E-business †Selling shoes in United States Essay

Online shop attracts certain class of customers thus any company operating in goods and services on online shop must have a strategy of implementing their online shop. The designing of the website must be considered a critical factor of success of online shops. There fore, the company should acquire a variety of brand of shoes which attracts a specific class of customers that is the customers who are busy with extra disposable income to expand. They should also expand their product base which gives a customer a wide variety of shoes. An online store should reduce their costs by outsourcing labor from Asia and Africa to keep their products affordable to many. The company in online shop should enter into strategic alliances with other companies who have other products so that the online shop will be made use of apart from men shoe. Women shoes and make – ups should be part of the shop to ensure that the site becomes popular to many. They should also include advertisements of other popular products to ensure the differentiation strategy works well. To implement the online shop is one of the best project t be implemented and this project will require the consent of the management. Competitive edge The most established competitors of online shop for shoes for men are companies which have stores where people walk in and out. Big stores like Walmart and Home Deport have stores selling shoes becoming competitors. However, an online shop for shoes will have a competitive edge over the other companies because their products will be sold online to all busy members of the society now that the majority of Americans have online or are intending to have online services into their homes. The company operating physical stores have achieved their goals and what they are doing now is competing for the existing market but a market for online shoppers is not yet developed thus the company with such a service will have a high competitive edge to other companies. The future looks bright for a company marketing and selling products online and most companies are selling to satisfy their customers through the introduction of online shops and their focus is now to offer unique and high quality shoes to busy members of the society in online shop. This will maintain customers and they will be there for many years to come. Marketing strategy When selling shoes online in the United States a number of factors are considered. Among the factors consider are who are the potential customers, what promotional strategies and the pricing strategies used. If you consider those facts, marketing of shoes in the United States online will be easier. The potential customers for online shop of men shoes in the united states is urban retired pensioners and young business executives who does not have time to do shopping for themselves and for their sons and grandsons. This category own internets broadband in their houses and whenever they need a product, they will browse an online shop, put their credit number and carry out the transaction. They will expect you to deliver the products to their offices or houses. They range from the age of twenty to the age of ninety and this market is expected to grow as more people are becoming wealthier and busy as compared to the past years. Men naturally tend to be busy and they are pushed into making purchases of shoes by their wives and women and online shop will be a great benefit to them. Women will be another target for selling of shoes of men online in the United States because ladies will wish to make purchases for their husbands or man friends. The market for this type of shopping is increasing and it’s becoming greater than it is expected. Selling shoes online will provide affordable and high quality shoes to busy men in the society who have no time to go out to do shopping for shoes. The online shop will provide a guide and inform men of the variety of shoes available in the main company’s store. This will increase the marketing strategy of the company. The aim of the shop will be to provide high quality and affordable shoes to the busy members of the community. An online shop will position the company to the point of offering high quality shoes which can be ordered form where one is situated. It will also act as a promotional centre for the company since the products of the company will be displayed on online. The customers will be informed of the variety without using any other media in advertising. This will help the company in product differentiation which is essential to positioning. This means the products sold online are positioned and they stand apart from competitive products offered by other companies. This combination of product differentiation and competitive offerings through online gives the company important attributes. The company website and online shop will be based in the United States ensuring that the products are marketed far worldwide but based in the United States. Pricing strategy Selling shoes online in the United States especially men’s shoes is one of the best method of selling products in the United States. The pricing strategy of shoes normally varies from plant to plant and is usually set to merge the prices of competitors. This is normally because most competitors operate in the same environment without any competitor having a competitive edge against others. It is essential that better quality plants of shoes to have the same price as competitors. However, price setting is aimed at ensuring profitability of the firm in business. The cost of purchase, distribution and maintenance of the website should be taken care of when setting the prices of shoes online. The price indicated should show the value of the shoes and the delivery amount. This is because the firm in business includes capital requirement and associated gains that covers the expenses of the organization. Always the profit is considered when setting price which is equals to the price net cost while capital gains is equivalent to the current assets and fixed asset running costs. In choosing the target market for shoes online, it is important before setting up online shop. Online shopping attracts some class of customers. Take for example most city and environ dwellers as compared to people in rural and interior areas where broadband have not reached. Statistics in the united states indicate that almost 50% of households in the united states have broadband in their houses meaning before any shopping is done, customers will check the online store to see the price, compare the value of money paid and time wasted to go to the store to buy one. If the value is higher, then the customer will enter a purchase agreement with an online shop. In the United States, there is an increase of aging population with an extra disposable income who does not have time to go out to do shopping. They will rather do online shopping paying an extra fee for delivery of goods and services. Therefore, the pricing strategy in the sales of shoes online should consider the cost of delivery and the capital gains of the company Sales strategy Online shop will sell their products through online transactions where the customers enquires about the product real time. If the product is in store, the customer is requested his credit card number, then the transaction is completed upon the supply of the credit card number. The goods are then organized for dispatch to the customers’ office. Again the company will operate a walk in walk out store where members of the public will patronize the store for the purpose of purchasing goods and taking them away. The online store will target geographical areas which are easily accessible by the transport system that will deliver goods to the customers. Sales will be offered at prices affordable to many within a geographical area. The markets will be segmented for the purpose of the sales team to know which area one is found for the purpose of setting the prices. Sales forecast Being the new product in the market, the company will carry out aggressive marketing which will increase the sales on a continuous or constant trend. At the beginning, the company estimates to make annual sales of 15 million. Thereafter, the sales will increase at the rate of 10% which will eventually consist of 2% of the market for men shoes. This ambitious plan will be possible through controlled and aggressive sales and marketing plan keeping in touch with the company’s objectives. The company’s objective could be updated on annual basis so as to ensure that the projected sales are adjusted accordingly. Our sales team will carry out survey to determine the current satisfaction and future needs of our customers. As regards to sales, a trend in sales is analyzed with professionals to ascertain the likelihood in changing the sales forecasted.

Islam Religion and Cultural Diversity Essay

Introduction Practices of the Muslim religion have become of great concern in the contemporary society especially in issue of world peace. Islam values and beliefs have raised controversy between followers and non-followers where the latter criticize the religion as threat to peace. This paper will explore teachings of the Islam religion to provide understanding of beliefs, values and practices in effort to resolve the controversy. This will be achieved by discussing the main pillars of Islam: Shahada, Salat, Sawm, Zakat, Hajj, Islamic law (Shariah) and Jihad (Pecorino, 2001) as well as showing application in cross cultures and nations. The paper will also show how Islam is contrasted form Christianity and Judaism. Further, it will outline how understanding of Islam would impact interactions or communications between Muslims and non-Muslims. Eventually, the paper will summarize main arguments. Muslim Teachings and Pillars Practiced Across Cultures There is diversity in Muslims and several core beliefs are held to bring unity in the religion all over the world. There are five main practices described in Quran for Muslims to observe and are commonly regarded as pillars of Islam. The first one is the declaration of faith (Shahada) that requires Muslims to bear witnesses as well testify for only one God, Allah, and His messenger Muhammad (Esposito, 2002). This declaration is needed for anyone to become Muslim and has two aspects. One part affirms absolute monotheism, oneness of God, and that associating other things to God is idolatry which is unforgivable sin. This would serve to correct Muslims on  deviating from the right path of believing in one God. The second part asserts that Muhammad is both a prophet as well as God’s messenger and hence forms the highest revelation of God’s messages to Muslims. Moreover, Muhammad life is an example that serves as role model for Muslims to emulate. The second pillar of Islam is the prayer which as known as Salat and require Muslims to worship God by praying five times in day, that is, in the morning, noon, mid-afternoon, sunset and in the evening. In many places prayer times are alerted to Muslims through mega speakers at mosques’ minarets. This serves to remind believers of God’s presence in their daily activities and hence need to reaffirm dependence on Him. The prayers are accompanied by rituals and were established by Muhammad though are not in Quran. However, prayers consist of citations from the Quran and movements observed such as bowing, kneeling, and touching ground with the forehead signify expression of humility and God’s adoration. Muslims can pray anywhere such as places of work, houses, and mosques though preferably in groups for solidarity and should face Mecca that is regarded a holy city. The prayers are orderly with same start and ending. The third pillar is the Zakat that means purification and requires Muslims to worship and give thanks to God by supporting the poor. All things are believed to be owned by God and Muslim believers are required to give 2.5 percent of all they possess every year so as to support the poor, orphans, widows and those needy (Esposito, 2002). Zakat is observed as a social security in Islam and was developed about fourteen hundred years ago. In some Muslim groups, believers also contribute religious taxes out of their incomes to religious leaders and are used to support the poor. The fourth pillar is observing the fast of Ramadan (Sawm) during the ninth month of every year according to Islamic calendar. This month is regarded as Ramadan and is observed since was the time when Muhammad received first revelation of the Quran from God. During the month-long fast believers are required to abstain from foods, drinks, and sexuality between dawn and sunset. Ramadan consists of special prayers cited and foods served only during this period. In the 27th day Muslims commemorate the night of power when Muhammad received God’s revelation and the Ramadan ends with celebration of Eid al-Fitr to break the fast and give gifts (Esposito, 2002). Ramadan is meant  to stimulate reflection of believers on dependence of God, spiritual values and responsibility to care for less fortunate. The fifth pillar is the Pilgrimage also known as Hajj to Mecca in Saudi Arabia and requires all able adult Muslims worldwide to visit the city at least once in their lifetime. It follows Ramadan and requires sacrifices of time, things and comforts hence making Muslims pilgrims in God’s service. There is also lesser pilgrimage called umrah that that involves visits to other holy sites during other periods of the year. There are other teachings of Islam practiced worldwide and are more shaped or shape cultures in which they are applied. These include Jihad that is regarded as the sixth pillar and the Islamic law. Jihad is explained in Arabic as meaning to struggle or exhaust one’s efforts to exalt God though is interpreted to mean holy wars in some cultures (Pecorino, 2001). Within Islam, Jihad can be applied to lead virtuous life, charity works, preaching and fighting to defend Muslims. The Islamic law defines Islam as submission to God and hence Muslims have moral responsibility and observe Jihad in the path of God also known as Shariah. The law provides guideline for relations and interaction of believers with God as well as with amongst themselves (WGBH. 2014). Islamic law on regulation of social life include prescription of dressing codes, rituals in marriages, divorce, inheritances and behaviors that would connect all Muslims all over the world. These provisions are applied to varied magnitudes over varied cultures. This has been influenced by interactions of people due to globalization and modern law incorporates integrated cultural practices (UTA, 2009). The requirement of Muslims to exercise moral responsibility in legal, political and economic practices is also shaped by cultural practices in diverse geographic and historical