unit 7, part 1 Flashcards
(23 cards)
afloat
adj . . having enough money to pay what
you owe
characteristic
Think of a store where you enjoy shopping. What characteristics draw you to it.
n. , a feature, quality
compete There is a lot of competition for the attention of customers. Business owners need to pay attention to what competitors are doing. A small business can compete with large businesses by providing a specialized service. A small business must stay competitive to succeed. Some small businesses are competitively positioned to grab a market.
v .. to do as well as or better than others
edge
What kind of edge can a small business have over a large business
Related to the concept of finding a niche is the importance of maintaining a competitive edge.
n . , an advantage
financial
the financial losses will be much less if expenses have
been kept to a minimum.
adj. , related to money
inevitably
If plans have not been made for supporting the costs of the business until it brings in a profit inevitably it will fail.
The owner worried whether failure was an inevitability.
The failure of a small business is not inevitable if all the important pieces are in place.
If a businessman sells an inferior product, it will inevitably affect his reputation.
adv. , certainly, to be expected
initial
There is a lot of hard work and planning behind the initiation of a new business.
No one knew who the initiator was, but it changed the way companies did business.
In addition to good planning, financial support is necessary to initiate a business.
Many small businesses fail during the initial stages.
It is a good idea to keep your business small initially.
during the initial phases of the business.
How many small businesses fail during their initial two years in business.
adj. , first, beginning
motivation
A strong motivation to succeed keeps many small businesses afloat.
The possibility of earning a lot of money was the key motivator.
Many different situations motivate people to start businesses.
The motivated business owner will find a way to make his business succeed.
We looked for different motivating factors.
:n . , reason for doing something
niche
Business advisers point to the importance of finding a niche
n. , a position or place that is very suitable
particular
whatever the particular motivation. certain characteristics make a small business more likely to succeed.
adj . . specific
personalized
adj . . made or done especially for a certain person
potential
adj . . possible
product
It is difficult for a small business to compete with the array of products or services a large business can offer.
The production of handmade items is very time consuming.
The success of a small business depends in part on how much customers want the product it sells.
That company is a major producer of electronic equipment.
Some small businesses also produce the items that they sell.
The business owner wants the employees to be productive.
He hoped to be productively employed in his field.
n. , something that is made
profit
. How long does it usually take a small business to start earning a profit.
In addition to the costs of starting the business, there are also the costs of running it until it starts turning a profit.
It usually takes several years for a small business to earn a profit.
It is a good idea to look at what other similar businesses have done so that you can profit from their experience.
If your business is not profitable, you will have to figure out what changes can be made.
Some businesses never manage to function profitably
n . . money earned after paying costs
project
It is also necessary to develop a sound business plan
that, among other things, shows how the business will make a profit and projects the cash flow that will help the business stay afloat .
v. , to estimate, calculate a future amount
reputation
a business that has more efficient production or distribution systems, a better location, or a reputation for excellence in customer service can do well in a competitive market.
n . . the general opinion about something or somebody
sound
adj . . healthy, without financial risk
tip
n . . a piece of advice
unique
Instead, the small business that has defined what is unique about the product or service it provides has a greater chance of success.
adj . . special, different from all others
vital
Research and planning are vital steps in setting up a small business.
adj. , very important, necessary for success
survives
one in three fails during the first two years, and
only one in two survives beyond five years.
دوام اوردن
People start small businesses for a variety of reasons
for a variety of reasons
find a way to stay ahead of the game.
ahead of the game
