5. Read the text again and decide if the following statements are true (t) or false (f).

Setting up a business of your own means that you take respon-sibility for making a decision.
No one else will correct your mistakes if you work on your own.
Everyone starting a business of their own can enjoy the rewards of their own initiative.
Those who are starting their own business usually have similar personalities.
You shouldn’t blame others when your business goes down.
Running a business always means ability to adapt yourself, if necessary.

6. Complete the sentences using the words from the box.

careful backgrounds persistence sound face different disappointed overcome

1. Businessmen often have to … challenges.

2. … planning, good ideas and commitment usually help those who start their own business to … the challenges.

3. People involved in business come from different … and have all kinds of …personalities.

4. If you give up easily it means that you don’t have … .

5. You will often be … if you prefer to blame others when something gets wrong with your business.

6. Though some people are blessed with exceptional understanding of their customers’ needs they are very … about taking risks.

7. Use the appropriate form of the modal verbs can, may, have to, be to in the following sentences.

1. There are dozens of organisations which … provide help and advice on the best way to get your business going.

2. If you … succeed there are a number of qualities, which are important.

3. You … be very careful about taking risks.

4. You … have less financial security.

5. You may … work longer hours.

8. Complete the statements with the words in the box. Do you agree to all of them. Prove your point.

community competitors customerlawloss

prices profit staff taxes wages

To succeed in business you should:

1. value your _____ .

2. focus only on making a big ____ .

3. pay employees low ______ .

4. charge high _____ .

5. never break the _____ .

6. avoid paying ___ .

7. believe the ___ is always right.

8. invest in the local _____.

9. put your ____ out of business.

10.be prepared to make a _____ for at least the first year.

9. Work in pairs. Student A is a reporter, student B is going to start a business. Then give an account of the interview.

10. Translate into English.

1. Ви хочете займатися індивідуальною підприємницькою діяльністю?

2. Заснування бізнесу потребує розумного планування.

3. Заснування бізнесу вимагає ризику.

4.Щоб почати бізнес, вам доведеться зіткнутися з труднощами.

5. Ви знаєте, що шукають ваші покупці?

6. Щоб досягнути мети, вам потрібні сила волі, рішучість і наполегливість.

7. Ви не повинні легко здаватися.

8. Якщо щось йде не так, він схильний втрачати інтерес.

9. Як ви сходитеся (уживаєтеся) з іншими людьми?

10.Я намагаюся уникати ситуацій, які ведуть до стресу.

Unit 11

KEY TO SUCCESS

Learn the active vocabulary of the Unit and be ready to use it in your further work.

to reinvest profits ultimately tips to turn into to be willing to be above average to spell out the deal expenses leverage loan undeniable to turn down

to make up one’s mind established competitor to be vigilant about tenacity to proceed to assemble to quit to acquire prejudice drawback preconceived instant access

ingenuity to assess worst-case scenario to outweigh whiz lucrative associate=partner to pave the way venture breakthrough interface resilient

Pre-reading task:

1.Discuss in pairs.

1. How to become a millionaire? Do you have any ideas?

2. What do you thinkare young millionaires known for?

3. Do you know the story of their success?

4.“Your most unhappy customers are your greatest source of learning.”Do you agree or disagree with this quote? Why?

2. Translate the following phrases from the text below and use them in sentences of your own.

1) to avoid unnecessary thinking; 2) to assess the risks; 3) to knowwhen to quit; 4) to spell out the deal; 5) to make up one's mind 6) with tenacity and ingenuity; 7) to face a decision;8) towork out all the specifics; 9) there’s no sense in repeating the same old mistakes; 10) tobe willing to be different.

3. Read text A and translate the sentences containing the phrases from Ex. 2.

Text A

The history of success and failures

Becoming a millionaire is not extremely difficult. It takes money, time, discipline, and a little luck. There are 10 important tips:

1. Reinvest your profits.When you make money, reinvest your profits instead of spending them. Even a small sum can ultimately be turned into great wealth.

