Please match the words/phrases on the left with their Polish translations.

BORROWING MONEY FROM THE BANK and FROM OTHER SOURCES

UNSCRAMBLE THE WORDS IN BRACKETS AND COMPLETE THE GAP WITH THE CORRECT WORD. SOMETIMES, THE FIRST LETTER IS GIVEN NEXT TO THE GAP BUT YOU HAVE TO WRITE THE WHOLE WORD.

1. So, I hear you're getting a house of your own, are you? -  Yes, I've found a really nice house, saved up enough for a deposit and arranged a (MEGGTAOR) m. 

2. I hear you're thinking of starting your own business. How are you going to get the money? - No problem. I've already applied to the bank for a (OANL) . 

3. A bank will want some (CEIUYRTS) s in case the loan is not repaid, and sometimes the person's house is offered as (OLLRLACEAT) c.

4. I'm sure the bank would lend you the money if you really need it. - No, I don't want to do that. I already owe my father $300. I really don't want to get further into (TEBD) .

5. If you are prepared to take more risk, you'll get higher (RIETNSTE) i on your investment.

6. You're working long hours at the moment. Are you saving up for something? - No, nothing exciting. I'm trying to pay off the (TEDFORAV) o on my HSBC account.

7. Interest rates are very low. Why don't you (WORBOR)   the money from the bank?

8. Potential sources of finance for a new business include self-funding or (TORSNPTAGPBIO) b, backers such as friends and family members, a bank loan, and a (ERUTVEN) v capital firm. This firm will offer (NUSFD) and take on the risk of the business failing, but in exchange will want a large number of s(SSEAHR) . They aim to sell these later, when the business goes (PCBULI) . 

9. A (NTGRA) is money provided by a government or organisation for a special purpose and it doesn't need to be repaid. 

10. The finance a company raises from issuing shares rather than taking out loans is known as (TQUYIE) e capital or finance. 

11. If sales don't improve and you can't pay your debts, you have to declare (PNKATBYRUC) b within a year. 

12. Our office furniture, buildings and machinery are our fixed (ASETSS) .

13. When it comes to applying for a personal loan, mortgage, or new credit (CRDA) , lenders will review your personal credit score or rating to determine whether they will extend you credit and how much.

USE OF ENGLISH. Read the text about bootstrapping and complete each gap with ONE word.

BOOTSTRAPPING YOUR BUSINESS

Have you thought about starting a business, but don’t want to  through hoops to meet the requirements for small business loans?  You may want to consider bootstrapping your business. Bootstrapping means you self-fund your business. Because you invest your own money, you don’t need outside help lenders.

Bootstrapping your business can be difficult. Often, you have a tight budget business. But, bootstrapping also offers benefits to a startup owner. You  all business decisions and gain a strong understanding of your company. It's universally important to track and analyze your business’s progress. As you begin your startup, try these four tips to bootstrap your business.

1. Educate yourself for lower costs. Learning each aspect of your business helps you streamline your operations and reduce business costs. From accounting, to production, to marketing, determine the skills you need to your company.

2. Conduct a  analysis. You'll need to gather information from state commerce websites and your competitors’ history. You will also want to research your potential customers. Hold interviews and surveys with target customers and look trends in their behaviour. The more in demand your business is, more likely it is to succeed.

3. Build a budget.  It is a tool for you to keep your finances track and avoid overspending. Once you design it, try to stick it as close as possible. Only change your plan when it is necessary or beneficial for your business.

4. Connect with vendors and suppliers. If you are bootstrapping your business, you may have a tough time finding initial vendors or suppliers to buy goods . Working with a vendor is about building a , so start making connections early. (Adapted from www.patriotsoftware.com)

a vendor = a person or company that sells goods or services = sprzedawca 

Read the story about a young entrepreneur Sam and complete the gaps with ONE word.The story is based on the vocabulary from our in-person classes.

In the vibrant city of Innovatia, lived a budding entrepreneur named Sam. With a knack business and a nose fragrances, Sam dreamed of creating his own perfume empire. Determined to realize his , he decided to it a go and founded "Essence Elixirs."

Sam's journey was filled with challenges. In the beginning, he faced numerous obstacles and even fell on his face a few times. However, Sam was a natural risk-taker and a problem-solver, who would always manage to bounce from setbacks. He learned the art of , hiring a talented team to run day-to- operations, and even decided to hire a CEO with industry expertise to steer the ship.

