Key Vocabulary. sole proprietorship

Organization

sole proprietorship

liability

legal standing

shareholder

public corporation

private

non-profit

holding company

multinational

profitable

license

activity

tax advantages

partnership

life span

corporation

liquidity

subsidiary

parent company

affiliated

business

home country

host country

franchise

franchiser

franchisee

board of directors

merger

acquisition

take-over

joint venture

entrepreneur

co-operative

Unit 4

ENTREPRENEURSHIP.

SMALL BUSINESS

Lead-in

Discuss the following issues in small groups and then report your findings:

1. Would you like to be a business owner?

2. What personal characteristics should a person possess to be a suc-

cess in business?

3. All big businesses used to be once small. Give the names of some

companies that are locally or world famous; recall some facts from their

success stories.

4. What kind of environment for small business is there in your

country?

60

Reading

Text 1

1. Read the text and complete the outline of its content given below; some

items are suggested to you.