Examining Corporate Debt Restructuring Schemes In Pacific Asia - Free Essay Example

Corporate debt restructuring scheme is one of the most preferred strategic for those financial distress companies to take advantage at a lower interest rate. It is a consultation process which involves a series meeting between the debtor and creditor. After that, it moves into the negotiation stage between both parties and then come to the contract stage. Before signing the contract, borrowing company must agree to the financial conditions, for instance, terms of the interest, terms of payment and so forth (Article, 2010). The objectives of corporate debt restructuring are to support continuing economic recovery, enable debtors to continue their business operations, and promote fair debt repayment to the creditors. Hence, it is including of debt rescheduling, interest rate reduction, debt for equity swaps and debt forgiveness (Makhija, 2008). However, this corporate debt restructuring considered as the final option for a company before it goes into insolvency. Besides that, there are three popular approaches of corporate debt restructuring scheme to restructuring the debt. The three approaches are centralized, decentralized, and London approach. Government plays as a leading role in this centralized approach. This approach is only suitable for small size of debt and simple corporate structure. Moreover, this model is unsuitable because government is enjoys high levels of confidence while success cases in this approach for large debt complex restructuring was unknown. This approach was conducted in Sweden in the early of 1990 and Hungary in the mid of 1990 (Abd, 2000; Kolkata, n.d.). The second approach, decentralized approach is more effective than the centralized approach. It is more appropriate for those companies which are experienced a large bad debts and complex corporate structure. This approach is an informal and a voluntary process without government involvement. United States was adopted this approach in 1990 (Abd, 2000). Lastly, London approach was a non statutory and informal framework that introduced by the Bank of England in 1990 to handle insolvency. During 1990 recession, more than 160 British companies were conducted London approach (Abd, 2000). London approach encourages creditors in out of court agreements by follow certain principles. The principles are minimized losses to creditors, avoid unnecessary liquidation of viable debtors, and offer continued financial support to viable borrowers (Claessens, n.d.). It tends to rescue a financial distress companies as going concern instead of forcing them into a formal insolvency (Laryea, 2010). Besides that, many Asian countries that had been affected by the Asian financial crisis have practised the corporate restructuring scheme which is similar to London approach. Those countries are Indonesia, Korea, Thailand and Malaysia. 2.4.1 Korea Korea adopted corporate restructuring coordination committee to mediate the disputes between debtors and creditors. Corporate Restructuring Coordination Committee works under the powerful of Financial Supervisory Commission in Korea while it was established in 1998. CRCC workout process was followed to the London approach which is out of court resolution of financial restructuring cases. (Krause, 2000; Pomerleano Shaw, 2005). According to Chan (2002), there are two main causes of the corporate sector inefficiency for Korea to implement corporate debt management and restructuring at the onset of the financial crisis. The first causes was Korea manufacturing firms experienced cash flow shortage due to the excessive and inefficient investment, high leveraged and diversified businesses were financed by debts. Second, non performing loan was burdened the corporate sector and lead to the increasing number of bankruptcies. According to Chan (2002), Corporate Restructuring Coordination Committee had success in lowering the debt to equity ratio and improving interest coverage ratio of the corporate sector after Asian financial crisis. Besides that, the GDP growth rate recovered, interest rate decreased to 5.4 percent from over 19.0 percent, and unemployment rate dropped to 2.7 percent from 6.8 percent after the Asian financial crisis. The improvement has shown that the corporate restructuring contributed significantly to Korea rapid economic recovery. Moreover, due to the economic recovery, Korea was able to repay their IMF loans in August 2001 which is two years and eight months earlier then originally scheduled. However, non performing loans in Korea had significantly decreased from 88.6 percent in 1997 to 24.0 percent in 2001. Debt to equity ratio had trended down from around 4 in 1997 to about 2 in 2001, while interest coverage ratio also had improved (Worldbank, 2002). Thus, resolution of corporate debts in Korea has been satisfy and successful. 