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Part 2 New Business
I. What conditions are important for people starting new businesses? Choose the three most important from this list. Can you think of any others?
Many economies contain a mix of public and private sector businesses.
Think of the companies you know in the areas given in the list. Which of them are public sector companies and which are private sector companies?
BUILD YOUR VOCABULARY
I. Match the terms 1-10 to their definitions a-j.
II. Complete the economic profile. Don’t look back at the terms in task I.
The economy is stable following the problems of the past two years. By following a tight monetary policy the government has reduced the inflation rate to 2%. After going up dramatically, the i… r… is now down to 8%. The last six months has seen an improvement in the e… r… against the dollar. The G… has grown by 0.15%. Exports are increasing and the b… of t… is starting to look much healthier. The u… r… continues to be a problem as it is still 16%. In order to stimulate the economy and attract g…i… the government is offering new t… i… as well as making an effort to reduce g… b… . Finally, a large skilled l… f… means there could be attractive investment opportunities over the next five years.
GRAMMAR REVIEW 2
We can combine two or more nouns in several ways.
‘s possessive Julia’s desk
one noun used as an adjective head office
phrases with of Director of Communications
compound nouns forming one word boardroom
I. Match these examples with the categories above.
customer satisfaction way of life salesperson Coca-Cola’s logo
II. Underline the most suitable noun combination in each group.
III. Nouns used as numerical adjectives are singular.
Example. A plan which lasts for 10 years = a ten-year plan.
Change the following phrases in the same way.
a hotel with five stars
a budget worth 3 million dollars
a presentation that lasts 15 minutes
a contract worth 200,000 pounds
an industrial empire which is 150 years old
IV. Match each noun in column 1 to two of the nouns in columns 2-4 to make
V. Make sentences with the noun combinations in task IV.
I. Discuss these questions.
There are four key ingredients when starting a new business: an innovation, a good team, the right market opportunity and the right financing strategy. In what ways are they important? There phrases may help you.
If you have (an innovation) you can …
Without a good (team), you can’t …
If you want to … , you have to have …
It is impossible to … if you haven’t got …
In your opinion, which of these four ingredients is the most important?
II. Go through the article quickly to find the four elements that a good team
A good team needs:
the ability to …
How to Add the Human Touch
By Doug Richard
When thinking about how you start your business, getting the right team together will be the most important and the most difficult decision you make.
The reason is simple. No one person has all the skills, experience, contact or reputation that are required to start and develop a business. So, in order to succeed, you will have to form a core team of people.
Before that, however, you can only know who else you need by knowing your strengths and your weaknesses. Having a great business idea does not mean that you have the skills to manage others. The hardest of all your decisions may be to let someone else lead the company you founded.
What does the team need?
First, it needs the ability to sell and the ability to persuade others to buy into your vision.
Second, the team needs the ability to count. The business is managed by managing the flow of cash. It may be the accountant’s job to do your books, but it is your responsibility to understand them so well that you use them to drive the business.
Third, the team needs experience. There are three types: customer experience, product experience and start-up experience. If you are going to sell an Internet service to restaurants, you need experience of running restaurants. If your team has only one or the other, you will either know what product to build or how to build it, but not both.
Fourth, the team needs to have contacts, relationships, a network. Having people who can help you informally or formally will help your business succeed.
Finally, you and your team must be fully aware that starting a business means giving up two things – time and money. It often means working evenings and weekends, and being last in line for payment. Succeeding with an innovation-based company takes everything: all of your time, all your great ideas – and it may take all of your money.
There is no magic formula in building a business. It is like putting together the pieces of a puzzle. But it is worth remembering that the team is the most important piece.
III. Read the article carefully. Then decide whether these statements are true
If you want your new business to succeed, you first need to gain all the necessary skills and experience.
New entrepreneurs sometimes rightly decide to let another person lead the company they started up.
Good cashflow management is a necessary condition for a business to be successful.
An effective team will have experience in three key areas.
You need to put in a lot of time and effort before you can enjoy the rewards of owning a fast-growing start-up.
Building the right team is the magic formula to setting up a successful business.
IV. Match the verbs 1-8 to the nouns a-h to make word combinations from
V. Render the article in English.
Dealing with numbers
(Market Leader Pre-Intermediate Unit 11 Recording 11.5)
I. Say these numbers. Listen and check after each group.
47 362 1,841 15,000 36,503 684,321 4,537,295
3.5 2.89 9.875
3/4 1/8 6/7 1/2 2/3
15% 50% 97% 100%
f 80 $5,800 150,000 euros 20,000 euros
II. Try and answer these questions.
What is the population of your city?
How many people study at your institute department?
What is the average salary in your country?
What is the inflation rate?
What are the interest rates in the banks?
Listen to the following extracts from a radio business news programme.
Underline the numbers you hear.
a. Inflation rate: 2.0% / 1.2%
b. Unemployment: 1,258,000 / 1,800,000
a. Profits increase: $ 1.8 billion / $ 1.8 million
b. Sales increase: 80% / 18%
a. Job losses: 1/3 / 1/4
b. Workforce reduction: 15,000 / 5,000
a. Interest rate reduction: 0.5% / 1.5%
b. Economic growth: 2.8% / 1.8%
Saying large numbers
Example. 912,757,250 =
British and American differences
320 = three hundred and twenty (BrE)
Three hundred twenty (AmE)
0 = nought / oh (BrE), zero (AmE)
1.25 = one point two five
0.754 = nought point seven five four (BrE)
zero point seven five four (AmE)
point seven five four (BrE/AmE)
5/7 = five sevenths 2/5 = two fifths ½ = a half ¼ = a quarter
65% = sixty-five percent
f 3,000,000 = three million pounds $16,000 = sixteen thousand dollars
You work for a Marketing Department which is launching a new range of mobile phones in the overseas market. You are gathering statistical information. Work in pairs.
Student A: ask and answer questions to complete the information in your tables. For example, What’s the population of Tokyo? (Twenty-six point four million OR Twenty-six million, four hundred thousand).
Student B: ask and answer questions to complete the information in your tables. For example, What’s the population of Sao Paolo? (Seventeen point eight million OR Seventeen million, eight hundred thousand).
Setting up a business
I. Read these extracts and decide which sections of the business plan checklist they come from.
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