Please enable JavaScript.
Coggle requires JavaScript to display documents.
G2 English for Business and Entrepreneurship ((Entrepreneurs (Right Idea…
G2 English for Business and Entrepreneurship
Identifying Opportunities
Market Research
Formal
Types
Focus groups
Survey
3 parts: demographic profile, experiences, future needs
Advantages: quantitative, objective, persuasive to investors
Disadvantages: difficult to find respondents, high costs, detailed planning needed
Informal
Types
Casual conversation, email, phone call
Advantages: easy, cheap, quick
Disadvantages: difficult to measure, subjective, no persuasive power
Impacts
Important for new product development
Identify the niche market
Make changes to product or change idea to ensure successful product launch
Learn more about customers
Survey
Listening strategies
Practice
Use background knowledge
Focus on main picture
Pay attention to stressed words
Ask
Create a survey
Informal research
Open-ended questions
Formal research
Very few open-ended questions
Focus groups
Detailed planning, interviewer leads discussion
Surveys
Closed questions
Steps to create a survey
Obtain demographic profile (gender, age, income etc)
Understand respondents' experiences (habit, frequency, preference)
Identify future needs (short description of product, questions relate back to product)
Questions and Intonation
Information Question
Form: Question Word + helping Verb + Subject + Main Verb
Question Words
where
when
what
why
how
Intonation
Rise and fall in the pitch of the voice
Yes/No Questions
Rising Intonation
Statements
Falling Intonation
Information Questions
Falling Intonation
Yes/No Questions
Form: Helping Verb + Subject + Main Verb :
Data
Respondents
demographic variiety
the more the better
good places to find them
coffee shops
community centers
parks
Written or spoken surveys
Written
Advantages
easier to keep record
more comfortable for respondent
many respondents at the same time
Disadvantages
respondents may not answer all questions
respondents may not complete or return the survey
little interaction
Sporken
Advanteges
a lot interaction
likely to be completed
respondents are likely to answer all questions
Disadvantages
need of careful notes from researcher
respondents may not be confident in the language
one at a time
Evaluating Results
Scattered Results
Reasons
no preference from the respondent
survey question not clear
Extreme Results
positv
negativ
easy to interprete
opportunity or not ?
business plan
why are business plans important and necessary?
attract
Suppliers
Employees
Investors
require the entrepreneur to think about details which can be helpful for future success
contain
what the entrepreneurship plans to do?
how they will do?
important topics
business description
marketing
executive summary
financials
intensifies and degree complements
intensifies
Make good use of adjectives
if adjective has one syllable, add the ending "er" or "est"(bigger/biggest)
if adjective has two syllables and ends in -y change the "y" to "i-e-r" or "iest"(happier/happiest)
if adjective has two or more syllables and does not end in -y, do not add the ending. Instead, use the word "more" or "most" before the adjective(more/most expensive)
use "very" "much" "even"
degree complements
use "than" after the comparative adjective
superlative adjective !! use "the" before the superlative adjective
How to finance a business
bootstrapping
"use personal funds"
debt financing / loans
"borrow money"
(a.) Loans from a Bank
banks prefer big loans
(b.) Microloans
often have higher interest rates
some institutions provide training
from family or friends
equity financing
"selling shares to investors"
(a.) Venture Capitalists
wealthy people or financial institutions
want to make money
(b.) Angel Investors
very wealthy people
a hobby
family or friends
:red_flag: Networking
through Social Networks or Social Media
personal relationships and referrals are so valuable
crowdfunding
(a.) Donation-based
Kickstarter in US
嘖嘖 and FlyingV
(b.) Loan-based
a form of microfinance or debt equity
Kiva in US
:red_flag: the entrepreneur should be prepared to make a pitch
a hook
share an interesting fact, a question, or a story.
ask a yes or no question (Ex. have you ever)
product description
show how the situation led to a business opportunity
opportunity statement
confident closing
people expect entrepreneurs to be trustworthy
be yourself and remain confident
Entrepreneurs
Right Idea
Fill a need
Solve a problem
Getting a product to a different place
Identify the need
Making plan
Getting support
Differences
Maintaining success
Responsible for day to day operations
Stable/Safe >Growth
Small business
Entrepreneurship
Start up
Changing/Buying old business
Idea
Product
Services
Goods
Hybrid product
Opportunity
One Sentence Product Description
Purpose
Help entrepreneur think clearly about their product
Simplified the explanation
How
Don't use general words
Explain the type of products specificly
Put the target market in the sentence
Explain the function of the product
Deciding on the type of start up
3 types of organizations
Profit
Non-profit
Hybrid
Company and Corporation
Company
Any kind of business organization
Corporation
specific kind of company
Has legal rights&responsibility that are independent from its investors
Risk,Failure and Important steps
Sources of failure
Economy
Customer loyalty
Competition
3 important steps
Do market research
Write a business plan
Operations
Marketing
Finance
Attract investors and get financial support
Language focus
Comparative Sentences
To show similarities and differences between products
Creating a business plan part two
The financial section of a business plan
operating costs
the costs to produce a companies goods and services
sales projections
show how many products the business expects to sell this year and two to four years in the future
The startup costs
hows the amount of money needed to start an organization or a business.
The Income Statement
shows when a business is expected to make a profit
Revenue- Costs = Income
income is positive
the company has profit
Describing Financials
verb, increase.
grow or revenues will go up
synonyms
decrease,decline,go down
opposite
Passive verbs
a form of to be
a past participle of the verb
The executive summary
write your business plan for the same new product
same order
simple product descriptions, market research, where appropriate
look at the instructions
have fun creating your business plan