2. Be willing to be different. Don’t base your decisions on what everyone else is saying or doing. Think for yourself if you want to be above average.

3. Never suck your thumb. Do your homework, and be prepared to quickly make up your mind and act on it. Avoid unnecessary sitting and thinking.

4.Spell out the deal before you start. Your leverage is always greatest before you begin a job. Always work out the specifics of a deal before you start, even if you’re dealing with friends or family.

5. Watch small expenses. Be vigilant about minimizing your expenses, both in business and in your personal life.

6. Limit what you borrow. You should be careful with loans and credit cards.

7. Be persistent. With tenacity and ingenuity, you can win against a more established competitor.

8. Know when to quit. Know when to walk away from a losing proposition. There’s no sense in repeating the same old mistakes.

9.Assess the risks. When you face a decision, imagine the best- and worst-case scenarios. If the benefits don’t outweigh the risks, then think twice before proceeding.

10. Know what success really means. There’s more other things in our life than money.

It’s pretty simple, really. Spend less than you earn, invest regularly, don’t go into debt, don’t take unnecessary risks, and stick to it. You should remember that everything is in your hands.

4.Find the English equivallents in the text and translate the sentences.

1) зменшувати витрати; 2) десять важливих порад;3)повторно

інвестувати прибутки; 4) влазити в борги; 5) бути пильним; 6) все у ваших руках; 7) найгірший сценарій; 8) бути наполегливим; 9) бути обережним з кредитами та кредитними картками; 10) вигравати у cильнішого конкурента.

5. Complete the following sentences with appropriate words in the box.

pathsa millionairewhiz lucrative paved

For many, the American dream isn't just to become 1)……….-it's to become a young millionaire. Many 2)……. kids like Bill Gates and Steve Jobs 3)……their way to make a lot of money and to become rich. How did they do it? They may have taken slightly different 4)……, these young millionaires all found a way to turn unique ideas into 5)……. ventures.

_________ _____________

Text B

Dylan Wilk runs his own multimillion-pound business and could afford to retire. He draws a six-figure salary and drives a bright yellow BMW M3. Holidays are spent in California or skiing in Austria.

But Wilk is only 23 years old. He set up his company, Gameplay, at the age of 20 and in just three years it has become Britain’s second-largest mail-order supplier of computer games with 35 staff and a turnover of £7.5 million in 1997, set to double this year. He is one of the Thatchers babies – the children born or brought up since 1979 when she started the enterprise revolution.

One in eight of all startup businesses is founded by an entrepreneur aged 16 to 24 and there is a growing number of teenage and twenty-something tycoons. They include 14-year-old Tom Hartley, who became Britain’s youngest self-made millionaire by selling Porsches.

Andrew Collins, 21, started Firemagic Fireworks, at the age of 19. He is turning over £100, 000 a year and has just taken on a new partner, his former chemistry teacher, who encouraged his interest in pyrotechnics.

In spite of some undeniable success stories, two-thirds of startups by under-25s end in failure within four years, a far higher rate than for older people. Alan Sugar, who set up his first business at 19, believes starting too young can be damaging. Sugar says: “I would not want to see many entrepreneurs straight out of school. They need to have some experience of work and real life.”

Many banks often turn young people down for a loan.Youngsters may also experience prejudice from customers and suppliers who see them as naїve and inexperienced. Victoria Goodwin started her own decorative finishes business when she was twenty. She says: “Being young can be a drawback, but it can also be an advantage because some customers believe you don’t have preconceived ideas and will do what they want.”

Richard Street, chief executive of a charity organisation says: “Business education would certainly benefit young people: not all will become entrepreneurs, but they need to be prepared because they will have flexible careers with periods in jobs and periods of self-employment.”

Notes: far higher rate –набагато вищий показник

youngsters - молоде покоління

decorative finishes – декоративні (викінчувальні) матеріали