Module 1: Entrepreneurship
What is an Entrepreneur?
An individual who creates a new business, bearing most of the risks and enjoying
most of the rewards. The entrepreneur is commonly seen as an innovator, a source
of new ideas, goods, services, and business/ or procedures.
Entrepreneurs play a key role in any economy, using the skills and initiative necessary
to anticipate needs and bring good new ideas to market. Entrepreneurs who prove to
be successful in taking on the risks of a startup are rewarded with profits, fame, and
continued growth opportunities. Those who fail, suffer losses and become less
prevalent in the markets.
Business plan?
Executive summary
This section introduces the company and includes its mission statement along with relevant
information about the company's leadership, employees, operations, and locations.
Products and services
Describe the products and services the company offers or plans to introduce. Include details
on pricing, product lifespan, and unique consumer benefits. Mention production and
manufacturing processes, relevant patents, proprietary technology, and research and
development (R&D) information.
Market analysis
Explain the current state of the industry and the competition. Detail where the company fits
in, the types of customers it plans to target, and how it plans to capture market share from
competitors.
Marketing strategy
Outline the company's plans to attract and retain customers, including anticipated
advertising and marketing campaigns. Describe the distribution channels that will be used to
deliver products or services to consumers.
Financial plans and projections
Established businesses should include financial statements, balance sheets, and other
relevant financial information. New businesses should provide financial targets and
estimates for the first few years. This section may also include any funding requests.
1
,Profet: Money which is earned after paying the costs of producing and selling goods and
services
Turnover: The total amount of money received from sales of goods and services
Asset: Something valuable belonging to an organisation (which can be used for the payment
of debts)
Liability: debt
Tax: Money paid to the government, which is based on your income or profits
Costs: The money you need to spend to keep an organisation functioning
Interest rate: The amount a bank charges on money that it lends
Raise money / raise finance
Borrow a loan / borrow money
Carry out (uitvoeren) market research
Launch a business plan / launch a company
Cover market research / cover overheads (algemene Kosten dekken)
Write a business plan
Repay a loan
To start your own business? Before you start, there are a few thing you should do
Research the market before you do anything and make a sales forecast: this way, you
will know how much turnover to expect.
Make an estimate of your costs for example what the rent will be on your premises,
how much interest you will have top pay on your loan, your salary bill, etc.
By subtracting your costs from turnover, you should be able to make a profit
forecast. The people who will lend you the money or invest in your business will want
to know this.
If you are going to borrow money from a bank, check the interest rate - can you
afford to pay back so much? Also, your bank will want some security on the money
they lend you, so do you have a house or other asset which you can use as a
guarantee?
Of course, the government will require you to pay tax on your profits.
2
,Account for sth=
1) to form the total of something ex. About a coffee bar next to a college building.
Students account for the vast majority of their customers.
2) to explain the reason for something/cause of something ex. The recent storms
may account for the damage to many buildings and trees.
Amount to =
To become a particular amount ex. Their annual fuel bills amounted to over 6000 pounds.
Benefit from sth=
To be helped by something ex. Many oil companies benefited from the rising price of
crude oil.
Differ in/from/on/with=
+ IN To be not like something or someone else ex. The twins look alike, but they differ
in temperament.
+ FROM = ex. His views differ from those of his parents.
+ ON to disagree ex. Economists differ on the cause of inflation.
+ WITH = ex. I beg to differ with you on that point.
Focus on=
To give your full attention to what you are doing or to what is happening /to concentrate
Ex. Tonight’s program focuses on homelessness.
Rely on=
To need a particular thing or the help and support of someone, or you expect someone to
behave in a particular way ex. I rely on you for good advice / I rely on you to fix the car
Result in/from=
+ IN = to cause a particular situation to happen ex. The fire resulted in the damage to
their property.
+FROM = if a situation or problem is caused by a particular event or activity ex. His
dificulty in walking results from a childhood illness.
Succeed in=
To achieve something that you have been trying to do or get He succeeded in building the
business into one of the leaders in its field.
Suffer from=
To experience physical or mental pain John suffers from asthma.
3
, Phrasal verbs ( = werkwoorden met voorzetsel)
differ from
result in
relies on
succeeds in
benefit from
vocabulary related to entrepreneurship
Entrepreneur/Entrepreneurship
a person who starts a business/the activity of starting businesses for profit
Example: The entrepreneur took a big risk when she quit her job and decided to pursue her
idea of creating her own technology start-up.
Example: The Chilean government encourages entrepreneurship because it brings creative,
excellent new business ventures into the country!
Venture
a risky project or business idea
Example: My latest venture is developing a new smart phone application. Even though it’s a
risky venture, I’m hoping I’ll find some big investors!
Profit
financial gain
Example: Entrepreneurs take financial risks with the hopes of profiting from their business
venture.
Start-Up
a newly established business
Example: When it first started, Dynamic English was a start-up language institute! The
founders, Ted and Andrew, are both entrepreneurs.
Investor
a person that puts money into a project or small business, with the hope of eventually
receiving profit
Example: When the entrepreneurs created their eco-friendly cleaning products business,
they were fortunate to secure several investors to support their growth.
