Appraisal Report of Air Thread Connections free essay sample

Appraisal report of Air Thread connections Jennifer Zhang Robert Zimmerman (Vice President of ACC) New York Business Review, august 2007, volume 3, pp34-89 Appraisal Report ABSTRACT This paper intends to analyze and evaluate the Air Thread Connection (ATC) Company and determine whether the acquisition by the American Cable is acceptable. From the outset, it is observable that, the acquisition would give American Cable access to wireless technology and the wireless spectrum. Thus acquisition offers more competitive service bundles on company’s service delivery. However, the real situation and the anticipated benefits will only be ascertained by insight analysis. MAIN METHODOLOGY ON VALUING ATC APV METHOD: It is imperative to note that, discounted cash flow methodology is applied in valuing Air Thread Connection Company. This is critical in establishing the viability of the anticipated acquisition. This methodology requires use of the projections from Air Thread Connections, which are given in the Exhibit 1. This allows calculation of the total revenue, EBITDA, EBIT and the Unlevered Net Income. We will write a custom essay sample on Appraisal Report of Air Thread Connections or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Furthermore, the depreciation and Amortization, Capital Expenditures and the assumptions projected in Exhibit one case to make the adjustments in working Capital. These will all facilitate calculation of the Unleveraged Cash Flow (UFCF) from 2012 which stable increases. Consider the computations referencing income statement on separate sheet. TERMINAL VALUE Furthermore terminal value as a key valuation factor which can be calculated in two ways namely perpetuity model and market value of comparable companies. The perpetuity model involves use of terminal year free cash flow (FCF), growth of terminal year cash flow over the previous year and WACC with additional debt (COMFORT BRIEGER, 2002). On the other hand, similar company model requires the EBIT and market value to determine the EBIT ratio of similar companies in comparison with that of AirThread Connection. The computation of perpetuity method illustrates as follows. Future cash flows (FCF) times a growth factor g with using Weighted-Average Cost of Capital (WACC=7. 03%) as discount factor, so Terminal value equals FCF*(1+ g)/(WACC-g). In this case the Terminal Value of Perpetual Future Cash Flows is $16. 4147B. For the non-operating assets, assume ATC investments are within wireless communications industry, non-operating assets are added to operating assets of AirThread connections for easy accountability (RUSSEL REEVES, 2006). The valuation of Non-Operating Assets needs information from Air Thread Income Statement shows â€Å"Equity in Earnings of Affiliates† and weight-based P/E ratio for comparable companies referencing the third worksheet. Thus â€Å"Equity in Earnings of Affiliates† equals $90M times P/E Ratio which is 19. 22 obtain the value of Air Thread NonOperating Assets at $1. 730 B INTEREST RATE DETERMINATION The rate used in discounting UFCF due to the macro economy nature or the industry in, which Airthread Connections company operate. Similarly, the rates used in discounting the terminal value correlated with the growth trend of AirThread Connection (CASSEDY, 2004) which is (WACC-g). Finally the rate used in estimating the long-term growth was chosen because it would be the function of the company‘s return on capital and reinvestment rate (GROPPELLI NIKBAKHT, 2000) So all in all, the valuation assignable to Air Thread Connections is the sum of the NPVs of operating cash flows and the terminal value and is shown in Table 6 of the attached worksheet. The valuation is $12,834. 79 million. SYNERGIES CONSIDERED Two significant areas of synergy between American Cable Communications and Air Thread Connections are the savings in backhaul costs for ATC and the additional revenue from wireless business subscribers. The savings in backhaul costs flow directly to the company’s earnings and cash flow. The offering of bundled services results in additional revenues which yield additional earnings after proportionate expenses. The computations are in Table 7 of the attached worksheet. The Net Present Value of the additional cash flows due to these two areas of synergy is comes to $461. million. The valuation of ATC with the effect of synergy rises to $13,296. 39 million or rounded to $13. 30 billion. SENSITIVITY ANALYSIS (Indicates in worksheet â€Å"Sensitivity Analysis† in separate sheet) Private Company Discount: The discount related to illiquidity of private investments which diminishes as revenue of company increases. This discount bounded on lower end by cost of going public equal to 10%. Growth Rate (g): The growth rates which are used in terminal value calculation can have a tremendous effect on terminal value. To illustrate, 1. 5% to 2. 5% ? in growth rate has a $3. 000 B to $7. 000 B effect. Potential Synergy: The increase in revenue from bundled service offerings (BODIE MERTON, 2000) could be higher or lower than expected. To illustrate, a 20% change in revenue has a $1. 000 B effect on Air Thread’s value. RECOMMENDATION AND CONCLUSION Through thoughtful valuation, it is imperative to note that, the Air Thread Connection cash flow tends to increase from the year 2008 to 2012 which indicates the financial stability of the company. Since the stability and its internal systems and policies seem to work effectively, the intended acquisition seems viable. After elaborative analysis, acquisition on Air Thread Connections is obtainable for amount between $8. 162 B and $13. 525 B. Special attention should be given to the projected growth rate of Air Thread Connections, which will have a significant effect on total value of the firm (Ahmed, 2009). Note that, 1% ? in growth rate has 30% net effect on total firm value. References BODIE, Z MERTON, R. C. (2000). Finance. Upper Saddle River, NJ, Prentice Hall. BANKS, E. (2011). Finance. New York, NY, Routledge. AHAMED, L. (2009). Lords of finance: the bankers who broke the world. New York, Penguin Press. GROPPELLI. A. A NIKBAKHT. E (2000). Finance. Hauppauge, N. Y. , Barrons. RUSSELL, J. D. , REEVES, F. W. (2006). Finance. Chicago, Ill, the University of Chicago Press. COMFORT, J. , BRIEGER, N. (2002). Finance. New York, Prentice Hall International JEAN, W. H. (2003). Finance. [New York], Dryden Press. CASSEDY, P. (2004). Finance. San Diego, Calif, Lucent Books

