OVERVIEWY Vocabulary esomieere Listening. Sate enone ) Read LU Thetaman touch [| tzneage review Tigetinta Ooo Osis Dealing with numbers [] Gasestugy — Marcia Lee Jeans Naan Tag RST © wet concitions are important for people starting new businesses? Choose the three most important from this list. Can you think of any others? * low taxes + good transport links * skilled staff + training courses * low interest rates + high unemployment = cheap rents + a strong currency = stable economy * government grants © Many economies contain a mix of public- and private-sector businesses. Think of companies you know in the areas below. Which are public-sector companies and which are private-sector companies? * post office + rail + TV/newspapers + water * energy * telecoms * cats * airlines @ Many companies in the UK have been privatised. What are the trends in your country? Talk about the business sectors in Exercise B.EETTTED) © match the economic terms (1-10) to their definitions (a-)).. Economic terms . 11 New business | 4 Interest rate —— a) total value of goods and ser 2 exchange rate produced in a country 3 Inflation rate b) general increase in prices 4 labour force ~~ © cost of borrowing money 5 tax incentives 4) price at which one currency can 6 government bureaucracy buy another 7 GDP (gross domestic product) _e) percentage of people without jobs 8 unemployment rate £) people working 9 foreign investment 8) low taxes to encourage business 40 balance of trade activity h) money from overseas 1) official rules /regulations/paperwork D difference in value between a country’s imports and exports © Try to complete this economic profile without looking back at the terms in Exercise A. The economy is stable following the problems of the past two years. By following a tight monetary policy the government has reduced the if Palll.....sseeetto 2%, After going up dramatically, the i r. 2is now down to 8%. The last six months has seen a slight improvement in the 2 r. > against the dollar. The ©, “ has grown by 0.15%. Exports are increasing and the Doceeeccssssse OF fsessesseeens# iS Starting to look much healthier. The, oli “continues to be a problem as itis still 16%. In order to stimulate the economy and attract /. the government is offering new i. i vas well as making a renewed effort to reduce 4 - Finally, a large skilled f. * means there could be attractive investment opportunities over the next five years. i 7 @ (2114 Listen to the report and check your answers to Exercise B. © Write sentences about the economic profile of your country. lo[11 New business 200] © (112 Professor Roger Mumby-Croft is Head of the Enterprise Centre in the Starting new | businesses e ‘& Roger Mumby-Croft Reading MA) The human touch Business School at Oxford Brookes University. Listen to the first part of the interview. What are the main problems facing new businesses, in his experience? (11.8 Listen to the second part and decide which of the following was the interviewer's question. 1 What advice do you give to people starting their own companies? 2 Whyare there so few agencies which really help new businesses? 3. How can new businesses get help to grow and become successful? 4 Why do so many new companies have problems with business planning? 11.4 Listen to the third part ofthe interview. Decide whether these Oita ui he third part ofthe interview. Decide whether th statements are true (1) or false (F). 41. The managing director was confident that the electrical engineers would be able to build and grow a business 2 The engineers needed help in order to develop their product. 3. The product they developed was problematic from an environmental point of view. 4 It took two years to develop their business skills. Their turnover this year will be over a million pounds. 6 They were able to grow properly because they had recognised their weakness. Discuss these questions. 1 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? These phrases may help you. Ifyou have (an innovation), you can ..... Without a good (team), you can’t . Ifyou want to » you have to have... It is impossible to ifyou haven't got . 2 Inyour opinion, which of those four ingredients is the most important? Why? Go through the article quickly to find the four elements that a good team needs. ‘Agood team needs: 1 the ability to,1 New business ) How to add the human touch ‘has oniy one or the other, ou wl ether now whet. you start. your business, PE) vreatuct to bud or how to getting the right team build it, but not both fogether will be the most He | © "Fourih, the team needs ‘important and the most dit to have contacts, relation- ficult decision you make. ships, a network, Having "The reason is simple. No people who can help you ‘ono porson has all the Infortnaly or formally Will skills, experience, contacts help your business. suc- 10 or reputation that are coed. required to get a business Finally, you and your ‘up-and running. ‘$0, in team must be fully avare order to succeed, you will ao itt slarting a bosness forma core team ‘means giving up two things ae eam = lime and money fe ‘Boor that, however, ou ‘quently means working cean only know who else evenings and weskends, you need by knowing your managing the flow of cash. , M4 belng last in line for strengths and your weak- Ttmay be the accountant’s 7 Pavment, Succeeding with, 20 nesses. Having great busi- job todo your books, but it inovation-based com. hess idea docs not mean 4 is your responsibility to Pany takes everything: all that you have the skills to understand them so well of Your time all your grea manage others. The hard- that you use them to drive eed a pecsoul ‘est of all your decisions the business. rifices and it may take 4% may be to let someone else Third, the team noeds °F Your money. ead the company you experience. There are three, There sno magic formu. founded. types: customer experi- 4 to building a business. It ‘What, then, does the ence, product experience ,. * like putting together the team need? ‘and startup experience. Ir ® Pleees of a puzzle. But itis ‘First, itneeds the ability | you are going to sell an Worth remembering. that to sell and in particular 50 Internet service to restau- {he team is the most impor- the ability to persuade oth- rants, youneed experience _t#nt Piece, erstobuy into your vision. in. the development _of Second, the team needs Internet services and the 6 the ability to count. The _ experience of running Dusiness is managed by restaurants. If your team FINANCIAL TIMES @ Read the articte carefully. Then decide whether these statements are true (T) or false (F) according to the article. 