion of the market, subdued productivity, and discourage competition.Advertising Looking for dissertation on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More It can be said that the government’s dominance in the economy has lowered the efficiency of the economy. Nonetheless, the government has been working towards liberalization of the economy and complying with international treaties, with a view to improving the economy. The Saudi government has also embarked on the privatisation of the some sectors of the economy including: telecommunication, water and aviation. The major objective of this privatization has been to attract foreign investment in the economy. This will serve as the much needed boost to propel the economy to a higher growth trajectory. Moreover, the government has also increased public expenditure as a stimulus for economic growth. This increased public expenditure has been instrumental in facilitating the growth of Saudi economic cities that has acted as an incentive for the entrepreneurs (Economic Structure and Context 2012, pp. 16-17). Literature Review This section explores various aspects related to the finan cing of entrepreneurial ventures within Saudi Arabia, the way in which financial institutions and loan processes operate, as well as the current state of key funding sources in relation to their counterparts in other countries. It is expected that through an examination of such aspects of the Saudi Arabian entrepreneurial and financing sectors of the economy, a greater degree of understanding regarding the current state of venture financing and the processes involved in it will be developed. The Financing of Business Ventures within Saudi Arabia One of the oddest discrepancies that has come up during the research process is that despite the fact that Saudi Arabia is widely recognized as a leader in promoting and supporting entrepreneurial activities, it actually has a financial sector that is not as conducive towards small to medium business loans as one might expect (Ahmad 2011, pp. 610-614). It is usually the case that if a country is known for supporting entrepreneurial activity, this would in turn result in a commensurate effect on its local banking sector wherein loans for small to medium scale enterprises and ventures would be more readily given. However, this is not the case and in fact it is actually more difficult to obtain these types of loans within Saudi Arabia as compared to other countries within the same region (i.e. the U.A.E, Egypt, Jordan, Israel etc.) as well as in countries such as China, the U.K. and the U.S (Ahmad 2011, pp. 610-614). In order to address this rather odd disparity, an examination was conducted as to how small and medium scale enterprises were normally funded and how did this type of funding differ from what can be seen in other countries. It was seen that in the case of Saudi Arabia, the family played a crucial role in the funding and development of start up business ventures wherein more than 75% of local businesses started by entrepreneurs were a result of family members contributing towards the initial starting capital o f the entrepreneur and actively gave advice regarding the proper management of the business (Constraints on Development: Small Businesses in Saudi Arabia 1992, pp. 333-351). In fact, it was noted by researchers in the report Constraints on Development: Small Businesses in Saudi Arabia (1992, pp. 333-341) that it is the strong interfamily ties within the country’s culture that limits the export market of Saudi Arabia due to the development of a business culture, wherein it has become preferable to deal with family members or friends of the family when it comes to joint business ventures and business opportunities, which in effect severely curtails the ability of a business to expand beyond its current market due to the inherent hesitance in dealing with the unfamiliar (Constraints on Development: Small Businesses in Saudi Arabia 1992, pp. 333-351). Going back to the issue of family and its connection to the financing of small to medium scale enterprises, what must be understoo d is that the proliferation of family as one of the primary methods of financing entrepreneurial business ventures has actually resulted in the local banking sector developing in such a way that they cater more towards large scale enterprises or higher tier medium scale businesses as compared to small or lower tier medium scale companies (Chapter 4: Business Environment 2012, pp. 27-33). The problem with this is that this in effect isolates a large percentage of the local population who do not have access to considerable family funds to start their business. Such a situation is in stark contrast to the way in which the banking sector in other countries such as China, the U.S., the U.K. and even in certain sectors in the Middle East work, since it is often seen that investing in entrepreneurs creates numerous beneficial actions (i.e. better local economy, greater amount of deposits, helping out what could potentially develop into a larger enterprise