How to run a successful small business?
Before you start
Explain the sentences below in your own words.
Behind every small business, there's a story worth knowing. All the corner shops in our towns and cities, the restaurants, cleaners, gyms, hair salons, hardware stores - these didn't come out of nowhere.
Paul Ryan
Small business is the backbone of our economy. I'm for big business, too. But small business is where the jobs are generated.
Michele Bachmann
Reading
Read the text about running the successful small business.
How to run a successful small business?
A small business is generally owned by one or two people. Running a small business is often quite difficult. It involves a high amount of knowledge, preparation and skill. The owners of a small business usually contribute to the majority of the business. The owners obviously make most of the decisions and look after the running of the business. The best way to run a successful small business is to start of with a business plan. A business plan would best be described as a summary and evaluation of your business idea and the goal of your business, in writing. By doing this is allows the owner/s to thoroughly think through all the aspects of the business and to analyse the strategies and the business’s consequences. Preparing a business plan is probably the most important task for anyone wanting to start a small business, or any business for that matter. A business plan should also include details regarding the industry in which you are wanting to sell your goods or services, marketing ideas, production and financial strategies.
Advantages of a business plan:
• It forces you to fully examine your plans and actions and to set targets.
•
It enables you to
test
your ideas
on paper.
• It allows you to anticipate problems and decide how to handle them.
• It indicates to others your ability and commitment.
• It shows lenders and suppliers that you understand your business.
When setting up your own business, knowledge is the virtue. If you as a business owner are able to research your potential competitors before setting up a business then you will be able to know what you will be up against, and the best ways in beating them. Preparation is another important concept. An important idea which, these days is being more highly recommended is consulting financial professionals. Doing this will improve your chances of being able to successfully run a small business .
Vocabulary
Match the words from the text (1-10) with the definition (a-i). Then write the words and phrases in your language.
business plan _____
business idea _____
the goal of business _____
the owner/s _____
to set targets _____
to test ideas _____
to anticipate problems _____
ability _____
commitment _____
potential
competitors
_____
possible but not yet actual trying to get something which not everyone can have.
the quality of being able to do something, especially thephysical,financial, or legal power to accomplishsomething.
a procedure for critical evaluation; a means ofdetermining the presence, quality, or truth.
a written document that describes in detail how a new business is going to achieve its goals.
is a concept which can be used for commercial purposes.
an object that you have to hit in a business.
the act of binding yourself (intellectually or emotionally) to a course of action.
to feel or realize beforehand; foresee.
an observable and measurable end result having one or more objectives to be achieved within a more or less fixed timeframe.
of or belonging to oneself or itself.
Speaking
Work in groups of two people. And think about the main aspects of a successful small business. Give a short talk to others.
Writing
Think of a career you would like or would not like, to have. Write a short text about it, using the texts in exercise 2 as a model.
Get real
Use
the Internet to find out about small companies or visit a small
business in your native city. And make a project about the future
business and the aspects of it development.
Skuratova Helen
Salary
Before you start
What is the average salary in your country?
How much do employees typically earn?
How do you think, who earns more than other people?
Reading
Joke “Raise me a salary”
Sam walks into his boss’s office. “Sir, I’ll be straight with you, I know the economy isn’t great, but I have over three companies after me, and I would like to respectfully ask for a raise.” After a few minutes of haggling the boss finally agrees to a 5% raise, and Sam happily gets up to leave.
“By the way”, asks the boss as Sam is getting up, “which three companies are after you?” “The electric company, water company, and phone company”, Sam replied.