French people Essay Example

French people Essay Example French people Essay French people Essay The representatives of the French people, constituted into a National Assembly, considering that ignorance, forgetting or contempt of the rights of man are the sole causes of public misfortunes and of the corruption of governments, are resolved to expose [i.e., expound], in a solemn declaration, the natural, inalienable and sacred rights of man, so that that declaration, constantly present to all members of the social body, points out to them without cease their rights and their duties; so that the acts of the legislative power and those of the executive power, being at every instant able to be compared with the goal of any political institution, are very respectful of it; so that the complaints of the citizens, founded from now on in simple and incontestable principles, turn always to the maintenance of the Constitution and to the happiness of all. The opening line of the Declaration of the Rights of Man and of the Citizen enunciates the primary motivation for its creation.   A fundamental document that was the product of the French Revolution, the Declaration of the Rights of Man and of the Citizen espouses what the National Assembly considered as the natural and inalienable rights of man.   Arguing that the individual and collective rights of all of the individuals in all the estates of the realm are universal, this declaration is the answer of the National Assembly against the abuse of power that occurred during the French Revolution.   It was a crucial declaration that paved the way for the institution of a Constitutional Monarchy. : It must be remembered that the French Revolution was major turning point in European History as it signaled the end of aristocracy and marked the age of western Democracy.   The citizens of a nation were no longer to be regarded as servants but as a dominant political force in determining policies of a nation (Doyle, 2002).   There are many interrelated causes for the French Revolution.   Perhaps the single most obvious cause was the rising ambition of bourgeoisie class who were allied with the lower class folk in their attempt to overthrow what was then perceived as an oppressive monarchy in France during that period (McPhee, 2002).   With the hardships that the peasant class experienced during those times, the bourgeoisie was easily able to manipulate them and gain their support.   The fiscal crises that ensued due to the insolvency of the French monarchy led to massive poverty and hunger in France and further attempts to remedy the situation by imposing higher taxes fina lly caused the lower classes to overthrow the rulers of France (Doyle, 2002). The Declaration of the Rights of Man and Citizen was important for the National Assembly to issue because it was the first step in creating the constitution of France.   Prepared by Marquis de Lafayette, this Declaration spearheaded the efforts for reform and was later replaced by the Declaration of the Rights of Man and Citizen of 1793.   It also defined the individual and collective rights that all Estates of the Realm were to be granted.   Since it was influenced heavily by the Doctrine of Natural Rights, the rights that were granted through the Declaration were argued to be universal in its application, being granted to everyone, even to those who were not from the nobility or the clergy. This removal of any distinctions as to class was critical at this juncture in the French Revolution because this was one of the main causes for the revolution in the first place.   The abuses that the nobility and certain members of the clergy committed against those of lower stature had become too much that the citizens decided to revolt.   â€Å"Men are born and remain free and equal in rights. Social distinctions may be founded only upon the general good.†Ã‚   It is clear that the declaration manifested several of the sentiments that the citizenry had for the nobility and accordingly addressed them by making the declarations contained therein. As the first step in paving the way for a constitutional monarchy, the National Assembly saw it as imperative that such a declaration be issued; â€Å"All the citizens, being equal in the eyes of the law, are equally admissible to all public dignities, places, and employments, according to their capacity and without distinction other than that of their virtues and of their talents†.   The principles that are contained in the declaration clearly show this was an essential preparatory step to the establishment of a new type of government.   As such, it was also essential that certain important provisions be included so that the public would be more accepting of such. Drawing on several political philosophies, the Declaration of the rights of man and citizen, was influenced by the philosophical and political principles that were prevalent during the Age of Enlightenment, more particularly individualism and the social contract of John Locke.   