contexts. Similarly, the Islamic laws influence social frameworks. There are varied practices of Islamic teachings as observed in low Islamic conviction is western nations compared to high levels in countries to the East. America and Great Britain regard Islam as strange religion compared to other religions and has expressed little support for values advocated by Muslims in national structures (PRC, 2012). However, Muslim converts are growing in the two nations and followers observe the pillars of Islam and  other teachings. Middle East, India, Pakistan and other Asian nations show strong support for Islam and have large Muslim populations that observe teachings of the religion. These countries have frameworks that reflect teachings of Islam, for instance, in their laws, political, economic activities and social practices such as behavior, marriages and support for the needy among their populations. Contrasting Islam from Christianity and Judaism The teaching of the Islam indicated above compare or contrast with some in Judaism and Christianity. Some of the contrasts include the oneness of God that is inconsistent with Judaism and Christianity that also advocate for monotheism and believe in trinity: God the Father, Son and Holy Spirit. God in Islam is not associated with other things that contrast with some Christians and Judaism followers that have some representation for God (Esposito, 2002). Muslims worship God through Muhammad who is God’s messenger and prophet unlike in Christianity and Judaism that worship God through Jesus who is regarded the son of God. Muslim religion believes Muhammad was the last prophet send by God to human beings and shows acknowledgement of other divine figures send to Christianity and Judaism in the Quran whereas the latter do not acknowledge other religions, for instance, Muhammad send to Islam. There are several denominations in Christianity and Judaism unlike in Islam that has single denomination practiced worldwide. The Muslim religion is allowable to polygamy in the marriage laws unlike followers of Christianity and Judaism who believe in pure monogamy. Muslim religion is more restrictive such as in dressing code especially for the women that is not observed through the teachings of Christianity and Judaism. Muslims have fixed prayer and fasting schedules that are not observed in the other among Christians and Judaism followers who set prayer and fasting events. Influence of Islam on Interactions of Muslims and Non-Muslims There are different understandings of Islam teachings that influence how Muslims and non-Muslims interact or communicate. Muslims belief of Jihad has been conceived among non-Muslims as allowable to wars that has been strongly linked to the increased terrorist activities all over the world (  2002). In addition, the contributions raised in through Zakat are misunderstood as avenues for financing war activities rather than benefiting the less fortunate. This has sparked rivalry among people since Muslims are considered as threat to world peace. This has been witnessed in conflicts based on religious inclination in some countries such as Nigeria. This rivalry would also be said of conflicts of America and nations with majority Muslims such as Afghanistan. This perspective has misconceived the aim of Jihad and would be overcome through advocating for moral value of peace possible through tolerance of religious diversity by both sides. Islamic laws regulate behaviors, communications and modes of dressing that create disconnection with other practices in the world and this hinders interactions such as marriages and talks that include education. Varied practices related to religious faith does not allow free environment to interact and hence limit integration. This would be minimized through enhanced understanding of practices for both sides since ignorance of values observed by different religions induces misconceptions that limit interactions. Conclusion Muslim religion has induced controversy among followers and non-followers in contemporary society especially when world peace is considered. This paper has discussed Muslim teachings practiced over the world in attempt to resolve the controversy. Muslim practices are embedded in pillars developed following the Quran. These pillars are Shahada, Salat, Zakat, Sawm, Hajj, Jihad and Shariah. Provisions of this pillars aim at worshipping one God and are carried out all over the world though are shaped or shape cultures. Western nations show little support of Islam in aspects of life when compared to nation to the East. Islam contrasts Christianity and Judaism through belief in oneness of God and Muhammad, acknowledging other religions in Quran, single denomination, allowed polygamy and more restrictive behavior and dress codes. Different understandings of Islam by non-followers negatively impact interactions and communication with Muslims and this has led to religious conflicts. References: Esposito, J. L. (2002). Ten Things to Know About Islam. Teach Mideast. Retrieved 8 May 2014, from: http://www.teachmideast.org/essays/35-religion/58-ten-things-to-know-about-islam Pecorino, P. A. (2001). Religions of the World: Islam. Retrieved 8 May 2014, from: http://www.qcc.cuny.edu/socialSciences/ppecorino/PHIL_of_RELIGION_TEXT/CHAPTER_2_RELIGIONS/Islam.htm PRC. (2012). The World’s Muslims: Unity and Diversity. Pew Research Center. Retrieved 8 May 2014, from: http://www.pewforum.org/2012/08/09/the-worlds-muslims-unity-and-diversity-executive-summary/ UTA. (2009). Muslim Histories & Cultures. The University of Texas at Austin. Retrieved 8 May 2014, from: http://sites.la.utexas.edu/mhc/tag/islam/ WGBH. (2014). Islamic belief, Law, and Practice. PBS Frontline. Retrieved 8 May 2014, from: http://www.pbs.org/wgbh/pages/frontline/shows/muslims/themes/beliefs.html

Forward the Foundation Chapter 4

8 Raych looked at Hari Seldon after the two politicians had gone and fingered his mustache. It gave him satisfaction to stroke it. Here in the Streeling Sector, some men wore mustaches, but they were usually thin despicable things of uncertain color-thin despicable things, even if dark. Most men did not wear them at all and suffered with naked upper lips. Seldon didn't, for instance, and that was just as well. With his color of hair, a mustache would have been a travesty. He watched Seldon closely, waiting for him to cease being lost in thought, and then found he could wait no longer. â€Å"Dad?† he said. Seldon looked up and said, â€Å"What?† He sounded a little annoyed at having his thoughts interrupted, Raych decided. Raych said, â€Å"I don't think it was right for you to see those two guys.† â€Å"Oh? Why not?† â€Å"Well, the thin guy, whatever his name is, was the guy you made trouble for at the Field. He can't have liked it.† â€Å"But he apologized.† â€Å"He didn't mean it. But the other guy, Joranum-he can be dangerous. What if they had had weapons?† â€Å"What? Here in the University? In my office? Of course not. This isn't Billibotton. Besides, if they had tried anything, I could have handled both of them together. Easily.† â€Å"I don't know, Dad,† said Raych dubiously. â€Å"You're getting-â€Å" â€Å"Don't say it, you ungrateful monster,† said Seldon, lifting an admonishing finger. â€Å"You'll sound just like your mother and I have enough of that from her. I am not getting old-or, at least, not that old. Besides, you were with me and you're almost as skilled a Twister as I am.† Raych's nose wrinkled. â€Å"Twisting ain't much good.† (It was no use. Raych heard himself speak and knew that, even eight years out of the morass of Dahl, he still slipped into using the Dahlite accent that marked him firmly as a member of the lower class. And he was short, too, to the point where he sometimes felt stunted. But he had his mustache and no one ever patronized him twice.) He said, â€Å"What are you going to do about Joranum?† â€Å"For now, nothing.† â€Å"Well, look, Dad, I saw Joranum on TrantorVision a couple of times. I even made some holotapes of his speeches. Everyone is talking about him, so I thought I would see what he has to say. And, you know, he makes some kind of sense. I don't like him and I don't trust him, but he does make some kind of sense. He wants all sectors to have equal rights and equal opportunities-and there ain't nothing wrong with that, is there?† â€Å"Certainly not. All civilized people feel that way.† â€Å"So why don't we have that sort of stuff? Does the Emperor feel that way? Does Demerzel?† â€Å"The Emperor and the First Minister have an entire Empire to worry about. They can't concentrate all their efforts on Trantor itself. It's easy for Joranum to talk about equality. He has no responsibilities. If he were in the position to rule, he would find that his efforts would be greatly diluted by an Empire of twenty-five million planets. Not only that, but he would find himself stopped at every point by the sectors themselves. Each one wants a great deal of equality for itself-but not much equality for others. Tell me, Raych, are you of the opinion that Joranum ought to have a chance to rule, just to show what he can do?† Raych shrugged. â€Å"I don't know. I wonder. But if he had tried anything on you, I would have been at his throat before he could move two centimeters.† â€Å"Your loyalty to me, then, exceeds your concern for the Empire.† â€Å"Sure. You're my dad.† Seldon looked at Raych fondly, but behind that look he felt a trace of uncertainty. How far could Joranum's nearly hypnotic influence go? 9 Hari Seldon sat back in his chair, the vertical back giving as he did so and allowing him to assume a half-reclining position. His hands were behind his head and his eyes were unfocused. His breathing was very soft, indeed. Dors Venabili was at the other end of the room, with her viewer turned off and the microfilms back in place. She had been through a rather concentrated period of revision of her opinions on the Florina Incident in early Trantorian history and she found it rather restful to withdraw for a few moments and to speculate on what it was that Seldon was considering. It had to be psychohistory. It would probably take him the rest of his life, tracking down the byways of this semichaotic technique, and he would end with it incomplete, leaving the task to others (to Amaryl, if that young man had not also worn himself out on the matter) and breaking his heart at the need to do that. Yet it gave him a reason for living. He would live longer with the problem filling him from end to end-and that pleased her. Someday she would lose him, she knew, and she found that the thought afflicted her. It had not seemed it would at the start, when her task had been the simple one of protecting him for the sake of what he knew. When had it become a matter of personal need? How could there be so personal a need? What was there about the man that caused her to feel uneasy when he was not in her sight, even when she knew he was safe so that the deeply ingrained orders within her were not called into action? His safety was all that she had been ordered to be concerned with. How did the rest intrude itself? She had spoken of it to Demerzel long before, when the feeling had made itself unmistakable. He had regarded her gravely and said, `'You are complex, Dors, and there are no simple answers. In my life there have been several individuals whose presence made it easier for me to think, pleasanter to make my responses. I have tried to judge the ease of my responses in their presence and the unease of my responses in their final absence to see whether I was the net gainer or loser. In the process, one thing became plain. The pleasantness of their company outweighed the regret of their passing. On the whole, then, it is better to experience what you experience now than not to.† She thought: Hari will someday leave a void, and each day that someday is closer, and I must not think of it. It was to rid herself of the thought that she finally interrupted him. â€Å"What are you thinking of, Hari?† â€Å"What?† Seldon focused his eyes with an apparent effort. â€Å"Psychohistory, I assume. I imagine you've traced another blind pathway.† â€Å"Well now. That's not on my mind at all.† He laughed suddenly. â€Å"Do you want to know what I'm thinking of? Hair!† â€Å"Hair? Whose?† â€Å"Right now, yours.† He was looking at her fondly. â€Å"Is there something wrong with it? Should I dye it another color? Or perhaps, after all these years, it should go gray.† â€Å"Come! Who needs or wants gray in your hair. But it's led me to other things. Nishaya, for instance.† â€Å"Nishaya? What's that?† â€Å"It was never part of the pre-Imperial Kingdom of Trantor, so I'm not surprised you haven't heard of it. It's a world, a small one. Isolated. Unimportant. Overlooked. I only know anything at all about it because I've taken the trouble to look it up. Very few worlds out of twenty-five million can really make much of a sustained splash, but I doubt that there's another one as insignificant as Nishaya. Which is very significant, you see.† Dors shoved her reference material to one side and said, â€Å"What is this new penchant you have for paradox, which you always tell me you detest? What is this significance of insignificance?† â€Å"Oh, I don't mind paradoxes when I perpetrate them. You see, Joranum comes from Nishaya.† â€Å"Ah, it's Joranum you're concerned with.† â€Å"Yes. I've been viewing some of his speeches-at Raych's insistence. They don't make very much sense, but the total effect can be almost hypnotic. Raych is very impressed by him.† â€Å"I imagine that anyone of Dahlite origins would be, Hari. Joranum's constant call for sector equality would naturally appeal to the downtrodden heatsinkers. You remember when we were in Dahl?† â€Å"I remember it very well and of course I don't blame the lad. It just bothers me that Joranum comes from Nishaya.† Dors shrugged. â€Å"Well, Joranum has to come from somewhere and, conversely, Nishaya, like any other world, must send its people out at times, even to Trantor.† â€Å"Yes, but, as I've said, I've taken the trouble to investigate Nishaya. I've even managed to make hyperspatial contact with some minor official which cost a considerable quantity of credits that I cannot, in good conscience, charge to the department.† â€Å"And did you find anything that was worth the credits?† â€Å"I rather think so. You know, Joranum is always telling little stories to make his points, stories that are legends on his home planet of Nishaya. That serves a good purpose for him here on Trantor, since it makes him appear to be a man of the people, full of homespun philosophy. Those tales litter his speeches. They make him appear to be from a small world, to have been brought up on an isolated farm surrounded by an untamed ecology. People like it, especially Trantorians, who would rather die than be trapped somewhere in an untamed ecology but who love to dream about one just the same.