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III. Answer the following questions.
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1. What did Mr. Rainbow's company deal with? 2. What happened to his company in mid-50s? 3. How did it come that Mr. Rainbow built up many debts? 4. What was the attitude to Mr. Rainbow on the part of his friends and acquaintances when he got into trouble? 5. Did the creditors bring an action against Mr. Rainbow? 6. What happened to Mr. Rainbow one day when he was in prison?
IV. Read and translate the following text with a dictionary.
How to avoid bankruptcy or liquidation
Business today is full of risk and opportunity. Many people need to plan, prepare and practice to create a successful business. The task is to minimize risks and make the most of opportunities. But many people entering the business world lack adequate training in such areas as leadership, communicating requirements and ideas, and working successfully as a member of a team. Employees must be skilled in allocating time, money and other resources needed to carry out a job. They are to be able to evaluate and use new information. They must understand how one task may effect the others. Finally, they have to be able to learn new skills and adapt to changing technology.
If you have a temporary cash flow problem, there are a number of ways you may follow without going bankrupt or into liquidation:
– raise some money from the bank. If the company that owes you money is secure (for example, a large prosperous company), a bank may be prepared to tide you over with a short term loan;
– sell some assets, for example, stock, or sell your premises and rent them back;
– you may be able to sell the business at a low price.
UNIT 4
Small business
The greatest determinant of the success of your business is you, your character and skills. This you must believe if your business is to have any chance of prospering. The type of a person who blames external factors for failure and believes that his own decisions have little impact on the course of events is not suited to building a business. The conventional image of an entrepreneur is of a strong-minded, positive risk-taker with a sense of destiny, seizing the ever-present opportunities.
Motives for starting a business may range from achieving monetary gain for enhancing status to establishing a comfortable working environment. Generally, when people engage in manufacturing or trade, they do so in order to gain wealth and power, but their activity is good for all of society. The more goods they make or trade, the more goods people will have. The more people who manufacture and trade, the greater the competition. Competition among manufacturers and merchants helps all people by providing even more goods and probably at lower prices. This activity creates jobs and spreads wealth.
When it comes to establishing a business in theory, a well-run business should succeed in any market. In practice, however, you can make success more likely by choosing your product and market carefully. Running your own business doesn't mean that you have to be an expert at everything, but you do have to appreciate the importance of likely causes of failure so that you can control your business properly. Most of these causes of failure are a result of lack of skills. Try to require an appreciation of the crucial factors. Watch out for these factors by seeking training or advice from others in these areas in which you are weak.
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The conventional view is that your business is more likely to be successful if it fulfils these criteria. The people involved realistically assess their strengths and weaknesses and try to overcome short-comings (This is the most important criterion). The idea and the market for it has necessary growth potential. Financing is sufficient to cover the short-fall of working capital especially in the early days.
If you can’t fulfill these criteria at the moment, don’t accept defeat; you may be able to in the future. Most of the processes can be learnt and acquired if your personality allows for realistic self-assessment. You will fail if your operation doesn’t match up well to the three criteria mentioned above.
Of course, it's true that small businesses often fail. Often, failure of a small business venture turns out to be a valuable learning experience for the entrepreneur, who may be more successful the second or third time. Unsuccessful attempts to start a business become part of the larger process of sorting out the market and making it more efficient. Small businesses often grow into large ones, adding to the economic stability of the nation.
Vocabulary
to prosper – преуспевать, процветать
to blame external factors – обвинять внешние факторы
to have little impact on the course of events – иметь небольшое влияние на ход событий
conventional image of an entrepreneur – обычный образ предпринимателя
strong-minded – умный, энергичный
positive risk-taker – способный рисковать
sense of destiny – чувство, ощущение судьбы
to seize an opportunity – ухватиться за возможность, воспользоваться стечением обстоятельств
ever-present – вездесущий, повсеместный
to achieve monetary gain – получить денежную прибыль
to enhance status – улучшить положение, статус
to establish comfortable working environment – установить уютную рабочую обстановку
to engage in manufacturing or trade – заниматься производством или торговлей
merchant – коммерсант, торговец
to create jobs – создавать рабочие места
to spread – распространять
to establish a business – открыть, создать торговое предприятие
well-run business – хорошо действующий, организованный бизнес
to succeed in any market – преуспеть на любом рынке
to appreciate the importance of likely causes of failure – оценивать возможные причины провала, банкротства
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to control a business properly – контролировать бизнес должным образом
lack of skill – недостаток умения
to require an appreciation – получить оценку
crucial factor – решающий, критический фактор
to watch out – остерегаться, быть начеку, проявлять осторожность
conventional view – общепринятое мнение
to assess strengths and weaknesses – оценивать сильные и слабые стороны
to overcome short-comings – побороть, преодолеть недостатки
to cover the short-fall of working capital – покрыть нехватку оборотного капитала
defeat – фиаско, неудача (в делах)
self-assessment – самооценка
to match up – соответствовать
to be valuable learning experience – оказаться ценным опытом
I. Give Russian equivalents to the following word combinations:
to have a chance of prospering; to have little impact on the course of events; strong-minded, positive risk-taker; to seize an opportunity; to start a business; to range from; to achieve monetary gain; to establish a comfortable working environment; to engage in manufacturing or trade; to gain wealth and power; to create jobs; to establish a business; well-run business; to run a business; to control a business properly; to require an appreciation of the crucial factors; to be successful in smth; to overcome short-comings; to cover the short-fall of working capital; defeat; failure of a small business venture; to grow into big businesses.
II. Give English equivalents to the following word combinations:
величайший определяющий фактор успеха бизнеса; верить в свой бизнес; обвинять внешние факторы; обычный образ предпринимателя; конкуренция среди производителей и торговцев; производить больше товаров по более низким ценам; преуспеть на любом рынке; оценивать возможные причины провала; недостаток умения; реально оценивать сильные и слабые стороны; оказаться ценным опытом; стать частью процесса сортировки рынка; способствовать экономической стабильности.
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