Choose the most appropriate variant.

1. An entrepreneur is most commonly the

child in the family.

a) youngest c) oldest

2. An entrepreneur is most commonly:

a) single c) married

3. An entrepreneur is most typically:

a) a man c) either

4. An individual usually begins his or her first significant entrepreneurial business
enterprise at which age?

a) teens b) twenties

c) thirties d) forties

e) fifties

5. Usually an individual's entrepreneurial tendency first appears evident in his or
her:

a) teens b) twenties

c) thirties d) forties

e) fifties

6. Typically an entrepreneur has achieved the following educational attainment by
the time the first significant business venture begins:

a) less than secondary (high) school

b) secondary (high) school diploma

c) secondary-technical school diploma

d) higher education

7. An entrepreneur's primary motivation for starting business is:

a) to make money b) to be famous

c) to create job security d) to be independent

8. The primary motivation for the entrepreneur's need for achievement is based
upon a relationship with:

a) spouse b) mother

c) father d) children

9. To be successful in an entrepreneurial venture you need:

a) money b) hard work

c) good idea d) luck

e) all of the above

10. Entrepreneurs and venture capitalists:

a) get along well b) are the best of friends

c) have different objectives

11. A successful entrepreneur relies on which of the following for critical
management advice:

a) internal management team

b) external management professionals

c) no one

12. Entrepreneurs are best as:

a) managers b) venture capitalists

c) planners d) doers

13. Entrepreneurs are:

a) high-risk takers (big gamblers)

b) moderate-risk takers (realistic gamblers)

c) small-risk takers (take few chances)

14. Entrepreneurs:

a) are the life of the party

b) are bores at a party

c) never go to parties

d) just fit into the crowd at a party

15. Entrepreneurs tend to “fall in love” with:

a) new ideas

c) new manufacturing ideas

e) all of the above

16. Entrepreneurs typically create:

a) service businesses c) financial companies e) a variety of ventures

b) new employees d) new financial plans

b) manufacturing companies d) construction companies

Choose the best endings to the following statements.

1. Our goods and services are sold for money, and that money is exchanged for

a) cheques b) money orders

c) other goods and services

2. Originally, a valuable metal served as

a) an instrument of credit' c) a national currency

3. The US government maintains ... .

a) the American dollar c) the French franc

4. Nowadays national currencies are considered to be as strong as ..

a) the national economies b) the government

c) the banking system

5. Cheques and money orders perform the function of ... .

a) money b) substitute money

c) a constant store of value

6. A man will obtain large sums of credit if his assets ... .

a) are considerable b) are in doubt

c) equal zero

7. The purchasing power is dependent on ... .

a) credit b) supply and demand

c) business transactions

УЧЕБНЫЙ ЭЛЕМЕНТ 1 (УЭ-1) ENTREPRENEURSHIP

I. Improve your wordpower.

Study the following

foster (v) innovation (n) facilitate (v) available (adj) failure (n) involve (v) considerable (adj) effort (n) overcome (v) venture (n) survival (n) corresponding (adj) judgment (n) application (n) acceptance (n) attain (v) escape (v) waste (n) threat (n) ally (n) notion (n) evolve (v) embrace (v) urgent (adj)

words and word combinations:

способствовать

нововведение

облегчать, способствовать

наличный, доступный

провал, банкротство

вовлекать

значительный

усилие

преодолеть

предприятие

выживание

соответствующий

суждение

заявление

принятие

достигать, добиваться

избегать

растрата

угроза

союзник

понятие, представление

развивать

охватывать

срочный, безотлагательный

Using a dictionary add as many words as possible into the table.

Match the words with the definitions below.

1. foster (v)

2. facilitate (v)

3. involve (v)

4. judgment (n)

5. attain (v)

6. threat (n)

7. ally (n)

8. notion (n)

9. evolve (v)

10. embrace (v)

a. a person or country that helps or support one

b. an idea, belief or option

c. to cause someone to be connected or concerned

d. a sign of possible danger

e. the ability to decide correctly

f. to encourage to grow or develop

g. to cause to develop gradually
h. to succeed in arriving at after effort
i. to make easy or easier
j. to contain or include

4. Choose the words with similar meaning from the two groups and
arrange them in pairs.

A. foster, involve, effort, survival, acceptance, attain, escape, threat, ally,
embrace, evolve

B. imply, remain, include, associate, achieve, force, risk, promote, grow,
adoption, avoid

What are the opposites?

Rejection, destruction, rival, hamper, success, inaccessible, omit, incongruous, negligible.