† â€Å"But what of it all?† â€Å"The odd point is that not one of the stories was familiar to the person I spoke to on Nishaya.† â€Å"That's not significant, Hari. It may be a small world, but it's a world. What is current in Joranum's birth section of the world may not be current in whatever place your official came from.† â€Å"No no. Folktales, in one form or another, are usually worldwide. But aside from that, I had considerable trouble in understanding the fellow. He spoke Galactic Standard with a thick accent. I spoke to a few others on the world, just to check, and they all had the same accent.† â€Å"And what of that?† â€Å"Joranum doesn't have it. He speaks a fairly good Trantorian. It's a lot better than mine, actually. I have the Heliconian stress on the letter `r.' He doesn't. According to the records, he arrived on Trantor when he was nineteen. It is just impossible, in my opinion, to spend the first nineteen years of your life speaking that barbarous Nishayan version of Galactic Standard and then come to Trantor and lose it. However long he's been here, some trace of the accent would have remained-Look at Raych and the way he lapses into his Dahlite way of speaking on occasion.† â€Å"What do you deduce from all this?† â€Å"What I deduce-what I've been sitting here all evening, deducing like a deduction machine-is that Joranum didn't come from Nishaya at all. In fact, I think he picked Nishaya as the place to pretend to come from, simply because it is so backwoodsy, so out-of-the-way, that no one would think of checking it. He must have made a thorough computer search to find the one world least likely to allow him to be caught in a lie.† â€Å"But that's ridiculous, Hari. Why should he want to pretend to be from a world he did not come from? It would mean a great deal of falsification of records.† â€Å"And that's precisely what he has probably done. He probably has enough followers in the civil service to make that possible. Probably no one person has done as much in the way of revision and all of his followers are too fanatical to talk about it.† â€Å"But still-Why?† â€Å"Because I suspect Joranum doesn't want people to know where he really comes from.† â€Å"Why not? All worlds in the Empire are equal, both by laws and by custom.† â€Å"I don't know about that. These high-ideal theories are somehow never borne out in real life.† â€Å"Then where does he come from? Do you have any idea at all?† â€Å"Yes. Which brings us back to this matter of hair.† â€Å"What about hair?† â€Å"I sat there with Joranum, staring at him and feeling uneasy, without knowing why I was feeling uneasy. Then finally I realized that it was his hair that made me uneasy. There was something about it, a life, a gloss†¦ a perfection to it that I've never seen before. And then I knew. His hair is artificial and carefully grown on a scalp that ought to be innocent of such things.† â€Å"Ought to be?† Dors's eyes narrowed. It was clear that she suddenly understood. â€Å"Do you mean-â€Å" â€Å"Yes, I do mean. He's from the past-centered, mythology-ridden Mycogen Sector of Trantor. That's what he's been laboring to hide.† 10 Dors Venabili thought coolly about the matter. It was her only mode of thought-cool. Not for her the hot flashes of emotion. She closed her eyes to concentrate. It had been eight years since she and Hari had visited Mycogen and they hadn't been there long. There had been little to admire there except the food. The pictures arose. The harsh, puritanical, male-centered society; the emphasis on the past; the removal of all body hair, a painful process deliberately self-imposed to make themselves different so that they would â€Å"know who they were†; their legends; their memories (or fancies) of a time when they ruled the Galaxy, when their lives were prolonged, when robots existed. Dors opened her eyes and said, â€Å"Why, Hari?† â€Å"Why what, dear?† â€Å"Why should he pretend not to be from Mycogen?† She didn't think he would remember Mycogen in greater detail than she; in fact, she knew he wouldn't, but his mind was better than hers-different, certainly. Hers was a mind that only remembered and drew the obvious inferences in the fashion of a mathematic line of deduction. He had a mind that leaped unexpectedly. Seldon liked to pretend that intuition was solely the province of his assistant, Yugo Amaryl, but Dors was not fooled by that. Seldon liked to pose as the unworldly mathematician who stared at the world out of perpetually wondering eyes, but she was not fooled by that, either. â€Å"Why should he pretend not to be from Mycogen?† she repeated as he sat there, his eyes lost in an inward look that Dors always associated with his attempt to squeeze one more tiny drop of usefulness and validity out of the concepts of psycho-history. Seldon said finally, â€Å"It's a harsh society, a limiting society. There are always those who chafe over its manner of dictating every action and every thought. There are always those who find they cannot entirely be broken to the harness, who want the greater liberties available in the more secular world outside. It's understandable.† â€Å"So they force the growth of artificial hair?† â€Å"No, not generally. The average Breakaway-that's what the Mycogenians call the deserters and they despise them, of course-wears a wig. It's much simpler but much less effective. Really serious Breakaways grow false hair, I'm told. The process is difficult and expensive but is almost unnoticeable. I've never come across it before, though I've heard of it. I've spent years studying all eight hundred sectors of Trantor, trying to work out the basic rules and mathematics of psychohistory. I have little enough to show for it, unfortunately, but I have learned a few things.† â€Å"But why, then, do the Breakaways have to hide the fact that they're from Mycogen? They're not persecuted that I know of.† â€Å"No, they're not. In fact, there's no general impression that Mycogenians are inferior. It's worse than that. The Mycogenians aren't taken seriously. They're intelligen -everyone admits that-highly educated, dignified, cultured, wizards with food, almost frightening in their capacity to keep their sector prosperous-but no one takes them seriously. Their beliefs strike people outside Mycogen as ridiculous, humorous, unbelievably foolish. And that view clings even to Mycogenians who are Breakaways. A Mycogenian attempt to seize power in the government would be crushed by laughter. Being feared is nothing. Being despised, even, can be lived with. But being laughed at-that's fatal. Joranum wants to be First Minister, so he must have hair, and, to be comfortable, he must represent himself as having been brought up on some obscure world as far from Mycogen as he can possibly manage.† â€Å"Surely there are some people who are naturally bald.† â€Å"Never as completely depilated as Mycogenians force themselves to be. On the Outer Worlds, it wouldn't matter much. But Mycogen is a distant whisper to the Outer Worlds. The Mycogenians keep themselves so much to themselves that it is a rare one, indeed, who has ever left Trantor. Here on Trantor, though, it's different. People might be bald, but they usually have a fringe of hair that advertises them as nonMycogenian-or they grow facial hair. Those very few who are completely hairless-usually a pathological condition-are out of luck. I imagine they have to go around with a doctor's certificate to prove they are not Mycogenians.† Dors, frowning slightly, said, â€Å"Does this help us any?† â€Å"I'm not sure.† â€Å"Couldn't you let it be known that he is a Mycegonian?† â€Å"I'm not sure that could be done easily. He must have covered his tracks well and even if it could be done-â€Å" â€Å"Yes?† Seldon shrugged. â€Å"I don't want to invite an appeal to bigotry. The social situation on Trantor is bad enough without running the risk of loosing passions that neither I nor anyone else could then control. If I do have to resort to the matter of Mycogen, it will only be as a last resort.† â€Å"Then you want minimalism, too.† â€Å"Of course.† â€Å"Then what will you do?† â€Å"I made an appointment with Demerzel. He may know what to do.† Dors looked at him sharply. â€Å"Hari, are you falling into the trap of expecting Demerzel to solve every problem for you?† â€Å"No, but perhaps he'll solve this one.† â€Å"And if he doesn't?† â€Å"Then I'll have to think of something else, won't I?† â€Å"Like what?† A look of pain crossed Seldon's face. â€Å"Dors, I don't know. Don't expect me to solve every problem, either.† 11 Eto Demerzel was not frequently seen, except by the Emperor Cleon. It was his policy to remain in the background for a variety of reasons, one of which was that his appearance changed so little with time. Hari Seldon had not seen him over a period of some years and had not spoken to him truly in private since the days of his early time on Trantor. In light of Seldon's recent unsettling meeting with Laskin Joranum, both Seldon and Demerzel felt it would be best not to advertise their relationship. A visit by Hari Seldon to the First Minister's office at the Imperial Palace would not go unnoticed, and so for reasons of security they had decided to meet in a small yet luxuriously appointed suite at the Dome's Edge Hotel, just outside the Palace grounds. Seeing Demerzel now brought back the old days achingly. The mere fact that Demerzel still looked exactly as he always had made the ache sharper. His face still had its strong regular features. He was still tall and sturdy-looking, with the same dark hair with the hint of blond. He was not handsome, but was gravely distinguished. He looked like someone's ideal picture of what an Imperial First Minister ought to look like, not at all like any such official in history before his time ever had. It was his appearance, Seldon thought, that gave him half his power over the Emperor, and therefore over the Imperial Court, and therefore over the Empire. Demerzel advanced toward him, a gentle smile curving his lips without altering in any way the gravity of his countenance. â€Å"Hari,† he said. â€Å"It is pleasant to see you. I was half-afraid you would change your mind and cancel.† â€Å"I was more than half-afraid you would, First Minister.† â€Å"Eto-if you fear using my real name.† â€Å"I couldn't. It won't come out of me. You know that.† â€Å"It will to me. Say it. I would rather like to hear it.† Seldon hesitated, as though he couldn't believe his lips could frame the words or his vocal cords sound them. â€Å"Daneel,† he said at length. â€Å"R. Daneel Olivaw,† said Demerzel. â€Å"Yes. You will dine with me, Hari. If I dine with you, I won't have to eat, which will be a relief.† â€Å"Gladly, though one-way eating is not my idea of a convivial time. Surely a bite or two-â€Å" â€Å"To please you-â€Å" â€Å"Just the same,† said Seldon, â€Å"I can't help but wonder if it is wise to spend too much time together.† â€Å"It is. Imperial orders. His Imperial Majesty wants me to.† â€Å"Why, Daneel?† â€Å"In two more years the Decennial Convention will be meeting again. You look surprised. Have you forgotten?† â€Å"Not really. I just haven't thought about it.† â€Å"Were you not going to attend? You were a hit at the last one.† â€Å"Yes. With my psychohistory. Some hit.† â€Å"You attracted the attention of the Emperor. No other mathematician did.† â€Å"It was you who were initially attracted, not the Emperor. Then I had to flee and stay out of the Imperial notice until such time as I could assure you that I had made a start on my psychohistorical research, after which you allowed me to remain in safe obscurity.† â€Å"Being the head of a prestigious Mathematics Department is scarcely obscurity.† â€Å"Yes, it is, since it hides my psychohistory.† â€Å"Ah, the food is arriving. For a while, let's talk about other things as befits friends. How is Dors?† â€Å"Wonderful. A true wife. Hounds me to death with her worries over my safety.† â€Å"That is her job.† â€Å"So she reminds me-frequently. Seriously, Daneel, I can never be sufficiently grateful to you for bringing us together.† â€Å"Thank you, Hari, but, to be truthful, I did not foresee married happiness for either of you, especially not Dors-â€Å" â€Å"Thank you for the gift just the same, however short of the actual consequences your expectations were.† â€Å"I'm delighted, but it is a gift, you will find, that may be of dubious further consequence-as is my friendship.† To this, Seldon could make no reply and so, at a gesture from Demerzel, he turned to his meal. After a while, he nodded at the morsel of fish on his fork and said, â€Å"I don't actually recognize the organism, but this is Mycogenian cooking.† â€Å"Yes, it is. I know you are fond of it.† â€Å"It's the Mycogenians' excuse for existence. Their only excuse. But they have special meaning to you. I mustn't forget that.† â€Å"The special meaning has come to an end. Their ancestors, long, long ago, inhabited the planet of Aurora. They lived three hundred years and more and were the lords of the Fifty Worlds of the Galaxy. It was an Auroran who first designed and produced me. I don't forget that; I remember it far more accurately-and with less distortion-than their Mycogenian descendants do. But then, long, long ago, I left them. I made my choice as to what the good of humanity must be and I have followed it, as best I could, all this time.† Seldon said with sudden alarm, â€Å"Can we be overheard?† Demerzel seemed amused. â€Å"If you have only thought of that now, it is far too late. But fear not, I have taken the necessary precautions. Nor have you been seen by too many eyes when you came. Nor will you be seen by too many when you leave. And those who do see you will not be surprised. I am well known to be an amateur mathematician of great pretensions but of little ability. That is a source of amusement to those at the court who are not entirely my friends and it would not surprise anyone here that I should be concerned about laying the groundwork for the forthcoming Decennial Convention. It is about the convention that I wish to consult you.† â€Å"I don't know that I can help. There is only one thing I could possibly talk about at the convention-and I can't talk about it. If I attend at all, it will only be as part of the audience. I do not intend to present any papers.† â€Å"I understand. Still, if you would like to hear something curious, His Imperial Majesty remembers you.† â€Å"Because you have kept me in his mind, I suppose.† â€Å"No. I have not labored to do so. However, His Imperial Majesty occasionally surprises me. He is aware of the forthcoming convention and he apparently remembers your talk at the earlier one. He remains interested in the matter of psychohistory and more may come of it, I must warn you. It is not beyond the bounds of possibility that he may ask to see you. The court will surely consider it a great honor-to receive the Imperial call twice in a single lifetime.