Professional Documents
Culture Documents
CHAPTER OUTLINE
LEARNING OBJECTIVES
CHAPTER SUMMARY
The easiest and best way to approach a new business venture is to design a unique product or
service. Sometimes this involves what is called a new-new approach— that is, the development
of an entirely new idea for a product or service, as was the case with Zynga and Google. In most
instances, however, the prospective owner-manager must be content to use a new-old approach
by “piggybacking” on someone else’s ideas. This involves either expanding on what the
competition is doing or offering a product or service in an area where it is not presently
available.
On the financial side, the prospective owner-manager needs to examine the enterprise’s
financial picture and to determine the costs of setting up the operation and the amount of revenue
that will be generated during the initial period. Finally, the prospective owner-manager must
review a series of other operational considerations ranging from the building, merchandise, and
equipment needed for operations to record keeping, insurance, legal, marketing, and personal
matters.
Another opportunity is the purchase of an existing successful firm. It has a number of
advantages. Three of the most important are that its successful future operation is likely, the time
and effort associated with starting a new enterprise are eliminated, and a bargain price may be
possible.
Before deciding whether to buy, however, the prospective owner needs to ask and answer
a series of “right questions,” Some of these follow: Why is the business being sold? What is the
physical condition of the business? What is the condition of the inventory? What is the state of
the company’s other assets? How many of the employees will remain? What competition does
the business face? What is the firm’s financial picture?
After all questions have been answered satisfactorily, the prospective buyer must
negotiate for the business. In the final analysis, however, the prospective owner should be
concerned with buying the company’s assets at market value and then paying something for
goodwill if it is deemed an asset. Valuation is discussed further in Chapter 14.
Most business ideas for new ventures come from one’s experience, such as prior jobs,
hobbies or interests, and personally identified problems.
The entrepreneur must consider the enterprise’s financial picture. Consideration of start-
up and monthly expenses is a must. The entrepreneur must be concerned with upside gain
and downside loss (the profits the business can make and the losses it can suffer). The
entrepreneur must gain an adequate return on the amount of money risked.
Personal Preferences
Entrepreneurs need to limit their choices of ventures to buy by recognizing certain
personal factors: background, skills, interests, and experience all factors that should be
weighed in selecting the type of business to buy.
Examination of Opportunities
Business brokers, newspaper ads, trade sources, and professional sources can all be
sources of information for possible businesses to buy.
A GOOD PRICE
It may be possible to purchase on ongoing venture at a very good price.
P N .
The Ancients.
40
Cum veteres Mechanicam (uti author est Pappus), in rerum Naturalium
investigatione maximi fecerint, et recentiores, missis formis substantialibus et
qualitatibus occultis, Phenonmena Naturæ ad leges mathematicas revocare
aggressa sunt; visum est in hoc Tractatu Mathesin excolere quatenus ea ad
Philosophiam spectat.
Jeremiah Horrox.
42
Biographie Universelle.
43
Library of Useful Knowledge.
44
Historical Essay on the First Publication of the Principia (1838).
But with what feelings did Newton attain to his success? Here again
we have, I fear, nothing better than conjecture. “He went home, took out
his old papers, and resumed his calculations. As they drew near to a
close, he was so much agitated that he was obliged to desire a friend to
finish them. His former conjecture was now found to agree with the
phænomena with the utmost precision.” 45 This conjectural story has
been called “a tradition;” but he who relates it does not call it so. Every
one must decide, says Professor Rigaud, from his view of Newton’s
character, how far he thinks it consistent with this statement. Is it likely
that Newton, so calm and so indifferent to fame as he generally showed
himself, should be thus agitated on such an occasion? “No,” says Sir
David Brewster; “it is not supported by what we know of Newton’s
character.” 46 To this we may assent; and this conjectural incident we
must therefore, I conceive, separate from history. I had incautiously
admitted it into the text of the first Edition.
45
Robison, ibid.
46
Life of Newton, vol. i. p. 292.
T P .
To prove this part of the law exactly is a matter which requires careful
experiments; and though proved experimentally by Newton, has been
considered in our time worthy of re-examination by the great astronomer
Bessel. There was some ground for doubt; for the mass of Jupiter, as
deduced from the perturbations of Saturn, was only 1⁄1070 of the mass of
the sun; the mass of the same planet as deduced from the perturbations of
Juno and Pallas was 1⁄1045 of that of the Sun. If this difference were to be
confirmed by accurate observations and calculations, it would follow that
the attractive power exercised by Jupiter upon the minor planets was
greater than that exercised upon 550 Saturn. And in the same way, if the
attraction of the Earth had any specific relation to different kinds of
matter, the time of oscillation of a pendulum of equal length composed
wholly or in part of the two substances would be different. If, for
instance, it were more intense for magnetized iron than for stone, the iron
pendulum would oscillate more quickly. Bessel showed 47 that it was
possible to assume hypothetically a constitution of the sun, planets, and
their appendages, such that the attraction of the Sun on the Planets and
Satellites should be proportional to the quantity of matter in each; but
that the attraction of the Planets on one another would not be on the same
scale.
