Business Planning

address	əˈdrɛs	Адресовать, обращаться
avoid	əˈvɔɪd	избежать
demonstrate	ˈdɛmənstreɪt	демонстрировать
develop	dɪˈvɛləp	развивать
evaluate	ɪˈvæljʊeɪt	оценивать
gather	ˈgæðə	собирать
offer	ˈɒfə	предлагает
primarily	ˈpraɪmərɪli	в первую очередь
risk	rɪsk	риск
strategy	ˈstrætɪʤi	стратегия
strong	strɒŋ	сильный
substitution	ˌsʌbstɪˈtjuːʃən	замена

Study the following definitions and examples.
1. address п., a formal speech; v., to direct to the attention of
a. The article praised her address to the steering committee.
b. Marco's business plan addresses the needs of small business owners.

2. avoid v., to stay clear of; to keep from happening
a. To avoid going out of business, owners should prepare a proper business plan.
b. Lloyd’s errors in accounting could have been avoided by a business consultation with his banker.

3. demonstrate v„ to show clearly and deliberately; to present by example
a. Alban’s business plan demonstrated that he had put a lot of thought into making his dream a reality.
b. The professor demonstrated through a case study that a business plan can impress a lender.

4. develop v., to expand, progress, or improve
a. Lily developed her ideas into a business plan by taking a class at the community college.
b. The restaurant Wanda opened ten years ago has developed into a national chain.

5. evaluate v., to determine the value or impact of
a. It’s important to evaluate your competition when making a business plan.
b. The lenders evaluated our creditability and decided to loan us money.

6. gather v., to accumulate; to conclude
a. We gathered information for our plan from many sources.
b. I gather that interest rates for small businesses will soon change.

7. offer n., a proposal; v., to propose; to present in order to meet a need or
satisfy a requirement
a. Devon accepted our offer to write the business plan.
b. Jackie must offer her banker new statistics in order to encourage the bank to lend her money toward her start-up business.

8. primarily adv., first; most importantly
a. We are primarily concerned with convincing the board of directors to apply for the second loan.
b. The developers are thinking primarily of how to enter the South American market.

9. risk n., the chance of loss or damage
a. The primary risk for most start-up businesses is insufficient capital.
b. Expanding into a new market is a big risk.

10. strategy n., a plan of action
a. A business plan is a strategy for running a business and avoiding problems.
b. Let’s develop a strategy for promoting our ice cream parlor.

11. strong adj., powerful; economically or financially sound
a. The professor made a strong argument for the value of a good business plan.
b. Even in a strong economic climate many businesses fail, so do your planning carefully.

12. substitution n., replacement
a. Your substitution of fake names for real ones makes the document seem insincere.
b. There is no substitution for hard work and perseverance.

WORDS IN CONTEXT
Read the following passage and write the words in the blanks below:
address develop offered strategy avoid evaluation primary strength
demonstrate gathering risks substitute
Every business must (1)___________ a business plan. The business plan’s (2)___________ purpose is to improve the entrepreneur’s control over the business and to help him (3 )_______________ common mistakes. It is not an overstatement to say that a business will fail or succeed on the (4)_____________ of its business plan, so there is no (5 )____________ for a well-prepared plan. The business plan documents the (6)________________ for growing the business.
Think of the business plan as a road map that describes in which direction the company is going, what its goals are, and how it is going to get there.
In developing the plan, the entrepreneur will conduct research to determine a systematic and realistic (7)_________________ of the company’s chances for success in the marketplace. In creating the plan, the entrepreneur must research the company's target market and define its potential. The entrepreneur must be able to prove through research that customers in the market need the good or service that is (8)_____________ and that a sufficient number of potential customers exists to support the business.
A business plan also looks at the (9)_______________ . the busi-ness faces. Chief among these is competitors. The business plan
must analyze the company's competition by (10)_____________ information on competitors’ market share, products, and strategies.
The plan should (11)______________ what distinguishes the entrepreneur’s products or services from others already in the market. It is also common for businesses to fail because the owner fails to invest or seek sufficient capital to run the business. A good business plan should (12)______________ this issue as well.

WORD FAMILIES

verb	avoid	It is best to avoid get-rich-quick schemes.
noun	avoidance	Your avoidance of these issues will not make them go away.
adjective	avoided	The avoided question became more important over time.

verb	demonstrate	Let me demonstrate how this computer program works.
noun	demonstration	After the lecture, there was a demonstration of new marketing techniques.
adjective	demonstrative	The densely encoded programming was demonstrative of the computer language of the era.

verb	develop	Our assignment is to develop a cogent business plan.
noun	development	The plan was under development and would not be ready for months.
noun	developer	The job developer was kept busy trying to place the recent college graduates.

verb	evaluate	Please review these articles and evaluate their usefulness for our plan.
noun	evaluation	Yoko feared the professor’s evaluation of her business plan.
noun	evaluator	The independent evaluator reviewed our business plan and gave us. good feedback.

verb	strategize	Instead of going into a panic, let’s strategize the best way to meet the deadline.
noun	strategy	The business plan lays out a strategy for future growth.
adjective	strategic	The handout outlined the strategic points to cover in a business plan.

noun	substitution	The substitution of gasses is not so easy in this experiment.
verb	substitute	Don’t try to substitute intuition for good planning.
adjective	substituted	Customers complain whenever the substituted product is of lesser value, even though we don’t charge them for it.

Part 1 Photo
Look at the picture and listen to the sentences. Choose the sentence that best describes the picture.