† â€Å"You're joking. What could be served by my seeing him?† â€Å"In any case, if you are called to an audience, you can scarcely refuse. How are your young protegs, Yugo and Raych?† â€Å"Surely you know. I imagine you keep a close eye on me.† â€Å"Yes, I do. On your safety but not on every aspect of your life. I am afraid my duties fill much of my time and I am not all-seeing.† â€Å"Doesn't Dors report?† â€Å"She would in a crisis. Not otherwise. She is reluctant to play the role of spy in nonessentials.† Again the small smile. Seldon grunted. â€Å"My boys are doing well. Yugo is increasingly difficult to handle. He's more of a psychohistorian than I am and I think he feels I hold him back. As for Raych, he's a lovable rascal-always was. He won me over when he was a dreadful street urchin and what's more surprising is that he won over Dors. I honestly believe, Daneel, that if Dors grew sick of me and wanted to leave me, she would stay on anyway for her love of Raych.† Demerzel nodded and Seldon continued somberly. â€Å"If Rashelle of Wye hadn't found him lovable, I would not be here today. I would have been shot down-† He stirred uneasily. â€Å"I hate to think of that, Daneel. It was such an entirely accidental and unpredictable event. How could psychohistory have helped in any way?† â€Å"Have you not told me that, at best, psychohistory can deal only in probabilities and with vast numbers, not with individuals?† â€Å"But if the individual happens to be crucial-â€Å" â€Å"I suspect you will find that no individual is ever truly crucial. Not even I-or you.† â€Å"Perhaps you're right. I find that, no matter how I work away under these assumptions, I nevertheless think of myself as crucial, in a kind of supernormal egotism that transcends all sense. And you are crucial, too, which is something I have come here to discuss with you-as frankly as possible. I must know.† â€Å"Know what?† The remains of the meal had been cleared away by a porter and the room's lighting dimmed somewhat so that the walls seemed to close in and give a feeling of great privacy. Seldon said, â€Å"Joranum.† He bit off the word, as though feeling the mention of the name alone should be sufficient. â€Å"Ah. Yes.†** â€Å"You know about him?† â€Å"Of course. How could I not know?† â€Å"Well, I want to know about him, too.† â€Å"What do you want to know?† â€Å"Come, Daneel, don't play with me. Is he dangerous?† â€Å"Of course he is dangerous. Do you have any doubt of that?† â€Å"I mean, to you? To your position as First Minister?† â€Å"That is exactly what I mean. That is how he is dangerous.† â€Å"And you allow it?† Demerzel leaned forward, placing his left elbow on the table between them. â€Å"There are things that don't wait for my permission, Hari. Let us be philosophical about it. His Imperial Majesty, Cleon, First of that Name, has now been on the throne for eighteen years and for all that time I have been his Chief of Staff and then his First Minister, having served in scarcely lesser capacities during the last years of the reign of his father. It is a long time and First Ministers rarely remain that long in power.† â€Å"You are not the ordinary First Minister, Daneel, and you know it. You must remain in power while psychohistory is being developed. Don't smile at me. It's true. When we first met, eight years ago, you told me the Empire was in a state of decay and decline. Have you changed your mind about that?† â€Å"No, of course not.† â€Å"In fact, the decline is more marked now, isn't it?† â€Å"Yes, it is, though I labor to prevent that.† â€Å"And without you, what would happen? Joranum is raising the Empire against you.† â€Å"Trantor, Hari. Trantor. The Outer Worlds are solid and reasonably contented with my deeds so far, even in the midst of a declining economy and lessening trade.† â€Å"But Trantor is where it counts. Trantor-the Imperial world we're living on, the capital of the Empire, the core, the administrative center- is what can overthrow you. You cannot keep your post if Trantor says no. â€Å"I agree.† â€Å"And if you go, who will then take care of the Outer Worlds and what will keep the decline from being precipitate and the Empire from degenerating rapidly into anarchy?† â€Å"That is a possibility, certainly.† â€Å"So you must be doing something about it. Yugo is convinced that you are in deadly danger and can't maintain your position. His intuition tells him so. Dors says the same thing and explains it in terms of the Three Laws or Four of-of-â€Å" â€Å"Robotics,† put in Demerzel. â€Å"Young Raych seems attracted to Joranum's doctrines-being of Dahlite origin, you see. And I-I am uncertain, so I come to you for comfort, I suppose. Tell me that you have the situation well in hand.† â€Å"I would do so if I could. However, I have no comfort to offer. I am in danger.† â€Å"Are you doing nothing?† â€Å"No. I'm doing a great deal to contain discontent and blunt Joranum's message. If I had not done so, then perhaps I would be out of office already. But what I'm doing is not enough.† Seldon hesitated. Finally he said, â€Å"I believe that Joranum is actually a Mycogenian.† â€Å"Is that so?† â€Å"It is my opinion. I had thought we might use that against him, but I hesitate to unleash the forces of bigotry.† â€Å"You are wise to hesitate. There are many things that might be done that have side effects we do not want. You see, Hari, I don't fear leaving my post-if some successor could be found who would continue those principles that I have been using to keep the decline as slow as possible. On the other hand, if Joranum himself were to succeed me, then that, in my opinion, would be fatal.† â€Å"Then anything we can do to stop him would be suitable.† â€Å"Not entirely. The Empire can grow anarchic, even if Joranum is destroyed and I stay. I must not, then, do something that will destroy Joranum and allow me to stay-if that very deed promotes the Fall of the Empire. I have not yet been able to think of anything I might do that would surely destroy Joranum and just as surely avoid anarchy.† â€Å"Minimalism,† whispered Seldon. â€Å"Pardon me?† â€Å"Dors explained that you would be bound by minimalism.† â€Å"And so I am.† â€Å"Then my visit with you is a failure, Daneel.† â€Å"You mean that you came for comfort and didn't get it.† â€Å"I'm afraid so.† â€Å"But I saw you because I sought comfort as well.† â€Å"From me?† â€Å"From psychohistory, which should envision the route to safety that I cannot.† Seldon sighed heavily. â€Å"Daneel, psychohistory has not yet been developed to that point.† The First Minister looked at him gravely. â€Å"You've had eight years, Hari.† â€Å"It might be eight or eight hundred and it might not be developed to that point. It is an intractable problem.† Demerzel said, â€Å"I do not expect the technique to have been perfected, but you may have some sketch, some skeleton, some principle that you can use as guidance. Imperfectly, perhaps, but better than mere guesswork.† â€Å"No more than I had eight years ago,† said Seldon mournfully. â€Å"Here's what it amounts to, then. You must remain in power and Joranum must be destroyed in such a way that Imperial stability is maintained as long as possible so that I may have a reasonable chance to work out psychohistory. This cannot be done, however, unless I work out psychohistory first. Is that it?† â€Å"It would seem so, Hari.† â€Å"Then we argue in a useless circle and the Empire is destroyed.† â€Å"Unless something unforeseen happens. Unless you make something unforeseen happen.† â€Å"I? Daneel, how can I do it without psychohistory?† â€Å"I don't know, Hari.† And Seldon rose to go-in despair.

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Basically, the theory of strata gives an overall account of meaning-making in multiple articulations among discourse, design, production and distribution, the first two of which being associated with content and the latter two with expression. The basic meaning making flow is conceptualization (from discourse to d esign), materialization (from design to production) and reproduction (from production to distribution). In this research, only the first phase of meaning articulation will be dealt with, because the data analyzed here are visual advertisement posters on the internet without tangible material texture such as paper or stone, which made the analysis less complex and more focused. According to Kress and Van Leeuwen (2001, pp.21), the process of design involves three things simultaneously: (1) a formulation of a discourse or combination of discourses, (2) a particular (inter)action, in which the discourse is embedded, and (3) a particular way of combining semiotic modes. This threefold process has at least two implications: (1) the realization of social communication by encoding the abstract discourse into a specific design and (2) deliberate choice of communication media through which the meaning could be more effectively delivered, such as the combination of music, image and sequence in films. For the second implication, this present research only involves visual mode of semiotic resource which further reduced the complication of analysis. The first implication is actually the central focus in this research paper. If the process of designing is, to some extend, a process of encoding, then using the visual grammar to analyze this design is exactly the reverse process, namely decoding. That is to say, this paper is aiming at using visual grammar as a tool to decode the visual image so that to find out the hidden social constructed discourses underneath the poster. The similarity between visual grammar and verbal grammar lies in their system underlying the language-use, the ubiquitous fundamental elements of linguistic rules (Chomsky, 1972). This generative grammar lends validity to the set of rules Kress proposed suitable for analyzing visual literacy or visual language. This present analysis will primarily follow Kress’ framework of visual grammar, divided into three levels: representational, interactional and compositional. The representational grammar is heavily associated with ideational meaning in SFL, which basically deals with the internal relations between the depicted participant s and a setting of circumstances in which they occur[2]. The representational grammar is basically realized by vectors which could exhibit the interrelations between the participants or between the participant and the viewer. In advertisement 1 (see appendix), the participant is a young white-collar employee who desperately gazing towards the reader/viewer. From the perspective of the representational grammar, this is a non-transactional reaction, characterized by a gazer but without a phenomenon appearing on the poster. The non-transactional process is characterized by a vector extending from the gazer’s eyes towards directly outside the poster or to the reader/viewer who looks at the poster. Similarly, advertisement 2 (see appendix) also shows a non-transactional reaction. But the gazer—a caricature figure of ancient Chinese historical character Zhuge Liang—does not extend his eye-line vector directly towards the reader but to somewhere else without specified phenomenon. Moreover, the second advertisement has, though implicit, an action vector: the feather fan in the cartoon figure’s hand indicates a manner of waving. Although this action vector is also non-transactional, it is stronger than a reaction vector. If comparing these two posters from a representational level, the first one is completely reaction vector with clear pointing angle to the reader. That is to say, the reader/viewer here is actually the phenomenon of the gazer. The second one has both action vector and reaction vector, though both non-transactional. The action vector adds to the poster’s agentive quality and centralized its salience on the movement of waving feather fan. The interactive grammar is concerned with social relations between interactants and the represented world of text (readers/viewers). There are four major systems: contacts, social distance, attitude and modality (Kress Van Leeuwen, 1996, pp.43-118). The following part will analyze the two posters within each system. In the first advertisement, the interactive participant, or that young male white-collar imposes a â€Å"demand† contact towards t he viewer, which is a direct eye-line vector towards outside the poster. Contrastively, the gazer on the second poster presented an â€Å"offer† contact, which is characterized by no direct eye contact (though imaginary) with the viewer. The distinction between demand and offer significantly distinguished these two posters. The mood represented in the first one is more engaged, direct and intensive. The young male looks directly to the reader as if interrogating the readers if they had been through the same desperation and suspicion on the fact whether Chinese could ever learn English well. He seeks the recognition and resonances from the reader towards his own feelings. His demanding eye-line attracts the reader’s counter-directional reaction vector, and the reader will feel passively being gazed and therefore a tense feeling and obliged inward self-inspection: â€Å"whether I am just like him who cannot learn English well.† However, the mood in the second poster is more disentangled, aloof and carefree. The cartoon character looks at somewhere else as if intentionally avoiding eye contact with the reader. This manner of â€Å"offer† invites the reader to cast reaction vector towards him. By showing a confident manner of â€Å"already discovered the secrets of learning English†, this advertisement uses the absence of contact as a strategy to arouse viewer’s interest in discovering â€Å"what exactly is the secret that this ancient sage has†. Similarly, under the social distance system of analysis, the first poster is very intimate/personal, characterized by a close shot, yet the second one is relatively impersonal under a medium shot. From the perspective of attitude system, the first poster is presented from a front, eye-level angle which represents heavy involvement and equal status with the viewers. The designer of the poster intends to create a young man who could be anyone of those young white-collar who has problems learning English. The second one is also presented from a front, eye-level angle. Yet it is noticeable that due to the disproportion of its body and the small proportion between his eyes and the entire face, it is very likely to get an illusion that it is a low angle, which signifies the represented participant’s power. The compositional grammar primarily deals with the way in which information or value is transferred from the represented participants towards the viewers. Since the two posters both adopted a centered circular position which presented their central characters in the very core of the composition, there is very little to compare in the aspect.

