Reading and comprehension

In business UNIT 8

1 Discuss the questions in pairs or small groups. 1 What problems might you face when starting a new business? 2 Are there any particular problems a new business might have in Palestine? 3 In Palestine, why might an Internet-based company be easier to start than, for example, a company that makes things? 2 Read the article. Then complete the tasks on page 79. Information and Communications Technology businesses could be the best hope for the economic future of Palestine, according to experts inside and outside the country. A recent report said that the ICT sector makes up over 5% of the Palestinian economy. Why ICT? For Mustafa Jawad, the 23-year-old head of an online graphic design company, the answer is simple: ‘For an ICT start-up, all you need is a computer and a connection. You can distribute your final product by exporting it to the Internet cloud.’ There are still problems, though. The main one is a lack of 3G networks in Palestine, because access to the necessary wavebands is not available yet. Mustafa was always good at art and languages, and when he finished school everyone advised him to study English at university. Instead, he taught himself how to programme and started making his own software programmes. His first attempt was a game, which was so popular with his fellow students that he decided starting his own company might be a real possibility. His big breakthrough came when he attended a ‘start-up weekend’ in Ramallah. He managed to get a small amount of financial support, which gave him the time to develop more ideas. Perhaps more importantly, he met other business people, both Palestinian and from other countries. He learnt a lot about the practical side of running a business and about how to get his products noticed. Mustafa is currently working on a programme that makes the teaching of chemistry in schools more fun. He has already had interest from within Palestine and from other countries in the Arab world. Like a lot of other young Palestinian business people, he wants to do something positive to help his country, but he stresses that his company isn’t a humanitarian operation. ‘It’s a business,’ he says, ‘and the aim is to get good returns on the investment.’ One way he believes he can help is to pass on what he’s learnt to others even younger than he is. ‘I learnt a lot from that start-up weekend. When I go to the next one, I hope I’ll learn more, but I’ll also be able to advise others.’ 5 10 15 20 25 30

BUSINESS START-UPS

1 Find words highlighted in the text that have these meanings. 1 send to other places

3 relating to pictures

4 part of a country’s economy

5 at the moment

2 Use the words in Part 1 to complete the sentences below. 1 After months of trying to find a solution, they finally made a . 2 A good transport system is needed to _ products around the country. 3 He made a lot of mistakes because of his of experience. 4 Several organisations have sent medical supplies to the area. 5 The country’s financial has done better than other areas of the economy. 6 explanations are easier to understand than written words. 7 ICT start-ups are growing faster than any other kind of company. 8 The on this kind of investment are quite low at the moment. 9 Don’t forget that _ your own company is hard work. 10 It was a good , but it didn’t quite succeed. 3 Answer the questions. 1 Who says that ICT companies are important for the future of Palestine? 2 What is the biggest problem for ICT companies in Palestine?

3 How did Mustafa learn to make computer software?

4 What did Mustafa find most useful about the start-up weekend in Ramallah? 5 What are Mustafa’s two aims in business? and 6 What does Mustafa hope to do at the next start-up weekend? and 3 Work In pairs or small groups. Put the steps in starting a business into the correct order. 6 event that made a big difference

8 not having (enough)

9 concerned with helping people

10 managing

SEVEN STEPS TO STARTING YOUR OWN BUSINESS Market the product 1

Look to the future 3 Get financial support 4 Do your research 5

starting up in business. Here is what they said. Three years ago, when he was just fourteen, Pete Finn developed an app that was so popular that he sold it to a major IT company, giving him the money to spend on developing new ideas. His advice: ‘I never had any training. I just jumped straight into things. After all, you don’t want to spend a long time getting everything perfect and then find the market has disappeared. But my lack of experience meant that I made some expensive mistakes at first. In the end, someone warned me against putting all my profits into developing new ideas instead of keeping some back to pay tax. But before that I’d had some unpleasant moments.’ MODERN LIVING | YOUNG BUSINESS PEOPLE Period 2 / Reading and comprehension

1 Add the explanations below to the table under the right heading. ▸ You can’t stand still in business. You have to keep thinking ahead to what comes next. ▸ There’s no point in having a great product if nobody knows about it. ▸ Think of something people would find really helpful and would pay money for. ▸ There’s lots of help out there, from friends and family or on the Internet, so use it. ▸ Would people really welcome what you’re offering? Are there possible competitors providing something similar? If so, how is your idea different? ▸ You’ll probably need some money to get started, but make sure you don’t end up owing too much or losing control of your company. ▸ Make the idea a reality. If it’s a physical product, you’ll need to find a way to have it made for you. SEVEN STEPS TO STARTING YOUR OWN BUSINESS 1 Have an idea

4 Develop your product

5 Get financial support 6 Market the product

7 Look to the future

2 Read the article. Then complete the tasks on page 81.

Seventeen-year-old Anita Simons started out

making jewellery for friends and now sells it to top fashion shops and direct to the public via her online company. She says: ‘One of the most important things I’ve had to learn to do is decide the most effective way of spending money. You need to work out the financial figures and have them checked by someone who understands money. Luckily my parents are both in business themselves, so they advised me to spend more on marketing, less on product development, or whatever. Wherever it comes from, getting good advice is

Hashem Ali is the nineteen-year-old owner of a company that makes online music videos.

His top tips

‘I think initially the key thing is to understand the

are, who your competitors are, what they offer and how you could do it better. It’s easy these days to get professional help with this kind of market research. After that, just be determined and don’t give up if things get difficult (which they almost certainly will at some point). Starting and running a business is hard work. If you think it’s only going to be a nine-to-five job, you should go and do something else.’ 35 Period 2 / Reading and comprehension

1 Answer the questions. Which person …

1 had help from family members?

2 warns that success doesn’t come easily?

3 learnt from his/her mistakes?

4 advises people not to wait too long?

5 talks about spending priorities?

2 What advice do all three people give? (It is one of the seven steps in the table.) 3 Look at the different uses of the word market and complete the definitions. 1 You need to do _ to find out if people will buy your product. 2 is a way of letting people know about your product. 3 People buy and sell national currencies on the . 4 Your tells you how much of the market you have compared with your competitors. 5 The of a product is how much you can sell it for. 6 A product described as _ is a more expensive luxury item. 3 Discuss the questions in pairs or small groups. 1 What qualifications and personal qualities do you think are needed to be a successful business person? 2 Do you think you have the right character and attitudes to succeed in business?

market research marketing market value

financial markets market share upmarket Anyone can do it if they have a good idea, get good advice and have enough determination. I’ve got ideas, but I don’t know enough about financial matters.