4
What is an Entrepreneur?
An individual who creates a new business, bearing most of the risks and enjoying
most of the rewards. The entrepreneur is commonly seen as an innovator, a source
of new ideas, goods, services, and business/ or procedures.
Entrepreneurs play a key role in any economy, using the skills and initiative necessary
to anticipate needs and bring good new ideas to market. Entrepreneurs who prove to
be successful in taking on the risks of a startup are rewarded with profits, fame, and
continued growth opportunities. Those who fail, suffer losses and become less
prevalent in the markets.
Business plan?
Executive summary
This section introduces the company and includes its mission statement along with relevant
information about the company's leadership, employees, operations, and locations.
Products and services
Describe the products and services the company offers or plans to introduce. Include details
on pricing, product lifespan, and unique consumer benefits. Mention production and
manufacturing processes, relevant patents, proprietary technology, and research and
development (R&D) information.
Market analysis
Explain the current state of the industry and the competition. Detail where the company fits
in, the types of customers it plans to target, and how it plans to capture market share from
competitors.
Marketing strategy
Outline the company's plans to attract and retain customers, including anticipated
advertising and marketing campaigns. Describe the distribution channels that will be used to
deliver products or services to consumers.
Financial plans and projections
Established businesses should include financial statements, balance sheets, and other
relevant financial information. New businesses should provide financial targets and
estimates for the first few years. This section may also include any funding requests.
1
,Profet: Money which is earned after paying the costs of producing and selling goods and
services
Turnover: The total amount of money received from sales of goods and services
Asset: Something valuable belonging to an organisation (which can be used for the payment
of debts)
Liability: debt
Tax: Money paid to the government, which is based on your income or profits
Costs: The money you need to spend to keep an organisation functioning
Interest rate: The amount a bank charges on money that it lends
Raise money / raise finance
Borrow a loan / borrow money
Carry out (uitvoeren) market research
Launch a business plan / launch a company
Cover market research / cover overheads (algemene Kosten dekken)
Write a business plan
Repay a loan
To start your own business? Before you start, there are a few thing you should do
Research the market before you do anything and make a sales forecast: this way, you
will know how much turnover to expect.
Make an estimate of your costs for example what the rent will be on your premises,
how much interest you will have top pay on your loan, your salary bill, etc.
By subtracting your costs from turnover, you should be able to make a profit
forecast. The people who will lend you the money or invest in your business will want
to know this.
If you are going to borrow money from a bank, check the interest rate - can you
afford to pay back so much? Also, your bank will want some security on the money
they lend you, so do you have a house or other asset which you can use as a
guarantee?
Of course, the government will require you to pay tax on your profits.
2
,Account for sth=
1) to form the total of something ex. About a coffee bar next to a college building.
Students account for the vast majority of their customers.
2) to explain the reason for something/cause of something ex. The recent storms
may account for the damage to many buildings and trees.
Amount to =
To become a particular amount ex. Their annual fuel bills amounted to over 6000 pounds.
Benefit from sth=
To be helped by something ex. Many oil companies benefited from the rising price of
crude oil.
Differ in/from/on/with=
+ IN To be not like something or someone else ex. The twins look alike, but they differ
in temperament.
+ FROM = ex. His views differ from those of his parents.
+ ON to disagree ex. Economists differ on the cause of inflation.
+ WITH = ex. I beg to differ with you on that point.
Focus on=
To give your full attention to what you are doing or to what is happening /to concentrate
Ex. Tonight’s program focuses on homelessness.
Rely on=
To need a particular thing or the help and support of someone, or you expect someone to
behave in a particular way ex. I rely on you for good advice / I rely on you to fix the car
Result in/from=
+ IN = to cause a particular situation to happen ex. The fire resulted in the damage to
their property.
+FROM = if a situation or problem is caused by a particular event or activity ex. His
dificulty in walking results from a childhood illness.
Succeed in=
To achieve something that you have been trying to do or get He succeeded in building the
business into one of the leaders in its field.
Suffer from=
To experience physical or mental pain John suffers from asthma.
3
, Phrasal verbs ( = werkwoorden met voorzetsel)
differ from
result in
relies on
succeeds in
benefit from
vocabulary related to entrepreneurship
Entrepreneur/Entrepreneurship
a person who starts a business/the activity of starting businesses for profit
Example: The entrepreneur took a big risk when she quit her job and decided to pursue her
idea of creating her own technology start-up.
Example: The Chilean government encourages entrepreneurship because it brings creative,
excellent new business ventures into the country!
Venture
a risky project or business idea
Example: My latest venture is developing a new smart phone application. Even though it’s a
risky venture, I’m hoping I’ll find some big investors!
Profit
financial gain
Example: Entrepreneurs take financial risks with the hopes of profiting from their business
venture.
Start-Up
a newly established business
Example: When it first started, Dynamic English was a start-up language institute! The
founders, Ted and Andrew, are both entrepreneurs.
Investor
a person that puts money into a project or small business, with the hope of eventually
receiving profit
Example: When the entrepreneurs created their eco-friendly cleaning products business,
they were fortunate to secure several investors to support their growth.
4