2.4.2 Thailand Corporate Debt Restructuring Advisory Committee was formed in June 1998 under the Bank of Thailand. CDRAC was created to mediate formal out of court workouts of non performing loans. However, Thailand was adopted Bangkok approach which is administered by CDRAC. Bangkok approach is a non binding and non statutory guidelines for efficient restructuring of corporate debt for benefits of creditors, debtors, employees, shareholders and Thai economy (Chanyarungrojn, 1999; Nashville Tennessee, 2004). According to Yupana, (2004) debt ratio increased for both business group and non group firms after the Asian financial crisis. For business group firms, the average debt to asset ratio increases from 40 percent in 1996 to 54 percent in the end of 1997. Besides that, the average ratio of total debt to total capital increases from 50 percent in 1996 to 66 percent in 1997. The average ratio of interest coverage ratio also had decreased from 11.65 percent in 1996 to 2.94 percent in 1997. Thus, the profits of business group firms had decreased significantly. CDRAC was restructured totalling of Baht 2.6 trillion in August 1999, while among them, 700 cases were large distressed loans that exceeded baht 500 million. However, CDRAC completed restructured of totalling Baht 1.1 trillion at the end of 2000. Besides that, about 400 non financial companies shown that the corporate debt ratio was declined from 3.2 percent in 1997 to 2.04 percent in the mid of 1999. Generally, corporate debt restructuring was quite effective. 2.4.3 Indonesia Indonesia government established the Indonesian Bank Restructuring Agency in January 1998 as an independent body to restructure troubled banks and their assets. Indonesian then created Jakarta Initiative in September 1998 to complement the Indonesia Debt Restructuring Agency and amended bankruptcy law. It is a London approach based principles as it involved informal framework that encouraged out of court debt workouts between the debtors and creditors (IMF, 2000; Adams Mathieson, 1999). According to Halim (2000) corporate debt restructuring is one of the important element for economic recovering, however, Indonesia Debt Restructuring Agency has not been successful. Corporate Indonesia is still highly leveraged even after the restructuring process. Debt to equity ratio is remained higher among the restructured firms. A sample of 34 cases which involved the debt of US$8 billion showed that 59 percent were resolved by using the combination of reduced interest rates. Most of the company workout only rescheduled debt, rather than improving internal operations or significantly reducing leveraging (Dfat, n.d.). 2.4.4 Malaysia Malaysia government had come out a new strategy in the mid of 1998 to solve the financial restructuring of banking sectors and corporate sectors. The strategy comprises of three agencies, which is Danaharta, Danamodal and Corporate Debt Restructuring Committee. Danaharta and Danamodal are considered as statutory options, while CDRC is considered as non statutory option (Rajandram, 1999). CDRC is similar to the London approach as it helped to renegotiate and restructure those distress companies with out of court resolution. CDRC had received 75 applicants of restructuring plan in 2000. However, CDRC had resolved 33 cases which are worth RM25.5 billion, while 12 cases worth RM11 billion remained outstanding at the end of 2000. Besides that, the debt of these 33 companies, RM4.6 billion were settled through cash payments, RM4.6 billion in bonds, and RM3.99 billion in financial notes. Thus, the non performing loan had decreased as part of these loans had been turned into performing loans (Aslam, 2005). The success of the out of court debt restructuring strategies depends on the credibility of the mediator and the cooperation among all the parties that involved in the restructuring scheme.

