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- paper money was first used in China in about 650 AD, but was not introduced in Europe until the XVIIth century. It was popular because it was easier to carry than large amounts of heavy coins;

- nowadays many commercial transactions are done through the banking system without money. Financial information is spreading all over the world via satellites;

- at one time the Romans used cattle as money;

- people started to exchange goods and services for tokens that could be stored and exchanged later. The first tokens were shells, shark's teeth and large stones;

- in ancient times, business was done by exchanging, a farmer could exchange corn for goats, or sheep for cattle. This is called bartering.

Vocabulary

in this case – в этом случае

to finance a business – финансировать дело

chart – график, диаграмма, схема, таблица, чертеж

to come in – поступать (о деньгах)

to go out – уходить, тратиться (о деньгах)

to be available – быть доступным

to convince – убеждать, уверять

to provide with security – предоставить обеспечение (гарантию, залог)

to pay off a debt – погасить, выплатить долг

to go bust – обанкротиться

guarantor – поручитель

coin – монета, мелкая монета

transaction – сделка, соглашение

cattle – крупный рогатый скот

token – знак, символ

UNIT 3

Text 1

Many new businesses fail. Why?

There are several reasons why many new businesses fail. First of all there has been general recession. Then there's the question of labour relations. What is officially called "industrial action", which actually means strikes, contributed to the rapid disappearance of many little enterprises. But it is more than likely that what really accounts for most of the failures is simply bad management.

Let's look at some of the ways in which a business may be badly managed. First, many new businesses are undercapitalised, that is there isn't enough money available to them to give them a real chance to succeed. Those enterprises which are undercapitalised are sure to be in trouble. Therefore, never attempt to start a new venture if you haven't got enough capital.

Second, many new businesses fail because they are in the wrong place or their premises are unsuitable; they operate inefficiently, because they haven't got enough room or appropriate facilities. So, don't hurry to settle on premises which turn out to be unsuitable.

Third, some ambitious new businesses spend too much of their capital on presenting a glossy image, expensive office furniture and fittings which don’t contribute anything to meeting the expenses.

Fourth, far too many businesses fail because their managers don’t carry out the necessary research of the market to make sure that their product is in demand and needed by the people. Therefore, always research the market before you decide to enter it.

There are a lot of other factors to be taken into account: installing the right equipment, hiring a suitable workforce, ensuring a supply of raw materials on term you can afford; controlling production, keeping a close check on prices and customer credit. Briefly speaking, plan every step of the way before you start your business. Weigh all pros and cons. Never make haste while making a decision. Remember: haste makes waste.

Vocabulary

to fail in business – потерпеть крах в бизнесе

recession – регресс, спад; снижение, падение

industrial action – забастовочное движение

strike – забастовка, стачка

to contribute to the rapid disappearance of many little enterprises – способствовать быстрому исчезновению многих малых предприятий

to account for – являться причиной

failure – неудавшееся дело, неудача, провал

to be undercapitalized – не иметь достаточного капитала

available – доступный; имеющийся в распоряжении, наличный

to be in trouble – быть в беде, в неприятной ситуации

therefore – поэтому, следовательно

to attempt – пытаться, стараться, стремиться

to succeed in business – добиться успеха в бизнесе

facilities – оборудование; здания (заводов, фирм и т.п.)

office furniture – офисная мебель

fittings – оборудование; оснащение

to meet expenses – покрывать расходы

to carry out the research of the market – проводить изучение конъюнктуры, возможностей рынка

to be in demand – пользоваться спросом

to take into account – принимать во внимание, в расчет

to install the right equipment – устанавливать необходимое оборудование

to hire a suitable workforce – нанимать подходящую рабочую силу

to ensure a supply of raw materials – обеспечивать поставку сырья

to make haste – спешить, торопиться

haste makes waste – поспешишь – людей насмешишь

I. Give Russian equivalents to the following word combinations:

recession; strike; failure; available; to give a real chance to succeed; to be in trouble; to attempt to start a new venture; facilities; expensive office furniture; fittings; to meet expenses; to carry out the research of the market; to take into account; to keep a close check on prices and customer credit; to make haste.

II. Give English equivalents to the following word combinations:

потерпеть крах в бизнесе; забастовочное движение; способствовать быстрому исчезновению многих малых предприятий; являться причиной; не иметь достаточного капитала; пользоваться спросом; устанавливать нужное оборудование; нанимать подходящую рабочую силу; обеспечивать поставку сырья.

III. Answer the following questions.

1. Why do small businesses fail? 2. Pick out terms that seem professionally important to you to do discuss the problem.

Text 2

Bankruptcy

If your business is going badly, you don't make enough money and build up many debts which you can’t pay off, it's the first indication (sign) that you should take urgent steps to improve your financial position, otherwise you'll go bust and your business will go into liquidation. The latter may be voluntary or compulsory. If it is voluntary, the directors promise to pay all debts within a certain period of time. Compulsory liquidation occurs when an un­paid creditor applies to the courts.

It's common knowledge that the director of the company which has run bankrupt must make a full statement of the company's affairs, listing its assets and liabilities, and giving reasons why it is in debt. The company must also stop trading. Directors of large companies sometimes give press-conferences to explain the situation to the shareholders. They can also give a televised talk on the matter.

 

One of the biggest bankruptcy cases was that of William Rainbow in the U.S. in 1950s. His company dealt with buying, developing and selling property. The company was doing very well until mid-50s when the price of property fell sharply, and his company suffered enormous financial losses. Little by little Mr. Rainbow's debts amounted to a huge sum which he failed to pay off however hard he tried.

All bankers and other influential people with whom Mr. Rainbow was once on friendly terms refused to stretch a helping hand to him. William was in despair. Even his best friends turned their backs to him. At last the most dramatic time came when his creditors decided to bring an action against him (to sue him).

The court agreed that Mr. Rainbow could be discharged in 3 months' time if he paid half the sum of his debt. But William failed to do so, and soon was imprisoned. While in prison his nervous strain was so great that once in the morning he was found dead in his cell. "Committing suicide", was the conclusion of the prison's doctor. That was the end of once prospering business and its unlucky director.

Vocabulary

to take urgent steps (measures) – принять срочные меры

otherwise – иначе, в противном случае

to go bust – вылететь в трубу, обанкротиться

to go into liquidation – подвергнуться ликвидации

voluntary – добровольный

compulsory – обязательный

to apply to the court [ko:t] – обращаться с просьбой, заявлением в суд

to run bankrupt – обанкротиться

to make a statement – сделать заявление

to list assets and liabilities – перечислить активы и задолженность

property – собственность; имущество

until mid-50s – до середины 50-х

to suffer losses – потерпеть убытки

to amount to a huge sum – составлять огромную сумму

to stretch a helping hand – протянуть руку помощи

to be in despair – быть в отчаянии

to bring an action against – возбудить судебное дело

to discharge – освобождать (от долга; заключенного)

to be imprisoned – быть заключенным в тюрьму

nervous strain – нервное напряжение

cell – камера

to commit suicide – совершить самоубийство

I. Give Russian equivalents to the following word combinations:

to go into liquidation; to pay all debts; to apply to the court; to run bankrupt; to make a full statement of the company's affairs; to be in despair; to discharge; to be imprisoned; cell; to commit suicide.

 

 

II. Give English equivalents to the following word combinations:

принять срочные меры; обанкротиться; перечислить активы и задолженность; собственность; потерпеть убытки; составлять огромную сумму; протянуть руку помощи; возбудить судебное дело; нервное напряжение.

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