etc.) which banks generally think of as â€Å"safe bets† when it comes to loans, especially when it comes to the attitude of entrepreneurs to pay back what they owe on even if a particular business did not turn out as successful as expected (S.T. 2000, pp. 42) (Mahdi1998, pp. 1970-1971). It is often the case that such individuals within Saudi Arabia have to rely on their own personal savings as their primary method of creating start-up capital, which is an incredibly laborious and time consuming process, which would of course slow down the process of entrepreneurial activity within any country that utilizes such a system (Chapter 4: Business Environment 2012, pp. 27-33). Evidence of this can be seen in Saudi Arabia’s 3.3 to 3.5 percent annual entrepreneurial growths, which shows the negative impact that the current loan system has on creating better entrepreneurial activities within the country (Chapter 4: Business Environment 2012, pp. 27-33). The inherent weakness of the â€Å"family fund systemâ₠¬  currently utilized by a vast majority of entrepreneurs is that when it comes to expanding the business beyond its current form and structure, this is when family members at times balk and refuse to or are unable to provide the necessary funds for the development of the business beyond its current form (Siddiqi 2008, pp. 44). The reason behind this is a plethora of issues ranging from the belief that after a business has been established, an individual should be responsible for its own expansion or that expansion itself is potentially risky without sufficient added benefits (Siddiqi 2008, pp. 44). As a result, this curtails the potential for various entrepreneurial ventures to expand to foreign locations and this is evidenced by the fact that nearly 90% of all local entrepreneurial revenue is derived from within the Saudi economy alone instead of through outside ventures (Siddiqi 2008, pp. 44). It must also be noted that another problem with the â€Å"family based† method of funding is that it actively promotes insufficient market examinations and a more lax behaviour when it comes to developing processes that are more efficient and less costly (Robson, 2005pp. 40-42). Based on the study by Constraints on Development: Small Businesses in Saudi Arabia (1992, pp. 340), it was noted that family based methods of funding were considered a relatively â€Å"safe† and â€Å"easy† method of funding for a business, which did not have the same stringent procedures and viability checks that are necessary when it comes to a bank loan (Footwear Industry Profile: Saudi Arabia 2012, pp. 1-29). As such, entrepreneurs under this particular system are less likely to favor processes that maximized the usage of capital and utilized more efficient methods of operations due to the rather â€Å"easy† way in which funds could be obtained to run a business (Constraints on Development: Small Businesses in Saudi Arabia 1992, pp. 333-351). This, Baqadir, Pat rick, Burns (2011, pp. 551-559) remark, is one of the main reasons why plenty of businesses fail within the first year of operation in Saudi Arabia, since it is usually the stringent process of loan evaluation seen in most banks that encourages entrepreneurs to think ‘outside the box’, resulting in financial success and ingenuity (Baqadir, Patrick, Burns 2011, pp. 551-561). Though not particularly as relevant, it must be noted that there is also another socially based reason as to why certain entrepreneurs are experiencing a higher degree of difficulty when it comes to finding sufficient capital: declining rates of marriage (Pope 2002, pp. 2). With the development of new internal policies within the Kingdom of Saudi Arabia comes an era where women have started to become more empowered. This is evidenced by the fact that nearly 54% of all university graduates within Saudi Arabia are women and that a growing percentage of them have started to focus on their own careers and the development of the family business rather than enter into a prospective marriage (Pope 2002, pp. 2). As a result, with declining marriage rates comes a distinct decline in access to sufficient capital by bachelors since it is the intermarriage between families that often times enhances the ability of an entrepreneur to access sufficient capital to establish his own business. Public Aid Programs Aside from the aforementioned â€Å"traditional† methods of funding that exist within the context of the Saudi Arabian culture, there also exist other methods of funding that are more in line with what is normally seen in other countries. The first of these methods of funding is the KAFALAH fund which is a $200 million fund that acts as a protection net against loan defaults meant to encourage local banks to lend to entrepreneurs (Country analysis report: Saudi Arabia 2011, pp. 1-68). The reason why KAFALA fund was created in the first place was due to the fact that between 200 1 to 2009 local banks experienced increasing levels of loan defaulters (Country analysis report: Saudi Arabia 2011, pp. 1-68). One of the main reasons behind this was