Swot and Pestle - 1359 Words

SWOT PESTLE Analysis SWOT and Pestle analysis is a strategic analysis tool that feeds important information into the business strategy formulation process. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. SWOT is used to determine the current position of an organization. The first two components pertain to internal factors and the latter two concern external issues. Pestle (or PEST) is an acronym for Political, Economic, Social, Technical, Legal and Environmental analysis. Pestle is a tool for assessing the external context of an organization (Bee, 1998). Sequence Pestle can be used alone or in combination with SWOT. If combined, Pestle analysis is done first to provide a context for SWOT analysis (Basu, 2004). Pestle†¦show more content†¦The beauty of SWOT and PESTLE are their simplicity and the fact that they are applicable in every market. Let’s talk about SWOT †¢ Strengths These are the strengths within your organisation. What exactly is it about you and your business that is better than the competition? Examples might include quality products, advanced technology, advanced knowledge and a long established business. Identifying the strengths of your current business or a new venture can improve the efficiency of your sales and marketing efforts – it helps you to visualise the unique selling point of your business which helps you write better sales copy, create better sales letters, make more successful sales calls and develop smarter marketing campaigns. †¢ Weaknesses Be realistic about what is weak about your business. Are you less advanced than the competition or do you produce lesser quality products? Understanding what is weak about your business can help you to negate these shortfalls, you might produce lesser quality products BUT you are cheaper. Having an awareness of your weaknesses allows you to be smarter with your marketing messages, it helps you to determine which promotional battles to fight and which ones to avoid. For example, the British supermarket chain Morrissons doesn’t profess to being the cheapest supermarket, but instead it chooses to compete on produce quality and freshness. Only pick fightsShow MoreRelatedCadburys Swot and Pestle1329 Words   |  6 PagesSWOT analysis Strengths Cadbury has a strong manufacturing competence, established brand name and a leader in innovation. People trust the company and support the brand. Cadbury’s is fully focused on chocolate, candy, and chewing gum, with a unique understanding of consumer in the segments. This allow Cadburys to be able to put all efforts and resources into just this area, concentrating all RD and marketing here and not using money in other areas. Ability to respond to the market needsRead MoreStrategic Marketing Pl Pestle Framework And Swot765 Words   |  4 PagesThese factors are divided into two categories: macro environmental factors and internal environmental factors .Porter’s five forces model, PESTLE, GE Matrix, BCG matrix and SWOT analysis is a list of aid tools that can be used in purpose of analysing the factors and obtain strategic marketing plan. The given paper aims to provide further details about both of PESTLE framework and Porter s Five Forces model which are used to analyse the macro environmental factors, focusing on, the usefulness of eachRead MoreBusiness Benefits : Swot Analysis And Pestle Analysis1275 Words   |  6 Pages1. Valentinos, Mission Statement, Three Business Benefits, SWOT Analysis and PESTLE Analysis. - Mission Statement To guide persons to the right path in their relations with a high level of privacy and confidentiality. - Three Business Benefits - SWOT Analysis Strengths: 1. The long established brand name and the stability performance as a result of the experience gained during the years of work. 2. The use of high technology and experienced staff who are ready to meet the members needs. 3Read MorePESTLE, PORTER and SWOT analysis of LUKOIL Essay2595 Words   |  11 Pagesthe organization; provides standards for allocating organizational resources; establishes a general organizational climate; shows purpose and direction. Consequently, mission and vision are clear and give a lot of advantage. 3. Macro-environment (PESTLE) At the beginning of this part, it is necessary to mention some relevant facts: Population in Russia: 139mln Area: 17mln sq. km Time zones: GMT +2 to +11 9th largest economy in the world in terms of GDP, reaching USD 2014,8 bn 2013 Exports andRead MoreSwot and Pestle Alcohol Industry Essay2215 Words   |  9 PagesStrengths The market of online drinks retailing has grown very strongly these last five years, increasing by 123% between 2005 and 2010. Quantitatively, the market was valued at  £370 million in 2005 and more than  £740 million in 2009. More importantly, a survey of Mintel assumes that the market will continue to grow in the next five years, though more slowly (59%). By the year of 2012, which is for our business the year of setting up, the market should go past the  £1 billion mark. Read MoreSwot and Pestle Analysis of Coca Cola4166 Words   |  17 PagesMANAGEMENT 210 Table of contents EXECUTIVE SUMMARY---------------------------------------------------------------------page 3 INRODUCTION--------------------------------------------------------------------------------page 4 INTERNAL ENVIRONMENTS---------------------------------------------------------------page 5 EQUIPMENT-----------------------------------------------------------------------------------pageRead MoreEssay on Analysis of Toyota Corporation (Swot, Pestle)3625 Words   |  15 Pageshave choices and decide on which car model suits their needs and the auto makers have to meet this need. Toyota should see the buyers as key factors in deciding their brand model and this would automatically increase their revenue and profits. PESTLE ANALYSIS OF TOYOTA MOTORS Any organisation makes decisions based on its external environment. For a global brand as Toyota, this is no different. Some of these external factors are analysed below: POLITICAL FACTORS: Toyotas presence in JapanRead MoreSwot Analysis : Tesco s Stock Market Share Using The Swot And Pestle Analysis1569 Words   |  7 Pagesthe SWOT and PESTLE analysis. In doing so, the individual components of SWOT and PESTLE analysis are applied to Tesco. SWOT analysis is a method or ‘framework’ used for business analysis. It serves as a useful tool for companies, thereby aiding their evaluations, giving them clarity in direction as well as the ability to strategies with others to make well-informed choices and decisions. In other words, it is a way of analysing a business, its resources and environment (Riley 2014). The SWOT acronymRead MoreEssay on Balfour Beatty Pestle and Swot Analysis5018 Words   |  21 PagesUnilever Financial Analysis Thuy Tran Tania Vaswani Pardis Anvari Taran Kandhari 13981068 14042506 14105445 14008599 1 Table of Contents 1-Executive summary ......................................................................................................................... 3 2-Introduction ..................................................................................................................................... 4 2.1-About FMCG Industry.............................Read MoreSwot, Pestle and Porters 5 Forces Analysis of Pepsi Co2619 Words   |  11 PagesSWOT, PESTLE and Porters 5 forces analysis of Pepsi Co Please Read This Carefully First!!! The intended purpose of Our research papers is that they are used as models to assist in the preparation of Your own research papers. We neither endorse nor tolerate any form of plagiarism, whole or partial, and will not engage in any activity that facilitates cheating. Papers For You or its affiliates will NEVER sell a model paper to ANY student giving us ANY reason to believe that (s)he will submit our

