Study Tip – The Pros And Cons Of Having A Study Group
In school you will hear about forming a study group. Your instructor may advocate forming a study group or one of your peers may ask you to join. The question is are study groups to your personal advantage? Your study time is a limited resource and is a study group a good use of that resource. This article will explore the pros and cons of a study group.
The advantages of joining a study group.
A study group can help keep you accountable. Many people are better at doing what they need to be doing if other people are counting on them. With a study group you know that two or three other people expect you to show up at a certain time and to be prepared.
A study group will help you test your own knowledge. Different students tend to pick up different things in lecture and in their readings. During study group a fellow student may say or ask you about a topic that you may never have considered focusing on. This may make the difference on a key question on the test.
Explaining to others is a great way to learn. As you explain the material to other students you yourself will get a better understanding of it. This process will also expose missing knowledge that you have on the topic. As you explain the topic other members may start explaining parts to you as time progresses.
A study group can create a sense of camaraderie. It may become just more fun to study. Instead of simply rereading the same notes over and over again you are quizzing each other and interacting. This will make your study session more fun and time pass more quickly.
The group can be of help when you are in need. The Study group can help you out if you need to miss a lecture as well as with an assignment you do not understand.
The disadvantageous of a study group.
The study group is just a gossip session. If the group is not focusing on classwork and just talks about current events or the latest fashion it will not help you exam scores. Whenever people gather there will be some small talk. The problem arises when the small talk expands to the detriment of the the study time. You need to be on guard for this as a whole afternoon can be wasted.
A member of the study group is unethical. It is perfectly OK - depending on the instructors guidelines - to help each other with homework or at the least explain the assignment to a fellow student. The problem arises when a fellow scholar wants to copy your work. You can feel a lot of pressure to comply.
The study group starts late and is out of your way. If you drive to a faraway location to meet and half the group is an hour late this can be a waste of your time. Not only is it disrespectful, but it accomplishes little in the way of preparing for the exam.
Members of the study group are not prepared. It is one thing to help discuss the reading and to ask and answer questions about it, but it is a completely different issue to answer questions for someone who did not do the reading. If all members are not prepared the study group will not function well.
You learn better on your own. For some students this is true. They are focused and get an 'A' by locking them selves in their study area and plugging away. Some students say this even though though they are failing because they do not like the idea of a study group. If you have a 4.0 by doing it on your own keep up the good work.
To decide to form or to join a study group is entirely up to you based on your needs and preferences. It is important that you join the right group and analyze if it is a productive use of your time. Not every group of students studying is the same. You may need to bounce around till you find the study group that is right for you.
How to Finance a Franchise
Whether you write a personal check, use the equity in your home, use your 401K money or get a commercial loan, one way or the other, you're financing your franchise. Financing it the right way is critical to your long term success. It might not be as critical as finding the right locations, but it's close.
Generally speaking, in financing your franchise business, you have three basic options:
Option I: finance it out of your own pocket, either by writing a check from savings, cashing out retirement assets, or some other means, Option II: Take out a loan secured by your personal assets, such as an equity loan or an SBA loan, or Option III: Take out a commercial business loan for franchise financing. Each option has its pros and cons. The best option for you will be based on several different factors, including the goals you have for your new business. One option might be best if your goal is to open a single location, another if your goal is to open several in a given time frame. What follows is a discussion of the various options and how one might or might not be the best one for you. It is our goal to help you make the best decision possible, based on your current situation and on your goals. Options for Franchise Financing Option I: Finance it out of your own pocket If your objective is to open only one location and you have the liquid cash to open it and get it to profitability, this is not a bad choice. You will lose the interest earned on your money, but avoid the interest cost of borrowing. If you plan to open more than one location and have the resources to get them all to profitability, again, this may not be a bad choice.
However, if you have the resources to open the first location, and plan to rely on using cash flow from the first one to open the second, third, etc, be careful. Remember, if you have cash in the bank or equity in your personal assets, you can always use that for working capital or expansions later. If you plan to rely on commercial financing at any time, financing the first one is what gives you the greatest flexibility.