simply the fact that entrepreneurs at the time lacked the necessary skills and capabilities to properly market their products, develop their businesses and enhance operations which inevitably resulted in the collapse of their ventures (Country analysis report: Saudi Arabia 2011, pp. 1-68). This was an endemic problem during that time until it was addressed by H.M. King Abdullah bin Abdul Aziz Al-Saud in the form of the king Abdullah University of Science and Technology (KAUST), the King Saud University (KSU) and various other educational institutions that focused on the creation, support and development of entrepreneurs within Saudi Arabia. It was through such programs that, in the words of H.M. King Abdullah bin Abdul Aziz Al-Saud, â€Å"a new type of entrepreneur† entered into the Saudi Arabian market economy Country analysis report: Saudi Arabia 2011, pp. 1-68). Such individuals were better informed, better prepared and more likely to create fewer mistakes as compared to their predecessors. Unfortunately, various Islamic banks were still reeling from the amount of loan defaults hence the necessity of creating stimulus funds in order to encourage lending (Apparel Retail Industry Profile: Saudi Arabia 2012, pp.1-25). Despite this, it was noted by various Saudi entrepreneurs that such activities were still insufficient, many of whom were of the opinion that it should be the government itself that should facilitate access to funds for entrepreneurs rather than having to go through the laborious and often times unfruitful process of filing for a bank loan (Dairy Industry Profile: Saudi Arabia 2012, pp. 1-32). One manifestation of such a necessity came in the form of the government sponsored AlAhli Small Business Program which is a type of loan/training program enabling entrepreneurs to gain access to a variety of funding sources that are in cooperation with the National Commercial Bank while at the same time provides training courses and various types of support systems so as to enable these potential entrepreneurs to develop the necessary skills, mindsets and abilities to effectively run their fledgling businesses (Country Update 2012, pp. 1-5). Other sources of funds also exist, which are there to address the problem of developing a funding program for young Saudi men and women that are underprivileged yet still would like to be entrepreneurs. For this particular scenario, the centennial fund exists which provides 50,000 – 200,000 SAR in funds for particular business ventures which is payable within 5 years. Similar to the AlAhli Small Business Program, the Centennial fund also provides training and development services but it also provides a mentoring program wherein experienced entrepreneurs help in guiding people who make use of the fund, through a 3 year m entoring program designed to increase the success of their business. Other more gender specific funds come in the form of the Prince Sultan bin Abdulaziz fund for nurturing women entrepreneurs (Country Update 2012, pp. 1-5). As its name implies, this fund focuses specifically on providing women entrepreneurs with the necessary funds and training to undertake a variety of entrepreneurial ventures. Banking There are several banking institutions within Saudi Arabia that do in fact provide small business loans to start up business such as Al Rajhi Banking Investment Corp., the Riyadh Bank, the National Commercial Bank etc (Economic Growth: Outlook 2012, pp. 4-6). It must be noted though that due to the high degree of loan default experienced by these banks from 2001 to 2009 the loan process often involves considerable amounts of paperwork and at times recommendations from well established businessmen in order to gain approval for particular loans (Economic Growth: Outlook 2012, pp. 4-6 ). This in effect shuts out various entrepreneurs who do not have the same amount of clout or the connections necessary to show that they can be trusted to pay back the loan. Additionally, the entrepreneurs have to go through other hurdles in form of government sponsored programs, which act as intermediaries between the bank and the entrepreneur and acts as a safety net in case of loan default. While this section has shown that there exists, quite literally, a plethora of funding and training opportunities for local entrepreneurs to start their own business ventures, what it does not show is that most of the funding and training opportunities are oriented towards the development of localized business opportunities and neglect to encompass a wider range of potential ventures through international markets. The study of Mortland (2009, p 19) which examined the funding and training opportunities that are currently in place within Saudi Arabia reveals that most of the revenue derived fro m entrepreneurial activity within the country is primarily as a result of derived income from local markets (Mortland 2009, p. 19). There are relatively few cases of entrepreneurs which focus on international trade with one of the reasons being that despite the presence of funding programs with associated