Vocabulary: Entrepreneurship

1. Practice reading the topical vocabulary from the Word File and translate it. Word File

1 entrepreneur n well-being for the sake of fire v as soon as It goes without saying get into business 2 set up a firm dream of mini-firm/a one-person firm survive v for a while remain v fail v flourish v grow v 3 society n the main moving force

4 measure v device n expand v correspondingly adv. increase profit earn v be proud of aircraft plant use v run the business charity n 5 additionally adv. in smb’s free time eventually adv. save up some money borrow v turn into v

6 be afraid respect v encourage v trade n 7 take on the responsibility make both ends meet figure v write out a paycheck equipment n supplies n put in your hours on the other hand incomparable adj. sense of freedom experience v likely adv. turn down an opportunity

Reading about Entrepreneurship

2. Scan the text and a) find two examples of entrepreneurial activities, b) list the main functions of a business owner.

3. Which of these statements are true? Correct the false ones.

1. An entrepreneur is a risky person.

2. Most dream of setting up a big business.

3. It’s not easy to set up a one-person firm.

4. Having survived, all mini-firms begin to flourish and expand.

5. The spirit of freedom is the morality of American society.

6. People of intellectual professions are ready to get into business.

7. Financial tycoons are the main moving force of the American economy.

8. A factory producing electricity measuring devices was initiated as a mini-business. Then the firm’s owner expanded his production and correspondingly increased his profits. Now aircraft plants and NASA actively cooperate with him.

9. An entrepreneur usually works for someone else. He calmly puts in his hours from 9 to 6 and rests on weekends and holidays.

10. Anyone who has experienced an incomparable sense of personal freedom while doing his own business would never turn down an opportunity to become an entrepreneur.

1 An entrepreneur is a man who is ready to risk his material well-being for the sake of some promising business. Such a person doesn’t wait until he is fired, but begins his own business as soon as he fells he is ready. It goes without saying that the earlier a person gets into business, the more time he has to correct the inevitable mistakes.

2 Not all entrepreneurs want to set up big businesses. Most dream of their own small, but solid business. Therefore besides the large and small companies in America there are also mini-firms – a one-person firm. It is not difficult to set up such a firm and it’s not hard to survive for a while. Some of them will remain that way. Some of them will quickly fail. But many, having made it through the first crucial two or three years will begin to flourish and some even to grow.

3 Entrepreneurship is a motto in America, the spirit of entrepreneurship is the morality of American society, and entrepreneurs are the main moving force of the American economy.

4 A competent engineer set up a small factory producing electricity measuring devices some 40-45 years ago. There were times when he could have expanded his production (and correspondingly increased his profit), but he never wanted to. He earned enough as it was. He is proud of the fact that aircraft plants buy his devices and NASA uses them on its shuttle spaceships and satellites. He began his business by himself in his garage. Now 49 people work at his factory. The atmosphere is almost like one big family. He is already 75, but he actively runs the business nonetheless, always introducing new technology and computers. He regularly gives to charity organizations. He is a typical American businessman and entrepreneur.

5 Another man, a car mechanic, while working for his boss, began to earn additionally in his free time in the evenings. Eventually he had his clientele. He saved up some money, borrowed the rest and built a small three-car repair shop. Now he works for himself and turned into an entrepreneur.

6 Even people with intellectual professions aren’t afraid to try other things and get into business. A professional doing some business is a normal phenomenon in America. It is respected and encouraged by society. And for anyone who has some trade – house painter, electrician, a joiner – it is even easier to start his own business.

7 Of course, to work for some one else is less trouble: someone creates a job for you, gets orders, collects money from the clients and takes responsibility for making both ends meet. At night he figures if he has enough money to write out your paycheck, pay the rent for the building, buy equipment and supplies and so on. And you calmly put in your hours from 9 to 6, and rest on weekdays and holidays (something the owner can’t always permit himself). On the other hand, entrepreneurship gives an incomparable sense of freedom. Anyone who has experienced it would not be likely to turn down an opportunity to become an entrepreneur.