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G4 English for Business and Entrepreneurship (Week 1: Becoming an…
G4 English for Business and Entrepreneurship
Week 1: Becoming an Entrepreneur
What is entrepreneurship?
The making of a new business
New Business = Startup
What is entrepreneur?
A person who takes an idea and turns it into a successful new business.
Required
Potential idea
Identified needed resources
Making plans and Getting support
Pursuing Growth
Risk
Take long time to make money
Difficult to get training
Responsible for everything
Small Business Owner
A person who owns and manage a small business and is responsible for day-to-day operations
Small business owner vs Entrepreneur
multiple/single
short/long
growth/stability
day-to-day operation
Creating simple, one-sentence Product Description
Helps entrepreneurs think clearly about their product; new product development
Easier to convey ideas to others
Good, Service, Hybrid?
Name, type, target market, functions of the product
Present Tense verb + Direct Object (complement)
Scissors (Direct Object) - Cut (Present Tense verb)
Deciding on the type of Startup
Profit, Non-profit, Hybrid
Understands and follows the laws and regulations of the country
Different between all countries
Company vs Corporation
Company
Legal entity that engages in business
Corporation
Legal entity that engages in business BUT is separate from its owners/investors
Risk, Failure & Important Steps
Take risks of career and money
Sources of failure
Economy
Customers lose purchasing power
Customer Loyalty
Customers aren't sure what they want, so they keep trying until they know
Competition
Come in with new product, different style, lower price
Decrease Failure, Increase success
Conduct market research
Helps understand if the new product presents an opportunity
Write a detailed business plan
Operations, Marketing, Finance
Attract investors for financial support
Week 2: Identifying an Opportunity
Goal
Gain information
Develop new products
Two methods
Formal
Focus group
Select participants
Open-ended questions
Participants share experiences
Pros and Cons
Pros
Produce quantitative data
Objective
Convince potential investors
Cons
Time consuming
Expensive
Survey
Collect objective, primarily quantitative data
Use closed questions
easily quantify
Informal
Casual conversations
Respondents
Communication channels
People
Way
Use open-ended questions
Pros and Cons
Pros
Easy, cheap and quick
Be useful to early stages
Cons
Subjective
Lack persuasion
Qualitative results
Learn about customers
Listening strategies
Use background knowledge
Focus on understanding the main idea
Practice
Pay attention to stressed words
Ask
Data
Written vs spoken survey
Spoken
More interaction
Can tell further information or explanation
Takes time
Researcher must be careful when taking notes
To those who are not confident in English, they prefer to write questions on sheets.
Written
Easy to keep a record
Little interaction
Respondents can do it in the same time
Incomplete / did not return
Done on paper / electronic file
Evaluating results
Extreme results
Data that are strongly positive or strongly negative
Clear opinions
Scattered result
Results are unclear ＆ show variety responses
Different opinions
Respondents
Number
The more people, the better
Variety
Different demographic
Week 3: Creating a Business Plan
More persuative writing
intensifier
Degree complement
Business Description
Product
Management
operation
Marketing
4P's
Market Research
Competitive analysis
Marketing plan
Week 4: Attracting Investors and Obtaining Financial Support
Funds
Bootstrapping
Supported
Debt Financing
Loan from Bank
Interest
Time Limit
Microloan
Very small loan used for seed money
Equity Financing: To buy shares of a company
Venture Capital: Wealthy people or financial institutions that invest in new businesses to make profit
Angel Investor: More interested in helping entrepreneurs succeed.
Social Networking
Crowdfunding
Total Fundraising Limit
All or Nothing Rule
Time Limit
Donation-based
Kickstarter
Loan-based
Kiva
pros
Test the people's reaction to a product
May be a form of free advertising
Help the entrepreneur connect to a large network of possible investors.
cons
Business ideas could be copied
Entrepreneur may not receive funds
Requires time and effort
Pitch
Hook
Interesting Fact
Story
Question
Product Description
Opportunity Statement
Confident closing