Characteristics Of Cabo San Viejo s Customer Base

What are the characteristics of Cabo San Viejo’s customer base? Despite Cabo San Viejo’s (CSV) start in the late 1970s as a â€Å"fat farm,† catering primarily to women, the resort is now operating in a more niche and exclusive market, providing for guests who are largely affluent with high expectations for the service. In terms of pure demographics, the business welcomes 3,500 new guests each year. Between new and repeat customers, 70% to 80% are female. In the high seasons of winter, spring and fall, the average household income (AHI) exceeds $150,000 for 82% of guests; in the summer an AHI greater than $150,000 applies to 59% of guests. Most customers live in California and the West coast region and are in their 40s or 50s. It is interesting and should be pointed out that between 1992 and 2004, CSV’s average customer age has increased by 10 years of age, from 47 to 57. Behaviorally, up to 70% of new guests became aware of CSV via word of mouth, while 30% visited as a result of travel agent referrals. The most common reason s for patronizing CSV (regardless of frequency) are rest, a healthy vacation option, fitness vacation option and spa activities and offerings. The average guest takes 3 to 4 vacations per year and first time guests returned to the resort within six years at a rate of 32% and 62% of initial return visitors returned again within 6 years. The two most common reasons for customers returning are health benefits (35%) and a great overall vacation (30%). CSV