That's the downside of this option. Having your personal money tied up in a business limits your flexibility in the future. You may or may not be able to take advantage of a future opportunity when it comes along. Many books are available that discuss the value of using OPM (Other People's Money) in opening and growing a successful business.
Option II: Take out a loan secured by your personal assets This Option provides greater flexibility than Option I. Your liquid assets remain liquid giving you the ability to respond as needed to changing business requirements. The net, after tax difference between interest earned and interest paid can be low making this a viable alternative to Option I.
The downside of this Option comes in two forms: (1) tying up the personal assets you pledge as security, and (2) the true, all-in cost of the financing.
Tying up your personal assets limits your choice and flexibility in the future. As an example, we recently funded a 2nd location for a certain franchisee. He had taken out an SBA loan for his first location using his home a security. He knew the lender was also filing a lien against his first location but no one thought this would be a problem since we planned to secure our loan with only his new location.
What we discovered during the title search was that when the original lender filed their lien against the franchisee's business, they listed the location they were financing and included the phrase "all future locations" in the lien filing. Those three little words meant that any and all locations this franchisee would open at any time in the future were going to be considered security against his original loan! We were eventually able to resolve this but needed to negotiate a subordination agreement with the original lender.
The lesson here is to be very careful about what the lender actually uses as security on the loan because it may limit your options in the future.
In terms of the true, all-in cost of the financing, this can be a complex subject. Unfortunately, some lenders like it that way. They will quote a low interest rate but not the points and loan fees involved. They won't take the time to educate a borrower on the differences between variable rate financing and fixed rate financing. They won't fully disclose all the charges that are incurred during the life of the loan.
The lesson here is to get everything in writing and review it with a trusted advisor. Most reputable lenders will issue a proposal or term sheet that includes detailed information about payments, fees, terms, security, etc.
Option III: Take out a commercial business loan for franchise financing. This option tends to offer the greatest flexibility to most franchisees. Franchise loans are typically secured only with the assets of the franchise, leaving all personal assets unencumbered. Pay close attention to what franchise assets are being used as security (See the story under option II).
In terms of the true, all-in cost of this type of financing, as we mentioned under Option II, this can be a complex subject. All of the items mentioned in connection with Option II apply here with option III. Get proposals in writing, review those proposals with a trusted advisor, and make a fully informed decision.
About InSource Capital Services, Inc. We specialize in franchise financing. As proud members of our local Better Business Bureau and the NAELB, we promote and subscribe to a Business Code of Ethics. We are committed to "raising the bar" when it comes to fair and honest business dealings with all of our clients and business partners.
Features of our Franchise Financing programs include:
Fixed rate loans to 84 months No outside collateral, other than the assets of the franchise and your good credit Pre-Funding, we can pay your Vendors directly Credit approvals in as little as 5 working days. Our commitments to all members of the franchise community include: Fast Turnaround Times Clear Answers to your Questions Competitive Rates Honesty & Integrity Finding a Way to get the job done!
How to Prepare Case Studies?
INTRODUCTION:
“A case study can be described as the study of an object, person or situation in its natural habitat in an uncontrolled and observational manner”.
When any management graduate undertakes his course; he will frequently come across with various case studies during his academic curriculum. There is no management course without referring to case studies. Research reveals that students may work with as many as 800 case studies during a two year MBA program. It indicates the importance and significance attached to case studies. Apart from Management, the medicine and other courses also club case studies as the part of the academic curriculum. In this context, it is essential to explain the meaning and definition of a case study.
WHAT IS CASE STUDY?
Case study is the study of a particular situation or case or a problem in a given scenario thoroughly after weighing the pros and cons, taking a practically feasible decision in the best interests for effective implementation. Case studies are essential for MBA so that the students can step into the shoes of the given case study, understand the implications and the complications involved and can have the feeling that of a trouble shooter. To put in a nut shell, case study is a simulation of a management situation that helps the management graduates to react in a real situation and helps them by providing right direction towards right decision making and problem solving.