Entrepreneurship and Microfinance Impact on the Poor

Entrepreneurship and Microfinance Impact on the Poor Chapter One: Introduction Background Around the world economies have experienced high growth and financial systems have undergone major transformation, a significant number of people especially in the developing countries do not have access to finance. Policy makers have increasingly promoted the use of microfinance as a tool to eradicate poverty and implement financial inclusion strategies. Pakistan being a developing country is no exception to this, having a large number of people that are poor with limited recourse to livelihood. Though limited in its scope, microfinance in Pakistan has been able to bring some of the large number of unbanked people into the banking network and has also helped in improving their socioeconomic condition (SBP ILO, 2009). About 90 % of the people in developing countries lack access to financial services from institutes, either for credit or saving, which further fuels the â€Å"Vicious Cycle of Poverty† in Figure 1. A lack of assess to financial institutions also hinders the ability for entrepreneurs. Microfinance serves as a means to empower the poor and provides a valuable tool to assist economic development process. Pakistan is fourth most populous country in Asia and sixth in the world. Having an average annual growth rate of 2.02 percent the population of the country reached 160 million in 2007 as compared to 139 million in 2002. Two third of the population is living in rural areas and the working age population (15-60 years) is increasing which was 51% in 1998 and 57% in 2008 (SBP, 2008). In 2008, about 24% population is living under the line of poverty which was 34.46% in 2002. There is significant increase in economic growth and improvement in Social Sector Development. Now Pakistan has shifted from Low Human Development group to the category of Medium Human Development (Global Monitoring Report, 2007). Despite all these improvements, poverty is a major issue which every government is combating against. Pakistan is a country with high population growth and increasing ratio of labor force. According to Economic Survey 2007-08, Pakistan has 51.78 million active labor forces while 2.69 million out of this is unemployed. If we look unemployment gender wise, despite of women ratio of population which is 49.6%, ratio in labor force is only 25% (10.08 million out 51 million) of total labor force. Government of Pakistan has taken many steps to increase women participation in labor force, still women ratio is very less to over all labor force and it is not matching to world standards and trends about women participation in business and job opportunities (SBP, 2008). All these facts show potential to work in microfinance to encourage people and specially women to develop their own entrepreneur so that men in general and women specially can contribute a productive part of society to make it a sustainable. To combat unemployment, only big companies or public sector are not enough for job creation but it would be better if people start their own business for making society productive. Microfinance is being recognized by different researchers as an effective tool to fight poverty by providing financial services to those who do not have access to or are neglected by the commercial banks and financial institutions. Microfinance has been successfully implemented by Grameen Bank. Back to 1976, Mohammad Yunus took initiative of lending loans by developing solidarity group of women in Jobra village, Bangladesh. Many MFIs has adopted idea adding with new strategies and now serving poor in effective way. Now Garmeen Model is a successful approach of microfinance. Microfinance is being considered as one of the most essential and an effective driving force for poverty reduction and alleviation. Kashf case attracted me because Kashf believes in a world where financial inclusion is a possibility and where poor women are fully engaged in realizing the economic dreams of their families. Kashaf vision of â€Å"Financial Services for All† posits a miracle for transforming the role of women in society and for making a poverty free world a reality. Statement of Problem Although social entrepreneurship plays great role as looking to the world real and see clearly what is happening, feel responsibility for financially weak people and help them as much as they can. It is also a big challenge to the entrepreneurs and organizations that they should take steps to eliminate unbalance between different levels in society. In other way, this thought encouraged me to choose this problem. I think that empowerment of poor people by microfinance and with combination of micro entrepreneurship is a great idea. You can never help people just giving money. But you can help people giving them job and help to create their small businesses in order to optimize their share of production to the society. All these issues lead to research on this topic that how microfinance is contributing for entrepreneurship in low income communities of developing countries, how sustainable society is evolving as the result of doing own business in low income communities and how Kashf’s way of microfinance is supporting all of this process. Research Objectives To be meaningful, every work must have to formulate the objectives of the study (Mark Saunders, Philip Lewis, Andrian Tronhill, 2007). Although most of research has been done either microfinance or entrepreneurship separately. But in my opinion there is close relationship between microfinance and entrepreneurship. As social entrepreneurship is doing a lot for credit pool of MFIs with social services, micro entrepreneurship can be found in micro enterprise. As per research topic the objective is research on the issue that how do microfinance and entrepreneurship work for poverty alleviation and empowerment of poor. Research Questions The study was conducted with the guidance of the following questions. How microfinance is contributing for entrepreneurship? How do microfinance and entrepreneurship work for reduce poverty, empower poor in Pakistan? How do microfinance entrepreneurship work for sustainable development in Pakistan? Research Methodology The research methodology of this paper will be qualitative. My work is covering two main topics; entrepreneurship and microfinance with discussing three factors; poverty reduction, empowerment of poor and sustainable development. In this paper data collection techniques are used, interviews as primary source and internet, web pages, articles, annual reports, books etc.) as a secondary source. The research type will use deductive and empirical data will analyze by the help of conceptual framework, develop after literature review. Significance of The Study A lot of research is doing on Entrepreneurship and Social Entrepreneurship because it is emerging thread in business. On microfinance and entrepreneurship much research work has been while discussing in Grameen model. For both fields in terms of combining microfinance and entrepreneurship this research will lead a new horizon. It will also give a vision, to Kashf that how they can improve microfinance lending process, and other Microfinance institutions (MFIs) that how they can develop process in more effective way. Further, students, researchers in Microfinance field, NGO’s and Governmental organizations can extend research in this area to address the issue of poverty alleviation and empowerment of poor. Assumptions Limitations The assumption of this research is that all information, written in the reports, news, web page true and can be used fairly. The study does not cover all the aspects that the promotion of microfinance requires. It was difficult to organize interviews at large scale from borrowers due to distance problem between Pakistan and The Netherlands and this can reflect limited information about micro entrepreneurship. I primarily focused on microfinance and entrepreneurship role in reduce poverty and empower people. Organization of Study The thesis will consists of six chapters and will be organized in the following manners: Chapter One: Introduction: Briefly introduces the background information of the study. In addition, it consists of, statement of the problem, research objectives, and research questions to be addressed, significance of the study, research methodology, scope and limitation of the study. Chapter Two: Literature Review: Describe different theories and readers will look on previous research on the research topic. Also, discuss microfinance, its different models and how microfinance contributes in poverty alleviation, and theories about entrepreneurship and social entrepreneurship. Chapter Three: Theoretical Framework and Research Methodology: It will be building a theoretical framework that will use while analyzing empirical data. Chapter Four: Empirical Findings: It will present empirical data collect through borrower’s interviews and Kashf’s administration. Empirical daa is including facts and figure about poverty, unemployment, economy and microfinance. There is also detail information about Kashf Foundation. Chapter Five: Analysis of Data and Interpretation: It will present analysis regarding need of interactive strategy of microfinance and entrepreneurship, social services and intermediation by Kashf and sustainability issue. Chapter Six: Conclusions: Finally findings and conclusions will be put in the light of previous discussions. Chapter Two: Literature Review 2.1 Introduction The extent to which microfinance, entrepreneurship and sustainability are interrelated is dependent on the extent to which it addresses the economic development process. Yunus (1994), claims, â€Å"If we are looking for one single action which will enable the poor to overcome their poverty, I would go for credit. Money is power.† Credit invested in an income-generating enterprise as working capital or for productive assets leads to establishment of a new enterprise or growth of an existing one. Profit from the enterprise provides income, and a general strengthening of income sources. A variety of financial institutions, worldwide, have found ways to make lending to the poor sustainable and to build on the fact that even the poor self-employed repay their loans and seek savings opportunities. The challenge is to build capacity in the financial sector drawing on lessons from international best practices in micro, small enterprises and rural finance. The extent to which microfinance, entrepreneurship and sustainability are interdependent is becoming increasingly recognized by experts in their respective fields of work, associated with economic development. Over 500 million poor people around the world run profitable microenterprises and often cite credit as the primary constraint to business growth (IFC, 2002). Robinson (2002), a prominent expert in the field of microfinance, notes that â€Å"The formal sector has begun to realize that financing the poor can be both economically and socially profitable.† 2.2 What is Microfinance? Poor people are not able to access loans from commercial banks normally because of lack in guarantee and collateral. But there are also many other reasons involved for which commercial banks were not willing to finance poor. These reasons are included that poor have less education, experience and training, high expenses on transactions of small loans and lower rate of profit. This situation resulted in emerging the idea of micro lending and microfinance. Microfinance, therefore, a way to finance people, those have no collateral or any property for guarantee. Microfinance is a way of financing to poor for their business, to alleviate their poverty, empowering them, giving social benefits on sustainable way. Due to microfinance, there are many possibilities have emerged including extending markets, reducing poverty and fostering social change (Agion Morduch, 2005, pp.3). But there is general concept that microfinance is just lending loan to poor but as I mentioned that microfinance is no more only loans but covering the issues of poverty alleviation, putting social impact on poor and educating poor to savings. Therefore, MFIs, today, not only NGOs but serving as a complete banking system. This discussion lead to me that microfinance is a form of financial services for poor to help them for their business activities by giving micro credit. There is no one universal accepted definition of microfinance as different related variables like poverty, lone size, the poor and the poverty line carry different meanings in different countries. Different authors have defined the term in different ways. According to CGAP, Access to financial services puts power into the hands of poor people. Evidence shows that when poor people have financial services, they use their savings or loans to improve their families’ lives in a variety of ways: sending their children to school, buying better medicines and more nutritious food, fixing a leaky roof, meeting social and cultural obligations like paying weddings and funerals, and building income generating potential by investing in business (CGAP 2007). Microfinance has evolved as an economic development approach intended to benefit low-income women and men. The term refers to the provision of financial services to low-income clients, including the self employed (Ledgerwood, 2000, pp.1). While according to ADB (2008) Microfinance is the provision of a broad range of financial services such as deposits, loans, payment services, money transfers, and insurance to poor and low-income households and, their microenterprises. These definitions are elaborating that microfinance is a financial services but designed specifically for poor to improve their lives in sustainable way. 2.2.1 Microfinance Activities Economic activities are based upon sellers and buyers and their capacity. Sellers, before market their product, look at buyer intention and capacity. On the other hand, banking activities depend on both sellers and buyers. Financial institutions/lenders finance both sellers and buyers for their activities and commercial banks invested in projects at large scale while with this, banks invested in consumer finance also. Usually MFIs don’t invest in consumer finance, but give finance only for micro enterprise. MFIs encourage people to improve their standards by doing businesses and earning from them and this is a consistent and sustainable way. In fig (2), microfinance is dedicated only to poor and explicitly for business activities. But with this, there are some indirect impacts of microfinance on the micro borrower which are alleviation of poverty, improvement in healthcare, increase in literacy and other social impacts. These figures are taken from Ledgerwood, 2000. Figure 1: Economic Activity by Commercial Banking Figure 2: Economic Activity by MFIs There are many activities and characteristics are included in microfinance. Some are (Ledgerwood, 2000, pp.1): Small and short term loans Social collateral rather than financial collateral Access to larger amount of loan if repayment performance is positive Search and access the real poor and their business demand Continuous monitoring of business. Higher interest rates on loan due expensive financial transactions and risk factor. Easy way to access finance, therefore not too much paper work, and easy and short procedures. Saving Services and training services to borrower’s development. Literacy training to borrowers so that they can come up with competence to daily business problems and its solutions. Health care, social services and other skill training services to provide borrower a sustainable base for their business development. 