This radical re-ordering of society was necessary according to the National Assembly.   The Doctrine of Popular Sovereignty and Equal Opportunity had struck a pleasing chord among the masses and the National Assembly realized that for any change to take place it had to have overwhelming public support. Another reason why it was important to issue the declaration of the rights of man and citizen was because of the fact that it was to be used as the framework for the new government that the National Assembly sought to establish.   In the French Model, the nobility existed for the sole purpose of governance so that there would be a common factor that united the people and helped them progress in a singular direction.   These governments exhibited a certain structure wherein there was a single ruler or head that gave the decrees and orders and determined what laws were to be established.   There was no separation of powers as is characterized by the more modern forms of government that exist around the world at the present.   All powers, executive, legislative and judicial, were more often embodied in a single person or head.   As the events leading up to the French Revolution have shown, this was a bad precedent and has been corrected by the separation of powers to prevent t he abuse by the solitary head or ruler. As such, the declaration clearly set out to define the principle of sovereignty.   It was crucial that the principle of sovereignty was defined as being inherent in the Nation.   To prevent further abuses of power, the declaration made provisions to ensure that nobody was deprived of their sovereign rights.   Being inherent, it recognized that everyone was equal.   This was in stark contrast to the previous assertions concerning the divine right of kings.   The French Monarchy claimed that the authority that the ruler or head exercised was said to have been derived from a much higher being or one form of deity or another.   The power to rule over the people was never claimed, until later years, to be from the common will of the masses but rather was authority that was handed down from God and therefore unquestionable.   This practice was common in most governments until after the Middle Ages when the European societies gave rise to new religions and the birth of the Ame rican civilization.   As such, this provision was included in order to prevent further abuses.   By arguing that power lay with the people and was not bestowed upon a certain class, it protected the masses from future abuses by those in power. Historically, the lower class of French society had few rights, if any.   They did not have the same privileges as the upper classes and were frequently the victims of abuse.   In order to institute the reform that was needed, the National Assembly had to provide this class of society with a sense of identity.   As such, the declaration made sure that these individuals could no longer be trampled on or taken advantage of by those of the First and Second Estates.   The abolition of any distinction and the establishment of sovereignty as being inherent in the members of the States provided the former members of the Third Estate with the identity to participate in the determination of the their nation’s political identity. Rights such as Fair Hearing and Due Process were no longer reserved for the privileged few but were inalienable rights inherent in every citizen.   In cases wherein they would not be properly represented, the National Assembly provided the declaration to ensure that they would be able to freely exercise their right to be heard.   Regarding the issue of taxation, the Third Estate were also protected so that everyone was subject to such tax equally.   As laborers, the Third Estate were also granted protections under law to prevent them from being abused. The declaration of the rights of man and citizen was a crucial piece of legislation that the National Assembly needed to issue in order to facilitate the transition into a Constitutional Monarchy.   By granting the members of the Third Estate with a new identity and with more rights under the law, the National Assembly radically changed the political landscape and thus made it possible for the French Revolution to finally end. References: Doyle, W. (2002) Oxford history of the French Revolution, 2nd ed., Oxford: Oxford University Press Furet, Francois (1996) The French Revolution 1770-1814 2nd Edition Oxford Blackwell, pp 3-101 944.04 Fur. McPhee, P. (2002) The French Revolution, 1789-1799, Oxford: Oxford University Press Owen, Connelly (1999) The French Revolution and the Napoleonic Era 3rd Edition; London, Thompson Learning, Chapters 1-3 Palmer, R. (1959) The Age of the Democratic Revolution: A Political History of Europe and America, 1760-1800. vol 1 nbsp;