Slavery And The Slave Trade - 1453 Words

For this assignment, I have decided to write about slave ships. There is an extreme amount of sadness and cruelty that surrounds the slave trade. I am very passionate about this subject because I don’t think that slaves are given the proper recognition that they deserve. I don’t think people think about what it was like to actually be on one of these slave ships. I think it is important to keep the history of the slave trade alive since we will never fully know what life was really like on a slave ship and to honor those who died on the voyage and those who died once reaching their destination. The beginning of slave ships started with the Portuguese making voyages to the west coast of Africa in the fifteenth century. On these voyages the†¦show more content†¦Larger ships had a third or fourth mate, a few mates for the doctor, and a few more seamen and landsmen (Rediker, 2007, p.57). Compared to the number of slaves on the ship the crew was undermanned usually with only six to eighteen crew members, including the captain (Greene, 1944, p. 347). The captain was responsible for managing the navigation and everything related to the cargo, voyage, and sailors (Rediker, 2007, p. 57). He had the responsibility of hiring the crew members, he oversaw the loading of the original cargo, and he conducted all of the business of the voyage, such as the buying of slaves in Africa until their sale (Rediker, 2007, p. 57). There was a doctor present on slave ships as well. The doctor’s job was to make sure that the crew and slaves survived the voyage from one side of the At lantic to the other side (Rediker, 2007, p. 59). The doctor attended to slaves daily, tried to answer any complaints they had, diagnosed their illnesses, and even prescribed them medications that were in stock onboard (Rediker, 2007, p. 59). The doctor also treated the crew since any illnesses the slaves had could easily spread to the crew members. The doctor, however, also assisted in the purchase of slaves. He would carefully inspect each one for signs of illness or debility (Rediker, 2007, p. 59). Healthy Africans had a better chance of surviving the stay on the African coast and during