Part 1: Photo

Number 1. Look at the picture marked Number 1.

(A) The managers are planning a strategy.

(B) The president is dressing for dinner.

(D) The demonstrators are avoiding the meeting.

Part 2 Question-Response

Listen to the question and the three responses. Choose the response that best answers the question.

2. A B C

3. A B C

Part 3 Conversation
Listen to the dialogue. Then read each question and choose the best response.

Number 2.

Have you addressed the cost of infrastructure in your business plan?
(A) Those costs are all factored in.
(B) No, we can’t dress so casually.
(C) These structures are higher than we had planned.

4. How do the speakers feel about Alexa’s business plan?
(A) She has gathered too much data.
(B) She has taken on too much risk.
(C) She has made many obvious mistakes.
(D) She is serious-minded and cautious.

5. How will the man help Alexa?
(A) By doing market research.
(B) By searching for an office.
(C) By pointing out her mistakes.
(D) By nominating her for an award.

6. According to the man, what is the most important strategy for success?
(A) Investing in a good sound system.
(B) Having a good business plan.
(C) Eliminating all risk.
(D) Studying the market.

Part 4 Talk

Listen to the talk. Then read each question and choose the best answer.

7. What is the topic of the talk?

(A) Long-term growth plans.

(B) An offer for a leveraged buyout.

8. How will the company fund its growth?
(A) Bank loans.
(B) Profits.
(C) Sale of stocks.
(D) Owner investment.

9. When will the evaluation begin?
(A) At the end of this year.
(B) At the beginning of next year.
(C) In two years.
(D) In a few years.

READING
Part 5 Incomplete Sentences

Choose the word that best completes the sentence.

10. You cannot______________ learning how to use the new software as it will be needed in daily operations from now on.
(A) avoid (C) avoiding
(B) avoided (D) avoidance

11. I don’t want to intrude, but would you like me to________ how to use that machine?
(A) demonstrate (C) demonstrative
(B) demonstration (D) demonstrator

12 While you are___________your business plan, it is a good idea to keep a resource library of valuable materials.
(A) develop (C) developing
(B) development (D) developer

13. After you turn in your business plan, you will receive a written________ of your work within two weeks.
(A) evaluator (C) evaluate
(B) evaluative (D) evaluation

14. If we think________, we can come up with a plan that promises success.
(A) strategize (C) strategically
(B) strategic (D) strategist

15 It is legal to______ a generic brand drug for a prescription medicine if you have the patient’s consent.

(A) substitute (C) substituting
(B) substituted (D) substitution

Part 6 Text Completion

Memo
To; Stephen Saunders, President
From: Willa Richardson, Marketing Department
Re: Changes in market
In order to address the changes that are currently taking place in the market, I believe we need to modify our business plan. I 16 data for the past several months. The information clearly shows that younger and younger people are becoming interested in purchasing products such as ours. We need to develop a 17 to reach this younger age group. We need to redirect some of our resources toward this goal. I think that if we make this a priority over the next year, we will have a much 18 position against our competitors. If we don’t, we risk losing the market share that we already have. I would like to share the results of my research with you. It demonstrates the need to focus our energy toward this younger age group. Please let me know if we can meet this week to discuss it.

16 (A) gather
(B) am gathering
(C) had gathered
(D) have been gathering

17 (A) strategy
(B) strategize
(C) strategic
(D) strategically

18. (A) strong
(B) more strong
(C) stronger
(D) strongest

Part 7 Reading Comprehension

Questions 19-23 refer to the following article.
When developing a plan for a new business, the entrepreneur quite naturally wants to eliminate all risk. While it is impossible to avoid some risk, the goal is to minimize it as much as possible. How can we do this? Thorough research and careful planning are the keys. There are two parts to good research, first, you must demonstrate (hat there is a need for the product or service you plan to offer. Are there enough people out there who would be willing to pay for it? Second, you must look at your competition. What do you have to offer that your competitors do not? Is your product or service of better quality in some way? Is it cheaper or more easily available? Is there a niche in the market that your competitors are not addressing? If what you have to offer is identical to what your competitors are offering, your business is not likely to be successful. These are some things to consider when evaluating how well you can measure up against the competition. Once you have evaluated a need for your product or service and determined how yours will be different from your competitors', you are ready to begin the next part of your plan— financing.

19. What is this article mostly about?
(A) Financing new businesses.
(B) How to price products.
(C) The need for research.
(D) The best marketing strategies.

20. What does the author say about risk?
(A) We should try to reduce it.
(B) We must avoid it.
(C) We can eliminate it with careful planning.
(D) It is the key to success.

21. According to the article, what can lead to the failure of a new business?
(A) Offering a cheaper product.
(B) Selling the exact same product as the competitors sell.
(C) Selling only to a niche in the market.
(D) Offering only services and not products.

22. The word addressing in tine 15 is closest in meaning to
(A) focusing on
(B) calling on
(C) giving up
(D) staying away from

23. The word demonstrate in line 7 is closest in meaning to
(A) felt
(B) created
(C) removed

Keys:

Lesson 4 Business Planning

Words in Context: 1. develop 2. primary 3. avoid

4. strength 5. substitute 6. strategy 7. evaluation 8. offered

9. risks 10. gathering 11. demonstrate 12. address

Word Practice: 1. A 2. A 3. В 4, D 5. A 6. В 7. В 8. A

9. В 10. A 11.A 12. С 13.D 14. С 15.A 16. D 17.A

18. С 19. С 20. A 21. В 22. A 23. D

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