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HW check

HW check. The Pendulum of Control 1 interfere 2 market 3 wages 4 needs 5 exploited 6 communist 7 central 8 marketplace 9 at 10 government’s 11 reducing 12 planning 13 Central 14 Eastern 15 collapsed 16 enterprises 17 investors 18 central planners 19 jobs 20 wages 21 privatized

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HW check

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  1. HW check • The Pendulum of Control 1 interfere 2 market 3 wages 4 needs 5 exploited 6 communist 7 central 8 marketplace 9 at 10 government’s 11 reducing 12 planning 13 Central 14 Eastern 15 collapsed 16 enterprises 17 investors 18 central planners 19 jobs 20 wages 21 privatized 22 market 23 create 24 income 25 voters

  2. Entrepreneurs /,םntrəprə’nəЗ:/ /,a:ntrəprə’nəЗ:r/

  3. General meaning • assuming, organizing and managing risk of a business in return for the profits • pioneering change • working for himself/herself

  4. entrepreneur, n (C) /,a:ntrəprə’nəЗ:r/ Someone who starts a company, arranges business deals and takes risk in order to make a profit. • entrepreneurship, n (U) The act of being an entrepreneur • entrepreneurial, adj. Possessing qualities of an entreprenur

  5. Complete the sentences with: entrepreneurship, entrepreneurial, entrepreneur • Once again private ____________ has not waited for government to take the initiative. • State government had sought to promote economic development through cose links with local _______________. • We are looking for art and design graduates with an ___________ approach to the subject.

  6. Once again private entrepreneurship has not waited for government to take the initiative. • State government had sought to promote economic development through cose links with local entrepreneurs. • We are looking for art and design graduates with an entrepreneurial approach to the subject. • HW: Resource Bank, p 31

  7. Open to: ALL TEAMS Task: MIND MAP one of the following topics: Types of economic systems Economic sectors & employment Public and private sector Types of businesses in the private sector Get input on mind-mapping – on my web site! Deadline: 2 December CHALLENGE!

  8. →Reader, p 32 • Do the quiz! Test yourself! • Answer the questions! According to the quiz, talented entrepreneurs...

  9. Talented entrepreneurs... 1 provide a useful service for society 2 come from families which run a number of businesses 3 enjoy working alone whenever necessary 4 often give good advice or help 5 try to resolve difficulties all by themselves 6 know how to organize special events 7 sometimes write down plans for the next week Think of adjectives you would use to describe them

  10. Talented entrepreneurs... 1 provide a useful service for society 2 come from families which run a number of businesses – e.g. experienced... 3 enjoy working alone whenever necessary e.g. independent, self-confident.... 4 often give good advice or help e.g. wise, understanding 5 try to resolve difficulties all by themselves e.g. self-assured, control freaks... 6 know how to organize special events eg: 7 sometimes write down plans for the next week Go on...

  11. Talented entrepreneurs...(cont.) Think of adjectives you would use to describe them 8 would invest a large sum of money in something they have always wanted to do - e.g. 9 like taking risks if neccessary - e.g. 10 are enthusiastic about everything they do - e.g. 11 keep trying when it gets difficult - e.g. 12 would have a job they like even if they don't make much money - e.g. Can you think of other qualities? Is there anything else that might be important?

  12. Capital$$$? Finance$$$? SOURCES OF FINANCE? • past savings, bank loans and overdrafts • capital of partners, bank loans • sale of shares over the counter - off-exchange trading • sale of shares on public stock exchanges... ... FIND “ADVENTUROUS” INVESTORS OR ... FIND AN A _ _ _ _ ...

  13. INSTITUTIONAL INVESTORS (insurance firms, mutual funds) & ANGEL INVESTORS (affluent individuals) invest in start-up companies, (start-ups) VOCABULARY – look it up! • venture capital = risk capital • venture capital firm • venture capitalist • institutional investors (insurance firms, mutual funds) • start-up companies – start-ups

  14. Vision & Mission Statements • Before you start your business... establish your strategic framework: 1 – state your goals - vision 2 – say what you are doing to realize them - mission 3 – present potential investors with a business plan

  15. Vision statement • a statement about what your organization wants to become • the image that a business must have of its goals before it sets out to reach them • describes aspirations for the future, without specifying the means that will be used to achieve those desired ends → RB p 34 (a couple of examples)

  16. Vision statement (cont.) Key terms in vision statements: • To be, to become • Leading • The best • Achieves • Distinctive • Makes marked contribution • Success

  17. Open to:ALL TEAMS!!! Task: MIND MAP one of the following topics: Types of economic systems Economic sectors & employment Public and private sector Types of businesses in the private sector Get input on mind-mapping – on my web site! Deadline: 2 December! CHALLENGE!

  18. Mission statement or Purpose • a precise description of what an organization does • a definition of “why” the organization exists currently → RB p 34 (a couple of examples)

  19. 1 To create 2 To be 3 To offer 4 To facilitate 5 To give 6 To provide 7 To recognize / appreciate 8 To preserve a) values, needs, differences b) processes, communication c) reputation d) high-quality products, reputation e) adequate reward f) leading institution, most desirable employer g) excellent service h) learning, personal development, career building Mission or Purpose (cont.)Key terms in mission statements? Match?

  20. 1d To create 2f To be 3g To offer 4b To facilitate 5e To give 6f To provide 7a To recognize/ appreciate 8c To preserve → Reader, p 34 high-quality products, reputation leading institution, most desirable employer excellent service processes, communication adequate reward learning, personal development, career building values, needs, differences reputation Mission or Purpose (cont.)Key terms in mission statements?

  21. Open to:ALL TEAMS!!! Task: MIND MAP one of the following topics: Types of economic systems Economic sectors & employment Public and private sector Types of businesses in the private sector Get input on mind-mapping – on my web site! Deadline: extended to 2 December! BLOOMING Commercial: CHALLENGE!

  22. Business Plan A written report stating a company’s plans regarding sales, product development, financing. • Check it out: Reader, p 35 • Sort out the questions HW, MK p 78 Reading + Vocabulary, p 79 + don’t forget RB, p 31

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