1 If you want your new business to succeed, you yourself fist need to gain alt the necessary skills and experience. 2 New entrepreneurs sometimes rightly decide to let another person lead the company they started up. 3 Good cashflow management is a necessary condition for @ business to be successful. 4 Aneffective team will have experience in three key areas. 5 You need to put in a lot of time and effort before you can enjoy the rewards of owning a fast-growing start-up. 6 Building the right team is the magic formula to setting up a successful business. © Work in groups of three or four. Think about a business you could start as a ‘group. Consider these questions. * What kind of business would it be? * What do you already have as a group? Think about ~ skills experience = contacts * What other strengths do you have? What about your weaknesses? * What difficulties do you think you may face? How will you overcome them? 01| 11 New business eros Time clauses 22] ‘Kate North ‘Time clauses provide information about actions and events in the past. present and future 1 We often use wien to introduce time clauses. ‘+ He remembers when he frst joined the company... (past time) ‘+ When there are few jobs, young people tend to study more. (present titne) + When I'm on the plane, Ill read all the contracts. (huture time) 2 We can also use while, before, after, until and as soon as to introduce time clauses. + Many new high-tech companies started while the economy was growing. + We need arrange our finance before we can develop the business + After we meet the candidates we'll decide how many to employ. + Until inflation is under control, planning willbe difficult 3 When we use a time clause to talk about the future, the verb in the time ‘lause i in the present tense or the present perfect tense + Assoon as they sign the contract, we'll announce the deal. © We'll make the decision when we've finished the budget. ree, page 128 © Match the sentence halves to make appropriate sentences. 4 We'll have breakfast in the hotel a) could you check these figures. 2. Please talk to your line manager ') when the conditions are right. 3 Until we have full employment, 9) as soonas interest rates fall. 4 We won't hire new staff 4) until we get new business. 5 While you're waiting for the fax, €) before you sign the contract. 6 We can set up in that country ) our economy will not improve. 7 While I'm with this company, \. @ before we go tothe ofc. 8 Consumer spending rises h) I want opportunities for training. © Complete these sentences with when, while, before, ofter, until or as soon 5. More than one answer may be possible in each case, 1 Don't make a decision - we've seen the report. 2 I'm meeting with Atsuko this afternoon. Send her up .. 3 Let’s sort out this problem ++. she gets here. 4 I'm coming to Paris tomorrow afternoon. Ill phone you . 5 Can you type this report for me . Vm away? she arrives. arrive. @ Kate North is an American who works in London. Read about her work routine and underline the most appropriate words. | usually get to work before / as soon as / until my boss arrives and as soon as /while /before *\ attive | check my e-mail and post. | usually try to answer allimportant enquiries until /as soon as /before ?| go to lunch. As soon as / Until /While + 'm having lunch, | often discuss problems with colleagues. When /Before /Until | work long hours, | can take time off another day. | have alot of flexibility over as soon as /when /until® | arrive at the office and before / when /while’ \leave, depending on the daily workload. © [F115 tistento the recording and check your answers. @ Work in pairs. Tell each other about your own work routine.11 New business J © (116 Say these numbers. Listen and check after each group. Dealing with a a) 47 b) 362 21.841 4) 15,000 e) 36,503 numbers 1) 684,321 g) 4,537,295 2a) 35 b) 2.89 9 9.875 3a % b) o% d)% )% 4 a) 15% b) 50% 0 97% 4) 100% 5 a) £80 b) $5,800 ©) €150,000 d) €20,000 © Tryand answer these questions. What is the population of your a) country? —_b) city? a 2 How many people work for your company/study at your institution? 3 What is the average salary in your country? 4 What is the inflation rate? 5 Roughly how many people are unemployed? 6 Whats the interest rate for savings? @ 6117 Listen to the following extracts from a radio business news programme. Underline the numbers you hear. 2a) Inflation rate: b) Unemployment: 2 a) Profits increase: 2.0% / 1.2% 4,258,000 / 1,800,000 $1.8 billion / $1.8 million ») Sales increase: 80% / 18% 3 a) Job losses: Ait b) Workforce reduction: 15,000 / 5,000 4 a) Interest rate reduction: 0.5% / 1.5% b) Economic growth: 2.8% / 1.8% Useful language | Saying large numbers For example, 912,757,250 12, 757. 250 nine hundred and twelve milion,| seven hundred and fifty-seven thousand, | two hundred and fifty British and American English differences Fractions land twenty (BrE) 5fy = five-sevenths Ya = ahalf 320 = three hundred ey tame) 4s = tworfiths Y= aquarter © = ought /oh (Bre) 0 = zero (AE) Percentages Decimals 65% = sixty-five percent 1.25 = one point two five 0.754 = nought point seven five four (Bré) Currencies 7 zero point seven five four (AmE) £3,000,000 = three milion pounds point seven five four (BrE/AmE) +€36,000 = sixteen thousand euros © You work for a marketing department which is launching a new range of mobile phones in an overseas market. You are gathering statistical information. Work in pairs. Student A: Turn to page 143. Student B: Turn to page 144. 1. Ask each other questions to complete your charts. 2 Discuss which are the best markets to launch the new range of phones in, bo3_