Sam clear objectives for the business and strove to outperform his in the competitive fragrance market. He often rubbed with industry leaders and innovators, seeking inspiration and guidance. Sam

Acting with integrity and sticking his principles, Sam built a brand that resonated with customers. He  the praises (=praise smb with enthusiasm) of his hardworking team and celebrated their achievements. Sam was resilient, forward-looking, and decisive, always ready to get with it and tackle the next challenge.

As Essence Elixirs grew, Sam created more (=new risky business activities) and expanded the business. His (=being an entrepreneur) spirit and persistence paid off, and he eventually owned a majority in the thriving company. Sam's journey was a testament to the power of resilience, integrity, and passion. 

In the end, Sam had a

Read the story about a young entrepreneur Sam and complete the gaps with ONE word.The story is based on the vocabulary from our in-person classes.

In the vibrant city of Innovatia, lived a budding entrepreneur named Sam. With a knack business and a nose fragrances, Sam dreamed of creating his own perfume empire. Determined to realize his , he decided to it a go and founded "Essence Elixirs."

Sam's journey was filled with challenges. In the beginning, he faced numerous obstacles and even fell on his face a few times. However, Sam was a natural risk-taker and a problem-solver, who would always manage to bounce from setbacks. He learned the art of , hiring a talented team to run day-to- operations, and even decided to hire a CEO with industry expertise to steer the ship.

Sam clear objectives for the business and strove to outperform his in the competitive fragrance market. He often rubbed with industry leaders and innovators, seeking inspiration and guidance. Sam

Acting with integrity and sticking his principles, Sam built a brand that resonated with customers. He  the praises (=praise smb with enthusiasm) of his hardworking team and celebrated their achievements. Sam was resilient, forward-looking, and decisive, always ready to get with it and tackle the next challenge.

As Essence Elixirs grew, Sam created more (=new risky business activities) and expanded the business. His (=being an entrepreneur) spirit and persistence paid off, and he eventually owned a majority in the thriving company. Sam's journey was a testament to the power of resilience, integrity, and passion. 

In the end, Sam had a

ABOUT THE SHOW DRAGONS’ DEN...

Listen to the podcast. Read the information about the BBC TV show Dragons’ Den and complete the gaps with the correct word.

Part I: You can start from 1:10 - 3:20

Dragons’ Den is a popular BBC TV show based on a

Part II: from 6:20 

Dragons’ Den is like a den, which is used in English to talk about a dangerous and threatening place or situation, but even more scary and dangerous! In English, to walk into the lion's den means to face a difficult situation like, for example, walking into a room full of people who are likely to criticise you. Dragons are better analogies for scary, no-nonsense business people  lions.

So, the dragons are not the actual dragons, they are the

The

Part III. from 9:50 till 14:20

Read Part 2 and complete the gaps with one of the words below.

interest     foot        equity (x3)      acumen       plan        in         negotiations    terms       raised     loan      shares        pitch

Then the entrepreneur starts his or her . The dragons ask questions and drill down into the business and then there are some for the investment. The entrepreneur is looking for an investment of a certain amount. return they are offering a portion of the of the company.

in this case means the ownership of the company. If you think of a pizza, imagine 100% of it is mine. But I might choose to sell some parts of that pizza to an investor. Let’s say I give them 20% of the pizza for about £20,000. In of a business this means that the investor gets 20% of the profits that the company makes. In return I get cash which I can use to get the business going in various ways.

So refers to ownership of the company and it is divided into . Sometimes it is referred to as an equity stake. So an investor might have a 20% equity stake in a company, for example. The entrepreneur holds onto an 80% equity stake.

This is how finance can be . Instead of getting a and paying you kind of liquidate part of the company to get the cash but you also get the support of an investor. too, and that’s the other thing the dragons offer. Not just cash but also some business and contacts to help them get a in the door.

Listen to the rest of the podcast where Luke explains the meaning of some business vocabulary.

Listen to Luke again and  be ready to explain the difference between the following terms during our in-class lesson:

1) mark-up - margin

2) B2B and B2C

3) net profit and gross profit 

4) a wholesaler - a retailer

7) (projected) turnover - income - revenue

8) cost price - list price

Q1. What does the SWOT (analysis) stand for?

Q2. What do you do if you buy things in bulk?