Essay on Themes in Song Of Solomon - 2113 Words

Toni Morrison is one of the most talented and successful African-American authors of our time. Famous for works such as The Bluest Eye, Sula, and Beloved, Morrison has cultivated large audiences of all ethnicities and social classes with her creative style of writing. It is not Morrison’s talent of creating new stories that attracts her fans. In contrast, it is her talent of revising and modernizing traditional Biblical and mythological stories that have been present in literature for centuries. Morrison replaces the characters in these myths, whom would have been white, middle-class males, with characters who depict the cultural practices in black communities. The protagonists in Morrison’s works are primarily African-American women†¦show more content†¦He experiences the pain felt in Black communities after 14-year-old Emmett Till, from Chicago, Illinois, was murdered in Mississippi for whistling at a white woman and many other violent cases after, including the bombing of a Black church in Alabama that killed four young girls. Toni Morrison is an author that is interested in showing the world the constant struggle of African-American men and women. Like Milkman, Morrison was born in 1931 during the height of racism in the United States. She has lived through the same events as Milkman and has experienced the pain and turmoil forced upon African Americans. Like Milkman, Morrison was also unaware of the racial tension in the country until she was a teenager. She graduated from high school with honors and attended Howard University as an English major. This explains Morrison’s interest in the theme of Flight in her works. She has been determined to be successful since she was a child, despite the racism and poverty she had experienced. Morrison is a strong, independent, successful, and talented woman. She focuses on the theme of feminism in her works to show both men and women of all races and ethnicities that women can be just as powerful as men. She has integrated pieces of her life into the novel, almost creating a mini- biography. Constant themes occurring in Toni Morrison’s Song Of Solomon are Marxism, Feminism, and flight. Marxism is a major theme in Toni Morrison’s Song Of Solomon.Show MoreRelatedTheme Of Change In The Song Of Solomon1267 Words   |  6 PagesChange is inevitable. People change, places change, everything is constantly changing and evolving. Toni Morrison writes the American literature novel, The Song of Solomon, as a way to portray the difficulties of change among people and society from 1931 to 1963. Milkman Dead lives in an oppressive society where there is no change. At the age of thirty, he lives with his parents, Ruth and Macon Dead, and sisters First Corinthians and Magdelena called lena. Because of this, he does not know how toRead More Song of Solomon Essay: Theme of Maturing514 Words   |  3 PagesTheme of Maturing in Song of Solomon    While Song of Solomon is generally seen as a myth of the male maturation, it also contains the subtext of Pilates rite de passage and the ritual of cultural immersion. In her history is the process by which she acquires the values that will sustain Milkman and by extension, the black community. Pilates initiation occurs much earlier than Milkmans. Having been raised in relative isolation in the edenic Lincolns Heaven, Pilate is abruptly and cruellyRead MoreTheme Of Character Development In Song Of Solomon1161 Words   |  5 PagesSong of Solomon’s protagonist Milkman plays a crucial role in the novel’s major focal point of character development. The novel can be appropriately labeled a Bildungsroman due to its clear and continuous creation of Milkman’s characteristics. Throughout the text readers can see changes made within the character, such as his reactions to situations and the language he uses when he is talking and thinking. Milkman commences the novel as a confused, spoiled young man who feels he deserves the worldRead More Essay on Spirituality in Song of Solomon894 Words   |  4 PagesInclusive Spirituality in Song of Solomon    When slaves were brought to America they were taken from all they had known and forced to live in a land of dark irony that, while promising life, liberty, and the pursuit of happiness, provided them with only misery. In a situation such as the one in which the slaves found themselves, many people would rely on their religion to help them survive. But would slaves be able to find spiritual comfort within the parameters of a religion that had been passedRead More Song of Solomon Essay: Devotion and Protection598 Words   |  3 Pages Devotion and Protection in Song of Solomonnbsp; Song of Solomon is a novel written by Toni Morrison. As research is done further, into the bible, the title refers to a book from the Old Testament. A major theme of the book in the bible is love. It is about honor and loyalty. This is similar to the theme of love and protection in the book by Toni Morrison. Three female characters that portray this best are: Pilate, Ruth, and Magdalene called Lena. In the book, they are women that try to protectRead More Essay on Flight in Song of Solomon1001 Words   |  5 PagesThe Importance of Flight in Song of Solomon   Ã‚  Ã‚   Flight is a major theme in Toni Morrisons Song of Solomon. â€Å"Flight echoes throughout the story as a reward, as a hoped-for skill, as an escape, and as proof of intrinsic worth; however, by the end this is not so clear a proposition†(Lubiano 96). Song of Solomon ends with ‘flight’ but in such a way that the act allows for multiple interpretations: suicide; real flight and then a wheeling attack on his brother; or real flight and then someRead MoreAnalysis of Song of Solomon Essay1208 Words   |  5 PagesSong of Solomon Significance of Title: Relates to the song about Milkman’s great grandfather, Solomon, also the name of last book in the Old Testament. Reveals underlying connections and message of novel. Setting: A city near Lake Superior, Not Doctor Street, Danville, Shalimar POV: Third person limited omniscient, Reader feels as if apart of cities and lifestyles, does not reveal all character thoughts. Plot: Begins with Mr. Smith about to jump from Mercy Hospital, Time skip to the Dead familyRead More Themes Presented in Goblin Market by Christina Rossetti Essay1184 Words   |  5 PagesThemes Presented in Goblin Market by Christina Rossetti Christina Rossettis used her poetry to express herself; her work exhibits many autobiographical elements and from it the reader can discern Rossettis emotions, beliefs and her comments on the society she lived in. As a female poet it would have been improper for Rossetti to deal directly with these issues though and so her ideas are masked through appearing to be childrens poetry and having simple meanings. Goblin Market superficiallyRead More Biblical Illusions in Toni Morrisons Song of Solomon Essay example673 Words   |  3 PagesBiblical Illusions in Toni Morrisons Song of Solomon Song of Solomon, by Toni Morrison, is about a man named Macon Dead. Throughout this novel, however, he is known by all except his father as Milkman because his mother breastfed him until he was in his teens. The novel centers on Milkmans attempt to find himself. His family is a wealthy black family living in a poor black neighborhood, where Milkmans father prohibits Milkman from interacting with most of them, including his aunt. HoweverRead MoreEssay on Song of Solomon: A Bildungsroman of Milkman 1092 Words   |  5 PagesIt can be said that Song of Solomon is bildungsroman which is defined by The Encyclopedia Britannica as â€Å"a class of novel that deals with the [coming-of-age or] formative years of an individual†. Furthermore, in a bildungsroman, a main protagonist usually undergoes some transformation after seeking truth or philosophical enlightenment. In Morrison’s novel, the plot follows the main protagonist Milkman as he matures within his community while deve loping relationships with others and discovering his