training schemes, these programs actually encourage and focus on developing entrepreneurs to focus on developing local market (Mortland 2009, p. 19). They propagate the notion that international business ventures are somewhat risky. This engenders a business culture that is more internally focused rather than externally adaptive. In cases where an entrepreneur is actively seeking funds to expand their business venture with a view to engaging in international trade, their loan requests are often turned down. Banks tend to agree to loans of this nature when requested by large firms or conglomerations. This in effect shuts out small entrepreneurs from international trade which is an i mportant aspect of developing a local business. Venture Capitalists within Saudi Arabia Another of the problems faced by entrepreneurs within Saudi Arabia is the distinct lack of venture capitalists within the country. An examination of data obtained from 2010 reveals that Saudi Arabia has the lowest ranking of any G20 country in terms of venture capital funding with only $5 million being invested by venture capitalists in local businesses at the time. Studies such as those in the Country analysis report: Saudi Arabia (2011, pp. 1 – 68 ) reveal that venture capital funding is an important facilitator of entrepreneurial activity since it acts as a method of funding â€Å"outside† of the regular methods facilitated through bank loans (Country analysis report: Saudi Arabia 2011, pp. 1-68). With entrepreneurs and the venture capitalists sharing the risks that come with developing a particular business venture this actually results in the sharing of ideas, better internal m anagement of operations and funds and the creation of new lines of business which helps to considerably expand the venture beyond what the entrepreneur would have been capable of doing alone. As seen in the case of the U.S. and U.K., venture capital investments have helped to create a solid foundation for the development of numerous businesses which has actually encouraged entrepreneurial activity due to the potential that venture capitalists may choose to invest with a particular venture thus enabling it to expand based on the plans of the entrepreneur. The lack of venture capital funding in the case of Saudi Arabia helps to explain the relatively low growth seen in the development of new entrepreneurial ventures; since an external source of capital without the accompanying financial indebtedness associated with a bank loans would have definitely encouraged the development of a sufficiently strong entrepreneurial sector within the country (Country analysis report: Saudi Arabia 2011 , pp. 1-68). One way of explaining the lack of venture capital funding can be seen in Chapter 4: Business Environment (2012, pp. 27-33) of Saudi Arabia’s business forecast report which explored various aspects of financing within Saudi Arabia. Chapter 4: Business Environment (2012, pp. 27-33) shows that the concept of venture capital funding is relatively new within Saudi Arabia since it is a development that has only occurred within the past few decades within various other countries (Chapter 4: Business Environment 2012, pp. 27-33). Since Saudi Arabia has developed in an entirely different way as compared to other countries such as the U.S. due its emphasis on Shariah law in its banking and finance sector this would of course result in the creation of distinctly different financial instruments for funding business ventures within the country (Chapter 4: Business Environment 2012, pp. 27-33). This is especially true when taking into consideration the fact that â€Å"family funds† are still one of the primary methods of funding a business within the country and external methods of funding not associated with either the state or a bank are still viewed with a certain degree of distrust by the local business culture. Aside from that, most entrepreneurs within Saudi Arabia have no idea what a venture capital fund is or how it even operates, thus its level of acceptability and implementation within the context of the local economy is also rather low (Chapter 4: Business Environment 2012, pp. 27-33). Furthermore, since the venture capital sector of the Saudi Arabian economy is still within its relative infancy this means that the road shows, presentations, exhibits and forums normally associated with venture capital firms as seen in the context of the U.S. and the U.K. are relatively absent (Chapter 4: Business Environment 2012, pp. 27-33). This means that venture capitalists can neither show what methods of financing they can offer to entrepreneurs a nd neither can prospective entrepreneurs show their business ventures to venture capitalists (Chapter 4: Business Environment 2012, pp. 27-33). In the end, this creates a situation that is not at all conducive towards the development of any form of venture capital financing operation within the Saudi Arabia and explains why the amount of venture capital funding is so low within the country despite the size of its economy. Entrepreneurs in Saudi