6. Form all possible word combinations using the words of both
columns and translate them in Russian:

1. general a) creativity

2. economic b) risk

3. new c) taking

4. considerable d) agreement

5. personal e) driven

6. initiative f) competitor

7. typically g) notions

8. make h) perspective

9. aggressive i) venture

10.similar j) experiments

Reading Comprehension Read and translate the following text. Consult a dictionary if necessary.

ENTREPRENEURSHIP

Entrepreneurship is a social phenomenon reflects the basic conditions that foster the economic development as a result of human creativity, new ideas, and innovations. There is a general agreement among the scholars that entrepreneurship facilitates economic freedom makes available a certain amount of rights that guarantee independent decision-making in choosing the type and field of economic activity and methods of operation. Economic creativity results in the new businesses and jobs being created and the resulting new products and services.

Millions new enterprises start each year despite more than a 50 % failure rate. Starting and managing a new business involves considerable risk and effort to overcome all the inertia against creating something new. In creating and helping a new venture to grow, the entrepreneur has all the responsibility for its development, growth and survival, as well as corresponding risks and reward.

The exploration of the aspects of entrepreneurship from a business (economic), managerial, and a personal perspective is reflected in the following judgments of an entrepreneur. In almost all of the definitions of entrepreneurship, there is an agreement that we are talking about a kind of behavior that includes:

(1) initiative taking;

(2) the organizing and reorganizing of social and economic mechanisms to turn resources and situations to practical application;

(3) the acceptance of risk or failure (readiness to risk).
From an economist’s point of view, an entrepreneur is one who brings

resources, labor, materials, and other assets into combinations that make their value greater than before, and also one who introduces changes, innovations,

and a new order. From a psychologist’s point of view, an entrepreneur is such a person that is typically driven by certain forces – wish to obtain or attain something in life, to make experiments, or perhaps to escape authority of others (gain independence).

It is a person who creates wealth for others as well who finds better ways to utilize resources, and reduce waste (loss), and who produces jobs others are glad to get.

To one business person, an entrepreneur may appear as a threat, an aggressive competitor, whereas to another business person the same entrepreneur may be an ally, a source of supply, a customer, or someone good to invest in.

Each of these definitions contains similar notions, such as newness, organizing skill, creating ability, wealth increase, and risk taking. To include all types of entrepreneurial behavior, one researcher has proposed the following definition: Entrepreneurship is the process of creating something different (new) with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risk, and receiving the resulting rewards of monetary and personal satisfaction and independence.

Just as the concept of entrepreneurship has developed gradually over time as the world’s economic structure has changed and has become more complex, so it will continue to evolve to embrace new realities. As the need to promote entrepreneurship become more urgent, so does the need to understand what it is and how it operates in a variety of situations.

1. Answer the questions:

1. What does entrepreneurship reflect as a social phenomenon?

2. What does entrepreneurship facilitate?

3. Where does economic creativity result?

4. What is the failure rate of new enterprises?

5. What does starting a new business involve?

6. What for has the entrepreneur got all the responsibility?

7. What does an entrepreneur kind of behavior include?

8. What does an entrepreneur mean from an economist’s point of view, from a psychologist’s point of view?

9. What is the definition of entrepreneurship?

2. Translate into English:

1. Предпринимательство – это форма деятельности в сфере производства товаров и предоставления услуг с целью получения прибыли.

2. Предприниматель – это человек, занимающийся любым видом экономи­ческой деятельности, приносящей прибыль.

3. Предприниматель рискует, чтобы получить прибыль.

4. Предприниматель применяет новые технологии производства.

5. Рост компании зависит от деловой активности предпринимателя.

6. Трудно ли быть предпринимателем?

3. Complete the following sentences with the words given below:

approval, arranges, assure, creates, incomparable, investigation, meticulous, start-ups.

1. Entrepreneur is someone who starts a company, ________ business deals,

and takes risks in order to make a profit.

2. Someone _______ a job for you, gets orders, collects money from the clients

and takes on the responsibility for making both ends meet.

3. Entrepreneurship gives you an _______ sense of personal freedom.

4. Entrepreneurs are a mystery to some people, especially those who are only comfortable with a nine-to-five existence and ______________ weekly paychecks.

5. Entrepreneurs minimize risks by advance planning, research, and ______

consideration of all factors that could affect and possibly endanger their business.

6. When the entrepreneur forgets to do advance _________ and preparation,

then he or she is a gambler at best, and a failure statistic at worst.

7. While entrepreneurs are adventures on the business sea, they still seek the of others, often after they have launched an action.

8. Nearly half of all small business ________ are retail shops.

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