Some tips on starting your own business

Planning is an essential ingredient for a successful business. The type of business 1)_______needs most careful thought is the one you start from scratch. But you don’t need an original idea to have a good business. If you are worried about starting from scratch, you might want to think about buying a business 2)_________ is already running.

Talking to people 3) ________ have already started up their own business is very useful. You can learn a great deal from both successful businesses and those 4)_______ have failed. Your Enterprise Agency or Chamber of Commerce may run business clubs 5)__________ you can meet other small business owners.

Not having enough finance, 6) _________ is one of the most common problems in small business, can be fatal. It is easy to underestimate the amount of money 7)______ you will need to start up your business. The time 8) _______ you spend working out your cash needs and monitoring cashflow is time well-spent.

You should have at least a basic understanding of trading laws, 9)________ protect consumers, employees, the general public and businesses as well.

Failure to respect these laws could even be a crime. For example, every employee 10) ________ employment continues for one month or more, has the right to receive a written statement, 11)_________ is a sort of contract with the terms and details of their employment.

Your local tax office will send you documents 12)_____________ show you how much you need to take out of each employee’s wages, and where to send the money.

Answer the following questions:

What is important for a successful business?

What do you need if you start from scratch?

Why is it useful to talk to people who have already started up their own business?

What is the most common problem in small business?

What should you work out carefully? Why?

What basic knowledge do you need starting up a business?

What can failure to respect laws lead to?

What documents will you receive from your local tax office?

Task 11. Give Russian equivalents for the following phrases:

an essential ingredient for a successful business

to start from scratch

to be worried about starting from scratch

you can learn a great deal from those who have failed to run business clubs

not having enough finance can be fatal

the amount of money you need to start up your business

it is easy to underestimate

to work out your cash needs and monitor cashflow

well – spent time

to have a basic understanding of trading laws

failure to respect the laws

a sort of contract with the terms and details of their employment

a local tax office

how much you need to take out of each employee's wages

Speak about useful tips for startups using the above vocabulary.

Unit 12. Corporate Alliances and Acquisions (SB, p. 116–124)