Arabia and the local Stock Market Aside from venture capital investments, another alternative to financing the expansion of a business venture has been through the use of the stock market. In regions such as the U.S., U.K., and several parts of Asia, posting their company on the local stock market has been an effective method by which entrepreneurs of mid-sized corporations have been able to garner sufficient funds in a rather efficient manner. Unfortunately, in the case of Saudi Arabia, it has been noted that despite the fact that the local stock market has actually improved by 50% as a source of funding for businesses, most of this has been primarily isolated to large scale enterprises and has barely been used to finance start up businesses (Bradley 2005, pp. 1- 22). One of the reasons behind this is the apparent lack of a specific market that can cater for the needs of the start up businesses. Consequently, this prevents various Saudi entrepreneurs from accessing needed funds for expansion as compared to their counterparts within the G20 countries. From a certain perspective, it can be assumed that due to the current predilection of Saudi entrepreneurs to view the stock market as a novelty exclusively for the rich rather than alternative method of funding, resulting to a situation in which the ability of the stock market to raise capital for the entrepreneurs is greatly hampered. Studies such as those seen in the report â€Å"Saudi Arabia business forecast report Q3 2012† (2012, pp. 1-51) have indicated that d espite the 90% rise in the usage of Saudi Arabian stock market, start up businesses continue to have a relatively low profile in it due to an insufficient amount of information regarding the process of registration, compliance and how the stock market works in general (Saudi Arabia business forecast report Q3 2012 2012, pp. 1-51) It is based on this that the report recommends a greater degree of government assistance in the form of information campaigns so as to educate local entrepreneurs regarding the various advantages of posting their company on the stock market (Saudi Arabia business forecast report Q3 2012 2012, pp. 1-51). Common problems that prevent Saudi entrepreneurs from obtaining finance. Hussain and Yaqub (2010, pp. 22-28) note that as it is common when an entrepreneur wants to access loan from a financial institutions, the financial institutions subject the entrepreneur through a series of checks. This entails giving a business plan that shows the ability of the busine ss to repay loans. In situations in which the business plan does not depict the ability of the business to generate the revenue that can support the repayment of the loan, the request is turned down. The challenge sometimes is not in developing business plan, but rather the ability to write a good business plan that highlights the major strengths of the business. From this section it can be seen that entrepreneurs have limited sources of capital (Hussain and Yaqub 2010, pp. 22-28). The few sources of capital that exists are meant for large-scale businesses, and not necessarily for the upcoming entrepreneurs. As it has been highlighted, most entrepreneurs obtain the much needed capital from their ‘families’. This implies that those entrepreneurs who come from families that are not well-off find it more difficult to procure the much needed capital. Additionally, it can be inferred that the financial institutions are not very friendly to the upcoming entrepreneurs and, unl ess the government institutes measures to facilitate easier access to loan for the entrepreneurs, the level of growth of the private investments will continue to be low. SOURCES OF FINANCE CHALLENGES Families Most ladies are getting educated and becoming very independent and they don’t want to get married. Some families are not very well-off such that they can facilitate financing for the entrepreneurs. Banks They prefer dealing with large scale businesses as opposed to financing small scale businesses. The banks ask for a lot of requirement from the entrepreneurs seeking loans for capital. Public Aid Programs Apparently the fund does not provide enough resources that can provide the much needed capital to the entrepreneurs. Venture capitalist Lack of venture capitalists in Saudi Arabia that can provide the much needed capital to the entrepreneurs Local stock market It is biased in favour of large scale enterprises as opposed to the upcoming business vent ures Methodology Aims Wahyuni (2012, pp. 69-80) contends that a research should have objectives. In this regard this research is supposed to consider the following objectives. Firstly, the research is supposed to investigate the sources of finance for start-up businesses in Saudi Arabia. Furthermore, the research will also look into the bottlenecks that the entrepreneurs face when it comes to accessing sources of finance. The other objective will be to explore the various opportunities and challenges, which the entrepreneurs have to face when it comes to accessing finance from the financial institutions. In order