The education of looked after children within the UK Essay

The education of looked after children within the UK - Essay Example As a result of this, most schools and educators are not aware that they have looked after children, let alone have implemented programs to help these children. Therefore, the literature suggests that this is an area that needs considerable work on both the part of social workers and educators, as there needs to be more coordination between these entities, so that schools may become aware of the children and their needs and may be able to implement specialized programs to address these needs. The topic of this paper is the education of looked after children. To this end, the research centered around this issue, and did not focus upon other issues which affect looked after children, such as mental health, etc. What the literature revealed in this area is that the local authorities and the social workers need to make a coordinated effort with the schools to identify looked after children, and to personalize an educational plan to meet their individual needs. This is important for the educational achievement of the children, and the literature reveals that, when this properly occurs, children do much better with their cognitive functioning and IQ levels (Tideman et al. 2011 ). What the literature also reveals, however, is that this is, by and large, not occurring, as most schools not only are not aware of how many looked after children they have, but are unaware that they have any looked after children at all (Connelly et al., 2008). There is a real disconnect between what should be happening and what actually is happening, and the children are falling through the cracks. The looked after children should have specialized programs for them, as well as specialized educational plans, but this cannot occur unless schools are made aware of their presence and needs. Because of this, the literature also reveals that many looked after children end up being excluded altogether from school (McClung, 2008), and this is the logical extension of what is

Jeffery Dahmer Case Essay Example | Topics and Well Written Essays - 2000 words

Jeffery Dahmer Case - Essay Example In September 1987 he killed once again. His second victim was Steven Toumi who he met in a gay bar and indulged in heavy drinking with. Dahmer admits to have no memory of the murder itself but recalls waking up to Toumi being dead and having blood on his mouth. Fourteen year old Jamie Doxtator, a Native American boy, was Dahmer’s third victim. He also marks the establishment of Dahmer’s modus operandi. Dahmer would visit bars in Milwaukee, Wisconsin, where he would, after thorough observation, pick up young men. Mostly pretending to be a photographer he offered these men money to pose for him and lured them into his apartment. Sometimes he would offer them money to hang-out and watch a movie. Once there he would drug their drinks and strangle them when they were unconscious. John Douglas, a full-time profiler working at the behavioural science division of the FBI in Quantico, defined Dahmer’s signature as one that showed his sadistic sexual satisfaction and contr ol projected by living with his victim’s corpses. Examples of such behaviour were that of necrophilia, cutting up his victims and cannibalizing certain parts like the heart, painting the skulls to keep as souvenirs and storing a victim’s head in his fridge. (Douglas, 1997). Sticking to this developed pattern Dahmer killed 5 more men by the summer of 1988 one of who was a Richard Gurrero, handsome young man of Mexican origin. All these murders took place in Dahmer’s grandmother’s basement.

Indoor Plumbing and Public Sanitation in Developing Countries Essay Example for Free