The technical students like engineering graduates have both theory and laboratory activities. The faculty teaches the theory in the class room and then takes them to laboratory to try and test what was taught in the class. The students will be in a position to correlate the theoretical concepts and aspects with that of the practical experiments in the laboratory. As a result, the gap between learning and doing is minimized and also students can grasp, understand and memorize quickly. And while doing practical experiments in the laboratory they may have a few doubts and the same can be clarified, verified and authenticated.
The case studies are also just like laboratory activities. Since for management education the students can not be taken to industry for each and every theoretical concept the case studies will prove handy for them. When the management concepts are explained then the case studies of the companies are explained so that students in the class room can feel like in a simulated situation and they will be able to understand the concepts effectively and efficiently.
IMPORTANCE OF CASE STUDIES:
People, in general, love to listen stories, examples, case studies and anecdotes. No teaching will be complete without the same. And teaching for management graduates is no exception.
Case studies will arouse the interest amongst the students. Every class should have at least one case study to make the teaching process interesting and entertaining. The students, for a while, get into the shoes of the key player in the case study and think and act like him.
There are institutions which are specializing in case studies alone and they have acquired prominence globally. ICFAI has number of case studies under its reservoir and its case studies are accepted and adopted all over the world especially USA, Canada, UK and other European countries. There is specialization in every discipline in these days. IBSCDC which is the acronym for Icfai Business School Case Development Centre was set up in 2003 and it has developed over 2000 world class case studies. Its case studies have been featured in more than 30 international textbooks on Management. It has sold more than 1, 30,000 copies to various global B-schools and universities. It is the second largest producer of case studies in the world and the biggest producer of case studies in Asia. Under the visionary leadership of Dr.Nagendra V Chowdary, Dean of IBSCDC, who has passion for excellence, it is set to conquer the globe with innovative case studies. IBSCDC believes in quality research and catering quality case studies. It coined a new tool ‘Structured Assignment’ for the first time in the world. Now days, the world looks at the innovative tools and techniques. Innovation is the key to survival in this cut throat competitive world.
ESSENTIAL ELEMENTS FOR CASE STUDY:
A few characteristics and qualifications are essential for preparing case studies. The person should have passion to become the creator of case studies. He needs to involve and immerse himself in the case scenario thoroughly so as to have the feel of the real situation. Then only the best can be expected. The author should have flair for writing the case studies. He should be a voracious reader of various books from the discipline in which he is preparing. For instance, the writer of the case studies of HR should have read various books related to Human Resources functional area in order to do justification. Having industrial experience in the same discipline will help to create effective case studies. Imagination works out to some extent but having worked in the same field will bring out the best as the author knows the practical problems.
Lot of patience is essential to create the stuff. Ability to analyze the problems and prospects of the case and logical correlation of various activities in a given situation will prove to be highly beneficial. To put it in a nut shell, the author should have analytical bent of mind, problems solving skills and decision making skills for preparing case studies.
HOW TO PREPARE A CASE STUDY?
“Case study is a description of an actual administrative solution involving a decision to be made or a problem to be solved. It can be a real situation that actually happened just as described, or portions have been disguised for reasons of privacy”.
Usually the case study can be brief or extensive running from 2 to 30 pages. As such there is no specific rule that the content should be limited or extended up to certain levels. Read the entire text thoroughly once and jot down the key points and concepts and also the important issues involved in it in a separate sheet. Look for 4 W’s in the case such as what is the problem? where is the problem? when the problem started? And why the problem occurred? Relate and correlate all the factors and forces together to have better quick grasp about the case. Also read between the lines keenly. Apply your common sense and make comparative study of the situation. Observe closely if any statistical data is given. Look at the cause and effect relation with in the case study. At times the causes are hidden and it requires extraordinary ability to unearth the hidden causes. It needs probing temperament and correlate the same with the effects. This will help to get at the root of the problem for generating bags of solutions. During this process, the visualization technique is highly useful in order to correlate various things mentally. If time permits read and reread the text more times for getting at the crux of the case. Repeat the process till you get perfection.
