VII. Translate the following sentences into Russian in writing

VI. Give Russian equivalents for the following words and phrases used in the text

IV. Answer the following questions

III. Learn the following words

Entrepreneur – предприниматель

interest – процент

to hire – принимать на работу

to fire – увольнять

risk-averse – нерасположенный к риску

bet – заклад, пари

cluster – группа, скопление

boom – быстрый подъем

to yield – давать доход

to thrive – процветать

to fritter away – растрачивать по мелочам

1. What opportunities are given to people by the venture-capital industry?

2. What factors are essential to America's success?

3. What is the modern American economy compared with?

4. What is meant by saying that other countries are right to seek to foster venture-capital industries of their own?

5. What is meant by "a cottage industry"?

6. What problems are successful partnerships faced with?

7.What are the reasons for the venture-capital industry's success?

8. What lesson should be learned by other countries?

V. Complete the following sentences with the words from the box

venture capital; a risk-averse bank manager; entrepreneurial culture; partnership; a stock market bubble; to monitor managers.

1. … allows entrepreneurs to build a firm without having to borrow and pay high interest charges before they generate any revenues.

2. Without venture capital, people with bright ideas would have to go to ….

3. … in which people work for little or nothing if they have share options is essential to success.

4. Small close-knit … each invested a few million dollars a year, and partners spent much time advising and ….

5. But it also reflects … that has been particularly pronounced for initial public offerings.

the venture-capital industry;an established firm;to be hostile to innovation;low-inflation macroeconomic policies;share options;to foster venture-capital industries;small close-knit partnerships;a sustainable business;start-ups;e-retailers;publicly traded venture-capital firms;initial public offerings;to yield no returns.

1. Without venture capital, people with bright ideas would have to go to a risk-averse bank manager, or fight through the bureaucracy of an established firm that may be hostile to innovation.

2. To use the jargon of the new economy, venture capital is not easily "scalable".

3. Small close-knit partnerships each invested a few million dollars a year, and partners spent much time advising and monitoring managers as they built a firm into a sustainable business that could be sold to investors in the stock market.

4. The Californian cluster of venture capitalists is now a loose global network; the large number of near-identical e-retailers launched in the past two years is evidence that the grapevine no longer works.

5. Part of the point of venture capital is that, as in Hollywood, many investments yield no returns - but those that do then pay off by the bucketful.

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