47
Berlin Mem. 1824.
V C N T .
Yet the Lunar Tables were still as much as thirty seconds wrong in
single observations. This circumstance, and Laplace’s expressed wish,
induced the French Academy to offer a prize for a complete and purely
theoretical determination of the Lunar path, instead of determinations
resting, as hitherto, partly upon theory and partly upon observations. In
1820, two prize essays appeared, the one by Damoiseau, the other by
Plana and Carlini. And some years afterwards (in 1824, and again in
1828), Damoiseau published Tables de la Lune formées sur la seule
Théorie d’Attraction. These agree very closely with observation. That we
may form some notion of the complexity of the problem, I may state that
the longitude of the Moon is in these Tables affected by no fewer than
forty-seven equations; and the other quantities which determine her
place are subject to inequalities not much less in number.
Still I had to state in the second Edition, published in 1847, that there
remained an unexplained discordance between theory and observation in
the motions of the Moon; an inequality of long period as it seemed,
which the theory did not give.
Even while the calculations were going on, it became apparent that
there were some differences between the observed places of the Moon,
and the theory so far as it had then been developed. M. Hansen, an
eminent German mathematician who had devised new and powerful
methods for the mathematical determination of the results of the law of
gravitation, was thus led to explore still further the motions of the Moon
in pursuance of this law. The result was that he found there must exist
two lunar inequalities, hitherto not known; the one of 273, and the other
of 239 years, the coefficients of which are respectively 27 and 23
seconds. Both these originate in the attraction of Venus; one of them
being connected with the long inequality in the Solar Tables, of which
Mr. Airy had already proved the existence, as stated in Chap. vi. Sect. 6
of this Book.
“M. Le Verrier has mentioned for the new planet the name Neptunus;
and probably, deference to his authority as its discoverer, will obtain
general currency for this name.”
In truth, at the moment when this was uttered, the new Planet had
already been seen by Professor Challis; for, as we have said, he had seen
it in the early part of August. He had included it in the net which he had
cast among the stars for this very purpose; but employing a slow and
cautious process, he had deferred for a time that examination of his
capture which would have enabled him to detect the object sought. As
soon as he received M. Le Verrier’s paper of August 31 on September
29, he was so much impressed with the sagacity and clearness of the
limitations of the field of observation there laid down, that he instantly
changed his plan of observation, and noted the planet, as an object
having a visible disk, on the evening of the same day.
In this manner the theory of gravitation predicted and produced the
discovery. Thus to predict unknown facts found afterwards to be true, is,
as I have said, a confirmation of a theory which in impressiveness and
value goes beyond any explanation of known facts. It is a confirmation
which has only occurred a few times in the history of science; and in the
case only of the most refined and complete theories, such as those of
Astronomy and Optics. The mathematical skill which was requisite in
order to arrive at such a discovery, may in some measure be judged of by
the account which we have had to give of the previous mathematical
progress of the theory of gravitation. It there appeared that the lives of
many of the most acute, clear-sighted, and laborious of mankind, had
been employed for generations in solving the problem. Given the
planetary bodies, to find their mutual perturbations: but here we have the
inverse problem—Given the perturbations, to find the planets. 50
50
This may be called the inverse problem with reference to the older and
more familiar problem; but we may remark that the usual phraseology of the
Problem of Central Forces differs from this analogy. In Newton’s Principia,
the earlier Sections, in which the motion is given to find the force, are spoken
of as containing the Direct Problem of Central Forces: the Eighth Section of
the First Book, where the Force is given to find the orbit, is spoken of as
containing the Inverse Problem of Central Forces.
The discovery of the Minor Planets which revolve between the orbits
of Mars and Jupiter was not a consequence or confirmation of the
Newtonian theory. That theory gives no reason for the distance of 558 the
Planets from the Sun; nor does any theory yet devised give such reason.
But an empirical formula proposed by the Astronomer Bode of Berlin,
gives a law of these distances (Bode’s Law), which, to make it coherent,
requires a planet between Mars and Jupiter. With such an addition, the
distance of Mercury, Venus, Earth, Mars, the Missing Planet, Jupiter,
Saturn, and Uranus, are nearly as the numbers
4, 7, 10, 16, 28, 52, 100, 196,
in which the excesses of each number above the preceding are the series
3, 3, 6, 12, 24, 48, 96.
On the strength of this law the Germans wrote on the long-expected
Planet, and formed themselves into associations for the discovery of it.