2.3 Microfinance A Developmental Tool Due to lack of financial resources in developing countries, people from low income communities while having innovative idea for their business, even as shop keeper or house hold products manufacturer, they can’t implement their ideas. This low economic activity in low income communities due to lack of financial resources lead them to more poverty and poor life standards. Generally financial services cover savings and credit activities and there is same concept about MFIs. But according to Ledgerwood (2000), MFIs work for general financial services with this they provide insurance and payment services to their clients. But important aspect of MFIs is not only financial intermediation but also providing social intermediation and social services to their clients. Social intermediation and social services contain many activities including trainings, management development, and financial literacy activities. Furthermore, many MFIs, arrange get together where experienced people guid e others, where they give useful suggestions, tips and other tactics for their business. Microfinance is providing financial services along with social services. Normally, social services are not applicable in general banking system. So, microfinance is not simply banking system but development tool, combining both financial and social intermediation (Ledgerwood, 2000). 2.3.1 Different Services by MFIs Financial Intermediation The primary objective of MFIs is financial intermediation because without loan/money social intermediations can not work. As prior discussions that poor face barriers to access finance from general financial service institutions. In this regard, MFIs become a bridge to access finance and in result to poverty alleviation, health care and education literacy (Ledgerwood, 2000). MFIs provide many financial services including credit, savings, insurance credit cards, payment services etc. It is not necessary that every MFI should facilitate their customers by all these services but MFIs can facilitate anyone of these services or all. The choice of which financial services to provide and the method of providing these services depend on the objectives of MFI, the demands of its target market and its institutional structure (Ledgerwood 2000, pp.66). Social Intermediations Social intermediations for individual whose social and economic disadvantages place them beyond the frontier of formal finance (Von Pischke 1991). A successful financial intermediation is often accompanied by social intermediation. It covers the issues of group formation, leadership training and cooperative learning, is secondary role of microfinance for borrowers of MFIs. Development in Social capital is a basic ingredient of sustainable development in poor’s life and especially in society. Social intermediation is process of building the human and social capital required by sustainable financial intermediation for poor (Ledgerwood 2000, pp.64). Now question rise, how social capital be acquire and strengthen? Social capital is actually links between clients of a group and multiple groups, and between MFIs and borrowers. These links establish on the basis of strong foundation of trust and cooperation (Agion Morduch, 2005). The ratio of social capital will increase with increase in business activities among members, and financial transaction between lender and borrowers. It is normally developed through group activities but there are other ways to develop it by individually. In group social intermediation, activities perform inside the group with some help from outside to develop institutional capacity and human resource. In group, most of members belong from remote areas, having less literate and experience about business and financial transaction. So from group formation to selecting leader, developing networks and working mutually, MFIs support borrower to deal with these issues. Therefore, these members need training in record keeping, book keeping, accounting, training about business activities and tactics, and negotiation skills (Ledgerwood,2000). Enterprise Development Services Micro finance institutions (MFIs), not all, support to borrowers, either in group or individual in different enterprise development services like marketing, business and accounting training etc. This service can be divided in to two parts, enterprise formation and enterprise transformation. In enterprise formation, MFIs provide technical support to group or individual in start up of business, development and maturing ideas and maturing the skills. During in transformation of enterprise, MFIs arrange trainings for their borrowers, workshops and get together for developing latest skills in their business area (Ledgerwood, 2000). Figure 3: Minimalist and Integrated Approaches to Microfinance (Ledgerwood, 2000, pp.65) Minimalist Approach Integrated Approach One-missing piece Financial and non financial Credit Services Financial Intermediation Working Capital Fixed asset loans Savings Insurance Social Intermediation Group formation Leadership training Cooperative learning Social Services Education Health and Nutrition Literacy training Enterprise Development Service Marketing Business training Production training Social Services Microfinance practitioners define that, poverty can be addressed by financing poor for productive activities which in result comes up to their access to life necessities. But financial lending is only a one tool to poverty alleviation. Poor needs more than microfinance to address the problems of poverty and accessibility to other life needs like food, health, family planning, education, social support network and so on. In Ledgerwood (2000) MFIs serve to their clients with additional social services with financial intermediation. The best way to contact with their clients is in the form of group, that is the easy way to literate them, giving health care and other facilities. So in this way, MFIs would positive effect in the life of poor by offering financial services with supportive services. These supportive services, actually, play important role in sustainable human development and livelihood of the poor (Khan, Rahman, 1998). Social service should not implicate with financial or social intermediation because financial intermediation is primary service providing by MFIs. That means, there should be no additional cut off from loans in account social service but it should be provide by secondary means or by subsidies (Ledgerwood, 2000). 2.4 Microfinance Models The term model refers to â€Å"service delivery methods and microfinance products†. There are now nearly 70 million poor people who are getting benefits from 2500 MFIs in over 100 countries by microfinance (Sengupta, Aubuchon (2008). The poor’s conditions are different in different countries in world. These conditions are related to social, ideological and political issues (Weiss, Montgomery, 2004). Therefore, there are some distinctive differences between approaches and motive of microfinance. I will see briefly two approaches, which is very famous Grameen Model, originated from Bangladesh and other is Banco Sol Model, Bolivia. 2.4.1 Grameen Model In Grameen model, primary unit to whom lending fund is a group of 5 members that organize and apply for loan. In first stage loan is granted for two members to invest in their business. If these two members become successful to repay amount, then four to six weeks later, next two members are granted for loan. Last one member will be eligible for loan if previous two repay loan successfully. Repayment of loan open door for next loan and then go on if all members repay loan successfully. If anyone of group member will default in their loan, whole group will disqualified for further loan. Each group has its own president and secretary to coordinate all activities among their own group and to communicate and coordinate with other groups. Eight groups are then organized at center level, by which a bank officer deal with these all eight groups. This center of eight groups has its own center chief and center group leader (Khan, Rehman, 2007). According Sengupta, Aubuchon (2008), first time, bank granted loan $100 and bank require to repayment of 10 percent amount, at rate of per annum, weekly. This repayment ensures to user for loan security, and also encourages them for savings. Along with five percent of loan deposited in group account for emergency and social need. For example, in case of need of health care of any one member, in case of emergency, this five percent deposit will be use. A unique and innovative approach of group lending is used in Garmeen Model. As Sengupta, Aubuchon (2008) described that group lending have many benefits. First, group usually organize in members who are neighbor to each other, those can understand each other well and recognize their needs. Second, if anyone of group member will not present in group meeting, leader or other member can pay its installment. We can say that there is a kind of mutual understanding between all members. Third, in south Asia generally, and in Bangladesh specially, there are social pressures among members of society with social bindings with them. If one member of group will not pay even one installment, social pressure will be levied from all eight groups on this member and this reduces the risk factor. 2.4.2 Banco Sol Model Grameen model of microfinance emphasize on lending to villagers and keep loan lending on in smaller amount. The other core concept of model is formation of groups and these groups are eligible to take loan, no option of loan for individuals. Idea of progressive lending introduced to lend loan to individuals with group lending (Agion Morduch, 2005, pp.119). In this model after completion of every repayment schedule the amount of loan increased. But other characteristics of Grameen model (Group lending) are included in this method, like targeting to poor, women, group formation, and public payment. No doubt, progressive lending is an extension of group lending but now many MFIs are adopting this approach. In this model of Progressive lending, microlenders are flexible about collateral and lend loan to group with individuals also. This method is very helpful in areas with low population densities or highly diverse population where group forming is not so easy due to different ratio of safe and risky borrowers. In Bolivia, there was different situation when populist regime left government and there was high ratio of unemployment in urban areas. To come to fulfill the need of time, Banco Sol started operations in microfinance with progressive lending. Therefore we can say that microfinance approaches are evolved due to different political, ideological and social conditions. In Weiss Montgomery (2004, pp.3) Microfinance in Latin America developed under quite different conditions. In Bolivia, a collapsing populist regime led to widespread unemployment. Banco Sol, a pioneering microfinance institution in the region, developed to address the problem of urban unemployment and provide credit to the cash-strapped informal sector. The notion of commercial profitability was embraced relatively early in this approach. 2.5 Empowerment Poverty effects not only on individual’s life but also on society as a whole. Poverty is one of the main reasons in cause of less empowerment of poor especially in developing countries. Empowerment is a broad concept to define because there are many elements involve in it. These elements influence by including political, social and power system in the country. Empowerment covers many issues and when there is discussion on empowerment it includes many elements. These elements are, self-strength, control, self-power, self reliance, own choice, life of dignity, fighting for rights, independence, decision making, being free, capability , access to basic human needs etc.(PREM,WB, 2002). Misra (p.3) describes empowerment as a power to the people and self governance. He define that Empowerment builds self-reliance and strength in women, preparing them towards gathering the ability to determine the choice of life. This adds to the command over resources outwit insubordination and signify their social role. Empowerment is about change, choice, and power. It is a process of change by which individuals or groups with little or no power gain the power and ability to make choices that affect their lives. Due to different social, political, economical conditions, we can not define a one definition for empowerment. According to Batliwala (Makombe, 2006, p.52), empowerment mean, take control over material assets, intellectual resources, and ideology. The material assets over which control can exercised may be physical, human, or financial, as land water, forests, people’s bodies and labor, money and access to money. Intellectual resources include ideas and knowledge information. Control over ideology signifies the ability to generate, propagate, sustain, and institutionalize specific sets beliefs, values, attitudes, and behavior-virtually determining how people perceive and function within a given socio-economic and political environment. Empowerment is the expansion of assets and capabilities of poor people to participate in negotiate with, influence, control, and hold accountable institutions that affect their lives. (PREM, WB 2002, p.11) define that A strategy for empowerment is taken at individual, government, civil society and private sector level. Usually these efforts lead to empower people in context of sharing of power, freedom of information, access to resources and health and education services. These strategies normally share four types of elements: First, Access to information, its mean every citizens including poor have direct access to information because information is power. Second, Inclusion/participation, that’s mean there should be opportunities for poor that they can participate in decision making and they should be included in all financial and political policies. Third is accountability, that’s mean officials, public servants, private actors should be accountable not only to some specific institutions but to their citizens for performance. Fourth and last one Local organizational capacity, its mean that people can work together, organize themselves, mobilize and utilize resources and solve problem at community level (PREM, WB (2002). 