Q3. What does the word 'pitch' mean? Is it a noun or a verb? What is an elevator pitch?

Q4. What's the Polish for 'equity'?

The single biggest reason why start-ups succeed | Bill Gross | TED

WATCH THE TED TALK AGAIN AND DECIDE IF THE STATEMENTS BELOW ARE TRUE, FALSE or NOT GIVEN.

 YOU HAVE ONLY THREE ATTEMPTS.

1. Bill Gross believes that startup organizations are the most effective way to make the world a better place. 

2. The speaker started his first business when he was 16 years old.

3. Bill's father was an entrepreneur too, so it was he who inspired Bill to start his first business. 

4. When in college, Bill made some solar energy devices.  

5. The speaker has started over 100 companies in the last 20 years. 

7. Timing was found to be the most important factor for success in startups.  

10. Bill says that Youtube was not only beautifully timed but it also had great execution.  

11. According to Bill, if you do believe in your idea, just push it forward, even if you know that consumers are not ready for it yet.  

USE SOME OF THE VOCABULARY FROM EX. 2 IN THE SENTENCES BELOW. ONE WORD IS NOT NECESSARY. SOMETIMES YOU'D HAVE TO CHANGE THE FORM OF THE VERB TO FIT THE GAP.

rent        overcome        join         generate         denial          worship        unlock        account       go

1. Computers for 5% of the country's commercial electricity consumption.

2. Meanwhile, she arranged to out the smaller home she already owned.

3. He's still in  about the break-up of his relationship.  

4. If we sold food at those prices, we'd soon out of business. 

5. His job was to keep the market liquid enough to entice investors, whose trades   revenue for the bank.

6. Special efforts will be required to  potential in rural communities in developing countries.

7. When I decided to my company, it was on the understanding that I could work flexibly.

8. In Japan, people have  mountains since ancient times. 

PRE-WATCH. Match the word(s) on the left with the word(s) on the right to make collocations used in the TED TALK. Check the meaning of the expressions. THEN WATCH THE TED TALK AND CHECK YOURSELF.

ABOUT THE SHOW DRAGONS’ DEN...

Listen to the podcast. Read the information about the BBC TV show Dragons’ Den and complete the gaps with the correct word.

Part I: You can start from 1:10 - 3:20

Dragons’ Den is a popular BBC TV show based on a

Part II: from 6:20 

Dragons’ Den is like a den, which is used in English to talk about a dangerous and threatening place or situation, but even more scary and dangerous! In English, to walk into the lion's den means to face a difficult situation like, for example, walking into a room full of people who are likely to criticise you. Dragons are better analogies for scary, no-nonsense business people  lions.

So, the dragons are not the actual dragons, they are the

The

Part III. from 9:50 till 14:20

Read Part 2 and complete the gaps with one of the words below.

interest     foot        equity (x3)      acumen       plan        in         negotiations    terms       raised     loan      shares        pitch

Then the entrepreneur starts his or her . The dragons ask questions and drill down into the business and then there are some for the investment. The entrepreneur is looking for an investment of a certain amount. return they are offering a portion of the of the company.

in this case means the ownership of the company. If you think of a pizza, imagine 100% of it is mine. But I might choose to sell some parts of that pizza to an investor. Let’s say I give them 20% of the pizza for about £20,000. In of a business this means that the investor gets 20% of the profits that the company makes. In return I get cash which I can use to get the business going in various ways.

So refers to ownership of the company and it is divided into . Sometimes it is referred to as an equity stake. So an investor might have a 20% equity stake in a company, for example. The entrepreneur holds onto an 80% equity stake.

This is how finance can be . Instead of getting a and paying you kind of liquidate part of the company to get the cash but you also get the support of an investor. too, and that’s the other thing the dragons offer. Not just cash but also some business and contacts to help them get a in the door.

Listen to the rest of the podcast where Luke explains the meaning of some business vocabulary.

Listen to Luke again and  be ready to explain the difference between the following terms during our in-class lesson:

1) mark-up - margin

2) B2B and B2C

3) net profit and gross profit 

4) a wholesaler - a retailer

7) (projected) turnover - income - revenue

8) cost price - list price

Q1. What does the SWOT (analysis) stand for?

Q2. What do you do if you buy things in bulk?

Q3. What does the word 'pitch' mean? Is it a noun or a verb? What is an elevator pitch?

Q4. What's the Polish for 'equity'?