Indoor Plumbing and Public Sanitation in Developing Countries Essay The porcelain throne, the pot, the pooper, the potty, the latrine, the toilet. That is something we don’t give much thought to, unless something is wrong with it. What about the shower or the sink? How often to do you go to your sink to get a glass of water and wonder â€Å"Am I drinking someone’s poo? Will it be clean today or will I get sick? † I know for myself, I rarely give this any thought at all and I can honestly say that I have never worried that my drinking water would be contaminated by feces. However, for many around the world, this is a constant concern. Many today either don’t have access to clean water or don’t have access to very much water at all. They openly defecate, as well as drink, cook, and bathe in contaminated water. This causes several life threatening diseases and illnesses. I will discuss the water and sanitation issues in under developed countries, as well as what is being done to improve these situations. Early one December morning in Boise Idaho, I woke up to an especially cold day. I tiredly scuffled myself to my bathroom, went pee and when I went to flush my toilet, nothing happened. Still slightly asleep and confused, I tried a couple more times to get it to flush. Still nothing happened. Frustrated, I opened my tank and found that there was no water in it at all. I thought that that was strange, so I checked my faucet. I turned the handle and no water came out, I quickly checked my shower and kitchen sink next. I had no water at all. Realizing that I had to work in a few hours and I had no way to shower, brush my teeth or clean up in any way, I became quite irate. I called my management company and apparently pipes had frozen in most of their properties. After this experience I started thinking about my reaction and how there are countries that don’t have access to clean water ever. Though I think that the reaction that I had would have been the same for any person living in the U. S. , I don’t know if it was as big of a deal as it felt like in the moment. I didn’t die from not having water for one day, I wasn’t forced to defecate in my front lawn or drink from a sewer. I didn’t get sick and I didn’t even have to go the entire day without a shower. In fact, I didn’t have to go even a couple of hours without access to water. We, in America, are so used to having constant access to clean water and indoor plumbing that if we have to go an hour without it, it’s as though our entire world is crashing down. We rarely give thought to those in underdeveloped countries that lack access to clean water at all. There are approximately 7 billion people living on earth today. There are about 2. 6 billion people today that don’t have a toilet or access to one (Yamaguchi). That is about 40% of the world’s population! That is a huge number of people without toilets. Here in America, there is not a single home that does not have a toilet. Even the homeless have constant access to restroom facilities and clean water. I had a conversation with a friend of mine that works with the homeless on a daily basis to see what the situation was like for the homeless in America in regards to restroom access and sanitation. I asked him if any of the homeless people that he worked with were ever forced to openly defecate or go without a shower. He informed that the only ones that did that were never forced to, but they did it by choice. He also told me that many that are homeless are on Medicaid, so if they get sick they can just go to the doctor. This is quite different from developing countries, where people die all the time from not being able to afford medical care. Developing countries not only lack affordable medical care but they have very limited ability to prevent the spread of illness, such as those caused by exposure to fecal matter (Yamaguchi). However, in America we have sewage systems and plants that filter and treat our sewer water. In Los Angeles there is the Hyperion sewage plant that processes enough fecal matter to fill three Rose Bowl Stadiums every day (Yamaguchi). That is just in Los Angeles, what about the rest of the U.  S.? It is mind boggling to think about how much is processed. Now let’s look at India, a country that has significantly grown economically, however is still severely lacking proper sanitation systems. According to UNICEF, about 600 million people in India are without access to a toilet (â€Å"World Toilet Day 2012†). That is more than half the population of India. Instead of using a toilet, they openly defecate wherever they can. Many use the Yamuna River (Yamaguchi), the largest river in the Ganges of Northern India. The result has been a severely contaminated water source. The river has literally turned black and bubbles from the methane gases. The shores are not only polluted with fecal matter but trash as well and yet still the people are using the water from the river (Yamaguchi). I think many American’s reaction to this would be â€Å"Gross† or we might generalize and think that Indians are just unsanitary people. Is that really the case, though? The people living in underdeveloped countries are rarely living in unsanitary conditions by choice. Many are ignorant to proper sanitation practices and/or are living in conditions where they have no access to clean water. In the urban slums of New Delhi, people are defecating anywhere they can; in the middle of the streets, next to rail road tracks, or just feet from where they eat, drink and sleep. The water they are using to cook, drink, and bathe with is water from a sewer (Yamaguchi). About 1000 children die every day from diarrhea (Bajait, Thawani). This lack of proper sanitation systems is exposing these children and adults to fecal matter on a daily basis, which is causing diseases like Typhoid, Cholera and other severe illnesses linked with diarrhea. Is this the fault of the individual or the fault of their governments? In my opinion, both are at fault. Though developing countries have very little access to informational services, I do believe that it falls in the hands of the individual to get informed and I believe that it is the responsibility of the government to provide the services required to inform its people on proper sanitation, as well as provide a clean environment to live in via sanitation systems. This lack of toilets, which results in a lack of clean water, is obviously a very big problem. So what is being done about it? In 2001 Jack Sim founded the World Toilet Organization. This organization is dedicated to improving the world’s toilet and sanitation situation. They make toilets that are affordable for those living in impoverished conditions. Jack Sim also works with governments of developing countries and small organizations to help provide toilets to those in need. One of those small organizations is run by Bapak Sumadi in Indonesia. Sumadi is a major leader in Indonesia in providing the public with toilets and teaching the importance of public sanitation. Together their goal is to end open defecation (Yamaguchi). Though the changes and effects are small, they are not insignificant. The conditions that these people are forced to live in, is truly a crisis. Thousands die every day from not having proper sanitation systems. The invention of the toilet and sewage systems has not only given us a way to get rid of our feces, but it has provided us with sanitary conditions which keeps our water clean and reduces the chances of contracting diseases. No matter who you are or where you live, everyone deserves to have access to a toilet and clean water. The question now is; what more can be done? Should the government help provide better access to toilets and sanitation systems? What about other countries? Do we hold any responsibility in helping these developing countries? In my opinion, yes we do. One scholarly journal, in reference to David Hemson, stated â€Å"†¦ regular water supply to the rural poor is both a constitutional requirement and a social necessity†¦Ã¢â‚¬  (Phaswana-Mafuya 298). I think it is imperative that we learn to help one another, so that we can grow together rather than grow apart. I know the next time that I use the restroom, take a bath, or even just get a glass of water; I will be grateful for all that I have and that I don’t have to worry about what I am drinking or bathing in. What about you?