Art enhances our understanding of Reality Free Essays

Whether it is drama, paintings, literature, or music that they encounter people appreciate them as superficial practices extant for pleasure. However, this notion is amiss. The media is a plethora full of various arts serving to represent phenomena that occur in real life. We will write a custom essay sample on Art enhances our understanding of Reality or any similar topic only for you Order Now Through their works, artists convey their own nterpretations of the prevailing issues of society. Thus, the audience is provided with a vivid illustration of reality in perspective of an omniscient position. A renowned American novelist from the twentieth century, John Steinbeck pronounced, â€Å"l hate cameras. They are so much sure than I am about everything. † There was a time in history when society ceased to develop, called the Middle Ages. People in this era suffocated in the same, perpetual system of which social classes were unjust. Not only were groups treated differently, but also those mpotent in society had few rights. Thus, in the following period, called the Renaissance, artists strayed from idealism. Instead, they inclined to daily aspects of life as autonomous humans, hoping to abandon the old ways. One well-known fgure is Leonardo da Vinci, who influenced his contemporaries with his works of humanistic studies. Da Vinci expressed in his arts the will to discover oneself and possibly find his identity as a human being. Just like Da Vinci who spread the knowledge of mankind through his arts, in odays society, many innovative artists create works with certain means to convey the status quo. For example, our world is deteriorating due to mistreatment of nature. The majority of the population waste natural resources, such as metals, trees, and other recyclables as well. Disheartened, a famous hip-hop artist, T. l. , was determined to prove the world’s need to save trees and significance of recycling. Nonetheless, â€Å"Paper Trail†, a self-portrait pieced together with paper shreds, was able to successfully demonstrate the gravity of environmental problems to the people, specially his fans. As a result, meaningful works, such as the artwork of T. . ‘s, are able to insinuate the ongoing issues in our society. To this day, practices of art lucidly depict the ‘reality by involving the human senses -Literature for the readers, paintings for the viewers, and music for the listeners. How to cite Art enhances our understanding of Reality, Papers

A Journey of Thousand Miles Starts with Single Step free essay sample

A journey of a thousand miles begins with a single step. I have recently learned how true this statement is and started to realize that it applies to just about everything in my life. From college, to getting over the loss of a good friend, to starting new relationships. Ever since I was a little girl I talked about going to college. We will write a custom essay sample on A Journey of Thousand Miles Starts with Single Step or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page As I got into high school I started to receive letters and information from different colleges. But the fact that I was actually going to go didn’t hit me until I had to start picking out and narrowing down the college I wanted to go to in my junior year. Now that I’m entering my second half of my senior year I have to pick out which colleges I apply to and soon will attend. The rest of my life started with the small step of dreaming of going to college. Over the past few years I have lost many close and dear friends. Each time I received the bad news that someone else had passed away the pain I felt was unbearable and like my whole world came crashing down. Time went on and I have learned to accept that no one lives forever and that it was just that persons time to pass on. I have also learned to think of each persons life as a blessing and that the end is not a horrible thing but just makes us appreciate each person around us more. After losing so many people in a short period of time I became very wary of making new friends. For some reason I thought that if I got to know someone new I would lose someone else. I kept pushing people away, trying to protect myself from feeling more pain. Thankfully over the summer I had a chance to realize that I thought wrong. There were so many people around me that wanted to be my friend and I was losing out. By the time I got back to school my whole attitude had changed. People that I had pushed away were still willing to be my friend and I accepted them. Now I have some really great friends that are there to help me out whenever I need them. Most important thing I feel though is that they need me. Once I let these people in my life it got a lot happier. By taking one small step you can change your life forever. Whether it be forbetter or for worse you still learn from it. Every decision you make is the first step in your thousand mile journey