Create number of multiple solutions to a given problem. Choose the best that suits the present position and adopt. It requires intuition and gut feeling to shortlist the best logical, analytical and appropriate decision. Don’t repeat what is already stated in the case.
During the case study analysis and preparation the academician with industrial exposure can deliver better results than mere academician without any industrial experience. The academicians always look at the case purely from their vast theoretical perspective as they are not exposed to industry. Of course, they honed their skills based on reading plenty of case studies. But that will not be sufficient to create effective case studies. On the other hand, the academician who hailed from industrial or from corporate background look at the case from multiple perspectives. They might have faced the same scenario as stated in the case study in their practical life. Therefore, they have ready made and tailor made answers and more solutions to each problem. Case study analysis requires critical and creative thinking. It also requires empathy i.e. stepping into the shoes of a situation and generating multiple solutions.
CONCLUSION:
Case Study is the heart of the management curriculum. Creating case study is a skill not a talent. If the case study writer has creative mind, passion, nose for writing, eye for detail, analytical bent of mind, problem solving skills, decision making skills and the ability to see the big picture and the capability to think out of the box, the best and the most memorable case studies can be crafted.
Cash Back vs. Rewards Credit Cards
Ah, the sweet rewards of using credit!
Not only do you get immediate gratification with the buy now-pay later plastic, but now, many credit cards offer rewards and incentives for using their card to make purchases. You can get cash back, or gift cards, or 'reward points' that you can spend on merchandise or services from various merchants. There are also cards that allow you to designate your 'cash back' points to a charity - sometimes called affinity cards - and those that put your cash back into a special savings account for college.
Great deal, right? You spend your money and get something in return. The catch is, of course, that you're paying interest and card fees to get your cash back rewards. But if you're going to be using the credit card anyway, you might as well get something back out of it, right?
Most cash-back cards give you 1-2% cash back on most of your purchases. You'll get a check at specified periods for the amount of your 'rewards cash'. You can cash the check and spend the money on anything you want.
Reward cards give you 1-5 reward points for every dollar that you spend at different merchants and types of merchants. Most pay you 5 reward points for purchases made at their 'Merchant Thank You' network, and for purchases made at gas stations, drug stores and supermarkets. You'll get 1 reward point for every dollar that you spend at other merchants. You can then redeem your reward points for particular items from the merchants that belong to the credit card's merchant network.
Which is the better choice?
Each kind of credit card reward has its own pros and cons, and the better choice depends on what's most important to you.
Cash-back Rewards - Pros
Cash can be used anywhere, for any kind of purchase.
Gives 1% - 2% cash back on all purchases.
Cash-back Rewards - Cons
Rewards points cards may give rewards of higher value, particularly for purchases at merchant networks stores, gas stations and supermarkets.
Cash-back can only be used when a check is issued.
Rewards Points - Pros
Rewards points are often higher value than cash-back. If you use the credit card for purchases made within the merchant member network, you can get as much as 5% value back when you spend your reward points.
Reward points are available to use on a rolling basis. Some card companies may require you to accumulate a certain number of rewards points before redeeming them, but reward point rewards are often more easily available than cash-back rewards.
Reward points can be used for cash rewards in some circumstances.
Reward Points - Cons
Reward points can only be redeemed from particular merchants and/or on particular merchandise.
Whichever your choice, it makes good sense to get something back when you choose to use credit. If you're a frequent credit card user, the rewards can certainly add up. Among the merchants that belong to various Merchant Member networks are such well-known companies as airlines, Saks Fifth Avenue, Evelyn & Crabtree and Smarter Edge.