Essay --

Describe the future As the world grows so do our challenges. Not only are our problems growing in number but they are also growing in complexity. There is barely a day that goes by when I don't hear about some new problem that will soon endanger us all. While some of these problems such as El Nino, earthquakes, and other natural disasters cannot be stopped there are other threats such as the extension of racial abhorrence, mounting risk of disease spread, and the increasing levels of civil agitation all over the world, which endanger numerous lives everyday. Most of the future's challenges will only be made possible if all people, regardless of race, color, or nationality, attempt to work together for a stronger world. There are numerous ways in which I believe that we can assist society meet this future challenge of coming together as a united world. To make the people of the world combine would barely take time in persuading people of the world that we are all in quest of the sam e fundamental goals. Many suffer problems on a much less grandiose scale. In spite of the fact that th... Essay -- Describe the future As the world grows so do our challenges. Not only are our problems growing in number but they are also growing in complexity. There is barely a day that goes by when I don't hear about some new problem that will soon endanger us all. While some of these problems such as El Nino, earthquakes, and other natural disasters cannot be stopped there are other threats such as the extension of racial abhorrence, mounting risk of disease spread, and the increasing levels of civil agitation all over the world, which endanger numerous lives everyday. Most of the future's challenges will only be made possible if all people, regardless of race, color, or nationality, attempt to work together for a stronger world. There are numerous ways in which I believe that we can assist society meet this future challenge of coming together as a united world. To make the people of the world combine would barely take time in persuading people of the world that we are all in quest of the sam e fundamental goals. Many suffer problems on a much less grandiose scale. In spite of the fact that th...

Passion for excellence

I believe excellence is the key leading to success. More than ever, we are nonstop improving ourselves in order not to be left behind. However, each of us has deferent goals and formulas to achieve our goals. To me, I have a strong belief in the knowledge I have gained. It Increases considerably the chance of my success. On top of that Is the passion I put Into everything I do. Knowledge determines who we are In society. We all have at least once asking ourselves that why we have to go to school. Most of the time, the answer Is because our parents asked us to.Only up till now, I believe they were totally right. Primary school taught me the very first handwriting, which now people use to Judge how I am. High school explained almost all questions that people around me could only give vague answers. Moreover, now I am gradually making my dream come true in university. I cannot build my knowledge today without experiences in life. I used to be always afraid of failure. Unfortunately, the more I am scared of it, the more likely it will occur. That mistake is probably the biggest shame I have ever had. My radiation could only be a disaster unless my teacher appeared.However, it was also a turning point in my life. That moment gave me the lesson that success does not only include training but also through challenges. Nowadays, people tend to give up on their goals too easily, which then leads to an immediate failure. The reason for this is because of the lack of passion. Donald Trump, a well-known successful billionaire, used to advice the new generation to find their passion and love what they do. His achievement is the best evidence for this secrete component of success. The passion we hold to each goal helps and substantially overcomes the discouragement in front of any loss.Once we understand, every target is achievable. In conclusion, with knowledge and passion, nothing Is impossible. When we prepare ourselves readily, I believe there is no challenge can stop us from reaching the highest possible achievement. A quote I always tell myself, â€Å"follow the excellence, success will chase me†. P. s: I am looking forward to receiving feedback for my essay, despite of the final result. Thank for your time Passion for excellence By unhyphenated 1 ACH of us has different goals and formulas to achieve our goals.To me, I have a strong belief in the knowledge I have gained. It increases considerably the chance of my success. On top of that is the passion I put into everything I do. Knowledge determines who we are in society. We all have at least once asking ourselves that why we have to go to school. Most of the time, the answer is because be always afraid of failure. Unfortunately, the more I am scared of it, the more likely it In conclusion, with knowledge and passion, nothing is impossible. When we prepare result. Thank you for your time.