· Read the following text about five important steps for setting up a business. Complete the chart below. Did you have the same ideas?
Well the first step, of course, is to develop a new product idea. Many people decide to start a business because they have a good idea.
But you have to remember that about 80 per cent of new business ideas fail. Usually it's because people don't understand the market. So the second step is to conduct market research. Your research should answer two key questions. First, is there a demand for your product or service? Second, who are your competitors?
When you know you have a market, the next step is to prepare a good business plan. Your business plan helps you to focus on what you want to do. It also helps with the fourth step: getting finance.
You have to decide what type of business you want to have, your goals, your product or service and its key selling points. In the plan, you also need to show that you can run the business. So you include information about staff, management, production, marketing and, of course, finance. This shows that you know how to run a business.
But the most important step is the fifth one: to build a customer base. You need a number of regular customers who come back to you year after year. A strong customer base is key to making a success of your business.
3.What two questions does your market research need to answer?
4.What two things does a business plan help you to do?
5.What does it usually include? Name three things.
6.Which step is the most important? Why?
7.Most businesses fail because people don't understand the market. What other reasons for failure can you think of?
· Complete the text with the following words and phrases.
bankrupt distribute sold cool equipped order set up
Snacks 2U was a small firm that produced fresh snack foods and 1__________________them to shops, cafes and bars in the region. To 2__________snacks, it used trucks which it 3______________with refrigerators to keep the food 4________________. The business was a success until one day a new producer5___________________in the same area. It supplied exciting new snack foods at a lower price. Shops and cafes started to 6_____________products from the new company. Snacks 2U wasn't able to compete, and six months later it went 7__________________.
· Combine words from A and B to make phrases. Use the phrases to complete the sentences below.
1. The person who _____________usually has the title of CEO.
2. Companies sometimes____________ when the economic situation is bad.
3. More and more people wanted to buy the new snack food. The company had to increase production to_____________.
4. When Patrick moved away from home to start work, he had to____________.
5. Running your own business is hard work, but you can__________________too.
Unit 6. What companies want from àn ÌÂÀ graduate
· Read the article about what companies want from ÌÂÀ graduates and decide if these statements are true or false.