Not only did this law stimulate the inquiries for the Missing Planet,
and thus lead to the discovery of the Minor Planets, but it had also a
share in the discovery of Neptune. According to the law, a planet beyond
Uranus may be expected to be at the distance represented by 388. Mr.
Adams and M. Le Verrier both of them began by assuming a distance of
nearly this magnitude for the Planet which they sought; that is, a distance
more than 38 times the earth’s distance. It was found afterwards that the
distance of Neptune is only 30 times that of the earth; yet the assumption
was of essential use in obtaining the result and Mr. Airy remarks that the
history of the discovery shows the importance of using any received
theory as far as it will go, even if the theory can claim no higher merit
than that of being plausible. 51
51
Account of the Discovery of Neptune, &c., Mem. Ast. Soc., vol. xvi. p.
414.
The rapidity with which these discoveries were made was owing in
part to the formation of star-maps, in which all known fixed stars being
represented, the existence of a new and movable star might be
recognized by comparison of the sky with the map. These maps were
first constructed by astronomers of different countries at the suggestion
of the Academy of Berlin; but they have since been greatly extended,
and now include much smaller stars than were originally laid down.
I will mention the number of planets discovered in each year. After the
start was once made, by Hencke’s discovery of Astræa in 1845, the same
astronomer discovered Hebe in 1847; and in the same year Mr. Hind, of
London, discovered two others, Iris and Flora. The years 1848 and 1849
each supplied one; the year 1850, three; 1851, two; 1852 was marked by
the extraordinary discovery of eight new members of the planetary
system. The year 1853 supplied four; 1854, six; 1855, four; and 1856 has
already given us five. 560
I may add that it appears to follow from the best calculations that the
total mass of all these bodies is very small. Herschel reckoned the
diameters of Ceres at 35, and of Pallas at 26 miles. It has since been
calculated 53 that some of them are smaller still; Victoria having a
diameter of 9 miles, Lutetia of 8, and Atalanta of little more than 4. It
follows from this that the whole mass would probably be less than the
sixth part of our moon. Hence their perturbing effects on each other or on
other planets are null; but they are not the less disturbed by the action of
the other planets, and especially of Jupiter.
53
Bruhns, as above.
55
M. Le Verrier, Annales de l’Obs. de Paris, vol. i. p. 89.
Tides.
The Tides of the Coast of Ireland have been examined with great care
by Mr. Airy. Numerous and careful observations were made with a view,
in the first instance, of determining what was to be regarded as “the
Level of the Sea;” but the results were discussed so as to bring into view
the laws and progress, on the Irish coast, of the various inequalities of
the Tides mentioned in Chap. iv. Sect. 9 of this Book.
I may notice as one of the curious results of the Tide Observations of
1836, that it appeared to me, from a comparison of the Observations, that
there must be a point in the German Ocean, about midway between
Lowestoft on the English coast, and the Brill on the Dutch coast, where
the tide would vanish: and this was ascertained to be the case by
observation; the observations being made by Captain Hewett, then
employed in a survey of that sea.
But many points of this kind might be decided, and our knowledge on
this subject might be brought to a condition of completeness, if a ship or
ships were sent expressly to follow the phenomena of the Tides from
point to point, as the observations themselves might suggest a course.
Till this is done, our knowledge cannot be completed. Detached and
casual observations, made aliud agendo, can never carry us much
beyond the point where we at present are.
Double Stars.
Sir John Herschel’s work, referred to in the History (2d Ed.) as then
about to appear, was published in 1847. 57 In this work, besides a vast
amount of valuable observations and reasonings on other subjects 564 (as
Nebulæ, the Magnitude of Stars, and the like), the orbits of several
double stars are computed by the aid of the new observations. But Sir
John Herschel’s conviction on the point in question, the operation of the
Newtonian law of gravitation in the region of the stars, is expressed
perhaps more clearly in another work which he published in 1849. 58 He
there speaks of Double Stars, and especially of gamma Virginis, the one
which has been most assiduously watched, and has offered phenomena
of the greatest interest. 59 He then finds that the two components of this
star revolve round each other in a period of 182 years; and says that the
elements of the calculated orbit represent the whole series of recorded
observations, comprising an angular movement of nearly nine-tenths of a
complete circuit, both in angle and distance, with a degree of exactness
fully equal to that of observation itself. “No doubt can therefore,” he
adds, “remain as to the prevalence in this remote system of the
Newtonian Law of Gravitation.”
57
Results of Astronomical Observations made during the years 1834, 5, 6, 7,
8, at the Cape of Good Hope, being the completion of a Telescopic Survey of
the whole Surface of the visible Heavens commenced in 1825.
58
Outlines of Astronomy.
59
Out. 844.
END OF VOL. I.
H I S TO RY
OF THE
I N D U C T I V E S C I E N C E S.
VOLUME II.
B O O K VIII.