to achieve those objectives the research will seek to address the following questions: Where do the successful business starters in Saudi Arabia get their capital from? What challenges do business start-ups encounter when financing their ventures? What can business start-ups do to avoid failure when sourcing out capital for their ventures? Study Design Given the nature of this research, the most appropriate research design that will be adopted for this paper is the qualitative research (Bansal Corley 2012, pp. 509-513). This will enable the researcher to have open ended questions that will help in generating of information regarding the challenges which the entrepreneurs face in Saudi Arabia. Moreover, the use of qualitative research method enables the researcher to have fewer participants which enable a more thorough approach to be adopted. Additionally, the information will be derived from both the primary and secondary sources. The sample participants for this study will be drawn from those individuals who have been involve in business venture in Saudi Arabia, and those who have been involved in the bank’s lending system. This will aid in getting the necessary information regarding the challenges that Saudi entrepreneurs face in an attempt to obtain finance for their fledgling businesses. The number of participants will be limited to t hirty individuals from the cities of Jeddah and Mecca. This is because qualitative research uses a limited number of participants (Bansal Corley 2012, pp. 509-513). Furthermore, the participants must have attempted to get financing from the financial institutions and failed. The participant must exclusively own or owned a business venture. Another condition for the participant is that they must have complied with the regulations regarding application for financing, including submitting a business plan. It must also be acknowledged that if any information leaks to the financial institutions it might result to victimization of those participants. For this reason, the information should be kept securely so that it cannot be accessed by people who might victimize the participants. Data Collection Process As indicated earlier, the participants for this study will be drawn from both the entrepreneurial side and the banks’ lending system. Some of the questions which could be posed to the individuals in the banking sector will be on the number of loan requests by the entrepreneurs that were rejected and those that were accepted. The researcher will also probe those participants so that he can have a glimpse at the reasons that led to either the cancellation or the acceptance of those loan requests. It must also be noted that the participants will be interviewed individually to enhance the confidentiality of the research. The participants will be instrumental in helping to unravel the challenges that the entrepreneurs face when it comes to accessing finance. Additionally, the questions that will be presented to the participants will be open-ended to enhance the ability of the research to generate a lot of information. Reliability of the interview data will be tested by comparing the variables under study with similar variables from previous studies while the validity will be tested by determining the extent to which the information concurs with global financing approaches. The interviews will be conducted on weekends to ensure that most of the participants will not be held up in their jobs, which could preclude them from attending the sessions. Another important thing which will be highlighted to the participants pertains to the confidentiality of their responses. This will encourage the participants to be more genuine with their responses. The preferred study technique for this research will be cross-sectional. This will be informed by the fact that this study is meant to unravel information which can be used in future when carrying out research on the same issue (Wahyuni 2012, pp. 69-80). Additionally, the time as well as the resources allocated for this research are vey limited and does not allow for the use of longitudinal technique. The data collected from this research will be analysed using data reduction techniques. This entails sifting through the data to determine those that are relevant to the issue being considered. Reference List Ahmad, S 2011, ‘Businesswomen in the Kingdom of Saudi Arabia: Characteristic, growth patterns and progression in a regional context’, Equality, Diversity Inclusion, 30, 7, pp. 610-614, Business Source Premier, EBSCOhost. ‘Apparel Retail Industry Profile: Saudi Arabia’ 2012, Apparel Retail Industry Profile: Saudi Arabia, pp. 1-25, Business Source Premier, EBSCOhost. 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Zahra, S, Wright, M 2011, ‘Entrepreneurship’s Next Act’, Academy Of Management Perspectives, 25, 4, pp. 67-83, Business Source Premier, EBSCOhost. This dissertation on Start up business in Saudi Arabia: challenges of finding finance. was written and submitted by user W1ldPack to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.