D. Read and reproduce the dialogue paying attention to the expressions in bold

Interviewer: When did you first go into business?

David: I set up a small business selling office supplies in 1989, filing systems, office equipment and so on. In 1991 I went into partnership with my old friend. We made a loss for the first two years, but then things got better and we’ve made a profit most years ever since. But there have been bad times too.

Interviewer: In what way?

David: Well, during the economic recession of the early 1990s, a lot of small businesses were going under, and I thought our business would fold, but we survived. All around us, small firms were going bankrupt. But in 1994 we won a contract, despite stiff competition, to supply the local government offices, and that was an important moment for us. We took on staff and expanded. And we were proud that we had created jobs for local people at a time when unemployment was high. Our sales figures improved steadily, and soon we had an annual turnover of more than ten million dollars.

Interviewer: So what’s the secret of your success?

David: Well we’re quite cautious[1]. For instance, we always carry out market research before launching a new product. But also, we set a high value[2] on customer service[3], especially after-sales service[4]. But at the end of the day[5], running a successful business is a combination of hard work, luck and intuition.

Interviewer: Finally, there are rumors that you may float the company on the stock market.

David: At the moment we have no intention of going pub lic, and people shouldn’t believe everything they read in the newspapers!