2.6 Entrepreneurship It is one of the most widely used terms in business, management, economics and other related fields. One of important thing is that entrepreneurship has different meaning for different people, some use it in the meaning of innovation, some use for creativity, risk taking, leadership, and profit maximization or in social context, and some consider it as start up of business, new production methods and many other different meanings. Davidsson, (2004) describes it that entrepreneurship is rich phenomenon which makes it a resourceful field. While defining entrepreneurship, I consider some school of thoughts that have major role to define this field. According to Schumpeter school of thought (Swedburg, 2000), Entrepreneurship is about innovation in organizational process, thinking up new combination, entrepreneurial behavior and motivation of entrepreneurs. While according to Gartner (Thornton, 1999), entrepreneurship is about creation of new organization or new startup, creating values and entrepreneur mean owner-manager. In Krizner’s view, entrepreneurship is searching opportunities and exploiting them so it reflects towards the alertness capability of entrepreneur towards profit opportu Entrepreneurship and Microfinance Impact on the Poor Entrepreneurship and Microfinance Impact on the Poor Chapter One: Introduction Background Around the world economies have experienced high growth and financial systems have undergone major transformation, a significant number of people especially in the developing countries do not have access to finance. Policy makers have increasingly promoted the use of microfinance as a tool to eradicate poverty and implement financial inclusion strategies. Pakistan being a developing country is no exception to this, having a large number of people that are poor with limited recourse to livelihood. Though limited in its scope, microfinance in Pakistan has been able to bring some of the large number of unbanked people into the banking network and has also helped in improving their socioeconomic condition (SBP ILO, 2009). About 90 % of the people in developing countries lack access to financial services from institutes, either for credit or saving, which further fuels the â€Å"Vicious Cycle of Poverty† in Figure 1. A lack of assess to financial institutions also hinders the ability for entrepreneurs. Microfinance serves as a means to empower the poor and provides a valuable tool to assist economic development process. Pakistan is fourth most populous country in Asia and sixth in the world. Having an average annual growth rate of 2.02 percent the population of the country reached 160 million in 2007 as compared to 139 million in 2002. Two third of the population is living in rural areas and the working age population (15-60 years) is increasing which was 51% in 1998 and 57% in 2008 (SBP, 2008). In 2008, about 24% population is living under the line of poverty which was 34.46% in 2002. There is significant increase in economic growth and improvement in Social Sector Development. Now Pakistan has shifted from Low Human Development group to the category of Medium Human Development (Global Monitoring Report, 2007). Despite all these improvements, poverty is a major issue which every government is combating against. Pakistan is a country with high population growth and increasing ratio of labor force. According to Economic Survey 2007-08, Pakistan has 51.78 million active labor forces while 2.69 million out of this is unemployed. If we look unemployment gender wise, despite of women ratio of population which is 49.6%, ratio in labor force is only 25% (10.08 million out 51 million) of total labor force. Government of Pakistan has taken many steps to increase women participation in labor force, still women ratio is very less to over all labor force and it is not matching to world standards and trends about women participation in business and job opportunities (SBP, 2008). All these facts show potential to work in microfinance to encourage people and specially women to develop their own entrepreneur so that men in general and women specially can contribute a productive part of society to make it a sustainable. To combat unemployment, only big companies or public sector are not enough for job creation but it would be better if people start their own business for making society productive. Microfinance is being recognized by different researchers as an effective tool to fight poverty by providing financial services to those who do not have access to or are neglected by the commercial banks and financial institutions. Microfinance has been successfully implemented by Grameen Bank. Back to 1976, Mohammad Yunus took initiative of lending loans by developing solidarity group of women in Jobra village, Bangladesh. Many MFIs has adopted idea adding with new strategies and now serving poor in effective way. Now Garmeen Model is a successful approach of microfinance. Microfinance is being considered as one of the most essential and an effective driving force for poverty reduction and alleviation. Kashf case attracted me because Kashf believes in a world where financial inclusion is a possibility and where poor women are fully engaged in realizing the economic dreams of their families. Kashaf vision of â€Å"Financial Services for All† posits a miracle for transforming the role of women in society and for making a poverty free world a reality. Statement of Problem Although social entrepreneurship plays great role as looking to the world real and see clearly what is happening, feel responsibility for financially weak people and help them as much as they can. It is also a big challenge to the entrepreneurs and organizations that they should take steps to eliminate unbalance between different levels in society. In other way, this thought encouraged me to choose this problem. I think that empowerment of poor people by microfinance and with combination of micro entrepreneurship is a great idea. You can never help people just giving money. But you can help people giving them job and help to create their small businesses in order to optimize their share of production to the society. All these issues lead to research on this topic that how microfinance is contributing for entrepreneurship in low income communities of developing countries, how sustainable society is evolving as the result of doing own business in low income communities and how Kashf’s way of microfinance is supporting all of this process. Research Objectives To be meaningful, every work must have to formulate the objectives of the study (Mark Saunders, Philip Lewis, Andrian Tronhill, 2007). Although most of research has been done either microfinance or entrepreneurship separately. But in my opinion there is close relationship between microfinance and entrepreneurship. As social entrepreneurship is doing a lot for credit pool of MFIs with social services, micro entrepreneurship can be found in micro enterprise. As per research topic the objective is research on the issue that how do microfinance and entrepreneurship work for poverty alleviation and empowerment of poor. Research Questions The study was conducted with the guidance of the following questions. How microfinance is contributing for entrepreneurship? How do microfinance and entrepreneurship work for reduce poverty, empower poor in Pakistan? How do microfinance entrepreneurship work for sustainable development in Pakistan? Research Methodology The research methodology of this paper will be qualitative. My work is covering two main topics; entrepreneurship and microfinance with discussing three factors; poverty reduction, empowerment of poor and sustainable development. In this paper data collection techniques are used, interviews as primary source and internet, web pages, articles, annual reports, books etc.) as a secondary source. The research type will use deductive and empirical data will analyze by the help of conceptual framework, develop after literature review. Significance of The Study A lot of research is doing on Entrepreneurship and Social Entrepreneurship because it is emerging thread in business. On microfinance and entrepreneurship much research work has been while discussing in Grameen model. For both fields in terms of combining microfinance and entrepreneurship this research will lead a new horizon. It will also give a vision, to Kashf that how they can improve microfinance lending process, and other Microfinance institutions (MFIs) that how they can develop process in more effective way. Further, students, researchers in Microfinance field, NGO’s and Governmental organizations can extend research in this area to address the issue of poverty alleviation and empowerment of poor. Assumptions Limitations The assumption of this research is that all information, written in the reports, news, web page true and can be used fairly. The study does not cover all the aspects that the promotion of microfinance requires. It was difficult to organize interviews at large scale from borrowers due to distance problem between Pakistan and The Netherlands and this can reflect limited information about micro entrepreneurship. I primarily focused on microfinance and entrepreneurship role in reduce poverty and empower people. Organization of Study The thesis will consists of six chapters and will be organized in the following manners: Chapter One: Introduction: Briefly introduces the background information of the study. In addition, it consists of, statement of the problem, research objectives, and research questions to be addressed, significance of the study, research methodology, scope and limitation of the study. Chapter Two: Literature Review: Describe different theories and readers will look on previous research on the research topic. Also, discuss microfinance, its different models and how microfinance contributes in poverty alleviation, and theories about entrepreneurship and social entrepreneurship. Chapter Three: Theoretical Framework and Research Methodology: It will be building a theoretical framework that will use while analyzing empirical data. Chapter Four: Empirical Findings: It will present empirical data collect through borrower’s interviews and Kashf’s administration. Empirical daa is including facts and figure about poverty, unemployment, economy and microfinance. There is also detail information about Kashf Foundation. Chapter Five: Analysis of Data and Interpretation: It will present analysis regarding need of interactive strategy of microfinance and entrepreneurship, social services and intermediation by Kashf and sustainability issue. Chapter Six: Conclusions: Finally findings and conclusions will be put in the light of previous discussions. Chapter Two: Literature Review 2.1 Introduction The extent to which microfinance, entrepreneurship and sustainability are interrelated is dependent on the extent to which it addresses the economic development process. Yunus (1994), claims, â€Å"If we are looking for one single action which will enable the poor to overcome their poverty, I would go for credit. Money is power.† Credit invested in an income-generating enterprise as working capital or for productive assets leads to establishment of a new enterprise or growth of an existing one. Profit from the enterprise provides income, and a general strengthening of income sources. A variety of financial institutions, worldwide, have found ways to make lending to the poor sustainable and to build on the fact that even the poor self-employed repay their loans and seek savings opportunities. The challenge is to build capacity in the financial sector drawing on lessons from international best practices in micro, small enterprises and rural finance. The extent to which microfinance, entrepreneurship and sustainability are interdependent is becoming increasingly recognized by experts in their respective fields of work, associated with economic development. Over 500 million poor people around the world run profitable microenterprises and often cite credit as the primary constraint to business growth (IFC, 2002). Robinson (2002), a prominent expert in the field of microfinance, notes that â€Å"The formal sector has begun to realize that financing the poor can be both economically and socially profitable.† 2.2 What is Microfinance? Poor people are not able to access loans from commercial banks normally because of lack in guarantee and collateral. But there are also many other reasons involved for which commercial banks were not willing to finance poor. These reasons are included that poor have less education, experience and training, high expenses on transactions of small loans and lower rate of profit. This situation resulted in emerging the idea of micro lending and microfinance. Microfinance, therefore, a way to finance people, those have no collateral or any property for guarantee. Microfinance is a way of financing to poor for their business, to alleviate their poverty, empowering them, giving social benefits on sustainable way. Due to microfinance, there are many possibilities have emerged including extending markets, reducing poverty and fostering social change (Agion Morduch, 2005, pp.3). But there is general concept that microfinance is just lending loan to poor but as I mentioned that microfinance is no more only loans but covering the issues of poverty alleviation, putting social impact on poor and educating poor to savings. Therefore, MFIs, today, not only NGOs but serving as a complete banking system. This discussion lead to me that microfinance is a form of financial services for poor to help them for their business activities by giving micro credit. There is no one universal accepted definition of microfinance as different related variables like poverty, lone size, the poor and the poverty line carry different meanings in different countries. Different authors have defined the term in different ways. According to CGAP, Access to financial services puts power into the hands of poor people. Evidence shows that when poor people have financial services, they use their savings or loans to improve their families’ lives in a variety of ways: sending their children to school, buying better medicines and more nutritious food, fixing a leaky roof, meeting social and cultural obligations like paying weddings and funerals, and building income generating potential by investing in business (CGAP 2007). Microfinance has evolved as an economic development approach intended to benefit low-income women and men. The term refers to the provision of financial services to low-income clients, including the self employed (Ledgerwood, 2000, pp.1). While according to ADB (2008) Microfinance is the provision of a broad range of financial services such as deposits, loans, payment services, money transfers, and insurance to poor and low-income households and, their microenterprises. These definitions are elaborating that microfinance is a financial services but designed specifically for poor to improve their lives in sustainable way. 2.2.1 Microfinance Activities Economic activities are based upon sellers and buyers and their capacity. Sellers, before market their product, look at buyer intention and capacity. On the other hand, banking activities depend on both sellers and buyers. Financial institutions/lenders finance both sellers and buyers for their activities and commercial banks invested in projects at large scale while with this, banks invested in consumer finance also. Usually MFIs don’t invest in consumer finance, but give finance only for micro enterprise. MFIs encourage people to improve their standards by doing businesses and earning from them and this is a consistent and sustainable way. In fig (2), microfinance is dedicated only to poor and explicitly for business activities. But with this, there are some indirect impacts of microfinance on the micro borrower which are alleviation of poverty, improvement in healthcare, increase in literacy and other social impacts. These figures are taken from Ledgerwood, 2000. Figure 1: Economic Activity by Commercial Banking Figure 2: Economic Activity by MFIs There are many activities and characteristics are included in microfinance. Some are (Ledgerwood, 2000, pp.1): Small and short term loans Social collateral rather than financial collateral Access to larger amount of loan if repayment performance is positive Search and access the real poor and their business demand Continuous monitoring of business. Higher interest rates on loan due expensive financial transactions and risk factor. Easy way to access finance, therefore not too much paper work, and easy and short procedures. Saving Services and training services to borrower’s development. Literacy training to borrowers so that they can come up with competence to daily business problems and its solutions. Health care, social services and other skill training services to provide borrower a sustainable base for their business development. 