1. an amount of money you need to start a business;
2. the money you receive from selling a product or service;
3. what you make if your revenue is more than your costs;
4. what you make if your revenue is less than your costs;
5. an amount of money that someone, e.g. the bank lends you;
6. money you pay for things and services to run your business;
7. an amount you pay for borrowing money, e.g. from the bank.
Exercise 3. Answer the questions:
1. What is the most necessary for starting business?
2. Do you find a good idea to ask a loan from the bank?
3. Why is it important to make analytical market review?
4. What role does promotion play?
5. What is necessary to do to not suffer from losses?
Exercise 4. Read the elements of business plan and make up your own:
Business Plan Checklist
1. Details of the business:
Name of business
Types of business (limited company, partnership and etc.)
2. Product/service
Description
3. Market
Describe toy market.
Who are your customers?
Is your market growing, static, or decline?
Who are the main competitors?
What are the advantages of your product or service over the competition?
4. Marketing
What sort of marketing or advertisement do you intend to do?
5. Premises/ Machinery/ vehicles
Where do you intend to locate the business
What sort and size of premises will you need?
What machinery/vehicle do you require?
6. Objectives
What objectives do you have for the business?