TON DUC THANG UNIVERSITY

FACULTY OF FOREIGN LANGUAGES

DIVISION OF BUSINESS ENGLISH
General Business English - 001191

UNIT 2
OWNING AND OPERATING A BUSINESS

Designed by Nguyen Ngoc Tam

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 CHAPTER 5
ENTREPRENEURSHIP

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 Content
Chapter Objectives

Section 5.1 Rewards and Challenges of

Entrepreneurship
After completing this section, students will be able to
 Define entrepreneur and entrepreneurship.
 List at least five rewards of being an entrepreneur.
 Identify at least four challenges of being an entrepreneur.
 Discuss why entrepreneurs are important to the American
economy.

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 CONTENTS

Chapter Objectives (cont.)

Section 5.2 The Business Plan

After completing this section, students will be able to
 Discuss the initial steps in setting up a business.
 Identify the parts of a business plan.

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 SECTION 5.1
REWARDS AND CHALLENGES
OF ENTREPRENEURSHIP
Before you read

Think about what it might take to become

a successful entrepreneur.

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 SECTION 5.1
REWARDS AND CHALLENGES
OF ENTREPRENEURSHIP
Entrepreneurship

 What is entrepreneurship?
 What is a venture?

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 SECTION 5.1
REWARDS AND CHALLENGES
OF ENTREPRENEURSHIP
Personal Characteristics of Entrepreneurs

 12 Characteristics of Successful Entrepreneurs

1. Persistent 2. Risk-taking 3. Self-
confident
4. Goal-oriented 5. Action-oriented 6. Responsible
7. Self-demanding 8. Creative 9. Restless
10. Independent 11. Inquisitive 12. Enthusiastic
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 SECTION 5.1
REWARDS AND CHALLENGES
OF ENTREPRENEURSHIP

Personal Characteristics of Entrepreneurs

 In what order would you rank the importance of

these entrepreneurial characteristics?

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 SECTION 5.1
REWARDS AND CHALLENGES
OF ENTREPRENEURSHIP
Small Businesses vs. Internet Business

 What is a small business?

 What is a virtual business?

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 SECTION 5.1
REWARDS AND CHALLENGES
OF ENTREPRENEURSHIP
Rewards of Entrepreneurship

 Being the Boss

 Doing What You Enjoy
 Having the Opportunity to Be Creative
 Building an Enterprise
 Other

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 SECTION 5.1
REWARDS AND CHALLENGES
OF ENTREPRENEURSHIP
Challenges of Entrepreneurship

 Getting Funds to Start the Business

 Being Fully Responsible for the Business
 Other

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 SECTION 5.1
REWARDS AND CHALLENGES
OF ENTREPRENEURSHIP
Review Key Concepts

1. What are some characteristics of successful

entrepreneurs?
2. What reward is the main reason most people
become an entrepreneur?
3. Identify some of the challenges of
entrepreneurship.
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 SECTION 5.2
THE BUSINESS PLAN
Before you read

Think of some reasons

for having a business
plan before starting a
business.

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 SECTION 5.2
THE BUSINESS PLAN
Initial Steps in Setting up a Business

 What is a business plan?

 What does the checklist illustrate?
 What does a good business plan cover?

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 SECTION 5.2
THE BUSINESS PLAN
Parts of a Business Plan

 Executive Summary
 Management Team Plan
 Company Description
 Product and Service Plan
 Vision and Mission Statements

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 SECTION 5.2
THE BUSINESS PLAN
Parts of a Business Plan (cont.)

 Industry Overview
 Market Analysis
 Competitive Analysis
 Marketing Plan
 Operational Plan

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 SECTION 5.2
THE BUSINESS PLAN

Parts of a Business Plan (cont.)

 Organizational Plan
 Financial Plan
 Growth Plan
 Contingency Plan

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 SECTION 5.2
THE BUSINESS PLAN
Review Key Concepts

1. Why is a business plan important?

2. Why should entrepreneurs carefully study their
competitors before starting a business?
3. Why is a growth plan important to include in a business
plan?

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 CHAPTER 5
REVIEW AND ACTIVITIES
Summaries

1. Rewards and Challenges of Entrepreneurship

2. The Business Plan

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 CHAPTER 5
REVIEW AND ACTIVITIES

Key Terms

 small business
 virtual business or dot-com company
 business plan
 executive summary
 vision statement
 mission statement
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 CHAPTER 5
REVIEW AND ACTIVITIES
Review Key Concepts
1. Define entrepreneur and entrepreneurship.
2. Describe five rewards of being an entrepreneur.
3. Describe four challenges of being an entrepreneur.
4. Describe the reasons entrepreneurs are important to
the American economy.
5. Describe how to prepare for your own business.
6. Discuss the parts of a business plan.

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 [2]: pp. 116 - 137

[3]: pp. 213 - 221

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