2.3 Microfinance A Developmental Tool Due to lack of financial resources in developing countries, people from low income communities while having innovative idea for their business, even as shop keeper or house hold products manufacturer, they can’t implement their ideas. This low economic activity in low income communities due to lack of financial resources lead them to more poverty and poor life standards. Generally financial services cover savings and credit activities and there is same concept about MFIs. But according to Ledgerwood (2000), MFIs work for general financial services with this they provide insurance and payment services to their clients. But important aspect of MFIs is not only financial intermediation but also providing social intermediation and social services to their clients. Social intermediation and social services contain many activities including trainings, management development, and financial literacy activities. Furthermore, many MFIs, arrange get together where experienced people guid e others, where they give useful suggestions, tips and other tactics for their business. Microfinance is providing financial services along with social services. Normally, social services are not applicable in general banking system. So, microfinance is not simply banking system but development tool, combining both financial and social intermediation (Ledgerwood, 2000). 2.3.1 Different Services by MFIs Financial Intermediation The primary objective of MFIs is financial intermediation because without loan/money social intermediations can not work. As prior discussions that poor face barriers to access finance from general financial service institutions. In this regard, MFIs become a bridge to access finance and in result to poverty alleviation, health care and education literacy (Ledgerwood, 2000). MFIs provide many financial services including credit, savings, insurance credit cards, payment services etc. It is not necessary that every MFI should facilitate their customers by all these services but MFIs can facilitate anyone of these services or all. The choice of which financial services to provide and the method of providing these services depend on the objectives of MFI, the demands of its target market and its institutional structure (Ledgerwood 2000, pp.66). Social Intermediations Social intermediations for individual whose social and economic disadvantages place them beyond the frontier of formal finance (Von Pischke 1991). A successful financial intermediation is often accompanied by social intermediation. It covers the issues of group formation, leadership training and cooperative learning, is secondary role of microfinance for borrowers of MFIs. Development in Social capital is a basic ingredient of sustainable development in poor’s life and especially in society. Social intermediation is process of building the human and social capital required by sustainable financial intermediation for poor (Ledgerwood 2000, pp.64). Now question rise, how social capital be acquire and strengthen? Social capital is actually links between clients of a group and multiple groups, and between MFIs and borrowers. These links establish on the basis of strong foundation of trust and cooperation (Agion Morduch, 2005). The ratio of social capital will increase with increase in business activities among members, and financial transaction between lender and borrowers. It is normally developed through group activities but there are other ways to develop it by individually. In group social intermediation, activities perform inside the group with some help from outside to develop institutional capacity and human resource. In group, most of members belong from remote areas, having less literate and experience about business and financial transaction. So from group formation to selecting leader, developing networks and working mutually, MFIs support borrower to deal with these issues. Therefore, these members need training in record keeping, book keeping, accounting, training about business activities and tactics, and negotiation skills (Ledgerwood,2000). Enterprise Development Services Micro finance institutions (MFIs), not all, support to borrowers, either in group or individual in different enterprise development services like marketing, business and accounting training etc. This service can be divided in to two parts, enterprise formation and enterprise transformation. In enterprise formation, MFIs provide technical support to group or individual in start up of business, development and maturing ideas and maturing the skills. During in transformation of enterprise, MFIs arrange trainings for their borrowers, workshops and get together for developing latest skills in their business area (Ledgerwood, 2000). Figure 3: Minimalist and Integrated Approaches to Microfinance (Ledgerwood, 2000, pp.65) Minimalist Approach Integrated Approach One-missing piece Financial and non financial Credit Services Financial Intermediation Working Capital Fixed asset loans Savings Insurance Social Intermediation Group formation Leadership training Cooperative learning Social Services Education Health and Nutrition Literacy training Enterprise Development Service Marketing Business training Production training Social Services Microfinance practitioners define that, poverty can be addressed by financing poor for productive activities which in result comes up to their access to life necessities. But financial lending is only a one tool to poverty alleviation. Poor needs more than microfinance to address the problems of poverty and accessibility to other life needs like food, health, family planning, education, social support network and so on. In Ledgerwood (2000) MFIs serve to their clients with additional social services with financial intermediation. The best way to contact with their clients is in the form of group, that is the easy way to literate them, giving health care and other facilities. So in this way, MFIs would positive effect in the life of poor by offering financial services with supportive services. These supportive services, actually, play important role in sustainable human development and livelihood of the poor (Khan, Rahman, 1998). Social service should not implicate with financial or social intermediation because financial intermediation is primary service providing by MFIs. That means, there should be no additional cut off from loans in account social service but it should be provide by secondary means or by subsidies (Ledgerwood, 2000). 2.4 Microfinance Models The term model refers to â€Å"service delivery methods and microfinance products†. There are now nearly 70 million poor people who are getting benefits from 2500 MFIs in over 100 countries by microfinance (Sengupta, Aubuchon (2008). The poor’s conditions are different in different countries in world. These conditions are related to social, ideological and political issues (Weiss, Montgomery, 2004). Therefore, there are some distinctive differences between approaches and motive of microfinance. I will see briefly two approaches, which is very famous Grameen Model, originated from Bangladesh and other is Banco Sol Model, Bolivia. 2.4.1 Grameen Model In Grameen model, primary unit to whom lending fund is a group of 5 members that organize and apply for loan. In first stage loan is granted for two members to invest in their business. If these two members become successful to repay amount, then four to six weeks later, next two members are granted for loan. Last one member will be eligible for loan if previous two repay loan successfully. Repayment of loan open door for next loan and then go on if all members repay loan successfully. If anyone of group member will default in their loan, whole group will disqualified for further loan. Each group has its own president and secretary to coordinate all activities among their own group and to communicate and coordinate with other groups. Eight groups are then organized at center level, by which a bank officer deal with these all eight groups. This center of eight groups has its own center chief and center group leader (Khan, Rehman, 2007). According Sengupta, Aubuchon (2008), first time, bank granted loan $100 and bank require to repayment of 10 percent amount, at rate of per annum, weekly. This repayment ensures to user for loan security, and also encourages them for savings. Along with five percent of loan deposited in group account for emergency and social need. For example, in case of need of health care of any one member, in case of emergency, this five percent deposit will be use. A unique and innovative approach of group lending is used in Garmeen Model. As Sengupta, Aubuchon (2008) described that group lending have many benefits. First, group usually organize in members who are neighbor to each other, those can understand each other well and recognize their needs. Second, if anyone of group member will not present in group meeting, leader or other member can pay its installment. We can say that there is a kind of mutual understanding between all members. Third, in south Asia generally, and in Bangladesh specially, there are social pressures among members of society with social bindings with them. If one member of group will not pay even one installment, social pressure will be levied from all eight groups on this member and this reduces the risk factor. 2.4.2 Banco Sol Model Grameen model of microfinance emphasize on lending to villagers and keep loan lending on in smaller amount. The other core concept of model is formation of groups and these groups are eligible to take loan, no option of loan for individuals. Idea of progressive lending introduced to lend loan to individuals with group lending (Agion Morduch, 2005, pp.119). In this model after completion of every repayment schedule the amount of loan increased. But other characteristics of Grameen model (Group lending) are included in this method, like targeting to poor, women, group formation, and public payment. No doubt, progressive lending is an extension of group lending but now many MFIs are adopting this approach. In this model of Progressive lending, microlenders are flexible about collateral and lend loan to group with individuals also. This method is very helpful in areas with low population densities or highly diverse population where group forming is not so easy due to different ratio of safe and risky borrowers. In Bolivia, there was different situation when populist regime left government and there was high ratio of unemployment in urban areas. To come to fulfill the need of time, Banco Sol started operations in microfinance with progressive lending. Therefore we can say that microfinance approaches are evolved due to different political, ideological and social conditions. In Weiss Montgomery (2004, pp.3) Microfinance in Latin America developed under quite different conditions. In Bolivia, a collapsing populist regime led to widespread unemployment. Banco Sol, a pioneering microfinance institution in the region, developed to address the problem of urban unemployment and provide credit to the cash-strapped informal sector. The notion of commercial profitability was embraced relatively early in this approach. 2.5 Empowerment Poverty effects not only on individual’s life but also on society as a whole. Poverty is one of the main reasons in cause of less empowerment of poor especially in developing countries. Empowerment is a broad concept to define because there are many elements involve in it. These elements influence by including political, social and power system in the country. Empowerment covers many issues and when there is discussion on empowerment it includes many elements. These elements are, self-strength, control, self-power, self reliance, own choice, life of dignity, fighting for rights, independence, decision making, being free, capability , access to basic human needs etc.(PREM,WB, 2002). Misra (p.3) describes empowerment as a power to the people and self governance. He define that Empowerment builds self-reliance and strength in women, preparing them towards gathering the ability to determine the choice of life. This adds to the command over resources outwit insubordination and signify their social role. Empowerment is about change, choice, and power. It is a process of change by which individuals or groups with little or no power gain the power and ability to make choices that affect their lives. Due to different social, political, economical conditions, we can not define a one definition for empowerment. According to Batliwala (Makombe, 2006, p.52), empowerment mean, take control over material assets, intellectual resources, and ideology. The material assets over which control can exercised may be physical, human, or financial, as land water, forests, people’s bodies and labor, money and access to money. Intellectual resources include ideas and knowledge information. Control over ideology signifies the ability to generate, propagate, sustain, and institutionalize specific sets beliefs, values, attitudes, and behavior-virtually determining how people perceive and function within a given socio-economic and political environment. Empowerment is the expansion of assets and capabilities of poor people to participate in negotiate with, influence, control, and hold accountable institutions that affect their lives. (PREM, WB 2002, p.11) define that A strategy for empowerment is taken at individual, government, civil society and private sector level. Usually these efforts lead to empower people in context of sharing of power, freedom of information, access to resources and health and education services. These strategies normally share four types of elements: First, Access to information, its mean every citizens including poor have direct access to information because information is power. Second, Inclusion/participation, that’s mean there should be opportunities for poor that they can participate in decision making and they should be included in all financial and political policies. Third is accountability, that’s mean officials, public servants, private actors should be accountable not only to some specific institutions but to their citizens for performance. Fourth and last one Local organizational capacity, its mean that people can work together, organize themselves, mobilize and utilize resources and solve problem at community level (PREM, WB (2002). 2.6 Entrepreneurship It is one of the most widely used terms in business, management, economics and other related fields. One of important thing is that entrepreneurship has different meaning for different people, some use it in the meaning of innovation, some use for creativity, risk taking, leadership, and profit maximization or in social context, and some consider it as start up of business, new production methods and many other different meanings. Davidsson, (2004) describes it that entrepreneurship is rich phenomenon which makes it a resourceful field. While defining entrepreneurship, I consider some school of thoughts that have major role to define this field. According to Schumpeter school of thought (Swedburg, 2000), Entrepreneurship is about innovation in organizational process, thinking up new combination, entrepreneurial behavior and motivation of entrepreneurs. While according to Gartner (Thornton, 1999), entrepreneurship is about creation of new organization or new startup, creating values and entrepreneur mean owner-manager. In Krizner’s view, entrepreneurship is searching opportunities and exploiting them so it reflects towards the alertness capability of entrepreneur towards profit opportu