UN IT 6:

EN T R EPR ENEUR S
6 .1 FA IR PH ONE
VOCABULARY

Crowdfunding (n)
The practice of funding a project or venture by raising money from a
large number of people, typically via the internet
VOCABULARY

Start-up (n)
A small business that has just been started
VOCABULARY

Set-up (v)
To formally establish a new company, organization, system,
way of working...
VOCABULARY

Pitch (v)
To try to persuade someone to do something
VOCABULARY

Target market (n)

The group of people that a company wants to sell its
products or services to
VOCABULARY

Business Angel (n)

A person who invests money in a new business to help it get
started
VOCABULARY

Go out of (business)
No longer exist
VOCABULARY
1. Pitch 1. Advice
2. Profit 2. Founders
3. Go out of 3. Growth
1. Start-up
4. Business angel 4. Financial
2. Crowdfunding
5. Funding 5. investment,
3. Set up
6. Target market backers
6. Entrepreneurial
 Prestigious (adj)
Very much respected and admired, usually because of being
important
 Reliable (adj)
Can be trusted or believed because he, she, or it works or
behaves well in the way you expect
 High-flyer (noun)
Someone who has a lot of ability and a strong wish to be
successful and is therefore expected to achieve a lot
 Underestimate (v)
To think that something is or will be smaller, easier, less
extreme, or less important than it really
 Commission (n)
A system of payment based on a percentage of the value of
sales or other business done
 Inevitable (adj)
Certain to happen and unable to be avoided or prevented
Ex2 – Vocabulary (p. 60)
1. Prestigious
2. Well-known
3. Fashionable
4. Cool
5. Reliable
6. High-flyer
 Unit 6:
ENTERPRENEURS
6.4 BUSINESS SKILLS
Presenting facts & figures
MATCHING – Ex3A
MATCHING – Ex3A 1. D
2. G
3. A
4. H
5. B
6. F
7. E
8. I
9. C
 Forecast (n)
A statement of what is judged likely to happen in the future
 Demographic (n/ adj)
A group of people, for example customers, who are similar
in age, social class, etc.
 Stock level (n)
The level of stock required for an efficient and effective
control of goods, to avoid over-and under-stocking of goods
 Loan (n)
An amount of money that is borrowed, often from a bank,
and has to be paid back
 Disposable income (n)
Income remaining after deduction of taxes and other
mandatory charges, available to be spent
 Target market (n)
The group of people that a company wants to sell its
products or services to
 Annual Revenue (n)
Money at the end of the year that a business earns
 Projected sales (n)
An estimate of how much revenue a company expects to
earn by a set point in the future
 Market growth (n)
Expanding a market's size and worth over time
 Unit 6:
Entrepreneurs
6.5 WRITING:
SUMMARIZING
Complete the summary – Ex 1B (p.66)
Complete the summary
1. Estate agent
2. Wooden toys
3. Craft fairs
4. Target market
5. Larger premises
6. Family savings
7. Placing an order
8. Pitching
9. Business angels
 identify main topic/purpose:
Tips for George Johnson, founder of GJWoodToys, explains how he
effective began his business
summary Use synonyms where possible:
Huge (enormous), soon(wasn’t long after this)

Paraphrase:
Both the money and experience

Use linking words to join sentences:

However, As a result, Finally

Use reporting verbs:

Mentions that
Complete the summary – Ex 3B (p.66)
 Complete the summary – Ex 3B (p.66)
The key ideas from George Johnson's advice to new entrepreneurs:
•Believe in your product or service: without passion - product or service not sell.
•Do extensive market research and listen to people's feedback: understand your target market
and what they need.
•Plan carefully and manage your time effectively: A good plan is a map if necessary.
•Listen to advice, but don't be afraid to reject what doesn't feel right. No one is an expert in
everything, but confident in your own decisions.
•Manage your finances carefully: important as your company grows and the amounts involved
increase.
•Negotiate hard with retailers for your desired unit price.
•Build close customer relationships. Without customers, your business will fail.
•Learn to trust key people and delegate work appropriately. This can be difficult, but it's
essential.
•Be prepared to work hard. Entrepreneurship is hard work, but it can be very rewarding.
 Listen & summarize the talk
George Johnson advises new entrepreneurs to passionately believe in their
product or service because, without that belief, it will not sell. His second point
is the need for extensive market research and to listen to people’s feedback.
After that comes good, step-by-step planning and time management. According
to him, a good plan is a map which can be redrawn if there are failures. The
best advice he was given was to listen to all the advice offered, but to reject
what felt wrong, but he believes that asking for advice when it is needed is vital
because no one is an expert in everything. Managing finances carefully from the
start is fundamental and becomes even more important as the company grows
and the amounts increase. When working with large retailers, he tells
entrepreneurs to negotiate hard for their desired unit price as retailers will
always aim for the lowest price possible. If the retailers want a product, it must
be good, so the entrepreneur should not give it away. In addition, close
customer relations are crucial because, without the customer, the business will
fail. Furthermore, becoming a leader and managing a company is hard, so
learning to trust key people and delegating work appropriately is essential,
although it is not easy when people are used to having total control. And finally,
he concludes that success requires hard work and that the entrepreneur will
probably work harder than ever before.